Top Banks in Canada for Business, Savings & Everyday Banking

The best banks in Canada for most small businesses include the Big Six: RBC, TD, Scotiabank, BMO, CIBC, and National Bank. Each has an entry-level business account for $5 to $11 a month. Which one is best comes down to three things:

• How you get paid (e-Transfer, card, cash or cheque)

• How many transactions you make each month

• Whether you want to open the account online or at a branch

Ask ten business owners what the best banks in Canada are, and you’ll hear ten answers. Usually it’s whichever bank their parents used. That’s not a terrible way to pick. But a landscaper in Surrey taking e-Transfers, a café in Montréal depositing cash every night and a consultant billing US clients from Ottawa each need something different. So we’ve laid out what each bank offers, the fees in plain numbers, and which one fits which kind of business.

The best banks in Canada at a glance

These are the entry-level business accounts from the top banks in Canada, as listed on each bank’s website in September 2026.

Bank	Entry account	Monthly fee (CAD)	What’s included	Cash deposits	Open online?
Bank of Montreal	Essential Business Account	$5	Unlimited electronic transactions, 6 Interac e-Transfers	$2.50 per $1,000	Yes, for sole proprietors and single-owner corporations
Royal Bank of Canada	Digital Choice Business Account	$6	Unlimited electronic transactions, 10 e-Transfers	$5 per $1,000 at a branch, $2.25 at an ATM	Check with RBC
TD	Business Digital Account	$6	Unlimited electronic transactions, 10 e-Transfers	$5 per $1,000	No; by appointment or callback
CIBC	Basic Business Operating Account	$6	Pay per use: $1.00 self-serve, $1.25 full-service	See CIBC fee schedule	Yes, all business types
National Bank	Digital package	$7 (waived with an eligible credit card)	Unlimited digital transactions, 12 e-Transfers	See NBC fee guide	Check with National Bank
Scotiabank	Basic Business Account	$10.95 (waived with an $8,000 minimum balance)	Pay per use; 1 free transaction per $1,500 of balance	See Scotiabank fee guide	Yes, for Canadian residents

A few things jump out:

• Lowest listed monthly fee among the accounts compared: BMO, at $5.

• Highest included e-Transfer allowance among the accounts compared: National Bank, with 12.

• Easiest to open online: CIBC, which takes online applications from every type of business.

• Best if you keep a healthy balance: Scotiabank. Hold $8,000 and the monthly fee disappears.

• Cheapest for cash deposits: BMO ($2.50 per 1,000), or RBC if you deposit at an ATM (2.25 per $1,000).

What are the Best Banks in Canada?

The Big Six refers to Canada’s six largest banking institutions, offering a broad range of personal and business banking services across the country. These banks serve millions of customers and provide solutions for businesses of all sizes, from small entrepreneurs to larger corporations.

1. RBC (Royal Bank of Canada)

RBC is one of Canada’s largest banks and operates one of the country’s most extensive branch and ATM networks. It offers a wide range of business banking solutions, including accounts, lending, and digital banking services.

2. TD (Toronto-Dominion Bank)

TD provides comprehensive business banking services with a strong branch presence in Canada and significant operations in the United States, making it a popular option for businesses involved in cross-border activities.

3. Scotiabank

Scotiabank offers business banking solutions in Canada and internationally, including CAD and USD account options that can support businesses working with international customers and suppliers.

4. BMO (Bank of Montreal)

BMO offers a range of small business banking products, including entry-level business accounts with competitive monthly fees among the options reviewed.

5. CIBC (Canadian Imperial Bank of Commerce)

CIBC provides business banking solutions with digital application options for eligible customers, along with services designed for small businesses and entrepreneurs.

6. National Bank of Canada

National Bank is one of Canada’s major financial institutions and has a particularly strong presence in Quebec, offering business banking solutions for entrepreneurs and companies across different sectors.

All six banks are members of the Canada Deposit Insurance Corporation (CDIC), meaning eligible deposits are protected up to applicable CDIC limits.

Best banks for small business in Canada, by what you need

There’s no single winner among the best banks for small business in Canada. There’s a best fit for how your business runs. Find yourself in the list below.

You get paid mostly by e-Transfer

Think trades, cleaners, tutors, photographers and freelancers.

• Look at: National Bank Digital (12 e-Transfers included), RBC Digital Choice Business or TD Business Digital (10 each).

• Watch out for: fees once you pass the limit. At TD, each extra e-Transfer costs $1.50. If you send 25 a month, that adds up quickly.

You handle a lot of cash

Think restaurants, food trucks, convenience stores and salons.

• Look at: a bank with a branch or deposit ATM on your route home. Convenience matters more than a $1 difference in the monthly fee.

• Watch out for: cash deposit fees. At BMO, RBC and TD, they range from $2.25 to $5 per $1,000. At $20,000 a month in cash, that’s $45 to $100 a month in fees alone.

You’re a one-person business that wants to open online tonight

• Look at: BMO Essential Business ($5, open online for sole proprietors and single-owner corporations) or CIBC (online for every business type).

• Watch out for: multi-owner corporations. BMO requires those to open in branch, and TD’s digital account is opened by appointment.

You bill US clients or buy from US suppliers

• Look at: banks with a USD business account alongside the CAD one, such as Scotiabank, TD and CIBC.

• Watch out for: exchange-rate spreads on every conversion. Ask what rate the bank uses before you move large amounts.

You’re based in Quebec

• Look at: National Bank and Desjardins, alongside the other big banks. Both are deeply rooted in Quebec, with French-language service everywhere.

You keep a healthy balance in the account

• Look at: Scotiabank Basic Business. The $10.95 fee is waived with an $8,000 minimum monthly balance, and each $1,500 of balance earns a free transaction.

What about credit unions and online-only options?

The Big Six aren’t your only choice.

• Credit unions like Desjardins in Quebec, Vancity in B.C. and Meridian in Ontario often have lower fees and more personal service. Most are provincially regulated, so deposit protection comes from the provincial insurer rather than CDIC.

• Online business accounts from fintech companies can be cheap and quick to open. Many aren’t banks, though, so check who holds your money and how it’s protected before you move your operating account there.

How to choose the Best Bank in Canada: 5 quick questions

Before you sign anything, answer these five:

1. How many transactions will you make in a normal month, and how many are e-Transfers?

2. Will you deposit cash? How much, and how often?

3. Do you need a USD account?

4. Can you open online, or will you need a branch because you have partners or live outside Canada?

5. Will you keep a balance high enough to get the monthly fee waived?

Once you’ve picked, here’s how to actually open it: How to open a business bank account in Canada

Conclusion

There’s no trophy for picking the biggest bank. The best banks in Canada for your business are the ones whose fees fit the way money actually moves through it. If you’re a solo owner paid mostly online, lower-fee digital accounts from banks such as BMO, RBC or TD may be suitable for businesses with simple transaction requirements.

If you handle cash every day, pay more attention to deposit fees and branch locations than to the monthly price. If you bill US clients, open a USD account at the same bank from day one. 

Quebec businesses should put National Bank and Desjardins on the shortlist. Whichever you choose, recheck the fee schedule once a year, because plans change quietly. And if your business isn’t registered yet, sort that out first, since every bank will ask for your paperwork before it opens an account.

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