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
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Tap any account for its full fee breakdown on your usage, deposit protection and how to open it. The two figures on each card are your all-in monthly cost and the plan's base fee. Accounts that can't send the Interac e-Transfers you entered are listed last, greyed out and left out of the ranking.
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 + one-time setup fee ÷ 12 − 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" on the card. Each account is a card: the two headline figures are your all-in monthly cost and the plan's base fee, and tapping a card opens the full line-by-line breakdown priced on your usage.
One-time setup fees (for example Wise's) are spread across the first 12 months so the per-month figure is comparable; after year one that cost is gone.
e-Transfer honesty: some accounts (Wise) can't send Interac e-Transfers, only EFT and wires. When you enter any e-Transfers per month, those accounts are pulled out of the ranking and verdict and listed last, greyed out, with the reason, ranking them on a feature you'd use but they don't have would mislead. Set e-Transfers to 0 to compare them.
Deposit protection: each card shows whether the provider is a direct CDIC member or a fintech whose funds are safeguarded at a partner institution (a different protection model). If your balance is above CDIC's $100,000 coverage limit at a non-CDIC provider, the card carries a warning badge.
Interest marked ~ is a variable or promotional rate that can change or be capped. Turn on Exclude interest for a conservative ranking on fees alone.
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?
Every account here is open to sole proprietors, including the fintechs Wise, Float, Loop and Venn (formerly Vault), though Loop and Venn don't serve sole props based in Quebec. Corporations qualify everywhere; the toggle filters for you.