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Canadian Small Business Chequing Accounts Compared

I recently have been looking at different bank websites to see what they offer for a low-fee small business chequing account. I thought I would write this brief summary of my findings in case anyone out there finds it useful, including the banks.

Here's the banks I visited, and my rankings:

  1. Royal Bank - their pay-as-you-go account seems to be the lowest ($6.00/month min.), and I found the information fairly easily.
  2. TD Canada - their pay-as-you-go account came in at $8.00/month and I found the information fairly easily.
  3. Affinity Credit Union - they are only 3rd place because their site was attractive and easy to navigate. They did not post their service charge rates in an obvious place, so I left. Conexus Credit Union was similar.
  4. CIBC - Easy to navigate but did not post their fees. Expected me to make an appointment to find out.
  5. Scotiabank - took way too many clicks to find what I wanted, then expected me to download a 4 MB pdf to see the fees. I bailed out.




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