5 No Monthly Fee Business Bank Accounts in Canada
Are you a business owner in Canada struggling to find a bank account that meets your needs without draining your wallet? Monthly fees, transaction fees, and other charges can quickly add to your expenses.
But what if you could find a business bank account with no monthly fees? That's right, no more unexpected charges eating into your bottom line!
In this article, we'll explore some of the best options for no-monthly fee business bank accounts in Canada so that you can find the right one for your business.
Monthly Fees: No banking fees
Transactions: Unlimited
Monthly Deposits: Unlimited
Manulife Bank's Business Advantage Savings Account is a high-interest savings account that is a good option for businesses looking to earn interest on their savings. No monthly fees are associated with the bank, and it allows for unlimited deposits and transactions. One of the standout features of this account is the ability to pay business taxes through the Manulife online portal quickly.
Monthly Fees: No fees with a minimum account balance of $15,000 or more
Transactions: 30 transactions per month; additional transactions are subject to a $1 fee for self-service or $1.25 for full-service
Monthly Deposits: $3,000 cash, $300 coins, and 25 cheques per month
CIBC's Everyday Business Operating Account is designed for small businesses that only require up to 30 transactions per month. While monthly fees are associated with the account, they can be waived by maintaining a minimum balance of $15,000 or more. The bank allows for $3,000 in cash deposits, $300 in coin deposits, and 25 cheque deposits per month.
Monthly Fees: No banking fees if a minimum balance of $3,000 is maintained
Transactions: Unlimited debit and credit transactions with unlimited incoming Interac e-Transfers
Monthly Deposits: Unlimited
Alterna's online-only business account is a good option for businesses seeking a fee-free checking account. No monthly fees are associated with the account as long as a minimum $3,000 balance is maintained.
The account offers unlimited debit and credit transactions and unlimited incoming Interac e-Transfers. Additionally, customers have access to 3,300 ATMs via Canada's EXCHANGE Network, and the Canada Deposit Insurance Corporation insures the account.
Monthly Fees: No fees with a minimum account balance of $8,000 or more
Transactions: 1 free transaction is allowed for every increment of $1,500 in your account; additional transactions are subject to a pay-as-you-use scale
Monthly Deposits: Unlimited, $1-$1.50 per deposit depending on type
The Scotiabank Basic Business Account is a good option for businesses looking for a traditional banking experience with access to local branches and ATMs. While a monthly fee of $10.95 is associated with the account, there will be no monthly fees when maintaining a minimum balance of $8,000 or more.
The bank also offers one free transaction for every $1,500 in the account, overdraft protection, and access to digital banking for payments and transfers.
Monthly Fees: No banking fees
Transactions: Unlimited
Monthly Deposits: Unlimited
Tangerine's Business Savings Account is a good option for businesses looking for a high-interest savings account with no monthly fees. The bank allows for unlimited deposits and withdrawals and offers competitive interest rates.
Tangerine offers other business banking services, including a no-fee checking account, credit card processing, and merchant services.
With the many options available, it's essential to do your research and compare the features and fees of each account to find the one that best fits your needs. Doing so can avoid unnecessary expenses and keep more of your hard-earned money in your business.
Say Goodbye to Expensive Business Transfers
As a start-up or small business, you want to save money wherever you can. That's why choosing a business bank account with no monthly fees is smart. And with Remitbee, you can do just that!
Remitbee offers a business account with no monthly fees and competitive exchange rates, making it an affordable option for small businesses. You can manage your finances without worrying about hidden costs eating into your profits.
Remitbee's efficient online platform lets you easily send funds abroad without leaving your office or home. Click here to learn more about Remitbee's business account.