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TD Bank Business Checking: 2024 Review

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TD Bank offers four business checking accounts , including an interest-bearing option and a premium account best suited for larger businesses with complex banking needs. While this review includes details about all four options, the star rating above corresponds with the bank's entry-level account, TD Business Simple Checking℠ .

The level of choice TD Bank offers may be appealing for small-business owners looking to grow with their bank. Also appealing: TD Bank’s extended branch hours — some locations are open on Sundays — and 24/7 live telephone customer service. While convenient, those features may not outweigh the bank’s small ATM network and lack of free business checking .

Looking for a business checking account?

See our overall favorites, or choose your business type to find the best options for you.

on Nerdwallet's secure site

TD Bank business checking is best for small-business owners who:

Operate a business in TD Bank’s service area and want a brick-and-mortar bank.

Want access to live customer service, 24/7.

Can maintain a high enough minimum balance to avoid the monthly service fee.

Prefer a brick-and-mortar bank with a free account? Consider the U.S. Bank Silver Business Package . That account also comes with a another feature many traditional banks offer (but TD Bank doesn't): a sign-up bonus.

Pros and cons

24/7 live customer service.

Some branches are open late and on weekends, including Sundays.

Interest-bearing checking account with no minimum balance requirement.

Accounts can be opened online.

No free business checking account.

Using an out-of-network ATM costs $3 per transaction.

Cash deposit allowance cut.

TD Bank business checking at a glance

How td bank business checking works.

Account options: TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers.

TD Business Simple is $10 per month and requires a minimum opening deposit of $25. Unlike other TD Bank business accounts, there is no way to skirt the monthly maintenance fee.

TD Business Interest Checking Plus carries a $15 monthly maintenance fee, which is waived if you maintain a minimum daily balance of $2,500. You’ll earn interest (0.05% as of this writing) on any balance.

TD Business Convenience Checking Plus is $25 per month, but the fee is waived if you maintain a combined minimum daily balance of $1,500 between your business account and one TD Bank personal checking account.

TD Business Premier Checking has the highest monthly fee ($30) but it also comes with the most benefits. Business Premier Checking customers are not charged fees by TD Bank when they use out-of-network ATMs (other accounts are charged $3 per transaction) and can open a TD Bank Money Market Plus account and up to two additional TD Bank Business Simple accounts for no monthly charge.

The $30 monthly fee is waived for the first three statement cycles. After that, you need to maintain a combined balance of at least $40,000 across your Business Premier Checking account and one of the following TD Bank accounts: personal checking, merchant services or digital express. The balance of a TD Bank small-business loan or open business line of credit can also be combined with your business checking balance to waive the fee.

The top-tier business checking option also allows up to $30,000 in fee-free cash deposits. With TD Bank’s other business checking accounts, you can deposit up to $5,000 in cash or currency for no additional charges. Deposits beyond the account limit are 25 cents per $100.

TD Bank limits free transactions on each of its business accounts. TD Business Simple and TD Business Interest Checking Plus get up to 200 fee-free transactions, while TD Business Convenience Plus and TD Business Premier Checking accounts are capped at 500. Additional transactions range from 35 cents to 75 cents each, depending on the account. Transactions include any item paid from or deposited to your account.

Location availability: TD Bank operates around 1,100 branches across 15 states and Washington, D.C. Your business must be located in TD Bank’s service area to open a business account.

TD Bank’s service area includes Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.

» MORE: What you need to open a business bank account

How to apply: You can apply for a TD Bank business account online, provided you have four or fewer signers on the account. Business owners can also open an account in person at a TD Bank branch.

Required information:

Legal name.

Valid Social Security number.

Required documentation:

Valid photo ID (driver’s license, state-issued ID or passport).

Relevant business documents, such as partnership agreement, DBA certificate, articles of incorporation, bylaws or LLC operating agreement.

Where TD Bank business checking stands out

24/7 customer service: TD Bank business customers can reach a live customer service representative 24 hours a day, seven days a week.

Extended branch hours: Select TD Bank retail locations stay open late (6 p.m.) and are open on the weekends, including Sundays at select locations. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.

Where TD Bank business checking falls short

Monthly fees: TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fee on its entry-level option: TD Business Simple Checking. You can sidestep the monthly fee on TD Bank’s other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 (can be a combined balance with a TD personal checking account) to avoid the fee.

» MORE: Best free business checking accounts

ATM fees and access: TD Bank operates 700 ATMs throughout its service area, a fraction of what its competitors provide. PNC Bank, for example, has 18,000 ATMs and serves many of the same areas. TD Bank charges $3 per transaction when you use an out-of-network ATM. The one exception: TD Business Premier Checking customers do not pay a fee to use non-TD Bank ATMs.

Interest-bearing checking: TD Bank’s Business Interest Checking Plus account earns a paltry 0.05% APY despite a monthly maintenance fee of $15. If you're comfortable with an online-only account, there are a number of free options that will do more with your money, including Bluevine Business Checking ( 2 % on balances up to and including $250,000; terms apply) and LendingClub Tailored Checking ( 1.5 % on on balances up to $100,000 and 0.10% on all balances after that).

On a similar note...

All you need and no minimum balance with TD Simple Checking SM .

Skip the hassle of worrying about your minimum balance with a flat $2.99 monthly fee 1 , plus:

• FREE Instant Issue Visa ® Debit Card
• FREE ATM access at thousands of TD ATMs in the U.S. and Canada
• FREE Online Banking with Bill Pay
• FREE Mobile Banking app

Find the right account for you | Compare our accounts

1. When you choose online statements only. When you choose paper statements, the monthly fee is $3.99.

©2019 Visa U.S.A. Inc.

Best No-Fee Business Bank Accounts in Canada for 2024

What you should know.

• Digital business bank accounts by Wise, Loop, Vault, Wealthsimple, and Tangerine come with no monthly fee.
• Most of Canada’s major banks charge monthly fees starting from $6 per month, with additional fees per transaction.
• If you’re looking for the support of a major bank with the lowest fees, BMO’s eBusiness Plan is the best bank for small businesses in Canada with no monthly fee, unlimited electronic transactions, and no minimum balance requirement.
• Loop and Vault both offer low-to-no-fee multi-currency accounts, perfect for those operating internationally who want to open free local bank accounts.

Digital Accounts

Wise business account.

What We Like:

✅ No monthly fee

✅ No minimum balance

✅ Low foreign transaction fees

✅ Hold 40+ currencies In your account

What We Don’t Like:

❌ $42 registration fee

❌ Fee to deposit and send money

❌ Limited free withdrawals

❌ No interest on balance

The Wise Business account is perfect for businesses operating internationally that need to send and receive multiple currencies. Wise (TransferWise) is well-known for its currency conversion service, allowing consumers to exchange money at the actual currency exchange rate. Wise brings this into their Wise Business account, allowing businesses to send and receive payments from over 80 countries.

The Wise Business account does not pay any interest for Canadian businesses. If you're a US customer, such as if your business is registered in the US, you can earn interest on your USD balance.

Wise Business Fees

While Wise Business has no monthly fees, it does have plenty of other fees to nickel and dime you. Wise charges an account opening fee of $42 CAD ($31 USD) when you first register for an account. After verifying your business and paying the one-time set-up fee, Wise can take up to 10 business days to approve your account.

Once your business account is open, there’s no monthly fee or minimum balance requirement. Wise accepts various deposit methods to add money to your account, each with a fee.

Wise Business Deposit Options and Fees

Note: As of September 2023, adding money (CAD) to the Wise Business account

While Wise allows you to deposit money for free if it's in the same currency as your account, it's only available for all other currencies besides USD and CAD. This means that Canadian businesses looking to deposit money into their Wise Business account in Canadian Dollars will need to pay a fee, something that can really add up in the long run. This deposit fee is on top of the fee to convert currencies and then send or withdraw money.

There are other ways to receive money into your Wise Business account. For some currencies, such as CAD, EUR, GBP, and USD, receiving non-wire payments is free, as is sending money between Wise Business accounts. CAD SWIFT payments have a flat fee of $10, while USD wire payments have a flat fee of $4.14 USD.

Sending Money with Wise

When sending money involving different currencies , such as converting USD to CAD , Wise charges a 0.43% currency conversion fee and a fixed fee, depending on the transfer type. Same currency payments also have a fee depending on how you fund the payment.

Wise Business Sending Money Fees - Same Currency

Note: As of September 2023, sending payments with the same currency (CAD)

The cost of sending money from the Wise Business account ranges from a flat fee of $0.66 if you are sending money which is already in your Wise account to $1.27 + 3.93% if you’re funding the payment with a credit card.

One thing to note is that you cannot add bank accounts with a currency different from the home country’s currency. For example, you can’t add a Canadian USD bank account to Wise and use it to send USD or convert it back into CAD. Instead, you could open a cross-border bank account with one of the major banks, such as RBC and TD, and convert or send money from there.

Wise Business vs. Personal

There are some useful features in the Wise Business account that makes it different from the Wise personal account. One of those features has to do with cash management, with multi-user access controls on the Wise Business account. This allows you to assign access roles and create custom permissions for each user, making it easy to transfer funds, set up payment plans and track spending.

Another feature of the Wise business account is the ability to make batch payments, receive Stripe and Amazon payouts, connect to accounting software, and access the Wise Open API to connect to other tools.

There are slight differences between Wise Personal vs Business fees too. Wise Canada personal accounts are free to open, while Wise Canada business accounts have a $42 registration fee. Currency conversion fees and transaction fees are the same between personal and business accounts.

Supported Currencies

While Wise’s multi-currency account is comprehensive, it doesn’t include all currencies. Wise Business lets you add money in 20 currencies, hold money from over 50 currencies, and receive money from 11 currencies.

Add Money: AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HUF, IDR, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD and USD

Receive Money: AUD, CAD, EUR, GBP, NZD, MYR, PLN, SGD, USD, RON, HUF

There are limitations, such as only Brazilian tax residents being allowed to add money in BRL or only Malaysian residents being allowed to receive or add money in MYR.

Wise Debit Card

The Wise debit card lets you make purchases in many currencies with a low foreign currency exchange fee , compared to the 2.5% markup that Canadian credit cards typically charge. There's no fee to get this card, but there are fees to withdraw money with an ATM. The first two withdrawals are free for amounts less than $350 CAD. Three or more withdrawals will cost $1.50 each. Amounts over $350 CAD withdrawn per transaction also come with an additional 1.75% fee.

Additional Business Features

The Wise Business account lets you add team members to your account, such as employees who need to make foreign transactions. Each member can get a debit card, and you can set the level of access that they have on the business account, from view-only all the way up to full privileges.

Wise integrates with apps such as QuickBooks and Xero that allow businesses to sync their accounts and track all their financial transactions in one place. This feature makes it much easier for companies to manage expenses, track invoices, pay vendors and employees, and reconcile payments.

Who is the Wise Business Account for?

Where the Wise Business account shines is with businesses that deal with many international transactions. With Wise's multi-currency accounts, you can easily manage your money across borders and currencies. Since there’s no monthly fee or minimum balance requirement, you can hold many small balances of foreign currencies or convert them to Canadian Dollars with a fair exchange fee. That’s a good thing for small business accounts.

✅ Earn reward points on card purchases

❌ Can’t receive CAD payments from customers

The Canadian peer-to-peer lending platform Lending Loop has branched off into banking services with its Loop business accounts. With a particular focus on global businesses, Loop lets you set up open free international bank accounts in US, UK, and EU domiciled accounts to receive and hold USD, GBP, and EUR without fees.

Loop Basic, their free plan, has no monthly fee and no minimum balance requirement. The difference between Loop Basic and their paid Loop Plus and Loop Power plans, which cost $49 per month for Plus and $199 per month for Power, has to do with some extra features that not all businesses might need. Loop Basic has a 0.5% FX fee, while Plus has a 0.25% FX fee, and Power has a 0.1% FX fee.

Basic lets you earn 1x points on your card spend, while Plus and Power earn 2x points, with Power receiving custom rewards. Plus and Power can receive more virtual and physical cards, instant payment clearing, and reduced or capped ACH/EFT billing fees.

Comparing Loop Business Accounts

Adding money.

To add money to your account, you can link an external bank account to transfer CAD to your account. It can take up to four business days for your money to arrive. Customers can’t send money directly to your CAD account, but they can in other currencies.

Sending Money

Sending money with Loop is free, even as a wire transfer for international payments. There are no sending limits, either, to the 37 currencies and 180 countries that Loop supports. You can even send money to yourself for free!

Currency Conversion

Similar to Wise, Loop charges a fee for currency conversion. Loop's 0.50% fee is slightly higher than Wise's 0.43% fee, but Loop Plus has a lower 0.25% fee, and Loop Power has an even lower 0.10% fee. That’s quite attractive to businesses that frequently deal with foreign transactions.

Business Features

Unlimited users and cardholders are allowed on each account, with two free physical cards and 20 virtual cards for the Basic account and up to 10 physical cards and unlimited virtual cards for the Plus and Power accounts. This allows you to fine-tune access to your account. There's also integration with Quickbooks and Xero.

Account Providers

Loop’s business accounts are provided by:

Bank Accounts: Solid Financial Technologies, Inc.’s partner banks

The Loop Card: WFCU Credit Union (Windsor Family Credit Union)

Who is the Loop business account for?

With a relatively low FX fee, rewards on spend, and free international payments, Loop is a good choice for businesses transacting in multiple currencies. It’s low requirements also makes it a great small business account.

✅ Earn cashback on card purchases

❌ Not available to businesses in Quebec

❌ Fee to send wire transfers

Vault is a relatively new start-up founded in late 2021 that focuses on providing business banking accounts to small businesses and entrepreneurs. They advertise themselves as having the best FX rates in Canada and the first-ever multi-currency account with account details.

This means that you can open international bank accounts in the US, UK, and Europe without visiting a bank branch. This allows business owners to manage their finances much more efficiently than if they had to constantly exchange one currency for another when dealing with global customers or suppliers.

Local bank accounts allow you to receive payments from customers and vendors and hold them in these foreign currencies. When you wish to convert funds, Vault says you'll get the best FX rates with them.

Vault Debit Card

The Vault Mastercard Corporate Card lets you make purchases using the funds in your accounts, no matter the currency, with no monthly fee. If you currently have funds in the local currency in your account, you won't be charged any FX fees either. As a Mastercard, you can also use it worldwide wherever Mastercard is accepted.

Each physical corporate card is free per user, meaning that you can add additional users to the account such as employees, and you can pay $10 per additional physical card. There are also unlimited virtual corporate cards if you need to make payments online. These virtual cards can be instantly issued to employees online.

As a corporate card, you can fine-tune spending limits on each card. For example, you can limit the amount that can be spent and even where it can be spent, such as only being able to be used at a specific vendor or merchant category.

Besides having low-to-no FX fees, the Vault Corporate Card also gives you 1% cashback on all purchases. There’s no limit to the amount of cashback you can earn.

Vault Account Fees

Common with other digital business bank accounts, there's no monthly fee. Unlike Wise, there's also no account opening fee with Vault.

Sending and receiving domestic transfers, as well as receiving international wire transfers, is also free. However, there's a $10 fee to send international wire transfers, which is something that is free with Loop.

You can hold balances in CAD, USD, GBP, and EUR. Vault also allows you to send transfers in 36 currencies after the 0.35% currency conversion fee.

Bank transfers can be conducted by:

• EFT (Canada)
• ACH (United States)
• SEPA (Europe)
• Faster Payments (UK)
• SWIFT (International)

Similar to Wise and Loop, Vault offers QuickBooks and Xero integration. Employee spending limits on cards can also be set.

Vault offers fixed-term loans, lines of credit, and merchant cash advances. You can borrow as much as $300,000 and be approved in 24 hours.

To be eligible for financing, you must have operated as a Canadian corporation for at least six months and have at least $10,000 in monthly revenue.

Investments

Vault offers Guaranteed Investment Certificates (GICs) issued by Peoples Trust directly in your Vault business account. Term options range from 30 days up to 5-year GICs .

Vault’s business accounts are provided by:

Canada: Peoples Group and Digital Commerce Bank

United States: Community Federal Savings Bank

Europe and UK: Currencycloud and Barclays

Who is the Vault business account for?

Vault’s low fees, customizable corporate card, and loans and investment offerings make it a one-stop shop for businesses looking to streamline their financial management.

Wealthsimple Save for Business

✅ Earn interest on your balance

✅ Quick withdrawals to your external bank accounts

❌ For saving only, not for spending

❌ Only available for incorporated businesses

❌ Lower interest rate than other types of savings

Wealthsimple’s Save for Business account is a savings account, not a chequing account, for incorporated businesses in Canada. Rather than an everyday banking account, Wealthsimple Save for Business is a secure place to save and grow your business’s money.

You can’t use this account as a chequing account, and Wealthsimple requires you to already have a corporate bank account elsewhere in order to open and fund a Wealthsimple Save account.

Wealthsimple requires you to upload a bank statement showing your corporation's name when opening the account. You'll also need to provide your 9-digit federal Business Number. This means that this account is only available for corporations, not sole proprietorships or partnerships.

Once you open the account, you can quickly transfer money in and out of it with no fees. No monthly fee and no minimum balance means you can save as much or as little of your business' excess funds as you want. Withdrawals back to your corporate bank account take just one day. Since this is a business savings account, you won’t get a debit card to make purchases from this account.

As of September 2023, the interest rate paid on your Wealthsimple Save for Business balance is 1.1%. That’s higher than most business bank accounts but lower than other options, such as GICs.

Also offered by Wealthsimple is their Invest for Business account. This managed investment account lets you invest in a portfolio of ETFs .

Who is the Wealthsimple business account for?

For businesses looking to earn some interest on their excess funds that already have a business chequing account elsewhere.

Tangerine Business Savings

❌ Account opening requires consultation

The Tangerine Business Savings account is the high-interest savings account version of business bank accounts. With an interest rate well above that of other business bank accounts, this account offers a great way to save money for businesses of any size.

There is no monthly fee and no minimum balance combined with a high interest rate that varies based on your account size. As of September 2023, the rate you'll earn on your business savings are:

Tangerine Business Savings Interest Rate

Note: Rates as of September 2023

As a business savings account, you’ll need to already have a business chequing account elsewhere. They'll even contact you as part of the account opening process to make sure of this. This makes opening a Tangerine Business Savings account a lengthier ordeal than other banks.

Besides business savings, Tangerine also offers Business USD Savings Accounts and Business GICs. The Tangerine US Dollar Business Savings Account requires you to have both a regular Tangerine Business Savings Account and a US dollar business chequing account at another bank.

Tangerine Business GICs require a Tangerine Business Savings Account and is available for terms from 90 days all the way to 5 years. Rates can be as high as 6% for a 1.5-year term, available as of September 2023.

Who is the Tangerine business account for?

A high-interest savings account for businesses who might also be interested in holding USD or investing their funds in GICs.

Traditional Major Banks

Comparing major banks’ cheapest business accounts.

Note: Fees are as of September 2023

BMO eBusiness Plan

✅ Unlimited electronic transactions

✅ Bank digitally or in-branch

❌ Requires an appointment to open an account

Rare among Canada’s major banks is a no-monthly fee business account with unlimited free electronic transactions. BMO’s eBusiness Plan blows RBC, TD, CIBC, and Scotiabank’s small business offerings out of the water by providing free banking for businesses that can settle with digital banking while still having the option of in-branch banking for a fee. This makes BMO the best bank for small businesses in Canada.

On top of no minimum balance requirement, two free Interac e-Transfers per month, and no monthly fee, it also allows unlimited Moneris transactions for merchants with point-of-sale transactions (POS). However, you need to book an appointment to open a business account with BMO.

The Best Small-Business Bank Accounts in Canada

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada.

By RICHARD C. FORD

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada. 

You should avoid commingling business and personal funds to prevent confusion. Some business structures also do not allow commingling for regulatory reasons. The need for a second bank account is real. You want to avoid extra paperwork and fees.

All bank accounts incur administrative fees. There are ways to work around them. Some banks waive fees based on minimum account balances. It’s their effort to compete for your business. There are attractive offers for small business owners that scale with their companies. At this point, your revenue is probably limited. Anywhere that you can save on fees is a good deal.

As you browse the available bank account options, keep in mind that the fees shouldn’t make your final decision. It’s one factor. Think about what you’re trying to accomplish. You might be happy as a sole proprietorship. Some companies want to stay small. There are others that plan to grow.

When picking the best small business bank account, consider the fees. Also, consider the potential for growth. The bank that houses your business account can also be your lender and financial partner.  

The following is a list of the best small business bank accounts in Canada to consider.

If you already bank with a particular establishment, you may want to stay with them, especially if they’re on this list. Our list includes:

• BMO Business Start Bank Account
• eBusiness Plan

Scotiabank Right Size Account for Business

Cibc basic business operating account, cibc unlimited business operating account, rbc flex choice business account, rbc digital choice business account, td basic business plan, td everyday business account, factors that constitute a best small business account.

Banking fees pay the administrative costs of rendering services. A small business usually watches every cent that comes in and out. Budgeting for a \$6 monthly fee is not a slight afterthought. Take into consideration how often you’re going to make a deposit, pay your vendors, and transfer money. Each transaction requires oversight so that it is correctly completed every time.

Canadian banks are aware that small businesses are the heartbeat of the country, so they’ve made adjustments to their business accounts. Thanks to technology, some fees are offset with electronic, mobile, and app services.

Factors that constitute a best small business account are:

• Monthly fee amount
• Number of free transactions allotted per month
• Minimum balance required to keep the account open
• Number of fees waived based on minimum balance requirements
• Online banking options

Customer service also plays a role. If you feel appreciated by your banking representatives, that may outweigh the fees. If they nurture your business and goals, that’s something to keep in mind, too.

Here are our top picks for the best small business accounts in Canada broken down by bank.

Bank of Montreal (BMO)

Founded in 1817, the Bank of Montreal employs over 45,000 employees. In 2019, the Bank saw a revenue of $22.8 billion. Despite its size and multinational operations, BMO provides reliable customer service. They also offer small business bank accounts.

There is no shortage of business banking options. You can pick from six accounts. You’ll find that BMO’s fees are a little higher than other banks. The ability to switch between accounts at any time without a fee is the trade-off.

The BMO Business Start Bank Account ranks among the top inexpensive small business bank accounts.

BMO Business Start Account

This account features:

• No minimum balance
• A monthly fee
• Limited free transactions per month
• Fees for electronic, check, and deposits past the limited free transactions

The BMO Business Start account is a starter. Small business owners who require more free transactions per month can upgrade to the Business Builder 1, 2, or 3. 

The BMO Business Builder 4 account has the highest monthly fee if you maintain a balance below the designated minimum amount. If you maintain the minimum, the bank will waive the maintenance fee. There is no minimum monthly balance to keep the account open. You also receive the most free monthly transactions per month. 

Here’s how the numbers break down:

BMO eBusiness Plan

Another BMO small business account that ranks highly is the eBusiness Plan. This is an online-only account. It features:

• No limits on electronic transactions
• No monthly fees
• No minimum balance requirement

Bank of Nova Scotia (Scotiabank)

Founded in 1832, the Bank of Nova Scotia (Scotiabank) continues to service Canadian banking customers. The multinational banking and financial services company employs just over 100,000 employees. In 2019, it realized revenue of $32.8 billion. The bank is a member of Canada’s Big Five banks. It is the third-largest by bank deposits and market capitalization.

Like BMO, Scotiabank has no shortage of banking offerings for small businesses.

Scotiabank’s Right Size Account for Business is a top-rated and inexpensive option.

The Right Size Account for Business features:

• Fees per transaction over the free limited allowed

The Scotiabank Basic Business Account includes a higher monthly maintenance fee. This account waives the fee if you meet the monthly minimum threshold. For every minimum amount increment kept in the account, you receive a free transaction. Every transaction above the free transactions incurs a fee. Small business owners can opt for Canadian or United States dollars.

Here’s how Scotiabank’s small business accounts break down:

The bank also offers online banking features with ScotiaConnect and Mobile Banking for Business. ScotiaConnect includes:

• View account details
• Transfer funds
• Pay employees
• Wire transfers, send and receive

Mobile Banking for Business includes:

• View balances
• View statements
• Bill payment
• Account transfers

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) resulted from a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada in 1961. They were founded in 1867 and 1873, respectively. 

CIBC employs 44,000 employees. In 2019, it was a revenue of $18.6 billion.

The Basic Business Operating Account ranks among the best in the inexpensive category. 

CIBC’s Basic Business Operating Account features:

• No free transactions
• A free per transaction

A variety of account options is a benefit that a bank of this size offers. CIBC provides lower fees. Stricter rules on transactions is the trade-off. Here’s how their other small business bank accounts break down:

CIBC also offers online business banking options. Online banking transactions don’t count toward the allotted transaction limit. 

CIBC SmartBanking for Business allows customers to import payroll and relevant accounting data from current software. Online Banking for Business is like most online services. It allows customers to access account information, complete transfers, and pay bills.

The Bank provides a complementary online banking app for further convenience.

CIBC’s Unlimited Business Operating account scores high marks for small business owners who require a high volume of transactions monthly.

The CIBC Unlimited Business Operating Account is considered a package account. Clients receive unlimited transactions with cash, coin, and checks. Even though most small businesses run a modest shop, those that require more transactions without the fees can opt for this account.

Royal Bank of Canada (RBC)

Founded in 1864, the Royal Bank of Canada (RBC), the bank remains one of Canada’s big five banks. In 2020, it saw a revenue of $47.2 billion. RBC receives praise for keeping their small business banking accounts simple

Two of RBC’s business bank accounts receive high marks. The Flex Choice Business account and the Digital Choice Business account.

The RBC Flex Choice Business Account features:

• Unlimited items per deposit
• Electronic deposit fee
• Paper transaction fee
• Deposit fees

The RBC Digital Choice Business account is a worthy option for business owners who don’t write or deposit several checks. Its features include:

• Unlimited electronic debits and credits

Here’s how RBC’s business banking accounts break down:

The RBC Digital Account package includes the monthly fee. Customers enjoy unlimited electronic transactions per month. Charges are assessed to full-service deposits and transactions.

TD Canada Trust (TD)

Founded in 2000, Toronto-Dominion Bank (TD) came together as a result of the merger between Toronto Dominion and Canada Trust. This bank is a small operation that places a focus on small business and commercial banking. The operation includes 1,100 branches and 2,600 ATMs.

The TD Basic Business Plan account scores well with small businesses. So does the TD Everyday Business Account.

The TD Basic Business Plan is a good fit for the small business that does not complete several transactions or deposits on a monthly basis.

It features a:

• Monthly fee
• Free limited number of monthly transactions
• Free limited number of monthly deposits
• Fee per transaction and cash deposit after the free ones 

A high volume small business benefits from the TD Everyday Business Account. It’s still low cost. It features a:

• High monthly deposit amount

Banking with TD offers several business bank options and perks. From the available accounts, there is at least one that matches your needs.

Here’s how TD Canada Trust’s business banking accounts breakdown:

TD customers receive access to online and mobile banking applications. There is no digital account. 

 What Else Do You Need to Know? 

Now that you know the best small business bank account options in Canada, you are almost ready to go! However, there is some more general information you should keep in mind when setting up an account for your small business. 

Online Banks

Online business banking is catching on. The younger generation of entrepreneurs grew up with these tech tools. Those who would like to bank on the go at any time of the day can rest assured that there are non-brick and mortar options, too. 

Small business accounts offered by Canadian banks have limitations. They’re best for sole proprietorships and small businesses that don’t engage in a high volume of transactions and deposits every month. 

Five online banks to consider are:

• Simplii Financial, a subsidiary of CIBC
• Tangerine Bank, a subsidiary of Scotiabank
• Wealthsimple

Each online bank provides checking and savings accounts. Wealthsimple has a slight investing angle. It’s a convenient choice for small businesses that are interested in earning interest from their accumulated funds.

Bank vs Credit Union

Credit unions provide small business account options, too. Credit unions take deposits, provide loans, and offer savings accounts. They are member-owned, so they operate on a more personal scale. The process to become a credit union member is more strict. Those strict guidelines usually lead to more favourable interest rates on savings and debt.

If the fees still gnaw at your wallet, there are several ways to minimize them. In some cases, there are zero to no fees. Meeting the minimum balances is a great way to zero out monthly fees. Bundling financial products at one banking institution can lower fees, too. Knowing the monthly transaction and deposit helps you avoid fees. Simply plan around the limits. 

It’s best to limit the number of cards per account. Too many transactions lead to increased fees. Those who complete several transfers monthly might consider an account that also provides online banking. This avoids transfer fees.

Why Is a Small Business Bank Account Important?

Some business structures protect the business owner’s assets against litigation. In this case, it’s crucial to separate business and personal funds. A separate account does mean more paperwork, especially if you’re a sole proprietorship. In the long run, it’s advantageous.

By having two separate accounts, year-end tax accounting is more organized. Purchases, vehicle payments, and employee payments come from one designated account. If a mathematical error occurs, it’s easier to pinpoint the source.

Difference Between Personal and Business Account

Personal and business bank accounts both store people’s money. They indeed have several similarities, too. Both allow account holders to deposit and keep their funds safe. When you need to make a withdrawal, you can. Making payments directly from the account through checks or a debit card works in the same manner for both accounts.

Online banking is far more common today. The feature is available for both accounts, too. 

The differences between the two accounts are in the fee structure, legal restrictions, and additional paperwork. Simply put, a business banking account requires more maintenance. The fees charged cover the administrative costs of the transactions and deposits. 

Do You Really Need a Business Bank Account?

When you go through all the fee information, you might wonder if you really need a business bank account. A sole proprietorship may not need a business bank account. When a company has more than one employee, vendor, and other business partnerships, it’s essential to keep track of all the money.

Money flows very easily out of a bank account. This is one reason why accounting software is so popular. There must be a way to keep track of deposits, payments, and other transactions. Organizing your company’s financial records and information, even if it’s a small shop, makes tax season easier, too.

Small Business Bank Account Benefits

There are always two sides to every story and two sides to every coin. A small business bank account is no different. It has pros and cons.

The downside of business bank accounts is the fees. To qualify for a fee waiver, you must maintain balances that might be too high for a small business. Transactions are limited per month in most cases. 

To open a business banking account, you must provide extra documentation. Banks must verify that your company exists before granting the account.

In business, there are always trade-offs and compromises. Plenty of trade-offs exist that help you maximize your finances. 

Steps to Open a Small Business Bank Account

Opening a Canadian small business bank account is similar to opening a personal account. To prevent fraud, expect to present additional documentation.

Sole proprietorships must present a government-issued picture ID and business licenses. Partnerships and Corporations must present more information.

Partnerships must present:

• Government-issued picture ID
• Government-issued documents that acknowledge the partnership exists
• Registered trade name documents
• Legal paperwork that acknowledges the partnership

Corporations must present:

• Articles of incorporation
• Tax business number
• Business licenses
• Certificates of existence and compliance
• Government-issued picture ID of each person who will be an authorized user of the account

You must open most small business bank accounts in person at a branch location. Opening a bank account online is gaining traction. In either case, you must still collect proper identification, documents, and signatures.

There are usually no fees attached to opening a small business bank account. As soon as it’s opened, you can make your first deposit. To avoid fees, you should make the minimum deposit.

Best Small Business Bank Account in Canada Conclusion

There is enough variety and competition among Canada’s Big Five banks. This competition leads to an array of small business bank account options, which allows you to pick the account that best suits your needs in the present. Ideally, the bank account and institution will scale with you as your company grows. If you aim to stay small, the account and banking institution will nurture your financial needs.

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The Best Bank Accounts for Small Businesses in Canada April 2024

WRITTEN BY Jack Hauen   |   Personal Finance | UPDATED ON:  February 10, 2022

If you’re reading this, it likely means your small business is doing well enough that you might need a separate bank account. 

So, congratulations!

But being a small business owner comes with enough headaches. The last thing you want to do is sort through a million options for how to organize your firm’s cash flow and payments.

We’ve done the heavy lifting for you. Read on for our recommendations for the best small business bank accounts in Canada in 2022.

Can You Use a Personal Bank Account for Business Expenses?

It’s almost always wise to separate your business and personal accounts. This keeps things simpler come tax time. And there’s nothing that attracts the attention of the Canada Revenue Agency (CRA) like mixing personal and business spending. You’re basically asking for an audit.

That said, if you’re a sole proprietorship, and you don’t make a lot of business-related transactions, you might be able to get away with using just one personal account for both. 

Be warned, though: if your books aren’t in tip-top shape, things could get confusing fast. 

If you need to buy things often for your business, or if you have to pay employees, you’ll almost definitely need separate accounts. 

And if you run a corporation, it’s illegal to do business through your personal account.

What’s the Difference Between Personal and Business Bank Accounts?

Both personal and business bank accounts usually come with chequing and savings accounts. 

Just like you make purchases using your personal chequing account, your company’s chequing account is what you’ll use to buy inventory, pay employees, and make other business-related purchases.

The convenience of separating your company’s finances into a business account often comes with higher standard fees, though. There may be limits to the number of transactions you can make per month. And you may have to keep a minimum balance to avoid financial penalties. 

And opening one requires some paperwork to prove that you run a business. The bank is required to report this information to the CRA.

HSBC offers  Fusion , which allows customers to manage their personal and business accounts in the same place.

What Should You Look for in a Small Business Account?

When you’re looking at business bank accounts, you want to make sure you’re not getting ripped off. Here are some things to keep in mind: 

• Monthly fees:  Different banks have different price points.
• Minimum balance:  Check out how much you’ll have to keep in the account.
• Maximum monthly transactions:  Think about how many transactions you usually make per month and how many the bank allows for — as well as how much it costs to go over that amount.
• International fees:  If your company does business in other countries, look at the conversion rates and fees.
• Sign-up bonuses:  Some banks will give you cash bonuses or other goodies to get you into their ecosystem.
• Other perks:  Things like automatic bill payments or access to financial coaching could make all the difference for your small company.

Online Vs. In-Person Banking for Small Business

Gone are the days of traditional banks controlling all your financial options. There are a ton of new financial startups in Canada right now. Many are looking to beat banks at their own game, offering credit cards and perks to attract younger customers — like Koho,  Wealthsimple Cash , Neo Financial , and others.

Online-only competitors offer business savings accounts, sometimes with higher interest rates than regular chequing accounts — like the  Tangerine Business Savings Account . These are usually low, or no-fee options that can be helpful for sole proprietors with few business expenses to separate their business earnings. 

But the sole online-only bank to offer a business-specific chequing account right now is Alterna. You can use the popular online option EQ Bank’s chequing account for business purposes. But it won’t come with any perks that the major brick-and-mortar banks can provide, like free transactions or business advice.

Keep in mind that big, in-person banks also have online banking. There are more tantalizing offers for everyday spenders to switch to an online financial institution. But as of right now, there are few reasons not to go with a “big six” bank for business banking.  

How to Open a Business Bank Account in Canada

The process of opening a business bank account is getting easier every year. You’ll need to gather some documents, like your business name and registration — you likely won’t need to bring them to the bank. Most banks allow you to complete the entire process online. And they’ve invested in making the process straightforward to attract new clients.

Documents You’ll Need

Sole Proprietorship

• Government-issued photo ID
• Registered trade name
• Business license(s)

Partnership

• Legal paperwork about your partnership
• Tax documents

Corporation

• Government-issued photo IDs for you and the signing authorities
• Articles of incorporation
• Business number
• Certificates of existence and compliance

Best Bank Accounts for Small Businesses

Bmo ebusiness plan  .

• Monthly Fee: $0
• Minimum Monthly Balance: None
• Monthly transactions: Unlimited (electronic, not including e-Transfers)
• Other perks: Current offer: a free website for 6 months

The Bank of Montreal’s eBusiness plan is its most popular business account, and it’s easy to see why. It comes with no monthly fees, no minimum balance, e-Transfer daily limits of up to $3,000, and unlimited electronic transactions. If you do most of your banking on your tablet, computer, or smartphone, it can be a great choice.

However it doesn’t come with any free deposits.

For more flexibility, BMO’s  Business Start account  is $6 per month and comes with 7 free transactions, as well as 2 free e-Transfers. 

If you need a bit more, you can go with one of BMO’s lower-end  Business Builder accounts . For instance,  Business Builder 1  is $22.50 a month with no minimum balance, and 35 free transactions.

RBC Digital Choice Business Account

• Monthly Fee: $5
• Minimum Monthly Balance: None
• Monthly transactions: Unlimited electronic debits, credits, and cheque deposits, and 10 free outgoing e-Transfers ($1.50 per e-Transfer after)
• Other perks: Unlimited Moneris deposits

The Digital Choice account is another great choice if you’ll do most of your banking online. The monthly fee is cheap, but the paper transaction fees are where they’ll get you. 

A paper debit or credit transaction will cost $2.50 each, and cash deposit fees are $5 per $1,000 at a branch. 

If you think you’ll need to visit a branch to make in-person paper transactions, they cost half as much with the  Flex Choice Business Account . That account is only $1 more per month. RBC also has great bank account selections for students as well.

Scotiabank Right Size Account 

• Monthly Fee: $6
• Monthly transactions: $1.25 each (up to 15), $1.15 each (16-50), $1 each (51+)
• Other perks: Overdraft protection, online business taxes

The Bank of Nova Scotia’s Right Size account is a low-cost, straightforward option with no minimum balance. It comes with overdraft protection, a solid digital banking experience, and simplified business taxes.

The downside? It’ll ding you every time you make a transaction. Those can add up if you make a lot. 

There is another option if you’re confident you can keep a good amount of cash in your account, though. Scotia’s  Select Account  will refund its $20 monthly fee if you have $20,000 in the account. That comes with 25 free transactions, 50 free deposits, and up to $6,000 in cash deposits. Transactions are $1.50 past that limit. 

The Select Account’s number of free transactions goes up with higher minimum balances:

• $35,000: 70 transactions ($40 monthly fee if minimum balance isn’t met)
• $45,000: 125 transactions ($75 monthly fee if minimum balance isn’t met)
• $75,000: Unlimited transactions ($120 monthly fee if minimum balance isn’t met)

The  Scotiabank Basic Business Account  is another option. It has a $10.95 monthly fee which is waived with a minimum balance of more than $8,000.

CIBC Everyday Business Operating Account

• Minimum Monthly Balance: $15,000
• Monthly transactions: 30 free (including e-Transfers) then $1 each (self-service) or $1.25 each (full-service)
• Other perks: Deposit $3,000 per month for free

The Canadian Imperial Bank of Commerce's Everyday account is a cheap, no-frills small business solution that has no monthly fee — as long as you keep $15,000 in it. Its account package allows for $3,000 in cash, $300 in coin, and 25 cheques to be deposited each month for free.

The banks will also text you when you’re about to be dinged for non-sufficient funds, to give you a chance to get things in order. 

CIBC also offers advice sessions with business banking experts. 

For larger small businesses, the  CIBC Unlimited Business Operating Account  will waive its monthly fee with a minimum balance of $45,000. It comes with unlimited transactions.

TD Basic Business Plan 

• Monthly transactions: 5 free, $1.25 each after that
• Other perks: 5 free deposits per month

TD’s basic plan is barebones, but if your business doesn’t have a lot of transactions or deposits, it could be a great choice at just $5 a month. 

If you’re confident you can maintain at least a $20,000 monthly balance, you could go with a TD Every Day Business  plan. It costs $19 a month if you don’t maintain the balance. You’ll also get 20 free transactions and 50 free deposits per month. 

There are two other Every Day plans, each with 50 free deposits:

• $39 a month (waived with a $35,000 minimum balance), and 60 free transactions
• $72 a month (waived with a $45,000 minimum balance), and 120 free transactions

Best Online-Only Bank Accounts for Small Businesses

• Monthly Fee: $0 ($5 if minimum balance isn’t maintained)
• Minimum Monthly Balance: $3,000
• Monthly transactions: No limit for debit and credit transactions. Unlimited incoming e-Transfers, but just 6 free outgoing e-Transfers.
• Other perks: Introductory offer of no monthly fees for 6 months and a small business line of credit.

Right now, Alterna is the only online-only bank offering a chequing account for Canadian businesses. 

They’re specifically targeting small companies with their Small Business eChequing Account. It offers unlimited electronic debit and credit transactions, and unlimited incoming e-Transfers. If you pay your employees via e-Transfer, though, there’s a limit of 6 free ones per month.

Owners can also apply for small business loans from $500 to $300,000 online, through Alterna’s partnership with Thinking Capital.

Wise (Formerly Transferwise Business)

• Fee: $42 (one-time)
• Monthly transactions: Cost varies by currency
• Other perks: Low-cost international transfers and payments

Wise could be a good option if you do a lot of business across borders. 

Wise markets itself as a PayPal alternative with lower fees and instant transfers to hundreds of countries. It’s free (minus the fees) to just use its money transfer service .

But if you want to set up things like an IBAN, sort code, and routing number, there’s a one-time fee of $42.

It also costs $9 to order a Wise debit card. And  there are fees  to use ATMs, receive USD wire transfers, and hold more than €15,000 in euros.

It allows businesses to pay up to 1,000 people at once and offers convenient perks like multiple team members who can make payments. 

It secures funds through Barclays and Wells Fargo.

What type of bank accounts should a small business have?

Most business bank accounts come with a basic business savings account and chequing account. You only need one account to satisfy the legal requirements of incorporation. 

But it might be more convenient to have a chequing account to pay employees and make purchases; and a savings account for, well, savings.

Can you use the same bank for your personal and business accounts?

Yes. If you use RBC for your personal banking, there’s no reason you can’t use it for your small business as well. It will also make things straightforward to have everything under one “roof.”

That said, opening up a business account is a good opportunity to play the field. Check out offers and perks from other banks, which are always looking to poach clients from each other. You might end up switching your personal account as well!

Do you need a separate bank account for each incorporated business?

Yes. Each incorporated business must use separate bank accounts in Canada. These can be with the same bank. 

This is because each corporation is its own separate entity, and must be treated as such. If you’ve ever heard the term “corporations are people,” this ties into that legal precedent.

Do you need an incorporated company to open a business bank account?

Nope! You’ll need documents to prove that you run either a sole proprietorship, a partnership, or an incorporated company. See above for the full list.

Who can open a business bank account in Canada?

Anyone who owns a business! That includes a sole proprietorship, a partnership, or a corporation. You don’t even need to be a permanent resident to create a business bank account.

Do customers care if I use my personal account for business?

Aside from the tax and simplicity reasons to separate your personal and business finances, a separate business account can help the perception of your company. 

Using your personal account for business can make it look like your small business is a “side hustle,” and not a serious venture. 

While we can’t speak for every customer or supplier, some may take you more seriously if you have a separate bank account for your business.

Disclaimer: The writer of this article or employees of Stocktrades Ltd may have positions in securities listed in this article. Stocktrades Ltd may also be compensated via affiliate links in this post. Stocktrades Ltd will run advertisements on our posts. These advertisements do not represent an endorsement by us.

About the author, Jack Hauen

Jack Hauen is a journalist, freelance writer, and aspiring professional credit card churner. His reporting has appeared in Canada's top publications, including the Globe and Mail, Toronto Star and National Post. When he's not lurking r/PersonalFinanceCanada he can often be found in the Algonquin backcountry, wheezing through a portage that looked smaller on the map.

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TD Complete Checking

With three ways to waive the monthly maintenance fee, 1  a free linked savings account, plus extra perks for students and young adults—TD Complete Checking is made for everyone.

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• Monthly maintenance fee $0 or $15
• Fee can be waived in Three ways 1
• One linked personal savings account fee $0
• Minimum opening deposit $0

View the TD Complete Checking Account Guide

Three ways to waive your monthly maintenance fee

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Minimum daily balance

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Relationship account balance

Maintain a $5,000 minimum daily combined balance across all personal deposit accounts that you choose to link

Plus, waived fees for students and young adults

TD Complete Checking is even better if you're a student or young adult ages 17 through 23:

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• Non-TD ATM fees waived 3
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Life changes. Your checking account doesn't have to. TD Complete Checking is ready for wherever your journey takes you.

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Student perks Monthly Maintenance fee waived if the primary account owner is aged 17 – 23, 2  plus non-TD ATM fees waived 3

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Earns interest No

ATM fees No ATM fees at TD ATMs and non-TD ATM fees are waived if the primary account owner is aged 17 – 23 3

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TD Bank Contactless Debit Card 

Pay safely with a tap – your contactless debit card comes with 24/7 fraud monitoring

Free savings account

Build savings by waiving the monthly maintenance fee on one linked savings account of your choice

Get access to your money up to two business days early with eligible direct deposits 4

Open account

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Book an appointment at your local TD Bank to set up your account

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Important Disclosures

View the TD Complete Checking Account Guide .

1 TD Complete Checking monthly maintenance fee can be waived with one of the following: Have $500 or more in direct deposits within a statement cycle; OR maintain a minimum daily balance of $500; OR have a $5,000 minimum daily combined balance across all personal deposit accounts that you choose to link; OR if the primary account owner is aged 17 – 23.

2 TD Complete Checking monthly maintenance fee waived if the Primary account holder is 17 through 23 years of age. Upon the primary account holder's 24th birthday the account will be subject to the monthly maintenance fee unless account requirements that waive the monthly maintenance fee are met.

3 TD Complete non-TD ATM fee waived when the primary account holder is aged 17 through 23 only. Additionally, the institution that owns the terminal (or network) may assess a fee (surcharge) at the time of your transaction, including balance inquiries.

4 For certain eligible direct deposits, we may make funds available for your use up to two business days before we receive the funds from your payor with our service, TD Early Pay. There is no enrollment necessary and no fee for this service. Not all direct deposits are eligible for TD Early Pay. Eligible direct deposits are limited to electronic direct deposits such as your payroll, pension, and government benefit payments. Other deposits or credits to your account, such as deposits of funds from person-to-person payments services (e.g., Zelle®), check or mobile deposits, and other online transfers are not eligible for TD Early Pay. The Bank does not guarantee that any direct deposits will be made available before the date scheduled by the payor, and early availability of funds may vary between direct deposits from the same payor.

When funds are made available early, they will be reflected in your account’s available balance. Whether we make funds available early depends on (1) when we receive the payor’s payment instructions, (2) any limitations we set on the amount and frequency of early availability, and (3) standard fraud prevention screening.

If a direct deposit is not made available early, it will be made available in accordance with our Availability of Funds Policy described in the Personal Deposit Account Agreement (PDAA) . Except as expressly set forth in the PDAA, funds made available early are subject to the same terms and conditions as other deposits to your account. If we’ve made funds available early and the payor reverses or requests a return of the deposit, or the funds are otherwise uncollected by the Bank, you understand and agree that we may debit your account in accordance with our normal process found in subpart e) Direct Deposits, found in the PDAA, up to the amount of the deposit that was previously made available – even if you have already  withdrawn the funds or it creates an overdraft on your account, without prior notice from us and at any time. In this instance, you are responsible for any fees assessed – including those charged by merchants or third parties – as a result of the overdraft. TD Early Pay is offered at the discretion of the Bank, and we reserve the right to cancel the service at any time and without notice to you.

5 Send Money with Zelle® is available for most personal checking and money market accounts. To use Send Money with Zelle® you must have an Online Banking profile with a U.S. address, a unique U.S. mobile phone number, an active unique e-mail address, and a Social Security Number. Your eligible personal deposit account must be active and enabled for ACH transactions and Online Banking transfers. Message and data rates may apply, check with your wireless carrier.

Must have a bank account in the U.S. to use Send Money with Zelle®. Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Transaction limitations apply.

For more information, read the Terms and Conditions .

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Send Money with Zelle® is only available in English in secure Online Banking.

6 TD Bank Mobile Deposit is available to Customers with an active checking, savings or money market account and using a supported, internet-enabled iOS or Android device with a camera. Other restrictions may apply.  Please refer to the Mobile Deposit Addendum .

7 Loans subject to credit approval . A TD Bank personal checking account is required to be eligible for this 0.25% HELOC rate discount. This relationship discount may be terminated and the interest rate on your Home Equity Line of Credit account may increase by 0.25% upon closure of your qualifying checking account. For a Home Equity Loan, rate discount requires automatic payment deduction from a personal TD Bank checking or savings account. This discount may be terminated and the interest rate on this account may increase by 0.25% upon cancellation of the automatic payment deduction.

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