Our rankings are built from FCAC’s Account Comparison Tool, which covers personal accounts only. There’s no official fee dataset for business accounts yet, so use this checklist with each institution’s published fee schedule.
Map a typical month
| Activity | Count per month |
|---|---|
| Electronic payments out (bills, suppliers, payroll) | — |
| Electronic deposits in | — |
| Cheques written and deposited | — |
| Cash deposits (and amount) | — |
| Interac e-Transfers sent and received | — |
| Wire or foreign-currency payments | — |
What to compare
- Included transactions and overage pricing.
- Cash handling fees and night-deposit options.
- Online banking users and permissions for staff.
- Merchant services, payroll and accounting integrations.
- Lending relationship and credit products.
- USD accounts if you buy or sell in US dollars.
Deposit protection for businesses
At a CDIC member, a corporation’s eligible deposits are protected under CDIC’s rules up to the limit at each member. Provincial credit union insurers set their own rules: Nova Scotia, for example, insures business deposits separately to $250,000, while several western provinces have no limit. Check your province and the CDIC rules.
Complaints
Small-business customers of banks can use the bank’s complaint process. OBSI reviews complaints from small businesses within its terms of reference — check eligibility with OBSI. See how to make a bank complaint.
Price the plan against your real month, not the bank’s example month.
Frequently asked questions
Are business deposits CDIC insured?
Eligible deposits held by a business at a CDIC member are protected up to the limit under CDIC’s rules. Confirm how your business’s accounts are categorized with the institution.
Should a small business bank with a credit union?
It depends on services, pricing and location. Credit unions’ deposit protection is set by the province and can be higher than CDIC’s.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.