Top Business Bank Accounts for Startups in Canada 2023

1. Alterna Small Business eChecking Account

   The Alterna Small Business eChequing Account is ideal for startups that conduct mostly electronic transactions. With its unlimited electronic debit transactions and incoming Interac e-Transfers, you can run your business without worrying about transaction limits.
   
   Furthermore, it provides access to over 3,300 accessible ATMs across Canada, making it convenient for small business owners. It is free if you maintain a minimum closing balance of $3,000 monthly, making it perfect for businesses with consistent cash flow.
   
   

2. Tangerine Business Accounts

   If you're looking for an account that helps you earn interest on the funds you don't need for your business operations, the Tangerine Business Savings Account is the best option for startups.
   
   With its competitive interest rates, no monthly fees, and no minimum balance requirements, you can maximize your savings while keeping your funds accessible. You must connect a business checking account to it during the account opening process.
   
   

3. CIBC Everyday Business Operating Account

   For small businesses that can conduct up to 30 transactions per month, the CIBC Everyday Business Operating Account is a perfect fit. It has low monthly fees; if you maintain a minimum account balance of $15,000 or more, you can enjoy a fee-free account. This account is ideal for small businesses that operate primarily online or those willing to take cheques as a form of payment.
   
   

4. Manulife Business Advantage Account

   The Manulife Business Advantage Account is perfect for small and medium-sized businesses that want to earn more on their savings. It is an excellent option if you already have a checking account at another bank, and you can open a CAD or USD-denominated savings account to earn interest. It also offers free deposits and transfers to linked accounts, making it convenient for businesses with multiple accounts.
   
   

5. TD Everyday Business Plan A

   The TD Everyday Business Plan A is a good option for business owners. It can maintain a minimum balance of $20,000 to waive the monthly fee of $19. It offers 50 monthly transactions with additional payments of $1.25 per different transaction, $.22 for other deposits, and $2.50 per additional $1,000 deposited.
   
   Cash deposits are limited to $5,000, but debit and credit card deposits through POS terminals are not counted towards transaction and deposit limits. Other plans are also available with higher transaction limits but at a higher monthly fee.
   
   

6. Vancity Independent Business Account

   The Vancity Independent Business Account has a monthly fee of $6.50, waived with a minimum balance of $1,500. There are no free monthly transactions, but you get one free transaction for every minimum balance of $500 in your account. Free INTERAC e-Transfers are included, and the Credit Union Deposits Insurance Corporation of British Columbia guarantees your deposits.
   
   

7. ATB Financial Unlimited Business Account

   The ATB Financial Unlimited Business Account is an excellent option for businesses in Canada that do at least four transactions a day. It has a monthly fee of $85, waived with a minimum balance of $70,000. There are no additional fees, and you get unlimited transactions.
   
   This account is ideal for startup businesses that must do a high volume of transactions. It offers up to 120 transactions a month at a reasonable monthly fee.

Choosing the best business bank account for your startup will depend on your specific needs and preferences. It's essential to consider transaction volume, fees, and access to additional banking services. With this list, you can make an informed decision and find the account that best fits your business. Also take a look into Canada's Top 7 Business Bank Accounts for better understanding