How to Get a Business Bank Account in Canada
You may be wondering how to get a business bank account in Canada. Here are a few things to know before you apply for one. First, you’ll need the right documents. Many banks in Canada will accept the required documents. Some charge fees for international transfers. In that case, you should opt for a secure alternative, such as Wise Business. Wise Business specializes in international transfers.
CIBC Unlimited Business Operating Account
CIBC has launched a new product called the CIBC Unlimited Business Operating Account (UBOA), a package account that includes unlimited bill payments, deposit and withdrawal transactions for businesses. Compared to other business accounts that require a monthly fee, this account offers unlimited transaction capabilities for a low monthly fee of $35. The UBOA also offers unlimited coin and cheque deposits, which means it removes the hassle of deposit handling fees for most businesses.
TD Basic business bank account
If you’re starting a business, you’ll probably want to look into a TD Basic business bank account. It’s a low-cost account, but doesn’t allow you to make checks. Savings accounts often pay lower APYs than money market accounts. For a slightly higher rate, you can look into a Small Business Money Market Plus account. TD Bank also offers certificates of deposit, a type of savings account, which is another low-cost option.
TD Business Savings Account
TD Bank offers four types of business checking accounts. To open a business account, you must complete a standard application. You must verify that you are the owner of the business and that you are an authorized user or beneficial owner. You must provide a valid ID and a job title. The application process will take approximately five minutes. You can even apply online. You should make sure to check the terms and conditions before applying for a checking account.
TD Business Savings Account charges transaction fees
TD Bank offers affordable business banking on the east coast, along with convenient, long hours. In addition, some TD Bank branches are open on Sundays. The bank’s basic checking account charges some of the lowest fees of any business banking account, but it does charge transaction fees. TD Bank also charges higher fees than many competitors’ checking accounts. TD Business Savings Account charges transaction fees, so it’s important to understand these fees before opening an account.
Oaken Financial offers high-interest savings accounts
In the current climate, a business that needs a high interest savings account can take advantage of Oaken Financial’s online offerings. The company has been around for over 30 years and is backed by the Home Trust Company, one of Canada’s largest trust companies. Like most other online financial institutions, an Oaken Savings Account is protected by the Canada Deposit Insurance Corporation (CDIC), which means that your money is safe if the company goes under.
TD Business Savings Account offers online and mobile banking services
TD Bank is a major financial institution with an extensive range of products, including mortgage and home equity loans, personal loans, credit cards, and deposit and loan accounts. Many accounts waive monthly fees if you maintain a minimum balance. You can also find fee-free accounts, such as TD Simple Savings and TD Bank Visa. If you need a bank account, TD Bank also offers IRA and CD accounts with tiered interest rates and no monthly fees.