Business deposits

What is a business deposit?

A business deposit is not only a banking product that helps to get additional income in the form of interest, but also a way to reliably save company funds. The typical definition of a business deposit in Canada relates to the company's funds in a bank account. Therefore, business deposits can be classified as follows:

• Operating Account Deposits. The company places funds in the main operating account and uses them for daily operations. Banks usually do not charge high interest on these types of deposits
• Term Deposits (GICs). By placing free funds in time deposits or guaranteed investment certificates, that is, money is placed for a certain fixed term, businessmen receive income in the form of interest during a certain time.
• Security Deposits. This type of deposits is used by enterprises as a guarantee (security) of the return of funds, compensation for possible losses. For example, a deposit to a landlord or other service providers
• Escrow Accounts. The company deposits funds into an escrow account with the possibility of returning them after fulfilling certain conditions before a third party

As you can see, there are different types of business deposits, they are opened for different purposes and not all of them bring income.

On this page, the team of the Bankchart site has collected time deposits, savings accounts, guaranteed investment certificates, which provide for the accrual of interest for the placement of funds. In addition, here you will find bank offers for renting a safe for storing valuables and funds

How to open a business bank deposit in Canada?

Making a bank deposit is a fairly simple process. More attention should be paid to the choice of bank and type of deposit product for business. Therefore, we recommend that you first choose the type of deposit (term business deposit, savings account, guaranteed investment certificate).

After choosing the type of deposit, you will go to the page where all the offers of banks and financial companies are collected. For each deposit product, all important conditions are indicated: interest rate, commissions, term of placement of funds, and additional bonuses. Please note that you can submit an online application for opening a deposit on the bank's official website. In addition, you can contact the nearest bank branch with a list of the necessary documents. To fill out a deposit receipt, you must write the name of the company, the number of the commercial deposit, and the date. Be sure to check the amount and term of the fund's placement.