Business accounts

Which bank is best for a business account in Canada?

Opening a bank account is an important stage in creating and running a business. Therefore, this issue should be given sufficient attention. After all, every entrepreneur wants to choose the best account. Which account is the best? The answer is straightforward – no single best account exists for all businesses. The best account is the one that best suits the needs of the business. After all, every company is unique, there are many types of activities.

Therefore, choosing the best business account depends on the following factors:

• Business needs
• Type and specificity of activity
• Services and bonuses offered by the bank as part of opening an account
• Tariffs and commissions of the bank
• Convenient location of the bank (its branches, ATMs)

On this page, you can choose the type of business account (trust, agriinvest, for charities, for small companies, commercial debit cards) and then compare the banks' offers.

How do business bank accounts work?

Business bank accounts in Canada function similarly to personal accounts, intending to provide for business needs.

• Business checking accounts help with day-to-day operations such as withdrawals and payments.
• Business savings accounts are an opportunity to receive interest on excess funds, that is, additional income
• Accounts in foreign currency are chosen by companies that specialize in international activities, carry out operations, and keep funds in different currencies.
• Merchant Services accounts are used to process debit and credit card transactions.

Therefore, the specifics of the work of a business bank account depend on its type and the activity of the company.