Tired of banks that take (when you’re here to make)?
Our Small Business Bank Account comes with no monthly fees, no minimum balance, free unlimited transactions*, and high interest. Seriously. All so you can spend
less time (and money) on your expenses and more time on what’s important—your business.
All of the benefits. None of the costs.
We’re not in the business of hustling your business. Enjoy simple, transparent everyday banking with:
When will the Small Business Bank Account become available?
We’re currently working on making the account available as soon as possible. If you’d like to be notified when you can open one, add your name to our wait list.
What is the Small Business Bank Account?
The Small Business Bank Account is an account to manage your business transactions, like customer payments, bill payments, and deposits. You’re charged zero fees for your everyday business transactions and you earn interest on your balance, right up until you spend it.
Who can open this account?
All EQ Bank customers must:
Be a Canadian resident
Have a Social Insurance Number (optional for incorporated businesses)
Have authority and power to bind the business with respect to opening the account
You can open an account if you own a small business (incorporated or unincorporated) or are a registered/unregistered sole proprietor.
Note the Small Business Bank Account will not be available for Quebec residents and businesses.
Why should I open a Small Business Bank Account?
Many other banks charge high and unpredictable fees—the Small Business Bank Account does not. Plus, it comes with a lot of benefits not seen elsewhere, including fully digital sign-up, no monthly fees, unlimited transactions*, no minimum
balance requirements, and high interest.
It’s also a great way for you to separate your business transactions from your personal, which saves you time and makes for easier tax reporting, bookkeeping, and financial planning.
Will my deposits be covered by CDIC?
Yes—deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s " Protecting Your Deposits."
EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the CDIC.
How is this account different from the personal Savings Plus Account?
The Savings Plus Account is a personal account for everyday banking unrelated to your business.
The Small Business Bank Account is a business account designed for easier management of your business finances for government and tax reporting purposes, bookkeeping, and cash flow.
Can I open an account if I already have a personal Savings Plus Account?
Of course! As an existing customer, the process is simple and requires standard information about your business. You’ll also be able to transfer funds between your personal and business accounts.
Will this account be available in Quebec?
Unfortunately, the Small Business Bank Account will not be available in the province of Quebec. To see which products are available for residents of Quebec, visit our Quebec personal banking page.
Want to also earn more on your personal savings? Get high interest and better everyday banking in minutes.
While you wait to open your Small Business Bank Account, start earning high interest on every dollar today!