10 Best Canadian Banks and Credit Unions for Small Businesses (2025)

Choosing the right bank is a crucial first step for any Canadian freelancer or small business owner. A good business bank account helps you separate your finances, track expenses, and look professional. We've reviewed the top options, focusing on low fees, useful features, and digital convenience.

Best for No-Fee Digital Banking

1. RBC Digital Choice Business Account: RBC offers a solid digital-first account with a low monthly fee that is often waived if you use other RBC services. Their online platform is one of the best.
2. CIBC Basic Business Operating Account: A straightforward, low-cost account from one of the big five banks, perfect for basic business needs.

Best for Unlimited Transactions

3. BMO eBusiness Plan: This account is designed for businesses that conduct most of their transactions electronically. It often includes unlimited e-Transfers and electronic transactions for a flat monthly fee.
4. TD Every Day Business Plan: TD offers a variety of plans, and their mid-tier options provide a high number of transactions, making them suitable for growing businesses.

Best Online-Only Banks & Credit Unions

5. Meridian Credit Union (Ontario): Known for excellent customer service and competitive, low-fee business accounts. You get the benefits of a credit union while still having access to a strong digital platform.
6. Vancity (British Columbia): A values-based credit union that is very popular with small businesses in B.C. for its community focus and great business banking packages.
7. Alterna Bank: An online-only bank that offers no-fee business chequing accounts with a decent number of free transactions.

Best for Integrating with Accounting Software

8. Scotiabank Select Plan for Business: Scotiabank has strong integrations with accounting software like QuickBooks, which can save you a lot of time on bookkeeping.

Best for US Dollar (USD) Accounts

9. TD US Dollar Business Chequing Account: If you have clients in the United States, a USD account is essential to avoid high currency conversion fees. TD offers one of the most accessible options.
10. RBC US Business Account: Another excellent option for managing US currency, easily linked to your main Canadian business account.

What to Look For

• Monthly Fees: Look for accounts with low or waivable monthly fees.
• Transaction Limits: Choose a plan that includes enough free transactions (especially e-Transfers) for your needs.
• Integration: Does the bank connect easily with your accounting software?
• USD Account Options: Crucial if you work with American clients.