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Small Business Banking

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The Clover solution suite goes beyond accepting payments to help manage, grow and protect your business.

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Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third party website before you provide personal or confidential information.

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Small Business Online Banking

Easily manage your small business accounts – and save time – with Online Banking and the TD Bank app. You can even access all your personal and business accounts with one log-in.  Explore our interactive tutorials  to help you get the most from Online Banking and the TD Bank app.

Want to manage your personal TD accounts with Online Banking?  Learn more about Personal Online Banking .

Explore the Benefits of Online Banking

Manage Your Accounts

Make and Accept Payments

TD Bank app

Manage your accounts with ease.

Get the most from your small business banking accounts with features that help you manage your finances when and where you want.

Stay on top of your small business account activity with personalized e-mail alerts to help you stay informed and quickly take action.

• Incoming wire alerts  notify you when your account is wired funds
• Approval needed alerts  let you know a sub-user has created a payment that requires your approval
• ACH return alerts  are sent when a transaction has been returned via the ACH processing system
• New message alerts  notify you when you get a message from us in your Online Banking inbox

You can set up and manage your alerts in Small Business Online Banking or the TD Bank app.

Account users and permissions

With Online Banking, you can set up and authorize other people to manage your online business banking accounts. You control and assign roles to users that define their ability to view and access accounts, make transactions, use Bill Pay and more.

To enroll employees and others as account users and set their permissions,  log in to Online Banking  and go to the "Users & Access" section.

Additional Small Business Online Banking features

Online Statements and Notices Get secure online access for up to 7 years of account statements. You can also get an e-mail whenever you receive a statement and other account notifications. Log in to Online Banking or the mobile app to turn off paper. 1

Funds transfers Online Banking makes it easy to securely transfer money between your TD Bank accounts or to non-TD Bank accounts. You also have the flexibility to make one-time transfers or schedule recurring transfers.

Account dashboard View current balance info for all your small business checking, savings, credit card and loan accounts in one place. You can also toggle between your online small business and personal accounts.

TD Online Accounting 2 Getting paid has never been easier. Streamline business accounting and securely accept electronic payments into your TD Small Business Checking account, create custom invoices, track accounts payable and more. Log in to Online Banking to sign up.

Quicken® or QuickBooks® integration Integrate your small business accounts with your Quicken or QuickBooks software. Benefits include a consolidated view of multiple financial institutions.

Business Payment Suite We have the convenient payment solutions you need–online, on the go and in person

Quick and easy payment options

Enjoy flexible Online Banking payment options that let you schedule and manage business payments with an audit trail for payment history.

ACH (Automated Clearing House)

A great way to handle payroll and vendor and tax payments.

• Money arrives in 2 business days
• Send money directly to any U.S. bank account, to a single person or multiple recipients
• Set up templates to send money to the same accounts
• Reduce hassle and expense of lost or uncashed checks
• Per batch cost of $10.00 3

Your best option for paying day-to-day business bills.

• Money arrives in 4 business days
• Send payments to any business or individual in the U.S.
• No need to write or mail checks
• Set up one-time or recurring payments
• Manage user access to your business accounts
• Next-day payments available and free scheduled payments 4

Wire Transfers

A great option for paying vendors quickly and real estate transactions.

• Money arrives same day or up to 2 business days
• A fast way to send money to anyone in the U.S. with a bank account
• Receive proof of payment when your money is received
• Costs: incoming domestic and international wires $15.00; outgoing domestic wires $30.00; outgoing international wires $50.00 3

Eligible TD Bank Small Business customers can now receive and send payments with Zelle® 7 .

• Enroll right from Online Banking  or the TD Bank app.
• Send payments fast—typically within minutes 7 —directly from one account to another
• Share your email address, U.S. mobile number or QR code and customers can pay you wherever you are, with no need for your account information 8
• Improve cash flow—no need to wait for a check to clear

Zelle® FAQs

What is zelle®.

Zelle® is a fast and easy way for small businesses to receive, request, and send money to customers and vendors they trust. Money is typically sent and received within minutes. 7 If your customers use Zelle® they can send payments directly to your TD Bank account within their online or mobile banking app with your email address, U.S. mobile number or your QR code. 

How do I use Zelle® with a small business account?

To get started, log into TD Bank’s online banking or mobile app and select “Zelle®”.

Enter your email address or U.S. mobile number, receive a one-time verification code, accept the terms and conditions, and you are ready to start receiving and sending money with Zelle®.

To receive money using Zelle®, share your enrolled email address, U.S. mobile number, or QR code with your customers and ask them to send you payment with Zelle®. After the customer sends you payment with Zelle®, you will receive your money directly into your enrolled bank account.

To send money with Zelle®, select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile number), add the amount you would like to send and an optional note, review, then hit “Send.” In most cases, the money is available to your recipient in minutes. 7

If the small business or consumer you send money to has already enrolled with Zelle® through their banking app, the money is sent directly to their bank account and cannot be canceled. It’s important to only send money to people you trust, and always ensure you’ve used the correct email address or U.S. mobile number when sending money. 

To request money using Zelle® with a small business account, click “Zelle®,” select “Request,” enter the individual’s email address or U.S. mobile number, confirm the recipient is correct and tap “Request.” 8

If your customer is using Zelle ® through their banking app, they’ll be able to pay you with Zelle ® . You’ll receive a payment notification once your customer has sent you money in response to your request. If your customer is enrolled in the Zelle ® app, they will not be able to send you money with Zelle ® , and you should arrange for a different payment method.

I already use Zelle® through my personal bank account. How do I enroll to use Zelle® with my small business bank account?

Simply log into TD Bank online banking or mobile app and select “Zelle®.” Then, enter an email address or U.S. mobile number to connect to your small business bank account.

Important note: If you already use Zelle® for personal use, you must use a different email address or U.S. mobile number than the one you used to enroll your personal bank account. For example, [email protected] would be connected to your personal checking account, and 555-555-1234 would be connected to your small business bank account.

How do I tell my customers that they can pay me with Zelle®?

There are a few ways you can encourage your customers to pay you with Zelle ® .

• Tell customers verbally that you accept payments with Zelle ® , and that they can easily send you money right from their banking app.
• Include it on an invoice. We recommend adding “I accept payments with Zelle ® ” or “Pay me with Zelle ® ”.
• Use Zelle ® to request money from your customers (which will send them a notification telling them you’ve requested payment with Zelle ® ). 8

Please note, you’ll only be able to receive payments from consumers using Zelle ® through their financial institution’s banking app. You will not be able to receive payments from consumers enrolled in the Zelle ® app. 

Is my information secure?

Keeping your money and information safe is a top priority for TD Bank. When you use Zelle ® within our online banking or mobile app, your information is protected with the same technology we use to keep your TD Bank account safe.

Interactive tutorials to help you get started

See how convenient and easy it is to make transfers and use Bill Pay with our interactive tutorials for Online Banking and the TD Bank app.

How to enroll and set up bills in Bill Pay

Online Banking Enroll and set up Bill Pay

Enroll in eBills

TD Bank app Enroll, set up bills and enroll in eBills

How to set up, change or cancel Bill Pay payments

Online Banking

Set up one-time payments and AutoPay

Change or cancel payments

TD Bank app Set up one-time payments and AutoPay

Learn how to set up immediate, future and recurring transfers in  Online Banking  and the  TD Bank app .

Benefits and features

Manage all your TD Bank small business accounts on the go, plus deposit checks, pay bills, transfer money and more. Download now for your Apple® and Android TM  smartphones and tablets.

• Bank anytime, anywhere View all your account activity, balances and account statements 24/7. Authorized sub-users can also use the app to do approved account functions
• Deposit checks from your mobile device TD Bank Mobile Deposit 5  is so simple, we take the picture for you. Save time, gas and paper, and usually access your funds the next business day 6
• Transfer money and pay bills Move funds between your accounts, schedule transfers and use Bill Pay securely and easily within the app
• Bank securely with the latest technology Log in with Touch ID and single-use security code. At setup, you can select how to receive your security code: text or voice message

Get the most from the TD Bank app

Mobile banking made easy

If you already use Small Business Online Banking, you can open the app and log in with your existing username and password. If you don't have login information, you can create a username and password right in the app.

Once you log in, you'll see your small business account(s). You can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements and more.

Mobile check deposit 24/7

Your funds are usually available next business day 6  when you use TD Bank Mobile Deposit 5  to deposit checks using the camera in your smartphone or tablet.

Check out this demo to see how easy it is to enroll and make your first mobile check deposit

Digital Wallet

Add your TD small business cards to your mobile device to simplify your online, in-store and in-app purchases for your business.

Get your business online

Discover all the advantages of TD Bank Small Business Online Banking.

Small Business Solutions

Small business checking accounts.

Find the small business checking account that’s perfect for your business needs

Small Business Money Market Accounts

The best way to maximize savings while maintaining easy access to cash

TD Business Solutions Credit Card

Earn rewards for your everyday business purchases

Important Disclosures

1 You can call  1-888-751-9000  or  visit a TD Bank near you  to go paperless.

TD offers a variety of alternate statement formats, including Braille, large print, e-text, accessible PDFs and audio CDs, and enlarged check images for complete record keeping. To find out more, call  1-866-251-3552 .

2 TD Online Accounting is powered by Autobooks. Neither TD Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer's agreement to Autobooks' terms of use. Certain restrictions and fees apply. TD Bank may be entitled to receive fees from Autobooks for customer's use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer's election. Autobooks may have a different Privacy and Security policy than TD Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information.

3 For Business Checking accounts on Account Analysis Billing, pricing may vary and other fees may apply based on usage. Please see your Treasury Management Proposal Proforma (for some products a Pricing List is provided instead) or contact your Treasury Management Officer for further details.

4 Bill Pay payments are free with up to a 3-day turnaround time. A rush same-day payment feature is available for an additional fee. Please consult your Business Account Agreement for details.

5 TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the  Mobile Deposit Addendum .

TD Bank Mobile App is only available in English at this time.

iPhone and iPod Touch are trademarks of Apple, Inc.

Android is a trademark of Google, Inc.

6 A business day is every day, except Saturdays, Sundays and federal holidays.

7 Send Money with Zelle®, is available for most checking and money market Accounts in the U.S. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number, and an active unique e-mail address. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience. Transactions between enrolled users typically occur in minutes.

Your eligible deposit Account must be active and enabled for ACH transactions and Online Banking transfers. Message and data rates may apply, check with your wireless carrier. Transaction limitations apply.

8 In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled with Zelle®.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

† By clicking on this link you are leaving our website and entering a third-party website over which we have no control.

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third-party sites hyper-linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third-party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.

Have a question? Find answers here

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You are now leaving our website and entering a third-party website over which we have no control.

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Payroll & ACH

As a Small Business customer at TD Bank, you're looking for an easy solution for payroll. Our ACH Services can make this type of batch payment a breeze.

And it's great for paying corporate suppliers and vendors too.

After a quick, one-time enrollment, we'll get you set up to use the service.

Receivers are simply the employees or vendors you want to pay.

All you need is each receiver's routing number and bank account.

ACH, or Automated Clearing House, is a payment method that lets you electronically pay groups of receivers in batches.

It's easy to set up templates for repeated payments to the same receivers.

You can also upload files from financial software as the basis for a payment batch.

Once your payment batch is released, the funds are received in 1 to 2 business days.

And you'll be able to view payment status and history at any time.

Users and Roles

TD Bank Online Banking makes it easy to manage user access to your business accounts.

It's all about giving key team members access to the right online banking tools, and setting the right checkpoints such as specific transaction limits.

Here's how it works.

You set up your employees as "users" who can access your company's online banking profile.

Then you create "roles" for those users.

One role might allow its assigned users to make small transfers between accounts.

Another role might let them set up wire transfers or ACH payments of more significant amounts.

A third might let its users pay bills.

You can even set things up to require your approval before anything goes out the door.

At TD Bank, you're in control of how online banking can work for your business.

Wire Transfer

TD Bank makes it easy for our small business customers to send secure wire transfers online - to virtually any bank account in the U.S.

Wire transfers are among the fastest and most reliable ways to move money.

For a low fee per transaction, you can securely send a one-time payment for large ticket items - with peace of mind.

All you'll need is the beneficiary's name, bank, account number, and account type.

Once you send a wire transfer, it's assigned a Federal ID number and tracked on the Federal Reserve System Network.

The funds are available same-day, in most cases within the hour.

For your convenience, the beneficiary info will automatically be saved as a template, making future wire transfers that much easier.

Welcome to TD Bank - America's Most Convenient Bank

Our Mobile Banking App offers flexibility, convenience, and security.

Our Mobile Banking App allows you to navigate with ease by using our intuitive dashboard. From the dashboard you can use quick links to navigate and a slide out menu to access features.

Our Mobile Banking App offers convenience on the go while you are out and about. You can check your account balances, view and perform transactions, and view your check images. Our funds transfer feature allows you to move funds immediately between your accounts or schedule future transfers. Our bill pay feature is easy to use and you can pay almost any company or person.

Our Mobile Banking App offers check deposit right from your phone, anywhere, anytime. It is so simple to deposit a check from your phone; the camera auto takes the picture for you.

We have many other great features in our mobile app, such as TouchID login from Apple. You can send and receive secure messages in your app inbox. You can view months' worth of online statements. You can update your personal settings, such as contact information, and change your password. Finding a branch location is fast and easy with our branch locator tool

Download our app today at the Apple and Google Play app stores by searching on TD Mobile App.

The TD Bank Mobile App can be used to remotely deposit checks

To deposit a check:

Lay it on a flat, dark surface. Open the TD Mobile App and select Mobile Deposit. Follow the on-screen instructions to take a picture and enter the amount. Generally funds will be available the next business day

More information about TD Mobile Deposit can be found on the TD Bank website.

Include disclosure : Mobile check deposits are subject to TD's Funds Availability Policy and Mobile Deposit Addendum. A "business day" is every day, except Saturdays, Sundays, and federal holidays. Message and data rates may apply.

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TD Bank Business Checking: 2024 Review

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

TD Bank offers four business checking accounts , including an interest-bearing option and a premium account best suited for larger businesses with complex banking needs. While this review includes details about all four options, the star rating above corresponds with the bank's entry-level account, TD Business Simple Checking℠ .

The level of choice TD Bank offers may be appealing for small-business owners looking to grow with their bank. Also appealing: TD Bank’s extended branch hours — some locations are open on Sundays — and 24/7 live telephone customer service. While convenient, those features may not outweigh the bank’s small ATM network and lack of free business checking .

Looking for a business checking account?

See our overall favorites, or choose your business type to find the best options for you.

on Nerdwallet's secure site

TD Bank business checking is best for small-business owners who:

Operate a business in TD Bank’s service area and want a brick-and-mortar bank.

Want access to live customer service, 24/7.

Can maintain a high enough minimum balance to avoid the monthly service fee.

Prefer a brick-and-mortar bank with a free account? Consider the U.S. Bank Silver Business Package . That account also comes with a another feature many traditional banks offer (but TD Bank doesn't): a sign-up bonus.

Pros and cons

24/7 live customer service.

Some branches are open late and on weekends, including Sundays.

Interest-bearing checking account with no minimum balance requirement.

Accounts can be opened online.

No free business checking account.

Using an out-of-network ATM costs $3 per transaction.

Cash deposit allowance cut.

TD Bank business checking at a glance

How td bank business checking works.

Account options: TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers.

TD Business Simple is $10 per month and requires a minimum opening deposit of $25. Unlike other TD Bank business accounts, there is no way to skirt the monthly maintenance fee.

TD Business Interest Checking Plus carries a $15 monthly maintenance fee, which is waived if you maintain a minimum daily balance of $2,500. You’ll earn interest (0.05% as of this writing) on any balance.

TD Business Convenience Checking Plus is $25 per month, but the fee is waived if you maintain a combined minimum daily balance of $1,500 between your business account and one TD Bank personal checking account.

TD Business Premier Checking has the highest monthly fee ($30) but it also comes with the most benefits. Business Premier Checking customers are not charged fees by TD Bank when they use out-of-network ATMs (other accounts are charged $3 per transaction) and can open a TD Bank Money Market Plus account and up to two additional TD Bank Business Simple accounts for no monthly charge.

The $30 monthly fee is waived for the first three statement cycles. After that, you need to maintain a combined balance of at least $40,000 across your Business Premier Checking account and one of the following TD Bank accounts: personal checking, merchant services or digital express. The balance of a TD Bank small-business loan or open business line of credit can also be combined with your business checking balance to waive the fee.

The top-tier business checking option also allows up to $30,000 in fee-free cash deposits. With TD Bank’s other business checking accounts, you can deposit up to $5,000 in cash or currency for no additional charges. Deposits beyond the account limit are 25 cents per $100.

TD Bank limits free transactions on each of its business accounts. TD Business Simple and TD Business Interest Checking Plus get up to 200 fee-free transactions, while TD Business Convenience Plus and TD Business Premier Checking accounts are capped at 500. Additional transactions range from 35 cents to 75 cents each, depending on the account. Transactions include any item paid from or deposited to your account.

Location availability: TD Bank operates around 1,100 branches across 15 states and Washington, D.C. Your business must be located in TD Bank’s service area to open a business account.

TD Bank’s service area includes Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.

» MORE: What you need to open a business bank account

How to apply: You can apply for a TD Bank business account online, provided you have four or fewer signers on the account. Business owners can also open an account in person at a TD Bank branch.

Required information:

Legal name.

Valid Social Security number.

Required documentation:

Valid photo ID (driver’s license, state-issued ID or passport).

Relevant business documents, such as partnership agreement, DBA certificate, articles of incorporation, bylaws or LLC operating agreement.

Where TD Bank business checking stands out

24/7 customer service: TD Bank business customers can reach a live customer service representative 24 hours a day, seven days a week.

Extended branch hours: Select TD Bank retail locations stay open late (6 p.m.) and are open on the weekends, including Sundays at select locations. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.

Where TD Bank business checking falls short

Monthly fees: TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fee on its entry-level option: TD Business Simple Checking. You can sidestep the monthly fee on TD Bank’s other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 (can be a combined balance with a TD personal checking account) to avoid the fee.

» MORE: Best free business checking accounts

ATM fees and access: TD Bank operates 700 ATMs throughout its service area, a fraction of what its competitors provide. PNC Bank, for example, has 18,000 ATMs and serves many of the same areas. TD Bank charges $3 per transaction when you use an out-of-network ATM. The one exception: TD Business Premier Checking customers do not pay a fee to use non-TD Bank ATMs.

Interest-bearing checking: TD Bank’s Business Interest Checking Plus account earns a paltry 0.05% APY despite a monthly maintenance fee of $15. If you're comfortable with an online-only account, there are a number of free options that will do more with your money, including Bluevine Business Checking ( 2 % on balances up to and including $250,000; terms apply) and LendingClub Tailored Checking ( 1.5 % on on balances up to $100,000 and 0.10% on all balances after that).

On a similar note...

• Small Business

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TD Basic Business Plan

A cost-effective, flexible way to conduct your business banking.

• Monthly fee $5.00

Transactions included per month

Deposit items included per month 1

See more fee-related information below

Here's what you get

• Anywhere banking Deposits through TD Mobile Deposit
• Easy deposits All debit and credit card Point-of-Sale Terminal deposits that are electronically credited to a TD Canada Trust business chequing account
• Free services Includes free online statements with cheque images, archived for seven years

Account Fees

Additional related fees

Not sure which service plan is right for you?

Try our selector tool

Discover which Service Plan best matches your business needs.

You might also be interested in:

• Business Credit Cards

Choose a TD Business Credit Card with benefits and features that can help you grow and manage your business.

• TD Merchant Solutions

Use TD Merchant Solutions for straightforward advice and payment solutions you can count on to keep pace with your growing practice.

Deposit cheques from your office

TD Remote Deposit Capture and TD Mobile Deposit are fast, easy and convenient ways to deposit cheques 3 .

Open my account

Contact an account manager.

Talk to an Account Manager Small Business (AMSB) to discuss your business needs.

Talk to a Small Business Specialist at our Small Business Advice Centre.

Deposit Insurance

Your deposits may be insurable by the Canada Deposit Insurance Corporation.

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

TD Bank Group is not responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank Group. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.

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1  Deposit items are cheques (including cheque images through TD Remote Deposit Capture and TD Mobile Deposit), money orders, drafts and all other clearing items.

2  Cash Deposits are paper currency and coins, rounded to the nearest dollar.

3  Subject to eligibility requirements, applicable fees and technology and device capabilities.

Interac  is a registered trade-mark of Interac Corp. Used under licence.

Best Business Bank Accounts in Canada for 2024

What you should know.

• Business bank accounts at Canada’s major banks come with monthly fees, low or no included free transactions per month, and no interest or rewards on balances and spending.
• RBC and BMO offer a discounted or no-monthly-fee option for digital accounts, with unlimited free electronic transactions.
• Having a traditional business chequing account at a major bank provides convenient access to other services such as loans and in-branch banking.
• Maintaining a minimum account balance can waive monthly account fees for some business bank accounts.

Comparing Account Features of the Best Business Bank Accounts in Canada

Traditional major banks, comparing fees of major banks' business accounts.

Note: Fees are as of September 2023

RBC Digital Choice Business Account

What We Like:

✅ No minimum balance

✅ Unlimited debit and credit transactions

✅ Bank digitally or in-branch

What We Don’t Like:

❌ Monthly fee

❌ Fee on branch transactions

❌ Opening an account requires visiting a branch

For business owners who don’t need in-branch banking, the RBC Digital Choice Business Account Package is a digital-only account that comes with a lower monthly fee of $6 per month. Plus, it has unlimited debit and credit transactions, cheque deposits, and 10 Interac e-Transfers per month.

For those needing a physical branch, the RBC Flex Choice Business Account Package offers a variety of features that can help businesses manage their finances. It's called "flex choice" because you can choose to bank digitally while still having the option of being able to go to a physical branch for your banking needs. You also only pay for what you use, with transactions such as withdrawals and transfers each having fees.

To open an account, you can start your application online or over the phone. However, you’ll need to visit a branch to verify your identity before your account can be opened.

RBC Business Banking Fees

There’s a $7 monthly fee for the RBC Flex Choice Business Account but no minimum balance requirement. Electronic deposits to your account cost $0.75 each, while cash deposits cost $2.50 per $1,000 in-branch or $2.25 per $1,000 at ATMs. Sending Interac e-Transfers costs $1.50 each.

The account is part of a package since items deposited have no transaction fee, saving you from the regular fee of $0.22 per cheque or draft deposited.

Online Business Banking

RBC's Online Banking for Business is for one user with access to all of RBC's business banking services, such as paying bills, transferring funds, filing and paying taxes, depositing mobile cheques, and email or SMS money transfers.

The expanded RBC Express allows for unlimited users, letting you assign employee access. It also comes with additional features such as making and receiving payments in foreign currencies, making multiple cheque deposits, and sending wire transfers at preferred foreign exchange rates. However, RBC Express can come with a monthly fee.

Other RBC Business Accounts

Those who operate in the U.S. might find the RBC U.S. Dollar Business Account to be convenient if you want to keep all of your banking in the same place. It has a $9 USD monthly fee unless you hold a minimum balance of $2,500 USD.

Excess funds can be kept in RBC’s Business Essentials Savings Account , which pays 2.55% up to 3.3% on your balance, depending on your account size, as of September 2023.

Other RBC business accounts include:

• Community and Not-For-Profit Accounts
• Online Foreign Currency Account
• Ultimate Business Account
• AgriInvest Account
• Business Premium Investment Account

TD Basic Business Plan

❌ Fee on transactions

For businesses with low transaction volumes, the TD Basic Business Plan is a business chequing account offering five transactions per month for a $5 monthly fee. Each additional transaction costs $1.25 each, with cash deposits costing $2.50 per $1,000 deposited. There’s no minimum balance required for this account.

For larger businesses, TD offers other business banking plans starting from $19 per month for 20 transactions, $39 per month for 60 transactions, $72 per month for 120 transactions, and $125 per month for unlimited transactions.

Fee rebates are available if you hold a minimum balance, such as $20,000 to waive the TD Every Day A Business Plan's $19 monthly fee or $65,000 to waive the TD Unlimited Business Plan's $125 monthly fee.

Comparing TD Business Bank Account Fees

Note: Fees as of September 2023

Scotiabank Right Size Account for business

Scotiabank’s cheapest option, the Right Size Account for business , has a low monthly fee with a pay-per-transaction model. There's a monthly fee of $6 with a transaction fee that depends on how many monthly transactions you make. Those making 1 to 15 transactions per month will pay $1.25 per transaction, lowering to $1.00 once you make over 50 transactions per month.

However, businesses looking to make more transactions will be better suited with Scotiabank’s other business accounts. Scotiabank’s Basic Business Account, available both in CAD and USD, comes with one free transaction per month for every $1,500 in the account, with the monthly fee waived for monthly balances over $8,000. The monthly fee on this account is $10.95 per month.

Scotiabank can get you to learn your ABCs with their Plan A, Plan B, and Plan C Select Accounts for Business.

Comparing Scotiabank Business Bank Account Fees

Bmo ebusiness plan.

✅ No monthly fee

✅ Unlimited electronic transactions

❌ Requires an appointment to open an account

If you’re looking for a no-monthly fee business account with unlimited free electronic transactions, then BMO’s eBusiness Plan would be the traditional business bank account for you. It’s the only business bank account offered by a major Canadian bank that has no monthly fee. It also gives you two free Interac e-Transfers each month, something that not all other paid bank account plans offer. This makes the BMO eBusiness plan the best bank account for small businesses and startups.

For merchants that conduct point-of-sale transactions, it also allows unlimited Moneris transactions. However, the main drawback of this account is that you’ll need to book an appointment to open an account. This makes the account opening process lengthier than other banks, where some even allow you to open an account completely online without having to visit a branch. Once the account is opened however, you’ll be enjoying no fees!

For businesses wanting a step up from the standard eBusiness Plan, BMO gets you to start counting your 1-2-3-4s with their Business Builder plans, a twist from Scotiabank’s and TD’s version of the ABCs. Specialty business accounts at BMO include:

• Business Premium Rate Savings Account
• Business Current Account
• Community Account

Comparing BMO Business Bank Account Fees

Cibc basic business operating account.

✅ Online application

CIBC’s cheapest business account is the CIBC Basic Business Operating Account . At $6 per month, this monthly fee doesn’t include any transactions. Each transaction costs $1 for self-serve transactions, such as those conducted online or at ATMs, or $1.25 for full-service transactions at a branch or by a CIBC representative.

Unlike other major banks that require you to visit a branch to open an account, CIBC lets you open a business account online in as little as 30 minutes.

CIBC’s Unlimited Business account has a lower monthly fee than other banks, making it an excellent option for small businesses. Plus, you get unlimited transactions and access to CIBC business advisors who can provide advice on banking services, credit and financing solutions, cash flow management and more.

Comparing CIBC Business Bank Account Fees

Comparing major banks’ premium business accounts, what do i need to open a business account.

To open a business account, you’ll need to provide some basic information about your business. Banks may also ask for the following documents depending on your type of business:

Documents for Sole Proprietors:

• Certificate of Business Registration
• Trade Name Registration (if applicable)

Documents for Partnerships:

• Partnership Agreement
• Trade Name Registration or Master Business License (if applicable)
• Information on each signing authority with ID
• Proof of business address, such as a utility or property tax bill

Documents for Unincorporated Associations:

• Articles of Association, or the Association’s constitution and bylaws
• If donations are solicited from the public, the Canada Revenue Agency registration business number

Documents for Corporations:

• Articles of Incorporation
• Director information, for each director

Corporations may also be asked to provide documents such as the company’s annual report for the past fiscal year, most recent notice of assessment, business licenses or vendor permits, or health and safety certificates.

Free Business Bank Accounts

If you’re looking for digital business bank accounts, there are some completely free options available in Canada. However, it’s a good idea to still have a traditional bank account at a major bank. This gives you access to in-branch banking, such as to make cash deposits or to write and deposit cheques . These are the best free digital business bank accounts in Canada .

For more details: The 5 Best No-Fee Business Bank Accounts in Canada

21 Best Small Business Bank Accounts in Canada [Ranked]

Small businesses are the backbone of the Canadian economy. Businesses such as yours are responsible for creating 68% of the total private labor force in Canada.

Table of Contents

While small business entrepreneurs are considered to be the fuel behind the lifeblood of the Canadian economy, they often have a hard time accessing the financial services they need to start, grow, and thrive. That’s where the best small business bank account in Canada comes in.

The best small business bank account in Canada is one that offers competitive interest rates, low fees, and a wide range of features and benefits specifically designed for small businesses.

When looking for the best small business bank account in Canada, be sure to compare a wide range of options before making your final decision. This will help you find an account that best meets the specific needs of your business.

The following is a list of the best small business bank account in Canada. This list was compiled based on a number of factors including, but not limited to, interest rates, fees, and the range of features and benefits each account offers.

Best Small Business Bank Accounts with No-Monthly Fees

1. wise business account (formerly transferwise).

Wise Business Account is an excellent business account for Canadian small businesses that deal with cross-border or international transactions such as eCommerce shop owners.

While not necessarily a bank, Wise offers small businesses the ability to transact internationally with no monthly, hidden, or conversion fees, Wise does charge low transfer fees for each money transfer transaction.

A Wise Business Account makes it easy and affordable for businesses to pay and get paid in a variety of currencies. This can save businesses a lot of money on international transfer and currency conversion fees, as well as streamline tedious accounting tasks.

Wise also offers many other features which can be of great use to businesses, such as:

– Multi-currency accounts in up to 7 different countries

– A Mastercard debit card for easy spending and ATM withdrawals

– The ability to send invoices in multiple currencies

– Automated currency conversion

All of these features make Wise Business Accounts a great choice for businesses that need to manage their finances in multiple currencies. To learn more, or to sign up for a Wise Business Account, visit their website today.

Open a free Wise business account here .

2. Alterna Business Account

If you’re looking for a no-nonsense business chequing account, Alterna’s eChequing Account is worth a look. There are no monthly fees as long as you maintain a $3,000 minimum balance, and you get unlimited debit and credit transactions as well as unlimited incoming Interac e-Transfers. You also have access to 3,300 ATMs via Canada’s EXCHANGE Network, and deposits are insured up to the max allowed by the Canada Deposit Insurance Corporation (CDIC).

Learn more about Alterna Business Account here .

2. BMO e-Business Plan

If you’re a small business owner who banks digitally, the BMO e-Business Plan can help you manage your business finances with fewer limits on electronic transactions. This plan doesn’t have a monthly fee, and you’ll have unlimited transactions each month. You won’t have to worry about minimum balances, either – so it’s perfect for businesses that are just getting started. Plus, the BMO e-Business Plan comes with reliable support from BMO Bank, so you can rest assured that your finances are in good hands.

Benefits of the BMO e-Business Plan:

No monthly fee

Unlimited transactions (Online/Debit)

No minimum balance required

Reliable support from BMO Bank

Perfect for small businesses that are just getting started .

Best Small Business Bank Accounts with Low Monthly Fees

4. rbc digital choice business account.

If you do most or all of your transactions electronically and don’t need to write or deposit many checks, RBC’s Digital Choice Business Account may be a good option. This account has a $5 monthly fee, but no minimum balance is required. Additionally, there are no fees for electronic debits and credits. However, standard fees apply to all non-electronic transactions: $2.50 charge for every paper debit or credit transaction, $5 fee for every $1,000 cash deposited in a branch and $2.25 per $1,000 charge for ATM deposits. Bank of Montreal (BMO) offers a similar eBusiness Plan, with the added bonus of no monthly fee at all.

Learn more about the RBC Digital Choice Business Account here .

5. RBC Flex Choice Business Account

The RBC Flex Choice Business Account has a monthly fee of $6 a month and is a great option for businesses that want a flexible small business chequing account. The RBC Flex Choice Business Account offers unlimited (Moneris) deposits, and only charges fees for paper deposits and electronic transactions. This makes it a great option for small retail businesses that want to keep their costs low. Additionally, the account offers competitive rates on cash deposits made through RBC ATMs or through their Night and Day deposits.

Learn more about the RBC Flex Choice Business Account here .

6. BMO Business Start Bank Account

The BMO Business Start Bank Account is a great option for small businesses looking for a simple, no-frills bank account. There is a $6 monthly fee, but there is no minimum balance requirement, which makes it a good choice for businesses that are just starting out but need a little more features. You also get seven free transactions each month, which is a nice bonus. However, if you go over the limit, fees start at just $0.60 per electronic transaction. This account is a good option for small businesses that want to keep their expenses low and don’t need a lot of fancy features.

Learn more about the BMO Business Start Bank account here.

7. TD Basic Business Plan

The TD Basic Business Plan is a plan that offers five free transactions and five free deposit items per month, with each transaction and deposit item after the first five costing $1.25 and $0.22, respectively. Additionally, there is a cash deposit fee of $2.50 per $1,000.

The TD Basic Business Plan costs $5.00 per month.

8. Scotiabank's Right Size Account for Business

The Scotiabank Right Size Account for Business is a great option for businesses that want to avoid paying high monthly fees, but still, need to make a limited number of transactions per month. This account has a $6 monthly fee but allows for four free transactions per month. After the four free transactions are used up, each additional transaction will cost $1-$1.25, depending on how many transactions are made. This account is perfect for small businesses that don’t need to make many transactions each month but don’t want to pay high fees.

9. Scotiabank Basic Business Account

The Scotiabank Basic Business Account is a great option for businesses that want to have a low-cost account with some added features. The monthly fee of $10.95 is waived if your minimum monthly balance is $8,000 or more, which is a great benefit. Additionally, each transaction costs $1.25, but this is still a relatively low price compared to other accounts. The account is available in both Canadian and U.S. dollars, making it a versatile option for businesses with operations in multiple countries.

Learn more here.

10. BMO Business Builder 1

BMO Business Builder 1 is a great account for businesses that are larger than the other three choices, but still aren’t too big. The account has a monthly fee of $22.50 and allows for 35 transactions a month as well as 25 deposits and $2,500 in cash transactions, and unlimited Moneris transactions. This account also comes with access to BMO’s online platform, which provides additional features like advanced cash management services and 24/7 customer support. If your business is on the larger side, the BMO Business Builder 1 account is a great choice for you.

Learn more about this small business bank account here.

11. TD Every Day Business Plan A

The TD Every Day Business Plan A is a budget-friendly plan for everyday business banking if your business has a low volume of transactions which is billed at $19 a month. There are 20 monthly transactions included with the plan and 50 deposit items. The additional transaction fee is $1.25, and $0.22 per additional deposit in excess of the account limit. Like the Basic Business Plan, there’s a fee of $2.50 per $1,000 of additional cash deposits.

Your monthly banking fee is rebated if you maintain a balance of at least $20,000.00

12. TD Every Day Business Plan B

The TD Every Day Business Plan B is a step-up to their Every Day Business Plan A billed at $39 a month with a 60 monthly transaction limit and a fee rebate if you can maintain a $35,000 minimum account balance.

Learn more about TD’s Every Day Business Plans here.

Best Small Business Bank Accounts for High Volume businesses

13. cibc unlimited business operating account.

If you’re looking for a business account that offers unlimited transactions, the CIBC Unlimited Business Operating Account is a great choice. With no monthly fees and a host of features, this account is perfect for larger businesses.

To open an account, apply online and take an application and principal owners of the business to a local branch to complete the process. The deposit package for this account includes $15,000 in cash, $1,000 in coins, and 100 cheques. Customers can get the monthly fee waived if they keep a minimum daily balance of $45,000, otherwise, their monthly fee or this small business chequing account is billed at $65.

Learn more about the CIBC Unlimited Business Operating Account here.

14. TD Unlimited Business Plan

The TD Unlimited Business Plan is another great choice for businesses that have a high number of transactions each month. The plan includes unlimited transactions and deposits, billed at $125 a month, which is rebated if you maintain a minimum daily balance of $65,000.00.

Learn more about the TD Unlimited small Business Account.

15. Scotiabank Account Unlimited

The Scotiabank Account Unlimited is also an excellent small business bank account for businesses that have a high volume of transactions each month. This account has no monthly fee as long as you maintain a minimum balance of $75,000. In addition to unlimited transactions, the account also offers cash deposits of $30,000 per month.

The ScotiaConnect Digital Banking service is complimentary with this account and allows you to manage your business activity, pay employees, file business taxes and receive EFTs.

The Scotiabank Account Unlimited is a great choice for businesses that need to process a lot of transactions each month.

Learn more about Scotiabank Small Business Bank Accounts here.

Best Small Business Savings Account in Canada

16. manulife bank business advantage account.

The Manulife Bank Business Advantage Account is a great choice for businesses who want to earn high interest on their excess or idle cash. The account comes with easy access to your money through online and mobile banking, as well as free deposits and bank-to-bank transfers between your accounts at other Canadian banks.

Plus, there are no minimum balance requirements and no monthly fees.

Manulife Bank knows that every business is different, so they offer a variety of ways to help you manage your account and maximize your earnings. For businesses looking for more interest on their cash, Manulife Bank’s Interest Plus feature allows you to earn tiered interest rates based on the total amount you have on deposit. And if you need to make a large purchase or invest in new equipment, their Business Line of Credit can provide up to $100,000 in flexible financing.

Learn more about whether the Manulife Bank Business Advantage Account is right for your business here.

17. Tangerine Small Business Savings Account

The Tangerine Small Business Savings Account is a great choice for businesses looking for high-interest savings account rates and no fees. Signing up is easy, and can be done in just 10 minutes online. There are no minimum balances or service charges, making it a great option for businesses of all sizes. The account also offers a U.S. Dollar Savings option, making it perfect for businesses with operations or clients in the U.S.

Learn more about Tangerine’s no-fee personal and business savings accounts here.

18. TD Business Savings Account

The TD Business Savings Account is a great option for small businesses that are looking for a high-interest savings account. This account offers a competitive tiered interest rate on account balances, allowing your business to grow its savings quickly. There are no monthly fees associated with this account.

Learn more about the TD Business Savings Account here.

19. CIBC Business Savings Account

The CIBC Business Savings Account is another great option for small businesses that are looking to grow their savings. This account offers a competitive interest rate of 0.40% to 0.65% based on the daily closing balance, with no monthly fees.

Learn more about the CIBC Business Savings Account here.

20. BMO Small Business Savings Account

The BMO Small Business Savings Account is a great option for small businesses that want to grow their savings. This account offers a tiered interest rate of 0.20% to 0.65% on your business savings account balance, with no monthly fees.

Learn more about the BMO Small Business Savings Account.

21. RBC Business Savings Account

The RBC Business Savings Account is a great option for small businesses that are looking to grow their savings. This account offers a tiered interest rate of 0.30% to 0.35% depending on the account balance, with no monthly fees.

There is no monthly maintenance fee for this account, however, they do charge on a per-transaction basis. You have two free debit transactions a month but you will be billed $3.5 each thereafter. Credits and deposits are charged at $1.00 each beyond 999 per month, items deposited at $1.00 each, and cash deposits at $10 per $1,000.00

Learn more about the RBC Business Savings Account.

Contact us for your Life Insurance Needs

At SmartWealth , we provide expert advice for all types of life insurance, savings, and retirement planning. As your Life Insurance and financial advisor, we work with you to create a personalized plan for your family or business that covers and meets your needs.

To schedule a consultation about your financial goals , or if you have any questions about insurance in Alberta, Manitoba, or Ontario, please book a virtual meeting to talk to an advisor today ! We’re proudly based out of Winnipeg, and service clients anywhere in Ontario, Manitoba and Alberta including areas such as Guelph, Edmonton, and Brandon.

Small businesses have a variety of bank account options to choose from in Canada. Each account has its own set of benefits and drawbacks, so it is important to do your research and find the one that best suits your needs. The accounts listed above are some of the most popular options for small businesses in Canada, so be sure to check them out and see which one is right for you.

If you’ve already been in business for some time and you have a small business bank account that you swear by, please don’t hesitate to share your thoughts in the comments below or if you found value from this post and learned something that helped you, I’d love it if you shared this post in your social media communities.

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