In this video, we take a look at the best business bank accounts in Canada and discuss what they each offer, as well as which is the best bank account in Canada for your particular business.

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Every business owner in Canada should consider opening a business bank account Canada in 2024. Having a business checking account will enable your business to operate all the financial needs of the corporation, and a business savings account is a great tool for holding business revenue until the appropriate time for re-investment. There are several great Canada business chequing accounts, as well as business savings account high interest. In this video we will go through the best Canada business accounts in 2024.

First we take a look at the Tangerine Business Savings Account. This is by far the best Canada business savings account as it offers high interest rates and incurs no monthly fee or minimum balance requirements. This Canada business savings account high interest rates are as follows:
* 2% Interest on balances from $0 to $100,000
* 2.5% Interest on balances from $100,000 to $500,000
* 2.7% Interest on balances from $500,000 or more

Next we go over the Wise Business Account, which is one of the most capable business bank accounts that also has no base monthly fees. This could be referred to as The Business Account 2024, as it is the most capable account, with the lowest fees. That said, Wise is not a member of the CDIC and does not have any deposit insurance. As a result, your funds are not properly protected against the threat of insolvency, however unlikely it may be. This is a key factor in the Wise business account review, as it is the one element that makes the amazing features of the account seem not worth it.

Next up, we look at the RBC Ultimate Business Account, which is one of the best bank accounts Canada 2024, although it is quite expensive given its $100 monthly fee. This account has unlimited transactions, unlimited deposits from Moneris machines, and up to $25,000 in cash deposits. If you own a large business, then this is the business checking account for you, as it provides all the features required, and when operating at a high level, $100 monthly fees are negligible for the business.

Last but not least we go over the more affordable offering by RBC, which is the RBC Digital Choice Business Account. This Canada business bank account has a monthly fee of only $5, which is far more acceptable compared to the ultimate account. This business account Canada Also has many of the same features, as it still offers unlimited transactions (although only 10 free e-transfers a month), unlimited Moneris deposits, and paid cash deposits where you will be charged $2.25 for every $1,000 in cash deposited. This is one of the best Canada business bank accounts if you are a small business owner, as it is affordable and still offers many of the needed features.

Overall the best pairing is to sign up for one of the RBC business chequing accounts, as well as the Tangerine business savings account instead of a business savings account RBC. These are not only the best business bank accounts 2024 in Canada, but also in the running for the best chequing account Canada 2024, as well as one of the best savings account Canada 2024.

The other Canada major banks such as TD, CIBC, Scotiabank and BMO also offer good business accounts that are worthy of consideration, although in my opinion the accounts showcased in this video are slightly better. If you use one of these Canadian business bank accounts, feel free to let me know why they deserved to be included in the video in the comments section down below.


0:00 Intro
1:28 Tangerine Business Savings Account
2:55 Wise Business Account
4:46 RBC Ultimate Business Account
5:32 RBC Digital Choice Business Account
6:22 Recap

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