Small Business Bank Account For those in business to make.

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.

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.

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. 

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. 

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.

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.

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.

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.