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Prepare your business for the next step.

• Create a business plan
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Calculators

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*Estimated interest rate for demonstration purposes only. Actual rates will vary.

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* By clicking on this link you are leaving our website and entering a third-party website over which we have no control.

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third party sites hyper-linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third party website before you provide personal or confidential information.

• Small Business
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Small Business Online Banking

Easily manage your small business accounts – and save time – with Online Banking and the TD Bank app. You can even access all your personal and business accounts with one log-in.  Explore our interactive tutorials  to help you get the most from Online Banking and the TD Bank app.

Want to manage your personal TD accounts with Online Banking?  Learn more about Personal Online Banking .

Explore the Benefits of Online Banking

Manage Your Accounts

Make and Accept Payments

TD Bank app

Manage your accounts with ease.

Get the most from your small business banking accounts with features that help you manage your finances when and where you want.

Stay on top of your small business account activity with personalized e-mail alerts to help you stay informed and quickly take action.

• Incoming wire alerts  notify you when your account is wired funds
• Approval needed alerts  let you know a sub-user has created a payment that requires your approval
• ACH return alerts  are sent when a transaction has been returned via the ACH processing system
• New message alerts  notify you when you get a message from us in your Online Banking inbox

You can set up and manage your alerts in Small Business Online Banking or the TD Bank app.

Account users and permissions

With Online Banking, you can set up and authorize other people to manage your online business banking accounts. You control and assign roles to users that define their ability to view and access accounts, make transactions, use Bill Pay and more.

To enroll employees and others as account users and set their permissions,  log in to Online Banking  and go to the "Users & Access" section.

Additional Small Business Online Banking features

Online Statements and Notices Get secure online access for up to 7 years of account statements. You can also get an e-mail whenever you receive a statement and other account notifications. Log in to Online Banking or the mobile app to turn off paper. 1

Funds transfers Online Banking makes it easy to securely transfer money between your TD Bank accounts or to non-TD Bank accounts. You also have the flexibility to make one-time transfers or schedule recurring transfers.

Account dashboard View current balance info for all your small business checking, savings, credit card and loan accounts in one place. You can also toggle between your online small business and personal accounts.

TD Online Accounting 2 Getting paid has never been easier. Streamline business accounting and securely accept electronic payments into your TD Small Business Checking account, create custom invoices, track accounts payable and more. Log in to Online Banking to sign up.

Quicken® or QuickBooks® integration Integrate your small business accounts with your Quicken or QuickBooks software. Benefits include a consolidated view of multiple financial institutions.

Business Payment Suite We have the convenient payment solutions you need–online, on the go and in person

Quick and easy payment options

Enjoy flexible Online Banking payment options that let you schedule and manage business payments with an audit trail for payment history.

ACH (Automated Clearing House)

A great way to handle payroll and vendor and tax payments.

• Money arrives in 2 business days
• Send money directly to any U.S. bank account, to a single person or multiple recipients
• Set up templates to send money to the same accounts
• Reduce hassle and expense of lost or uncashed checks
• Per batch cost of $10.00 3

Your best option for paying day-to-day business bills.

• Money arrives in 4 business days
• Send payments to any business or individual in the U.S.
• No need to write or mail checks
• Set up one-time or recurring payments
• Manage user access to your business accounts
• Next-day payments available and free scheduled payments 4

Wire Transfers

A great option for paying vendors quickly and real estate transactions.

• Money arrives same day or up to 2 business days
• A fast way to send money to anyone in the U.S. with a bank account
• Receive proof of payment when your money is received
• Costs: incoming domestic and international wires $15.00; outgoing domestic wires $30.00; outgoing international wires $50.00 3

Eligible TD Bank Small Business customers can now receive and send payments with Zelle® 7 .

• Enroll right from Online Banking  or the TD Bank app.
• Send payments fast—typically within minutes 7 —directly from one account to another
• Share your email address, U.S. mobile number or QR code and customers can pay you wherever you are, with no need for your account information 8
• Improve cash flow—no need to wait for a check to clear

Zelle® FAQs

What is zelle®.

Zelle® is a fast and easy way for small businesses to receive, request, and send money to customers and vendors they trust. Money is typically sent and received within minutes. 7 If your customers use Zelle® they can send payments directly to your TD Bank account within their online or mobile banking app with your email address, U.S. mobile number or your QR code. 

How do I use Zelle® with a small business account?

To get started, log into TD Bank’s online banking or mobile app and select “Zelle®”.

Enter your email address or U.S. mobile number, receive a one-time verification code, accept the terms and conditions, and you are ready to start receiving and sending money with Zelle®.

To receive money using Zelle®, share your enrolled email address, U.S. mobile number, or QR code with your customers and ask them to send you payment with Zelle®. After the customer sends you payment with Zelle®, you will receive your money directly into your enrolled bank account.

To send money with Zelle®, select someone from your mobile device’s contacts (or add a trusted recipient’s email address or U.S. mobile number), add the amount you would like to send and an optional note, review, then hit “Send.” In most cases, the money is available to your recipient in minutes. 7

If the small business or consumer you send money to has already enrolled with Zelle® through their banking app, the money is sent directly to their bank account and cannot be canceled. It’s important to only send money to people you trust, and always ensure you’ve used the correct email address or U.S. mobile number when sending money. 

To request money using Zelle® with a small business account, click “Zelle®,” select “Request,” enter the individual’s email address or U.S. mobile number, confirm the recipient is correct and tap “Request.” 8

If your customer is using Zelle ® through their banking app, they’ll be able to pay you with Zelle ® . You’ll receive a payment notification once your customer has sent you money in response to your request. If your customer is enrolled in the Zelle ® app, they will not be able to send you money with Zelle ® , and you should arrange for a different payment method.

I already use Zelle® through my personal bank account. How do I enroll to use Zelle® with my small business bank account?

Simply log into TD Bank online banking or mobile app and select “Zelle®.” Then, enter an email address or U.S. mobile number to connect to your small business bank account.

Important note: If you already use Zelle® for personal use, you must use a different email address or U.S. mobile number than the one you used to enroll your personal bank account. For example, [email protected] would be connected to your personal checking account, and 555-555-1234 would be connected to your small business bank account.

How do I tell my customers that they can pay me with Zelle®?

There are a few ways you can encourage your customers to pay you with Zelle ® .

• Tell customers verbally that you accept payments with Zelle ® , and that they can easily send you money right from their banking app.
• Include it on an invoice. We recommend adding “I accept payments with Zelle ® ” or “Pay me with Zelle ® ”.
• Use Zelle ® to request money from your customers (which will send them a notification telling them you’ve requested payment with Zelle ® ). 8

Please note, you’ll only be able to receive payments from consumers using Zelle ® through their financial institution’s banking app. You will not be able to receive payments from consumers enrolled in the Zelle ® app. 

Is my information secure?

Keeping your money and information safe is a top priority for TD Bank. When you use Zelle ® within our online banking or mobile app, your information is protected with the same technology we use to keep your TD Bank account safe.

Interactive tutorials to help you get started

See how convenient and easy it is to make transfers and use Bill Pay with our interactive tutorials for Online Banking and the TD Bank app.

How to enroll and set up bills in Bill Pay

Online Banking Enroll and set up Bill Pay

Enroll in eBills

TD Bank app Enroll, set up bills and enroll in eBills

How to set up, change or cancel Bill Pay payments

Online Banking

Set up one-time payments and AutoPay

Change or cancel payments

TD Bank app Set up one-time payments and AutoPay

Learn how to set up immediate, future and recurring transfers in  Online Banking  and the  TD Bank app .

Benefits and features

Manage all your TD Bank small business accounts on the go, plus deposit checks, pay bills, transfer money and more. Download now for your Apple® and Android TM  smartphones and tablets.

• Bank anytime, anywhere View all your account activity, balances and account statements 24/7. Authorized sub-users can also use the app to do approved account functions
• Deposit checks from your mobile device TD Bank Mobile Deposit 5  is so simple, we take the picture for you. Save time, gas and paper, and usually access your funds the next business day 6
• Transfer money and pay bills Move funds between your accounts, schedule transfers and use Bill Pay securely and easily within the app
• Bank securely with the latest technology Log in with Touch ID and single-use security code. At setup, you can select how to receive your security code: text or voice message

Get the most from the TD Bank app

Mobile banking made easy

If you already use Small Business Online Banking, you can open the app and log in with your existing username and password. If you don't have login information, you can create a username and password right in the app.

Once you log in, you'll see your small business account(s). You can view your balance and transactions, make transfers, send and receive money, deposit checks, pay bills, view online statements and more.

Mobile check deposit 24/7

Your funds are usually available next business day 6  when you use TD Bank Mobile Deposit 5  to deposit checks using the camera in your smartphone or tablet.

Check out this demo to see how easy it is to enroll and make your first mobile check deposit

Digital Wallet

Add your TD small business cards to your mobile device to simplify your online, in-store and in-app purchases for your business.

Get your business online

Discover all the advantages of TD Bank Small Business Online Banking.

Small Business Solutions

Small business checking accounts.

Find the small business checking account that’s perfect for your business needs

Small Business Money Market Accounts

The best way to maximize savings while maintaining easy access to cash

TD Business Solutions Credit Card

Earn rewards for your everyday business purchases

Important Disclosures

1 You can call  1-888-751-9000  or  visit a TD Bank near you  to go paperless.

TD offers a variety of alternate statement formats, including Braille, large print, e-text, accessible PDFs and audio CDs, and enlarged check images for complete record keeping. To find out more, call  1-866-251-3552 .

2 TD Online Accounting is powered by Autobooks. Neither TD Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer's agreement to Autobooks' terms of use. Certain restrictions and fees apply. TD Bank may be entitled to receive fees from Autobooks for customer's use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer's election. Autobooks may have a different Privacy and Security policy than TD Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information.

3 For Business Checking accounts on Account Analysis Billing, pricing may vary and other fees may apply based on usage. Please see your Treasury Management Proposal Proforma (for some products a Pricing List is provided instead) or contact your Treasury Management Officer for further details.

4 Bill Pay payments are free with up to a 3-day turnaround time. A rush same-day payment feature is available for an additional fee. Please consult your Business Account Agreement for details.

5 TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply. Please refer to the  Mobile Deposit Addendum .

TD Bank Mobile App is only available in English at this time.

iPhone and iPod Touch are trademarks of Apple, Inc.

Android is a trademark of Google, Inc.

6 A business day is every day, except Saturdays, Sundays and federal holidays.

7 Send Money with Zelle®, is available for most checking and money market Accounts in the U.S. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number, and an active unique e-mail address. To send or receive money with a small business, both parties must be enrolled with Zelle® directly through their financial institution’s online or mobile banking experience. Transactions between enrolled users typically occur in minutes.

Your eligible deposit Account must be active and enabled for ACH transactions and Online Banking transfers. Message and data rates may apply, check with your wireless carrier. Transaction limitations apply.

8 In order to send payment requests or split payment requests to a U.S. mobile number, the mobile number must already be enrolled with Zelle®.

Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

† By clicking on this link you are leaving our website and entering a third-party website over which we have no control.

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third-party sites hyper-linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third-party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.

Have a question? Find answers here

Popular questions, helpful related questions, did you find what you were looking for.

Sorry this didn't help. Would you leave us a comment about your search?

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Payroll & ACH

As a Small Business customer at TD Bank, you're looking for an easy solution for payroll. Our ACH Services can make this type of batch payment a breeze.

And it's great for paying corporate suppliers and vendors too.

After a quick, one-time enrollment, we'll get you set up to use the service.

Receivers are simply the employees or vendors you want to pay.

All you need is each receiver's routing number and bank account.

ACH, or Automated Clearing House, is a payment method that lets you electronically pay groups of receivers in batches.

It's easy to set up templates for repeated payments to the same receivers.

You can also upload files from financial software as the basis for a payment batch.

Once your payment batch is released, the funds are received in 1 to 2 business days.

And you'll be able to view payment status and history at any time.

Users and Roles

TD Bank Online Banking makes it easy to manage user access to your business accounts.

It's all about giving key team members access to the right online banking tools, and setting the right checkpoints such as specific transaction limits.

Here's how it works.

You set up your employees as "users" who can access your company's online banking profile.

Then you create "roles" for those users.

One role might allow its assigned users to make small transfers between accounts.

Another role might let them set up wire transfers or ACH payments of more significant amounts.

A third might let its users pay bills.

You can even set things up to require your approval before anything goes out the door.

At TD Bank, you're in control of how online banking can work for your business.

Wire Transfer

TD Bank makes it easy for our small business customers to send secure wire transfers online - to virtually any bank account in the U.S.

Wire transfers are among the fastest and most reliable ways to move money.

For a low fee per transaction, you can securely send a one-time payment for large ticket items - with peace of mind.

All you'll need is the beneficiary's name, bank, account number, and account type.

Once you send a wire transfer, it's assigned a Federal ID number and tracked on the Federal Reserve System Network.

The funds are available same-day, in most cases within the hour.

For your convenience, the beneficiary info will automatically be saved as a template, making future wire transfers that much easier.

Welcome to TD Bank - America's Most Convenient Bank

Our Mobile Banking App offers flexibility, convenience, and security.

Our Mobile Banking App allows you to navigate with ease by using our intuitive dashboard. From the dashboard you can use quick links to navigate and a slide out menu to access features.

Our Mobile Banking App offers convenience on the go while you are out and about. You can check your account balances, view and perform transactions, and view your check images. Our funds transfer feature allows you to move funds immediately between your accounts or schedule future transfers. Our bill pay feature is easy to use and you can pay almost any company or person.

Our Mobile Banking App offers check deposit right from your phone, anywhere, anytime. It is so simple to deposit a check from your phone; the camera auto takes the picture for you.

We have many other great features in our mobile app, such as TouchID login from Apple. You can send and receive secure messages in your app inbox. You can view months' worth of online statements. You can update your personal settings, such as contact information, and change your password. Finding a branch location is fast and easy with our branch locator tool

Download our app today at the Apple and Google Play app stores by searching on TD Mobile App.

The TD Bank Mobile App can be used to remotely deposit checks

To deposit a check:

Lay it on a flat, dark surface. Open the TD Mobile App and select Mobile Deposit. Follow the on-screen instructions to take a picture and enter the amount. Generally funds will be available the next business day

More information about TD Mobile Deposit can be found on the TD Bank website.

Include disclosure : Mobile check deposits are subject to TD's Funds Availability Policy and Mobile Deposit Addendum. A "business day" is every day, except Saturdays, Sundays, and federal holidays. Message and data rates may apply.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter: @barrychoi

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• Small Business

• English Selected

TD Basic Business Plan

A cost-effective, flexible way to conduct your business banking.

• Monthly fee $5.00

Transactions included per month

Deposit items included per month 1

See more fee-related information below

Here's what you get

• Anywhere banking Deposits through TD Mobile Deposit
• Easy deposits All debit and credit card Point-of-Sale Terminal deposits that are electronically credited to a TD Canada Trust business chequing account
• Free services Includes free online statements with cheque images, archived for seven years

Account Fees

Additional related fees

Not sure which service plan is right for you?

Try our selector tool

Discover which Service Plan best matches your business needs.

You might also be interested in:

• Business Credit Cards

Choose a TD Business Credit Card with benefits and features that can help you grow and manage your business.

• TD Merchant Solutions

Use TD Merchant Solutions for straightforward advice and payment solutions you can count on to keep pace with your growing practice.

Deposit cheques from your office

TD Remote Deposit Capture and TD Mobile Deposit are fast, easy and convenient ways to deposit cheques 3 .

Open my account

Contact an account manager.

Talk to an Account Manager Small Business (AMSB) to discuss your business needs.

Talk to a Small Business Specialist at our Small Business Advice Centre.

Deposit Insurance

Your deposits may be insurable by the Canada Deposit Insurance Corporation.

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

TD Bank Group is not responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank Group. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.

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1  Deposit items are cheques (including cheque images through TD Remote Deposit Capture and TD Mobile Deposit), money orders, drafts and all other clearing items.

2  Cash Deposits are paper currency and coins, rounded to the nearest dollar.

3  Subject to eligibility requirements, applicable fees and technology and device capabilities.

Interac  is a registered trade-mark of Interac Corp. Used under licence.

21 Best Small Business Bank Accounts in Canada [Ranked]

Small businesses are the backbone of the Canadian economy. Businesses such as yours are responsible for creating 68% of the total private labor force in Canada.

Table of Contents

While small business entrepreneurs are considered to be the fuel behind the lifeblood of the Canadian economy, they often have a hard time accessing the financial services they need to start, grow, and thrive. That’s where the best small business bank account in Canada comes in.

The best small business bank account in Canada is one that offers competitive interest rates, low fees, and a wide range of features and benefits specifically designed for small businesses.

When looking for the best small business bank account in Canada, be sure to compare a wide range of options before making your final decision. This will help you find an account that best meets the specific needs of your business.

The following is a list of the best small business bank account in Canada. This list was compiled based on a number of factors including, but not limited to, interest rates, fees, and the range of features and benefits each account offers.

Best Small Business Bank Accounts with No-Monthly Fees

1. wise business account (formerly transferwise).

Wise Business Account is an excellent business account for Canadian small businesses that deal with cross-border or international transactions such as eCommerce shop owners.

While not necessarily a bank, Wise offers small businesses the ability to transact internationally with no monthly, hidden, or conversion fees, Wise does charge low transfer fees for each money transfer transaction.

A Wise Business Account makes it easy and affordable for businesses to pay and get paid in a variety of currencies. This can save businesses a lot of money on international transfer and currency conversion fees, as well as streamline tedious accounting tasks.

Wise also offers many other features which can be of great use to businesses, such as:

– Multi-currency accounts in up to 7 different countries

– A Mastercard debit card for easy spending and ATM withdrawals

– The ability to send invoices in multiple currencies

– Automated currency conversion

All of these features make Wise Business Accounts a great choice for businesses that need to manage their finances in multiple currencies. To learn more, or to sign up for a Wise Business Account, visit their website today.

Open a free Wise business account here .

2. Alterna Business Account

If you’re looking for a no-nonsense business chequing account, Alterna’s eChequing Account is worth a look. There are no monthly fees as long as you maintain a $3,000 minimum balance, and you get unlimited debit and credit transactions as well as unlimited incoming Interac e-Transfers. You also have access to 3,300 ATMs via Canada’s EXCHANGE Network, and deposits are insured up to the max allowed by the Canada Deposit Insurance Corporation (CDIC).

Learn more about Alterna Business Account here .

2. BMO e-Business Plan

If you’re a small business owner who banks digitally, the BMO e-Business Plan can help you manage your business finances with fewer limits on electronic transactions. This plan doesn’t have a monthly fee, and you’ll have unlimited transactions each month. You won’t have to worry about minimum balances, either – so it’s perfect for businesses that are just getting started. Plus, the BMO e-Business Plan comes with reliable support from BMO Bank, so you can rest assured that your finances are in good hands.

Benefits of the BMO e-Business Plan:

No monthly fee

Unlimited transactions (Online/Debit)

No minimum balance required

Reliable support from BMO Bank

Perfect for small businesses that are just getting started .

Best Small Business Bank Accounts with Low Monthly Fees

4. rbc digital choice business account.

If you do most or all of your transactions electronically and don’t need to write or deposit many checks, RBC’s Digital Choice Business Account may be a good option. This account has a $5 monthly fee, but no minimum balance is required. Additionally, there are no fees for electronic debits and credits. However, standard fees apply to all non-electronic transactions: $2.50 charge for every paper debit or credit transaction, $5 fee for every $1,000 cash deposited in a branch and $2.25 per $1,000 charge for ATM deposits. Bank of Montreal (BMO) offers a similar eBusiness Plan, with the added bonus of no monthly fee at all.

Learn more about the RBC Digital Choice Business Account here .

5. RBC Flex Choice Business Account

The RBC Flex Choice Business Account has a monthly fee of $6 a month and is a great option for businesses that want a flexible small business chequing account. The RBC Flex Choice Business Account offers unlimited (Moneris) deposits, and only charges fees for paper deposits and electronic transactions. This makes it a great option for small retail businesses that want to keep their costs low. Additionally, the account offers competitive rates on cash deposits made through RBC ATMs or through their Night and Day deposits.

Learn more about the RBC Flex Choice Business Account here .

6. BMO Business Start Bank Account

The BMO Business Start Bank Account is a great option for small businesses looking for a simple, no-frills bank account. There is a $6 monthly fee, but there is no minimum balance requirement, which makes it a good choice for businesses that are just starting out but need a little more features. You also get seven free transactions each month, which is a nice bonus. However, if you go over the limit, fees start at just $0.60 per electronic transaction. This account is a good option for small businesses that want to keep their expenses low and don’t need a lot of fancy features.

Learn more about the BMO Business Start Bank account here.

7. TD Basic Business Plan

The TD Basic Business Plan is a plan that offers five free transactions and five free deposit items per month, with each transaction and deposit item after the first five costing $1.25 and $0.22, respectively. Additionally, there is a cash deposit fee of $2.50 per $1,000.

The TD Basic Business Plan costs $5.00 per month.

8. Scotiabank's Right Size Account for Business

The Scotiabank Right Size Account for Business is a great option for businesses that want to avoid paying high monthly fees, but still, need to make a limited number of transactions per month. This account has a $6 monthly fee but allows for four free transactions per month. After the four free transactions are used up, each additional transaction will cost $1-$1.25, depending on how many transactions are made. This account is perfect for small businesses that don’t need to make many transactions each month but don’t want to pay high fees.

9. Scotiabank Basic Business Account

The Scotiabank Basic Business Account is a great option for businesses that want to have a low-cost account with some added features. The monthly fee of $10.95 is waived if your minimum monthly balance is $8,000 or more, which is a great benefit. Additionally, each transaction costs $1.25, but this is still a relatively low price compared to other accounts. The account is available in both Canadian and U.S. dollars, making it a versatile option for businesses with operations in multiple countries.

Learn more here.

10. BMO Business Builder 1

BMO Business Builder 1 is a great account for businesses that are larger than the other three choices, but still aren’t too big. The account has a monthly fee of $22.50 and allows for 35 transactions a month as well as 25 deposits and $2,500 in cash transactions, and unlimited Moneris transactions. This account also comes with access to BMO’s online platform, which provides additional features like advanced cash management services and 24/7 customer support. If your business is on the larger side, the BMO Business Builder 1 account is a great choice for you.

Learn more about this small business bank account here.

11. TD Every Day Business Plan A

The TD Every Day Business Plan A is a budget-friendly plan for everyday business banking if your business has a low volume of transactions which is billed at $19 a month. There are 20 monthly transactions included with the plan and 50 deposit items. The additional transaction fee is $1.25, and $0.22 per additional deposit in excess of the account limit. Like the Basic Business Plan, there’s a fee of $2.50 per $1,000 of additional cash deposits.

Your monthly banking fee is rebated if you maintain a balance of at least $20,000.00

12. TD Every Day Business Plan B

The TD Every Day Business Plan B is a step-up to their Every Day Business Plan A billed at $39 a month with a 60 monthly transaction limit and a fee rebate if you can maintain a $35,000 minimum account balance.

Learn more about TD’s Every Day Business Plans here.

Best Small Business Bank Accounts for High Volume businesses

13. cibc unlimited business operating account.

If you’re looking for a business account that offers unlimited transactions, the CIBC Unlimited Business Operating Account is a great choice. With no monthly fees and a host of features, this account is perfect for larger businesses.

To open an account, apply online and take an application and principal owners of the business to a local branch to complete the process. The deposit package for this account includes $15,000 in cash, $1,000 in coins, and 100 cheques. Customers can get the monthly fee waived if they keep a minimum daily balance of $45,000, otherwise, their monthly fee or this small business chequing account is billed at $65.

Learn more about the CIBC Unlimited Business Operating Account here.

14. TD Unlimited Business Plan

The TD Unlimited Business Plan is another great choice for businesses that have a high number of transactions each month. The plan includes unlimited transactions and deposits, billed at $125 a month, which is rebated if you maintain a minimum daily balance of $65,000.00.

Learn more about the TD Unlimited small Business Account.

15. Scotiabank Account Unlimited

The Scotiabank Account Unlimited is also an excellent small business bank account for businesses that have a high volume of transactions each month. This account has no monthly fee as long as you maintain a minimum balance of $75,000. In addition to unlimited transactions, the account also offers cash deposits of $30,000 per month.

The ScotiaConnect Digital Banking service is complimentary with this account and allows you to manage your business activity, pay employees, file business taxes and receive EFTs.

The Scotiabank Account Unlimited is a great choice for businesses that need to process a lot of transactions each month.

Learn more about Scotiabank Small Business Bank Accounts here.

Best Small Business Savings Account in Canada

16. manulife bank business advantage account.

The Manulife Bank Business Advantage Account is a great choice for businesses who want to earn high interest on their excess or idle cash. The account comes with easy access to your money through online and mobile banking, as well as free deposits and bank-to-bank transfers between your accounts at other Canadian banks.

Plus, there are no minimum balance requirements and no monthly fees.

Manulife Bank knows that every business is different, so they offer a variety of ways to help you manage your account and maximize your earnings. For businesses looking for more interest on their cash, Manulife Bank’s Interest Plus feature allows you to earn tiered interest rates based on the total amount you have on deposit. And if you need to make a large purchase or invest in new equipment, their Business Line of Credit can provide up to $100,000 in flexible financing.

Learn more about whether the Manulife Bank Business Advantage Account is right for your business here.

17. Tangerine Small Business Savings Account

The Tangerine Small Business Savings Account is a great choice for businesses looking for high-interest savings account rates and no fees. Signing up is easy, and can be done in just 10 minutes online. There are no minimum balances or service charges, making it a great option for businesses of all sizes. The account also offers a U.S. Dollar Savings option, making it perfect for businesses with operations or clients in the U.S.

Learn more about Tangerine’s no-fee personal and business savings accounts here.

18. TD Business Savings Account

The TD Business Savings Account is a great option for small businesses that are looking for a high-interest savings account. This account offers a competitive tiered interest rate on account balances, allowing your business to grow its savings quickly. There are no monthly fees associated with this account.

Learn more about the TD Business Savings Account here.

19. CIBC Business Savings Account

The CIBC Business Savings Account is another great option for small businesses that are looking to grow their savings. This account offers a competitive interest rate of 0.40% to 0.65% based on the daily closing balance, with no monthly fees.

Learn more about the CIBC Business Savings Account here.

20. BMO Small Business Savings Account

The BMO Small Business Savings Account is a great option for small businesses that want to grow their savings. This account offers a tiered interest rate of 0.20% to 0.65% on your business savings account balance, with no monthly fees.

Learn more about the BMO Small Business Savings Account.

21. RBC Business Savings Account

The RBC Business Savings Account is a great option for small businesses that are looking to grow their savings. This account offers a tiered interest rate of 0.30% to 0.35% depending on the account balance, with no monthly fees.

There is no monthly maintenance fee for this account, however, they do charge on a per-transaction basis. You have two free debit transactions a month but you will be billed $3.5 each thereafter. Credits and deposits are charged at $1.00 each beyond 999 per month, items deposited at $1.00 each, and cash deposits at $10 per $1,000.00

Learn more about the RBC Business Savings Account.

Contact us for your Life Insurance Needs

At SmartWealth , we provide expert advice for all types of life insurance, savings, and retirement planning. As your Life Insurance and financial advisor, we work with you to create a personalized plan for your family or business that covers and meets your needs.

To schedule a consultation about your financial goals , or if you have any questions about insurance in Alberta, Manitoba, or Ontario, please book a virtual meeting to talk to an advisor today ! We’re proudly based out of Winnipeg, and service clients anywhere in Ontario, Manitoba and Alberta including areas such as Guelph, Edmonton, and Brandon.

Small businesses have a variety of bank account options to choose from in Canada. Each account has its own set of benefits and drawbacks, so it is important to do your research and find the one that best suits your needs. The accounts listed above are some of the most popular options for small businesses in Canada, so be sure to check them out and see which one is right for you.

If you’ve already been in business for some time and you have a small business bank account that you swear by, please don’t hesitate to share your thoughts in the comments below or if you found value from this post and learned something that helped you, I’d love it if you shared this post in your social media communities.

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The Best Small-Business Bank Accounts in Canada

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada.

By RICHARD C. FORD

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada. 

You should avoid commingling business and personal funds to prevent confusion. Some business structures also do not allow commingling for regulatory reasons. The need for a second bank account is real. You want to avoid extra paperwork and fees.

All bank accounts incur administrative fees. There are ways to work around them. Some banks waive fees based on minimum account balances. It’s their effort to compete for your business. There are attractive offers for small business owners that scale with their companies. At this point, your revenue is probably limited. Anywhere that you can save on fees is a good deal.

As you browse the available bank account options, keep in mind that the fees shouldn’t make your final decision. It’s one factor. Think about what you’re trying to accomplish. You might be happy as a sole proprietorship. Some companies want to stay small. There are others that plan to grow.

When picking the best small business bank account, consider the fees. Also, consider the potential for growth. The bank that houses your business account can also be your lender and financial partner.  

The following is a list of the best small business bank accounts in Canada to consider.

If you already bank with a particular establishment, you may want to stay with them, especially if they’re on this list. Our list includes:

• BMO Business Start Bank Account
• eBusiness Plan

Scotiabank Right Size Account for Business

Cibc basic business operating account, cibc unlimited business operating account, rbc flex choice business account, rbc digital choice business account, td basic business plan, td everyday business account, factors that constitute a best small business account.

Banking fees pay the administrative costs of rendering services. A small business usually watches every cent that comes in and out. Budgeting for a \$6 monthly fee is not a slight afterthought. Take into consideration how often you’re going to make a deposit, pay your vendors, and transfer money. Each transaction requires oversight so that it is correctly completed every time.

Canadian banks are aware that small businesses are the heartbeat of the country, so they’ve made adjustments to their business accounts. Thanks to technology, some fees are offset with electronic, mobile, and app services.

Factors that constitute a best small business account are:

• Monthly fee amount
• Number of free transactions allotted per month
• Minimum balance required to keep the account open
• Number of fees waived based on minimum balance requirements
• Online banking options

Customer service also plays a role. If you feel appreciated by your banking representatives, that may outweigh the fees. If they nurture your business and goals, that’s something to keep in mind, too.

Here are our top picks for the best small business accounts in Canada broken down by bank.

Bank of Montreal (BMO)

Founded in 1817, the Bank of Montreal employs over 45,000 employees. In 2019, the Bank saw a revenue of $22.8 billion. Despite its size and multinational operations, BMO provides reliable customer service. They also offer small business bank accounts.

There is no shortage of business banking options. You can pick from six accounts. You’ll find that BMO’s fees are a little higher than other banks. The ability to switch between accounts at any time without a fee is the trade-off.

The BMO Business Start Bank Account ranks among the top inexpensive small business bank accounts.

BMO Business Start Account

This account features:

• No minimum balance
• A monthly fee
• Limited free transactions per month
• Fees for electronic, check, and deposits past the limited free transactions

The BMO Business Start account is a starter. Small business owners who require more free transactions per month can upgrade to the Business Builder 1, 2, or 3. 

The BMO Business Builder 4 account has the highest monthly fee if you maintain a balance below the designated minimum amount. If you maintain the minimum, the bank will waive the maintenance fee. There is no minimum monthly balance to keep the account open. You also receive the most free monthly transactions per month. 

Here’s how the numbers break down:

BMO eBusiness Plan

Another BMO small business account that ranks highly is the eBusiness Plan. This is an online-only account. It features:

• No limits on electronic transactions
• No monthly fees
• No minimum balance requirement

Bank of Nova Scotia (Scotiabank)

Founded in 1832, the Bank of Nova Scotia (Scotiabank) continues to service Canadian banking customers. The multinational banking and financial services company employs just over 100,000 employees. In 2019, it realized revenue of $32.8 billion. The bank is a member of Canada’s Big Five banks. It is the third-largest by bank deposits and market capitalization.

Like BMO, Scotiabank has no shortage of banking offerings for small businesses.

Scotiabank’s Right Size Account for Business is a top-rated and inexpensive option.

The Right Size Account for Business features:

• Fees per transaction over the free limited allowed

The Scotiabank Basic Business Account includes a higher monthly maintenance fee. This account waives the fee if you meet the monthly minimum threshold. For every minimum amount increment kept in the account, you receive a free transaction. Every transaction above the free transactions incurs a fee. Small business owners can opt for Canadian or United States dollars.

Here’s how Scotiabank’s small business accounts break down:

The bank also offers online banking features with ScotiaConnect and Mobile Banking for Business. ScotiaConnect includes:

• View account details
• Transfer funds
• Pay employees
• Wire transfers, send and receive

Mobile Banking for Business includes:

• View balances
• View statements
• Bill payment
• Account transfers

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) resulted from a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada in 1961. They were founded in 1867 and 1873, respectively. 

CIBC employs 44,000 employees. In 2019, it was a revenue of $18.6 billion.

The Basic Business Operating Account ranks among the best in the inexpensive category. 

CIBC’s Basic Business Operating Account features:

• No free transactions
• A free per transaction

A variety of account options is a benefit that a bank of this size offers. CIBC provides lower fees. Stricter rules on transactions is the trade-off. Here’s how their other small business bank accounts break down:

CIBC also offers online business banking options. Online banking transactions don’t count toward the allotted transaction limit. 

CIBC SmartBanking for Business allows customers to import payroll and relevant accounting data from current software. Online Banking for Business is like most online services. It allows customers to access account information, complete transfers, and pay bills.

The Bank provides a complementary online banking app for further convenience.

CIBC’s Unlimited Business Operating account scores high marks for small business owners who require a high volume of transactions monthly.

The CIBC Unlimited Business Operating Account is considered a package account. Clients receive unlimited transactions with cash, coin, and checks. Even though most small businesses run a modest shop, those that require more transactions without the fees can opt for this account.

Royal Bank of Canada (RBC)

Founded in 1864, the Royal Bank of Canada (RBC), the bank remains one of Canada’s big five banks. In 2020, it saw a revenue of $47.2 billion. RBC receives praise for keeping their small business banking accounts simple

Two of RBC’s business bank accounts receive high marks. The Flex Choice Business account and the Digital Choice Business account.

The RBC Flex Choice Business Account features:

• Unlimited items per deposit
• Electronic deposit fee
• Paper transaction fee
• Deposit fees

The RBC Digital Choice Business account is a worthy option for business owners who don’t write or deposit several checks. Its features include:

• Unlimited electronic debits and credits

Here’s how RBC’s business banking accounts break down:

The RBC Digital Account package includes the monthly fee. Customers enjoy unlimited electronic transactions per month. Charges are assessed to full-service deposits and transactions.

TD Canada Trust (TD)

Founded in 2000, Toronto-Dominion Bank (TD) came together as a result of the merger between Toronto Dominion and Canada Trust. This bank is a small operation that places a focus on small business and commercial banking. The operation includes 1,100 branches and 2,600 ATMs.

The TD Basic Business Plan account scores well with small businesses. So does the TD Everyday Business Account.

The TD Basic Business Plan is a good fit for the small business that does not complete several transactions or deposits on a monthly basis.

It features a:

• Monthly fee
• Free limited number of monthly transactions
• Free limited number of monthly deposits
• Fee per transaction and cash deposit after the free ones 

A high volume small business benefits from the TD Everyday Business Account. It’s still low cost. It features a:

• High monthly deposit amount

Banking with TD offers several business bank options and perks. From the available accounts, there is at least one that matches your needs.

Here’s how TD Canada Trust’s business banking accounts breakdown:

TD customers receive access to online and mobile banking applications. There is no digital account. 

 What Else Do You Need to Know? 

Now that you know the best small business bank account options in Canada, you are almost ready to go! However, there is some more general information you should keep in mind when setting up an account for your small business. 

Online Banks

Online business banking is catching on. The younger generation of entrepreneurs grew up with these tech tools. Those who would like to bank on the go at any time of the day can rest assured that there are non-brick and mortar options, too. 

Small business accounts offered by Canadian banks have limitations. They’re best for sole proprietorships and small businesses that don’t engage in a high volume of transactions and deposits every month. 

Five online banks to consider are:

• Simplii Financial, a subsidiary of CIBC
• Tangerine Bank, a subsidiary of Scotiabank
• Wealthsimple

Each online bank provides checking and savings accounts. Wealthsimple has a slight investing angle. It’s a convenient choice for small businesses that are interested in earning interest from their accumulated funds.

Bank vs Credit Union

Credit unions provide small business account options, too. Credit unions take deposits, provide loans, and offer savings accounts. They are member-owned, so they operate on a more personal scale. The process to become a credit union member is more strict. Those strict guidelines usually lead to more favourable interest rates on savings and debt.

If the fees still gnaw at your wallet, there are several ways to minimize them. In some cases, there are zero to no fees. Meeting the minimum balances is a great way to zero out monthly fees. Bundling financial products at one banking institution can lower fees, too. Knowing the monthly transaction and deposit helps you avoid fees. Simply plan around the limits. 

It’s best to limit the number of cards per account. Too many transactions lead to increased fees. Those who complete several transfers monthly might consider an account that also provides online banking. This avoids transfer fees.

Why Is a Small Business Bank Account Important?

Some business structures protect the business owner’s assets against litigation. In this case, it’s crucial to separate business and personal funds. A separate account does mean more paperwork, especially if you’re a sole proprietorship. In the long run, it’s advantageous.

By having two separate accounts, year-end tax accounting is more organized. Purchases, vehicle payments, and employee payments come from one designated account. If a mathematical error occurs, it’s easier to pinpoint the source.

Difference Between Personal and Business Account

Personal and business bank accounts both store people’s money. They indeed have several similarities, too. Both allow account holders to deposit and keep their funds safe. When you need to make a withdrawal, you can. Making payments directly from the account through checks or a debit card works in the same manner for both accounts.

Online banking is far more common today. The feature is available for both accounts, too. 

The differences between the two accounts are in the fee structure, legal restrictions, and additional paperwork. Simply put, a business banking account requires more maintenance. The fees charged cover the administrative costs of the transactions and deposits. 

Do You Really Need a Business Bank Account?

When you go through all the fee information, you might wonder if you really need a business bank account. A sole proprietorship may not need a business bank account. When a company has more than one employee, vendor, and other business partnerships, it’s essential to keep track of all the money.

Money flows very easily out of a bank account. This is one reason why accounting software is so popular. There must be a way to keep track of deposits, payments, and other transactions. Organizing your company’s financial records and information, even if it’s a small shop, makes tax season easier, too.

Small Business Bank Account Benefits

There are always two sides to every story and two sides to every coin. A small business bank account is no different. It has pros and cons.

The downside of business bank accounts is the fees. To qualify for a fee waiver, you must maintain balances that might be too high for a small business. Transactions are limited per month in most cases. 

To open a business banking account, you must provide extra documentation. Banks must verify that your company exists before granting the account.

In business, there are always trade-offs and compromises. Plenty of trade-offs exist that help you maximize your finances. 

Steps to Open a Small Business Bank Account

Opening a Canadian small business bank account is similar to opening a personal account. To prevent fraud, expect to present additional documentation.

Sole proprietorships must present a government-issued picture ID and business licenses. Partnerships and Corporations must present more information.

Partnerships must present:

• Government-issued picture ID
• Government-issued documents that acknowledge the partnership exists
• Registered trade name documents
• Legal paperwork that acknowledges the partnership

Corporations must present:

• Articles of incorporation
• Tax business number
• Business licenses
• Certificates of existence and compliance
• Government-issued picture ID of each person who will be an authorized user of the account

You must open most small business bank accounts in person at a branch location. Opening a bank account online is gaining traction. In either case, you must still collect proper identification, documents, and signatures.

There are usually no fees attached to opening a small business bank account. As soon as it’s opened, you can make your first deposit. To avoid fees, you should make the minimum deposit.

Best Small Business Bank Account in Canada Conclusion

There is enough variety and competition among Canada’s Big Five banks. This competition leads to an array of small business bank account options, which allows you to pick the account that best suits your needs in the present. Ideally, the bank account and institution will scale with you as your company grows. If you aim to stay small, the account and banking institution will nurture your financial needs.

TD Vs RBC Bank Comparison 2024: Which Big Bank is Better?

Choosing a bank takes a lot of time and research and comes with lots of questions. Which features are best for me? Why should I choose this bank instead of that one? While all banks have pros and cons, the best one for you depends on your needs. 

TD (Toronto-Dominion Bank) and RBC (The Royal Bank of Canada) are two of the biggest banks in Canada .

Finding the differences between these two financial giants can be time-consuming if you don’t know what you’re looking for. That’s why I decided to put them up against each other and see which one is better.

I’m familiar with both banks and their variety of products and services – so are most Canadians. To compare TD vs RBC Bank, I took a look at the following categories for both banks:

• Products Offered
• Accounts Offered
• Online Features and Mobile Apps
• Mortgage Options
• Investment and Wealth Management
• Small Business Banking

This comparison should help you see the differences between the two and help you decide which would better suit your lifestyle.

Toronto-Dominion Bank is one of Canada’s largest banks by assets – valued at around $1.7 trillion . They have over 20 million customers around the globe and offer a range of products to suit all your financial needs. It’s also been ranked as one of the best banks to work for .

TD Bank was formed because of a merger with the Bank of Toronto and Dominion Bank back in 1955, and since then, the company has grown into a powerhouse that improves the lives of its customers and its communities. 

• Related Reading: TD Bank Stock Review
• Extensive line of products, including private banking .
• Convenient branch locations with longer hours.
• Top-notch customer service.
• TD doesn’t always have the most competitive interest rates.
• Monthly fees for many of the chequing and savings accounts.

About RBC (The Royal Bank of Canada) – Is RBC Bigger Than TD?

The Royal Bank of Canada is deemed the largest Canadian bank by net revenue – $11.4 billion in 2020 . They offer a range of services from chequing and savings accounts to credit cards and investment options. 

While popular in Canada, RBC expanded their operations into the U.S. and countries around the world.

• Many products to choose from.
• Solid mobile app that’s easy to use.
• Unique perks like saving on fuel.
• Some accounts have monthly fees that don’t get waived with a minimum balance.

TD Vs RBC (Royal bank of Canada) – Features and Benefits

Curious about which is the best Canadian bank?

Comparing these two powerhouses won’t be easy. They each are popular choices for Canadians and offer similar services. In order to compare them, I had to set some boundaries.

For the purpose of this article, I’m only looking at the banking side – meaning I’m not factoring in each entity’s investment features. Instead, I’ll look at chequing and savings accounts and credit card options.

TD Vs RBC – Products Offered

Both banks offer a wide range of products, but to find out who comes out on top, it’s time to dig into the nitty-gritty. That means comparing both banks’ top products (such as chequing accounts ) and learning about their ins and outs.

TD Accounts

1. td chequing accounts.

If you’re looking for TD chequing accounts, the bank offers the following:

• TD All-Inclusive Banking Plan
• TD Every Day Chequing Account
• TD Unlimited Chequing
• TD Minimum Chequing
• TD Student Chequing

TD’s line of accounts caters to everyone – from those with a significant amount of monthly transactions to students and even young kids. 

Their All-Inclusive Banking Plan is the bank’s top-tier account and includes the following features.

The All-Inclusive account offers free unlimited transactions and eTransfers for a monthly fee of $29.95. The fee can be waived if a monthly balance of $5,000 is attained. In addition, there are no ATM fees, even if using a non-affiliated ATM.

2. TD Savings Accounts

TD offers the following savings accounts – each with a $0 monthly fee.

• TD ePremium Savings
• TD Every Day Savings
• TD High-Interest Savings

The interest on the accounts fluctuates based on the daily balances. The ePremium savings account allows free unlimited transactions. However, the other two accounts have transaction limits unless a minimum account balance is maintained.

• Related Reading: Best High-Interest Savings Accounts

3. TD Credit Cards

TD offers some of the best credit cards used throughout Canada. All their cards are Visa, meaning they’re accepted pretty much everywhere. 

The cards offer cashback options, Aeroplan points that can be used for flights, and other travel rewards. There are also no-fee annual cards and a U.S. Dollar Visa Card that eliminates foreign currency conversion when paying bills or making purchases in U.S. dollars.

RBC Accounts

1. rbc chequing accounts.

RBC offers four main chequing accounts, a student account and a U.S. Personal account for frequent travellers.

The main accounts include:

• VIP Banking
• Signature No Limit Banking
• No Limit Banking
• Day-to-Day Banking

The premium VIP chequing account comes with a $30 monthly fee for unlimited transactions and eTransfers. The downside of this account is that you’ll always have to pay a monthly fee.

There isn’t an option to waive it by maintaining a minimum balance, but there is a chance to reduce it if you meet certain criteria, like owning other RBC products.

2. RBC Savings Accounts

There are four savings accounts to choose from at RBC, including:

• High-Interest eSavings
• Enhanced Savings
• Day-to-Day Savings
• U.S. Savings

RBC Savings Accounts are similar to TD’s as they have no monthly fees. Here’s a comparison of what each offers via RBC’s website.

3. RBC Credit Cards

RBC offers an extensive line of credit cards with all kinds of perks. Their credit cards fall into these categories:

• Cashback rewards
• Low interest
• Travel rewards
• Reward cards for every purchase you make
• Student cards
• No-fee cards

The Verdict – TD Vs RBC – Accounts Offered

Both TD and RBC offer similar chequing, savings, and credit card options. One of the only differences is that RBC doesn’t waive its monthly fee, even for its premiere VIP chequing account, if a minimum balance is attained. For that reason alone, the edge goes to TD.

TD Vs RBC – Perks

For TD, opening a chequing account means getting help with your TD credit card fee. Opening a TD All-Inclusive Banking Plan means you’ll get your credit card fee waived, up to $139.

The only other perk associated with TD accounts is on its Borderless Plan. This account is an attractive option for frequent U.S. travellers.

If you want to open this account and already have the All-Inclusive Banking Plan, you’ll get a $3 rebate on the $4.95 monthly fee. You could get the fee completely waived if you maintain a $3,000 balance. 

The overall savings are small, and most other banks offer more in additional perks.

RBC gives its customers the chance to save on its multitude of products. For customers that open a VIP Chequing Bank Account, RBC will waive the monthly fee on their U.S. Personal Account. This could save anywhere from $2 to $24 per year.

For customers that have a Signature No Limit Banking or VIP Banking account, their RBC credit card fees could be eligible for a rebate – up to $39 and $120, respectively. All you need to do is keep the card in good standing and keep your chequing accounts open. 

The premium RBC account also includes a special added feature – fuel savings. You can save money on gas when you visit Petro-Canada locations and use your VIP Banking account to pay. You’ll trim three cents per litre off your bill and earn 20% more in Petro-Points.    

The Verdict – TD Vs RBC – Perks

While it was challenging to select a winner in the products offered category, that’s not the case in this group.

TD offers limited perks, and the savings it does offer are minimal. On the other hand, RBC offers its customers additional ways to save when signing up for its products and even features a unique benefit other banks don’t have – fuel savings. RBC for the win on this one.

TD Vs RBC – Online Features and Mobile Apps

TD Online and Mobile App Features

TD has a highly rated and easy-to-use mobile app. It includes the usual features customers are looking for – mobile check deposit, online bill pay, view account balances, and transfer money.

The app can also use your phone’s digital wallet, so if you forget your debit card, you can still make a payment through your mobile device. 

TD’s website is clear and easy to navigate. Each product or service is simple to find, and signing up for a new account is just a click away. TD also provides a Learning section, making it easy for customers to master the ins and outs of TD’s personal banking and credit features.

RBC Online and Mobile App Features

RBC’s mobile app features all the usual services – cheque deposits, bill pay, money transfers, as well as cross-border transfers. In addition to checking your balance, you can link up your Petro-Points card to cash in on fuel savings.

RBC’s website is easy to use and features separate drop-down menus for accounts and credit cards. You can explore the accounts and gather more information and even sign up online. 

The Verdict – TD Vs RBC – Online and Mobile App Features

While they provide the same basic functions, the slight edge goes to TD. The Learning section on the TD website is full of information to make your financial life easier. It’s visually appealing and is more user-friendly than RBC.

TD Bank vs RBC – Mortgage Options

TD Bank offers a range of mortgage and home loan products to cater to diverse customer needs and assist potential homebuyers at various stages of their journey. It offers both fixed and variable interest options.

Whether you’re a first-time homebuyer or looking to renew or refinance your mortgage, TD Bank provides personalized advice through its mortgage advisors.

One of the standout features offered by TD Bank is its online mortgage applications , which make it incredibly convenient for applicants to apply for a mortgage online , track their progress, and receive personalized advice from TD Bank’s mortgage specialists.

RBC Bank offers the RBC Homeline Plan , which combines a mortgage and a Royal Credit Line, allowing homeowners to access the equity in their homes for home improvement projects, education expenses, debt consolidation, and more.

RBC also provides US mortgage options and advice, which can be particularly helpful for Canadian retirees and investors.

Lastly, RBC offers a range of tools and resources such as mortgage payment calculators, home value estimators, and budgeting guides to help manage your mortgage and homeownership costs.

The Verdict – Overall, both RBC and TD Bank offer competitive mortgage and home financing products, so I’d say it’s a tie between the two.

TD Bank vs RBC – Investment And Wealth Management

TD Bank and RBC Bank in Canada both offer investing and wealth management products tailored to meet various client needs.

TD Bank’s wealth management services operate under TD Wealth , which provides personalized wealth strategies and solutions for everyday investors.

The bank’s strategies are often highly individualized and are designed to align with the client’s long-term financial goals.

As the biggest bank in Canada in terms of its retail banking network, RBC has an extensive suite of investing and wealth management products to cater to different wealth management needs, including investment banking and direct investing services.

• Related Reading: Best Mutual Funds In Canada

One of the major differentiators is that RBC also operates on a global scale, serving 29 countries , which might make it a more attractive option for clients who require international financial services.

The Verdict – Both banks offer digital and in-person financial planning and investment management tools . However, RBC may be a better choice for those interested in overseas investment opportunities.

TD Bank vs RBC – Small Business Banking

TD Bank offers three popular business banking accounts :

• TD Basic Business Plan
• TD Everyday Business Plan
• TD Unlimited Business Plan

The Basic Plan is designed for businesses with fewer monthly transactions and costs just $5 per month.

The Everyday Business Plan is more comprehensive and offers a higher transaction limit for a $19 monthly fee, which can be waived if the account maintains a minimum balance of $20,000.

TD Bank’s Unlimited Business Plan is the most flexible and feature-rich but costs a heft $125 per month. This fee can be waived if a $65,000 minimum daily balance is maintained.

While TD Bank offers just three business bank accounts, RBC offers ten , including:

• Digital Choice Business Account (good for online businesses)
• Flex Choice Business Account (offers digital + in-branch banking)
• Ultimate Business Account (flat monthly fee with unlimited transactions)
• US Dollar Business Account (see my list of the best US dollar bank accounts )
• Online Foreign Currency Account (great for freelancers and digital nomads )
• Business Essentials Savings Account (one of the best business savings accounts )
• Business Premium Investment Account
• AgriInvest Account (offers extended protection for agricultural businesses)
• Business Trust Account (for holding client funds)
• International Bank Account

The Digital Choice Business Account is RBCs most popular option, as it costs just $5 per month and offers unlimited electronic debits and credits.

Medium to large-sized businesses may want to look into the Flex Choice ($6 per month) and Ultimate Business Accounts ($100 per month), as these offer a greater range of in-branch services.

The Verdict – Both TD Bank and RBC offer affordable online banking solutions for small businesses. However, RBC offers a far greater range of business accounts that cater to specialized businesses, such as farmers, US businesses, and overseas businesses, making them the clear winner in this category.

The Verdict – Which Bank Is Best? TD or RBC?

Both banks offer products and services that are very similar to each other. There are slight differences between the two, and that’s how I reached my decision. TD narrowly edged out RBC. Here’s how to determine which bank is for you.

• You plan to use the mobile app and online banking frequently.
• You’re looking for a credit card that’s accepted everywhere and provides you with rewards like cashback, travel, etc.
• You’re looking to make the most of your banking experience by learning tips and tricks provided on the website’s resource page.
• You can maintain a high enough monthly balance to waive the fee on TD’s premiere chequing account.

For more info, visit the TD website .

Use RBC if:

• You’re a frequent traveller. The discount at Petro-Canada locations can help you save on fuel.
• You like your chequing account and credit cards all in one place. RBC provides discounts and rebates to credit cardholders that have a chequing account.
• You frequent the U.S. RBC waives fees on its U.S. Personal Account if you already have a VIP Chequing Account.

For more information, visit RBC’s website .

While both banks offer relatively the same services and products, TD just edges out RBC due to its user-friendly website and mobile app. With TD, customers can also have their monthly fee waived on its top-tier chequing account as long as they keep the minimum balance. 

While RBC has plenty of perks and competitive interest rates on savings accounts, its inability to waive monthly fees, especially on its premium chequing account, makes it the lesser option for me.

Ultimately, the choice really depends on what you’re looking for and which features would benefit you more.

Still confused about which to choose? Check out this overview of the big five banks of Canada.

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