Small businesses have become a target for most banks in Canada to such an extent that they actually scramble for them. They make their terms to be more appealing by reducing the banking fees required to maintain a small business bank account. Though there are many banks that involve themselves with small businesses, there is usually a bank that emerges with the best small business bank account. Some clients who have been to various banks argue that the best business bank account is with HSBC since it has no monthly fees and the online banking services are the best( because you can do wire transfers online all by yourself). There is usually a fee charged for every in- branch transactions thus it is advisable to do all your deposits at the ATM. Another advantage is that you are not tied to a specific branch, that is, you are not restricted to transact business within your branch only.
Best small business banks accounts in various banks
Some of the banks that offer one of the best small business accounts in Canada are listed below with their offers:
1. HSBC: This bank offers an account known as a Business Vantage Account which is an interest-paying chequing banking account in CAD or USD for about $22.50 in a month. It also has suitable features of small banking services such as access to relationship managers for personalized services, trade and cash management advice, reduced activity charges and volume based discounts that exceed the monthly transaction allocation.
2. Bank of Montreal: it offers an account known as a Value Assist Plan which is quite similar to Business Vantage Account in aspects. it has a chequing bank account which charges a fee of $22.00 but this is negotiable since it can be reduced if you maintain a minimum balance (which is about $8000 incase you have a bank account that requires $22.00 in a month )
3. CIBC: This bank offers an account known as an Unlimited Business Operating Account. Just from the name one can judge that it offers unlimited transactions with a cash, coin and cheque deposit package of about $35.00 every month. Analyzing how many cheap business accounts have few monthly transactions, it proves to be the cheapest option if at all your business engages in several monthly transactions.
4. ING: this bank offers an account called Business Investment Savings Account. This account requires no monthly charges and it has absolutely no service charges and minimum balance as well. It offers an interest rate of 1% when it comes to writing.
Scotia Bank:- it offers an account known as Scotia Power Savings account. It also gives an
interest rate of 1% during the time of writing. Though it may not be a business account as such, it can still be used by small businesses. Though u may have to keep a minimum monthly balance of $5000 in order to get this amazing interest rate.
Best small business banking is not at all interested in the banking fees charged. Rather it emphasizes on the relationship between the client and your bank or the credit union manager.