Top-rated accounts for small businesses, freelancers, and incorporated companies
The right business bank account keeps your finances organized, reduces fees, and saves time at tax season. In 2025, Canadian entrepreneurs have more options than ever — from full-service Big Bank accounts to zero-fee digital platforms. Here's a detailed comparison of the best business bank accounts available in Canada.
| Account | Monthly Fee | Transactions | Interest on Balance | Best For |
|---|---|---|---|---|
| KOHO Business No Fee | $0 | Unlimited | Yes | Solopreneurs, freelancers |
| RBC Digital Choice | $6 | 5 included | No | Low-volume businesses |
| TD Basic Business | $5 | 5 included | No | New businesses |
| BMO eBusiness | $0 | Unlimited e-transactions | No | Online-only businesses |
| Scotiabank Basic | $10 | 10 included | No | Retail businesses |
| CIBC Everyday | $5 | 10 included | No | Startups |
| Desjardins Business | $10.95 | 15 included | No | Quebec businesses |
KOHO's business account stands out as one of the few genuinely free options for Canadian entrepreneurs. With no monthly maintenance fee and no transaction limits on digital payments, it's ideal for freelancers, consultants, e-commerce sellers, and early-stage startups who primarily operate online.
Key features include real-time spending notifications, automated savings options, and seamless integration with popular accounting tools. KOHO also earns interest on your balance — a rare feature for a no-fee business account.
KOHO offers business accounts with no monthly fees, helping small business owners keep more of their revenue. Use code 45ET55JSYA for a bonus on your personal account too.
Get KOHO Free — Use Code 45ET55JSYARBC offers a tiered business banking suite ranging from the basic Digital Choice Business Account ($6/month, 5 transactions) to the Unlimited Business Account (~$45/month). RBC's strength is its ecosystem: business Visa cards, business lines of credit, payroll services, and a large branch and ATM network. RBC is also known for its small business advisors who can help with financing applications.
TD's basic business account at $5/month is one of the most affordable entry points at a major Canadian bank. TD also offers fee rebates when you maintain a minimum balance, which can effectively make the account free if your business keeps $5,000+ on deposit. TD's app is well-rated and integrates with QuickBooks and other accounting platforms.
BMO's eBusiness Plan offers unlimited electronic transactions at no monthly fee — a standout for businesses that never need to visit a branch or deposit cash. In-branch transactions cost extra, but if your business runs entirely online, this is a competitive offer from one of Canada's Big Five banks.
Credit unions often provide better member service and more flexible lending terms than major banks. Desjardins dominates Quebec's small business banking market, while Meridian and Libro Credit Union serve Ontario entrepreneurs well. Fees are comparable to the Big Five but member dividends can partially offset annual banking costs.
If you make 5 transactions/month, a $5 basic account is fine. If you're processing 50+ transactions, an unlimited plan saves money versus paying per-transaction fees.
Digital banks can't accept cash deposits. If your business receives cash from customers, you need a traditional bank with branch or ATM deposit capabilities.
If you plan to apply for a business loan or line of credit, maintaining your business account at the same bank where you want financing makes the approval process smoother and faster.
Businesses that accept card payments need a merchant account or point-of-sale solution. Many banks offer bundled merchant services; compare rates carefully as processing fees vary significantly.
To open a business bank account, you'll need:
For pure cost-efficiency, KOHO Business and BMO eBusiness are the top no-fee options in 2025. For full-service banking with credit facilities and in-person support, RBC and TD lead the pack. Evaluate your transaction volume, cash handling needs, and growth trajectory before deciding — switching banks mid-year creates accounting headaches.