Honest comparison of the top business bank accounts for Canadian small businesses — from Big 5 banks to no-fee fintech alternatives.
Choosing the right bank account for your small business is one of the most impactful financial decisions you'll make. Get it wrong and you're paying $500+ per year in fees for services you barely use. Get it right and your banking actually supports your business growth. Here's a practical comparison of the best options for Canadian small businesses in 2025.
Before comparing specific accounts, understand the key criteria that matter for small businesses:
KOHO is technically a personal spending account — but for sole proprietors, it works perfectly as a dedicated business expense account. Zero monthly fees, free e-Transfers, cashback on purchases, and a clean mobile app. Not suitable for incorporated businesses that need a corporate account, but for freelancers and side-hustlers it's the no-brainer pick. Get $100 bonus with code 45ET55JSYA.
RBC's entry-level business account is competitively priced for a major bank. The Flex plan charges per transaction after a small free allowance. Upgraded to the RBC Digital Choice Business Account at $25/month for unlimited transactions. Full branch access, business credit card options, and lending products.
TD's basic plan starts at $5/month but only includes 5 free transactions — additional transactions cost $1.25 each. Good for very early-stage businesses with minimal activity. Upgrade to the Every Day Business plan at $25/month for 20 transactions and better features.
Scotiabank's tiered business accounts scale with your transaction volume. The Right Size account automatically adjusts your monthly fee based on actual usage, which can save money compared to picking a fixed tier. Good for businesses with variable transaction volumes.
For Ontario-based businesses, Meridian Credit Union offers business accounts with competitive fees and genuinely personalized service. Credit unions typically share profits with members and often have lower fees and better loan rates than major banks. Worth considering if you value local relationships.
Several newer platforms specifically target small business banking: Wealthsimple Cash, Oaken Financial, and similar fintech offerings may provide competitive rates on savings but are not full-service business banking solutions. For incorporated businesses requiring formal business banking, the Big 5 and credit unions remain the primary options.
A business paying $40/month in banking fees spends $480/year — money that could go toward marketing, equipment, or your own salary. Before committing to any business account, calculate your likely monthly transaction volume and compare the true annual cost across providers. Many business owners dramatically overpay simply because they went with the bank they already used personally.
No monthly fees. Cashback on purchases. A dedicated spending account to separate business from personal finances. KOHO is purpose-built for people who need clean, simple financial tools without paying $30–$60/month for features they'll never use.
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