What to Look for in a Small Business Bank Account

Separating personal and business banking is important for simplifying the management of your business. For most small businesses, having a business bank account is crucial for running a company professionally and successfully.

Finding the right bank that caters to your small business needs is quite simple. Most Canadian banks offer affordable and flexible options for small-business banking. However, there are five reputable banks in particular who have competitive rates and a variety of business banking choices.

The five biggest and most reputable banks are Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC). Though these are the top five banks in all of Canada, it is wise to seek out other financial institutions as well to find the right fit for your business.