How do I choose a bank for opening small business accounts?
First, ensure the bank offers a variety of business accounts that suit your needs, such as checking, savings, and merchant accounts. Compare the fees for account maintenance, transactions, deposits, withdrawals, wire transfers, and other services.
Check if the bank requires a minimum balance to avoid fees and whether you can maintain it. Assess the number of free transactions allowed per month and the fees for additional transactions.
Evaluate the quality and convenience of the bank's online and mobile banking platforms. Look for features like mobile check deposit, account management, and integration with accounting software.
Consider the availability and quality of customer service, including the ability to speak with a dedicated business banking advisor. Ensure the bank has convenient branch locations and a wide network of ATMs, especially if you handle cash frequently.
Look for additional services that might benefit your business, such as merchant services, payroll processing, business loans, and lines of credit. At last, check for any introductory offers, incentives, or promotions for new business accounts.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.60% | 900 |
| 25,000 | 6.70% | 1,675 |
| 25,000 | 3.80% | 950 |
| 60,000 | 3.90% | 2,340 |
| 60,000 | 4.00% | 2,400 |
| 60,000 | 4.10% | 2,460 |
| 140,000 | 4.20% | 5,880 |
| 140,000 | 4.30% | 6,020 |
| 140,000 | 4.40% | 6,160 |
| 340,000 | 4.50% | 15,300 |
| 340,000 | 4.60% | 15,640 |
| 340,000 | 4.70% | 15,980 |
Are there free small business account packages?
Yes, some banks and credit unions offer free small business account packages or accounts with minimal fees. These accounts are designed to help small businesses manage their finances without the burden of high banking fees.
Low-Cost Small Business Accounts from banks:
- RBC Digital Choice Business Account
- BMO Business Builder Account
- Scotiabank Basic Business Account
- TD Basic Business Plan
- CIBC Smart for Business Account
Accounts from online Banks and Credit Unions:
- Tangerine Business Savings Account
- Alterna Business Account
- Meridian Credit Union
- ATB Entrepreneur Account
See the similar FAQ about Canadian banks:
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
- Citizens Bank student loans
- Coast Capital calculators
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
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
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