Commercial term deposits

Who offers the best rates for commercial deposits?

When looking for the best rates for commercial deposits in Canada, it's important to consider a variety of financial institutions, including major banks, credit unions, and online banks. The best rates can vary over time and depend on factors such as the type of account, the amount deposited, and the specific terms and conditions.

Here are some institutions known for offering competitive rates on commercial deposits:

1. Royal Bank of Canada (RBC)
2. Toronto-Dominion Bank (TD)
3. Bank of Montreal (BMO)
4. Canadian Imperial Bank of Commerce (CIBC)
5. Scotiabank
6. Vancity CU
7. Coast Capital Savings
8. Meridian Credit Union
9. Tangerine Bank

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

What documents are required to apply for business term deposits?

When applying for business term deposits in Canada, you typically need to provide several documents to verify your business's legitimacy and financial status.

1. Business Registration Documents:

• Articles of Incorporation (for corporations)
• Partnership Agreement (for partnerships)
• Business License or Registration Certificate (for sole proprietorships) 

2. Proof of Business Identity:

• Business Number (BN) issued by the Canada Revenue Agency (CRA)
• GST/HST Registration Number 

3. Personal Identification:

• Government-issued photo ID for all authorized signatories (e.g., driver’s license, passport)
• Social Insurance Number (SIN) for verification purposes 

4. Proof of Address:

• Utility Bills or Bank Statements showing the business address
• Lease Agreement or Property Ownership Documents 

5. Banking Information:

• Current Business Bank Account Statements (to demonstrate existing banking relationships and financial health)
• Void Cheque from the business account (for linking accounts) 

6. Financial Statements:

• Recent Financial Statements (e.g., balance sheet, income statement) to demonstrate the business's financial health
• Tax Returns (business and possibly personal for sole proprietors) 

7. Authorized Signatories List:

• Resolution of Authority (a document that lists individuals authorized to open accounts and sign on behalf of the business)
• Signatory Card (a card with the signatures of authorized individuals)
• Specific Requirements by Business Type 

8. For a Sole Proprietorship:

• Business registration document
• Personal identification of the owner
• Proof of business address 

9. For a Partnership: 

• Partnership agreement
• Registration certificate
• Identification for all partners
• Proof of business address 

10. For a Corporation:

• Articles of incorporation
• Certificate of incorporation
• Corporate resolution authorizing the term deposit
• Identification for all authorized signatories
• Proof of business address 

11. For a Non-Profit Organization

• Registration as a non-profit organization
• Bylaws and constitution
• Identification for authorized signatories
• Proof of business address

You can also see the similar FAQ about Canadian banks at the link: 

• B2B bank complaints
• BMO Aggregate Bond Index ETF
• BMO Canadian Equity ETF fund
• BMO Canadian Equity fund
• BMO Canadian dividend ETF

Details of companies offering the financial services:

Bank Of Montreal

Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6

Contact center: 877-225-5266

Phone: 416-867-5000

Web-site: http://www.bmo.com/main/personal

Swift code: BOFMCAM2

Stock code: BMO

BSB: 001

CIBC

Head office’s address: 199 Bay St, 44th Floor Toronto

Contact center: 800-465-2422

Web-site: https://www.cibc.com/en/personal-banking.html

Swift code: CIBCCATT

Stock code: CM

BSB: 010

RBC Royal Bank

Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto

Contact center: 800-769-2511

Web-site: http://www.rbc.com/canada.html

Swift code: ROYCCAT2

Stock code: RY

BSB: 003

TD Bank

Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto

Contact center: 866-222-3456

Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp

Swift code: TDOMCATTTOR

Stock code: TD

BSB: 004