Best Bank for Small Business Canada 2023: Best Options

Choosing the right bank is a critical decision for small business owners in Canada. The right financial institution can provide valuable support and services, helping businesses manage their finances, grow, and succeed. In this article, we will explore the best banks for small businesses in Canada, comparing their account options, fees, and additional services to help you make an informed decision.

 Key Considerations for Choosing a Bank

Before examining the top banks for small businesses in Canada, it’s essential to understand the key factors to consider when selecting a financial institution.

  1. Account Options: Consider the types of business accounts offered, including chequing, savings, and credit cards.
  2. Fees and Charges: Evaluate the fees associated with various accounts and services, such as monthly fees, transaction fees, and ATM fees.
  3. Accessibility: Ensure the bank has a strong physical and digital presence to provide easy access to banking services.
  4. Additional Services: Assess the range of additional services offered, such as business loans, lines of credit, and merchant services.

 Top Banks for Small Businesses in Canada

Below, we will explore some of the best banks for small businesses in Canada, highlighting their offerings and advantages.

  1. Royal Bank of Canada (RBC)

  • RBC offers a range of business accounts, including their Digital Choice Business Account, which provides unlimited electronic transactions for a fixed monthly fee.
  • Their RBC Small Business eAccount is a cost-effective option for businesses with low transaction volumes, offering no monthly fees and pay-per-use transactions.
  • RBC provides additional services, such as business loans, lines of credit, and payment processing solutions, to support small business growth.
  1. TD Canada Trust (TD)
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  • TD’s Business Chequing Account options cater to businesses of various sizes and transaction volumes.
  • The TD Basic Business Plan offers a low monthly fee and a set number of free transactions, making it suitable for smaller businesses.
  • TD provides additional support through their small business banking specialists, business loans, and credit solutions.
  1. Bank of Montreal (BMO)


  • BMO offers the eBusiness Plan, a low-cost account with no monthly fee and unlimited electronic transactions.
  • Their Business Builder series provides various account options to accommodate different transaction volumes and banking needs.
  • BMO also offers business loans, lines of credit, and cash management services to help small businesses grow.
  1. Canadian Imperial Bank of Commerce (CIBC)

  • CIBC’s Smart for Business Account offers a competitive monthly fee with unlimited transactions and additional perks, such as a waived annual fee for a CIBC business credit card.
  • Their Basic Business Operating Account is an affordable option for businesses with lower transaction volumes.
  • CIBC provides additional services, such as business loans, credit solutions, and advice for small business owners.
  1. Scotiabank

  • Scotiabank’s Right Size Account for Business offers tiered account options based on transaction volume, providing flexibility for small businesses.
  • Their ScotiaOne Account Plan includes a business account, credit card, and additional services, such as payroll processing, for a single monthly fee.
  • Scotiabank also offers business loans, lines of credit, and cash management services to support small business growth.

Online Banks and Credit Unions

In addition to the major banks, small business owners in Canada should also consider online banks and credit unions, which may offer competitive rates and personalized services.

  1. Tangerine
  • Tangerine’s Business Savings Account offers a high-interest rate and no monthly fees, making it an attractive option for small businesses looking to grow their savings.
  • However, Tangerine currently does not offer a business chequing account, which may limit its appeal for businesses requiring a full suite of banking services.
  1. Simplii Financial
  • Simplii Financial offers a no-fee business savings account with a competitive interest rate, allowing small businesses to save without incurring additional costs.
  • Like Tangerine, Simplii Financial does not currently offer a business chequing account.
  1. Credit Unions
  • Credit unions, such as Meridian, Vancity, and Alterna Savings, provide a range of business banking services, including chequing and savings accounts, loans, and credit solutions.
  • As member-owned institutions, credit unions often prioritize personalized service and may offer lower fees and more competitive rates than traditional banks.
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Section 4: Tips for Choosing the Best Bank for Your Small Business

To select the best bank for your small business in Canada, consider the following tips:

  1. Assess Your Needs: Determine your business’s banking needs, such as the volume and type of transactions, credit requirements, and additional services.
  2. Compare Banks: Research and compare the offerings, fees, and services of various banks, including both major financial institutions and smaller online banks or credit unions.
  3. Seek Recommendations: Consult other small business owners in your industry or network for recommendations based on their experiences.
  4. Prioritize Customer Service: Ensure the bank you choose has a reputation for excellent customer service, as this can greatly impact your overall banking experience.


Choosing the best bank for your small business in Canada involves evaluating several factors, including account options, fees, accessibility, and additional services. Major banks like RBC, TD, BMO, CIBC, and Scotiabank offer a range of business banking solutions, while online banks and credit unions may provide competitive rates and personalized services. By carefully assessing your business’s needs and comparing the offerings of various financial institutions, you can find the best bank to support your small business’s growth and success.

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