How do I compare business bank accounts in Canada?
Map a typical month first, from three months of statements, then price each plan against it using the institution’s published fee schedule. Compare included transactions and overage pricing, cash handling fees, staff access, integrations and lending. At a CDIC member, a corporation’s eligible deposits are protected up to the limit; provincial credit union insurers set their own rules.
Our rankings are built from FCAC’s Account Comparison Tool, which covers personal accounts only. There’s no official fee dataset for business accounts yet, so use this checklist with each institution’s published fee schedule.
Map a typical month
| Activity | Count per month |
|---|---|
| Electronic payments out (bills, suppliers, payroll) | — |
| Electronic deposits in | — |
| Cheques written and deposited | — |
| Cash deposits (and amount) | — |
| Interac e-Transfers sent and received | — |
| Wire or foreign-currency payments | — |
What to compare
- Included transactions and overage pricing.
- Cash handling fees and night-deposit options.
- Online banking users and permissions for staff.
- Merchant services, payroll and accounting integrations.
- Lending relationship and credit products.
- USD accounts if you buy or sell in US dollars.
Deposit protection for businesses
At a CDIC member, a corporation’s eligible deposits are protected under CDIC’s rules up to the limit at each member. Provincial credit union insurers set their own rules: Nova Scotia, for example, insures business deposits separately to $250,000, while several western provinces have no limit. Check your province and the CDIC rules.
Complaints
Small-business customers of banks can use the bank’s complaint process. OBSI reviews complaints from small businesses within its terms of reference — check eligibility with OBSI. See how to make a bank complaint.
Price the plan against your real month, not the bank’s example month.
What this means for you
Because business accounts are priced around activity, the cheapest plan is the one that fits your month, not the one with the lowest monthly fee.
- Map your real month
From three months of statements, count electronic payments out, electronic deposits in, cheques, cash deposits and their amounts, Interac e-Transfers, and any wire or foreign-currency payments. - Price each plan against it
Use each institution’s published fee schedule, since there is no official fee dataset for business accounts. Look closely at included transactions, overage pricing and cash-handling fees. - Check the services you rely on
Online banking users and staff permissions, merchant services, payroll and accounting integrations, credit products, and a USD account if you buy or sell in US dollars. - Confirm deposit protection
At a CDIC member, eligible business deposits are protected up to the limit; confirm with the institution how your accounts are categorized. At a credit union, check your province: Nova Scotia insures business deposits separately to $250,000, and several western provinces have no limit. - Know the complaint route
Start with the bank’s complaint process, and check with OBSI whether your business is within its terms of reference before relying on it.
Price the plan against your own month rather than the bank’s example, and repeat the exercise when your activity changes. See how to make a bank complaint for the steps if something goes wrong.
Frequently asked questions
Are business deposits CDIC insured?
Eligible deposits held by a business at a CDIC member are protected up to the limit under CDIC’s rules. Confirm how your business’s accounts are categorized with the institution.
Should a small business bank with a credit union?
It depends on services, pricing and location. Credit unions’ deposit protection is set by the province and can be higher than CDIC’s.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.