Business Account Comparison
Big-5 and fintech business accounts priced on your usage, transactions, e-Transfers and balance, with sole-prop and corporation views. Built for the freelancers using the rate and HST tools.
Your monthly cost by account
Base fee (after any balance waiver) + per-item overages − interest earned on your balance. Ranked by your math, never by referral commissions.
The accounts, cheapest first for you
Advertiser disclosure: some links on this page may earn this site a referral commission, at no cost to you. Rankings and math never depend on commissions, see how this site makes money.
| Account | Your cost/mo | Base fee | Transactions | Notes |
|---|
How this is calculated
Your monthly cost = base fee (0 if your balance meets the waiver) + max(0, transactions − included) × per-item fee + max(0, e-Transfers − included) × per-e-Transfer fee − balance × interest rate ÷ 12. Accounts with unlimited electronic transactions never accrue overages. A negative cost means the account pays you more interest than it charges, shown as "earns" in the table.
What this doesn't model: paper/branch transaction fees, cash deposit fees, wire and FX costs (big for Wise/Loop users, that's their whole value), monthly plan tiers above the entry plan, and welcome offers. Figures as of , pending verification.
Business banking FAQ
Does a sole prop need a business account?
Legally you can use a personal account under your own name, but separate banking makes CRA bookkeeping, GST/HST tracking and audit defence far cleaner, and it's effectively required once you register a trade name. Corporations must keep it separate.
Are fintech business accounts safe?
They aren't banks: funds are safeguarded at regulated partner institutions, a different model than direct CDIC membership. Check each provider's safeguarding page, especially above $100,000.
What do transactions cost at a big bank?
Pay-per-item plans run ~$1.25/transaction and ~$1.50/e-Transfer. At 30 + 15 a month that's $50+/mo, why flat electronic-unlimited plans usually win for digital businesses.
Which accounts work without incorporation?
Big-5 accounts and Wise accept sole props; Float, Loop and Vault currently require a corporation, the toggle filters for you.