Where to open new Business account for Small business?

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Dec 17th, 2023 8:36 pm

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Dec 14th, 2023 3:14 pm

lookatami [OP]: Newbie; May 27, 2021; 60 posts; 19 upvotes

Dec 14th, 2023 3:14 pm

Where to open new Business account for Small business?

I need to open new business account for my small business. I'll have ~15K in the business account at any point in time.

Any recommendations on which bank (online/B&M) to open the account?

Also, do certain banks offer interest on money sitting in business account? Are there promotions I could avail for opening a new business account?

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Dec 17th, 2023 10:08 am

Acheewawa: Sr. Member; Jul 22, 2015; 854 posts; 501 upvotes; Ontario

Dec 17th, 2023 10:08 am

We're happy with Scotiabank's Right Size account. There's a monthly fee of $6 and it includes 4 transactions monthly which is sufficient for us. The thing I don't like about it is that they charge $1.00 for e-transfers and for paying HST and taxes to CRA.

We have both a chequing and savings account so they do pay interest on the savings account...currently around 3%.

EQ Bank is coming out with a business account which will have no fees so I'll likely switch to them when the account becomes available.

Dec 17th, 2023 8:36 pm

ejohan: Deal Addict; Oct 12, 2005; 1049 posts; 943 upvotes; Vancouver

Dec 17th, 2023 8:36 pm

BMO has a no monthly fee business account with unlimited electronic transactions. There is a fee for in-person ones or they have other plans that include them.

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