Here’s the One Free Business Banking Product in Canada for Freelancers & Small Business Owners

I started working as a consultant last fall — yay, me! — and I’ve made enough money to open a business bank account but one thing about me is I hate banking fees of all types and forms. Let’s just say I have a bias from having worked in the industry for many years. I needed to find one for free.99

Here’s what I found about the Basic Banking options from the top players in Canada.

TD Canada Trust — a bunch of bank types and features even for not for profits but nothing without a monthly fee. The minimum was $5 a month with ONLY 5 deposits and 5 transactions. Fairly standard for the market.

RBC — their most popular choice, the “Digital Choice” account includes unlimited electronic transactions, 10 eTransfers and is $5 a month.

I did note that Canada’s biggest bank charges a $3.75 monthly fee for a community and non-profit account. Agbaya*

NOTHING IS EASY FOR A CHEAP BOY

Scotiabank is WILDING with its basic business account starting at $10.95 a month. I did not read any further. Sorry.

CIBC’s offer is $6 a month and you pay for literally every action you take. Deposit, transfer, withdrawal, they’d probably charge you for calling in to ask about your bank balance. Yikes.

BMO’s ‘Business Start’ is $6 a month with a disappointingly low 7 transactions and given its 2022, a comical 2 Interac transfers.

However, they did have the most intriguing product from my search the “eBusiness Plan”.

I fell in love with the number of zeros in this graphic.

In partnership with Moneris, BMO offers this digital-first bank account product. No charges for deposits and you get unlimited Moneris transactions, particularly useful if you’re a small business vendor and take payments directly from customers.

I needed to dive deep into the terms and conditions to find out about Interac Transfers. You’ll get the first 2 free and then it’s $1.50 per Interac transfer. Comical in 2022, but just might do it for business owners with low requirements like myself.

At the end of it, this search re-affirmed the need for disruption in this space. I for one cannot wait for the launch of Better with Benji. In the meantime, check out my girl Za on their podcast

*In Yoruba, Agbaya means a badly behaved elderly person. I’m giggling too.

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