Entrepreneurship & Small Business

What's a good business bank for savings

  • Last Updated:
  • Jan 17th, 2021 4:08 pm
[OP]
Newbie
Oct 1, 2019
75 posts
22 upvotes

What's a good business bank for savings

Use a major bank for business banking but wondering about a good bank used for savings mostly for rainy day and be nice to get some interest, any suggestions appreciated.
5 replies
Member
User avatar
Jun 25, 2004
285 posts
46 upvotes
Oaken Financial is one to consider, as it has a relatively decent savings account interest rate (1.25%) that's also available for businesses: https://oaken.com/commercial/. Of course, rates are bad across the board these days.
Jr. Member
User avatar
Jun 3, 2008
160 posts
184 upvotes
Newmarket
pkthree wrote: Oaken Financial is one to consider, as it has a relatively decent savings account interest rate (1.25%) that's also available for businesses: https://oaken.com/commercial/. Of course, rates are bad across the board these days.
WealthSimple also has a business cash account. Only pays 0.75% but might be an option if you hit the CDIC limit with Oaken.

WealthSimple Cash just recently announced they are CDIC insured.
Deal Fanatic
Oct 7, 2007
8321 posts
4264 upvotes
braveheart2006 wrote: WealthSimple also has a business cash account. Only pays 0.75% but might be an option if you hit the CDIC limit with Oaken.

WealthSimple Cash just recently announced they are CDIC insured.
Have you had much experience dealing with WealthSimple? Are there fees for holding an account with them or transferring funds in/out?
[OP]
Newbie
Oct 1, 2019
75 posts
22 upvotes
braveheart2006 wrote: WealthSimple also has a business cash account. Only pays 0.75% but might be an option if you hit the CDIC limit with Oaken.

WealthSimple Cash just recently announced they are CDIC insured.
Didn't know they offered that for business accounts.
Jr. Member
User avatar
Jun 3, 2008
160 posts
184 upvotes
Newmarket
choclover wrote: Have you had much experience dealing with WealthSimple? Are there fees for holding an account with them or transferring funds in/out?
I've held a small amount of cash with them for close to a year. I have not been charged any fees.

In terms of trading, no account fees or trading fees. They do have fees for other non-standard items like wires, nsf fees, manual inquiries etc.

WealthSimple is as close as we get in Canada to Square/Venmo and Robinhood.

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