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Home » Recent posts » 5 Best Banks for a Business Account in Toronto That You Can Trust 

5 Best Banks for a Business Account in Toronto That You Can Trust 

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We extensively test and research all services we review. Here's why you can trust us.

My buddy, who runs a small business in Toronto, thought he scored big when he opened a business account at what seemed like a solid bank. Turns out, he was hit with sneaky fees and customer service that felt slower than a Monday morning.

Luckily, a friend pointed him to a way better option, and now he’s saving cash and getting the support he actually needs to grow his biz.

If you’re a business owner in Toronto looking for the best bang for your buck, check out these top business account providers that won’t leave you frustrated!

How much does opening a business account cost in a Toronto bank?

Opening a business account in a Toronto bank typically costs between $0 to $100 for the initial deposit. Monthly fees can range from $5 to $50, with some banks offering fee waivers if you maintain a minimum balance. 
Many banks also provide special packages for startups with lower fees and added perks.

How We Chose the Best Business Account Banks in Toronto

Low Monthly Fees: We prioritized banks that offer business accounts with affordable monthly fees or waiver options based on balance requirements.
Initial Deposit Requirements: We considered banks with low or no initial deposit requirements, making it easier for startups and small businesses to open an account.
Transaction Limits: We looked at banks that provide generous free transaction limits, including deposits, withdrawals, and e-transfers, to suit different business needs.
Online and Mobile Banking: We focused on banks with user-friendly online and mobile banking platforms that offer seamless access to account management.
Customer Support: We selected banks known for their responsive customer service, offering dedicated business banking support via phone, chat, and in-branch assistance.
Account Perks and Features: We considered business accounts that come with useful perks. These may include cash back rewards, business credit cards, and accounting software integration.
Loan and Credit Options: We highlighted banks that offer flexible business loan and credit line options to help businesses scale and manage cash flow effectively.
Reputation and Reliability: We assessed banks with a solid reputation for financial stability and positive reviews from Toronto business owners.

1. SBI Canada Bank

sbi-canada-bank
TestInfo
WEBSITEhttps://ca.statebank/
INSTAGRAMhttps://www.instagram.com/sbicanadabank/
ADDRESS70 York St
CONTACT DETAILS(416) 214-1811
BUSINESS HOURS Mon - Fri: 9:30 AM – 4 PM

SBI Canada Bank has been around since 1982. They may not be the biggest name in town, but they do provide solid options for retail, commercial, and corporate customers.

A popular business account of theirs is the Super Saver, a high-yield savings account available in Canadian and US dollars. 

It comes with a $15 monthly maintenance fee, but the good news? If you maintain a daily balance of CAD/USD $5,000 for the entire month, the fee is waived—plus, you get two free withdrawals per month. 

If you’re looking for a safe place to park your money long-term, they also offer Guaranteed Investment Certificates (GICs) with various term deposit options. These can be a great way to earn steady returns without taking on much risk.

That said, not everything is perfect—we heard about bank representatives being late to appointments.

Pros

  • Over 40 years of experience
  • Super Saver business account
  • Low monthly fees that can be waived
  • GIC term deposit accounts
  • Business Chequing Account

Cons

  • Bank reps being late to appointments

SBI – Toronto branch is the best branch I have transacted in

“SBI – Toronto branch is the best branch I have transacted in. On different occasions, I have had the pleasure of working with Mr. Satya Prakash, Ms. Ronima and Ms. Vandana. All of them are kind and always willing to help. My interactions with Ronima have exceeded all expectations. She is patient and took me through the entire process step by step. Also gave very good suggestions- I am grateful because I am a complete newbie and still received responses to very basic questions. For someone who is still learning the ropes of Canadian banking, I couldn’t have had a better team. I also like the personalised touch- the team always addresses me when communicating and you’re not just another account number for them. I recommend this branch.”

Akanksha, Google Review

Bank is offering great rates for GIC

“The staff of this branch is very friendly and knowledgeable and the bank is offering great rates for GIC. I recently interacted with Ronima and she answered all my questions about account opening and GIC. She also explained why some options are better vs others. Would highly recommend this branch.”

Nipun Ranjan, Google Review

2. National Bank 

national-bank
TestInfo
WEBSITEhttps://www.nbc.ca/
INSTAGRAMhttps://www.instagram.com/nationalbankofcanada/
ADDRESS311 King St E
CONTACT DETAILS(416) 363-3939
BUSINESS HOURS Mon - Fri: 10 AM – 5 PM

National Bank, Canada’s 6th largest bank and the top player in Quebec, prides itself on having a “human touch” and a strong entrepreneurial spirit. 

We like their unique Digital Business Package—perfect for businesses that don’t deal with a lot of cash transactions or branch visits. 

It comes with a $7 monthly fee, but if you sign up for their Platinum Business Mastercard, they’ll waive the fee entirely. 

For businesses with higher transaction volumes, the Premium Business Package might be more up your alley. This account offers unlimited electronic transactions and a generous number of assisted transactions and deposits. 

The monthly fees can add up, but if you maintain a balance of $80,000, you won’t have to pay any fees at all.

Sadly, we heard about rude tellers—a downside if you rely on in-branch services. 

Pros

  • 6th largest bank in Canada
  • Digital Business Package
  • Premium Business Package
  • Waivable monthly fees

Cons

  • Reports of rude tellers

The best branch there is

“The best branch there is. The nicest people working in customer service. They really became our family outside of our home. Thank you for all your help, guys.”

Anna Jozwiakn, Google Review

Client of National Bank of Canada for 30 years now

“I have been a client of National Bank of Canada for 30 years now in Toronto. I have always been happy with my service and the staff are top notch, attentive and keen to complete all transactions. Especially, the King St. East , Branch, who have been enthusiastically serving my varied banking requirements with detailed expertise and efficiency. I remain a long term and loyal customer.”

Steven Misener, Google Review

3. TD Canada Trust

td-canada-trust
TestInfo
WEBSITEhttps://www.td.com/ca/en/business-banking/small-business
INSTAGRAMhttps://www.instagram.com/td_canada/
ADDRESS1870 Bayview Ave Unit 104
CONTACT DETAILS(416) 445-6146
BUSINESS HOURS Mon - Fri: 9 AM – 6 PM

Saturday: 9 AM – 4 PM

TD Canada Trust is one of the top 10 banks in North America, and their mission is to help customers thrive in an ever-changing world. 

They offer three main options under their Small Business Bank Account lineup: the TD Basic, Everyday, and Unlimited Business Plans. You can choose what fits your business best without paying for extra features.

If you’re looking to stash some extra cash, try their Business Savings Account. There’s no monthly fee, and you get unlimited bank transfers.

One unique feature we appreciate is their Pre-authorized Transfer Service. This handy tool helps you save time by automatically moving funds between your business accounts—even from accounts at other financial institutions. 

Watch out for their seasonal offers where you can snag up to $300 just for opening a business account. 

On the other hand, we did hear about banking mistakes made by TD reps.

Pros

  • Included in North America’s Top 10 banks
  • 3 Small Business Bank Account types
  • Business Savings Account
  • Pre-authorized Transfer Service
  • Has online seasonal offers

Cons

  • Some banking mistakes

Best TD branch I have ever gone into

“This location is amazing and friendly! Best TD branch I have ever gone into. They may not have tellers but they do have reliable people who specialize in different fields and give you great advice. You can tell they know what they’re talking about. The two guys that helped me today (Marcus and Jordan) were great. They made sure my banking needs were met and went above and beyond to make sure all my questions and concerns were answered. I will definitely be returning back to this particular branch for my needs of financial advices. Thank you Marcus and Jordan! And Stephanie for recommending me to the right person!”

Fred Bataclan, Google Review

Very refined and elegant service

“Very refined and elegant service My banking experience was exceptional. makes you want to relax You can tell that it’s a well management bank.”

Daryl Weber, Google Review

4. Scotiabank

scotiabank
TestInfo
WEBSITEhttps://locator.scotiabank.com/branch/51292
INSTAGRAMhttps://www.instagram.com/scotiabank/
ADDRESS438 Eglinton Ave W
CONTACT DETAILS(416) 932-2140
BUSINESS HOURS Mon - Fri: 9:30 AM – 5 PM

Scotiabank is one of Canada’s largest banks, and their vision is simple: to be their clients’ most trusted financial partner. 

When it comes to business accounts, they give you four different plans. You can also easily switch to a higher plan as your needs change. 

We love that they have no surprise fees! They include a high limit of cash deposits at no extra charge, and a waived monthly plan fee if the maintaining balance is met.

If you’re in the agriculture industry, we recommend their ScotiaOne business account. It’s designed specifically for farmers and agri-businesses, offering no minimum balance requirements and free cheque deposits right from your smartphone. 

Another perk worth mentioning—if you have a Scotiabank or Tangerine account, you won’t pay any surcharge or service fees when using a Scotiabank ATM. 

Keep in mind, however, that we heard about impatient tellers at some branches. 

Pros

  • One of Canada’s largest banks
  • Four business bank accounts
  • ScotiaOne agriculture business account
  • No fees when using Scotiabank ATMs

Cons

  • Reports of impatient tellers

Love the warm and always friendly service

“I have been banking at this branch for years, and I love the warm and always friendly service that I receive every time I come in. I have also had the opportunity to meet with the branch Manager and the Supervisor to speak about other financial needs and they were very helpful! So I don’t know what branch Kings mom is making comments about but that’s far from the truth this the staff at this wonderful branch!”

M. Rodrigues, Google Review

Made me understand everything linked with my account

“I had great experience with financial advisor Simran at the Eglinton and Castle Knock branch. She is very intelligent and polite and made me understand everything linked with my account. I’ll recommend everyone to visit her for any bank related information or issues. Really appreciate her hard work.”

Amanjot Kaur, Google Review

5. RBC Royal Bank

rbc-royal-bank
TestInfo
WEBSITEhttps://maps.rbcroyalbank.com/ON-MISSISSAUGA-branch-1773
INSTAGRAMhttps://www.instagram.com/rbc/
ADDRESS1530 Dundas St E, Mississauga
CONTACT DETAILS(905) 273-6050
BUSINESS HOURS Mon - Wed: 9:30 AM – 5 PM

Thursday: 9:30 AM – 8 PM

Friday: 9:30 AM – 6 PM

Saturday: 9 AM – 4 PM

RBC Royal Bank has been around for over 150 years, growing across Canada, the U.S., and even into select global markets. 

Their most popular business account is their Digital Choice—with unlimited electronic debit and credit transactions, electronic cheque deposits, and even Moneris deposits. If you rarely need to visit a branch, this account could be a great fit.

But if you’re looking to grow your savings, the RBC Business Essentials Savings Account is worth considering. There’s no minimum monthly fee or balance requirement, plus, you earn interest from the very first dollar.

We like that they have Saturday and evening hours at many locations—a lifesaver if you can’t make it during regular business hours. Night Deposit Services are offered as well.

Unfortunately, we heard about reps lacking product knowledge, which can be frustrating if you need detailed guidance on their services.

Pros

  • Over 150 years of experience
  • Digital Choice business account
  • RBC Business Essentials Savings Account
  • Saturday and evening hours
  • Night Deposit Services

Cons

  • Some reps lacking product knowledge

I was looked after from the beginning to the end

“Had the pleasure of working with Sonia, the Branch Manager, and John, the RBC Financial Advisor at this Branch to set up a new Business Account. I was looked after from the beginning to the end. Both Sonia and John were very professional in the services they provided and extremely helpful. I got my account set up very promptly and I am happy to recommend their services and this branch. Very convenient location, close to all shopping and banking needs.”

Ela Napiorkowski, Google Review

Suggested the best possible options for me

“Awesome experience with this RBC branch. Manson li understood my concerns and suggested the best possible options for me. Manager Victoria Barbaric immediately reached me and involved her team to sort the issues. I can say this is the best RBC Team. I personally recommend this Branch as the staff are very knowledgeable and try to provide the best options and they will be with us until the issue resolves.”

Ahmad zubair Alokozay, Google Review