Finding the right banking partner for entrepreneurs, small businesses, and self-employed individuals can be be particularly challenging in Canada. Every dollar counts for startups and small businesses especially for bootstrapped companies. The consensus among Canadian entrepreneurs is that there is a big need for more forward banking to support up coming startups.
After many months of development and feedback from Canadian entrepreneurs, we’re beyond thrilled to bring you the Top Banks for Entrepreneurs for personal accounts. This is for everyday chequing banking! With these personal accounts you can make every dollar stretch and save on banking fees.
| Ranking | Bank | Personal Account |
|---|---|---|
| 1 | Tangerine | $0 chequing account fee unlimited transaction |
| 2 | Simplii Financial | $0 chequing account fee unlimited transaction |
| 3 | Scotiabank | $3.95/monthly chequing account with 12 transaction |
| 4 | TD Canada Trust | $3.95/monthly chequing account with 12 transaction |
| 5 | BMO | $4/monthly chequing account with 12 transaction |
| 6 | CIBC | $4/monthly chequing account with 12 transaction |
| 7 | RBC | $4/monthly chequing account with 12 transaction |
| 8 | National Bank | $3.95/monthly chequing account with 12 transaction |
| 9 | HSBC | $4/monthly chequing account with 14 transaction |
| 11 | Motusbank | $0 chequing account unlimited transaction |
| 12 | Laurentian Bank | $4/monthly chequing account with 12 transaction |
| 13 | Meridian Credit Union | $5/monthly chequing account with 15 transaction |
| 14 | Manulife Bank | $10/monthly chequing and saving account |
1. Tangerine
Tangerine ranks the top spot for personal banking. This is a completely digital bank with the best service for everyday banking needs in the chequing category. It has no mimum or monthly fee and is best suited for those looking to save every day. Tangerine is product of Scotiabank, which used to be called ING Direct. Remember those commercials for ING Direct? Scotiabank acquired Tangerine and later rebranded it to Tangerine.
You can open a Tangerine account using our Orange Key 69033287S1 and get a $50 bonus via @TangerineBank.Â
2. Simplii Financial
This is another no fee chequing account. This is similar to Tangerine, which is offered by CIBC. There are no banking branches for digital banks. It’s mobile friendly and you can directly sign up on the site.
3. Scotiabank
Scotiabank is good choice for basic everyday banking. The basic package is $3.95/monthly chequing account with 12 transaction. Scotiabank has another higher tier as well with $3,000 you can waive the monthly fee.
4. TD Canada TrustÂ
TD Canada Trust is known for its trading platform but what about everyday banking needs? Everyday chequing account is $3.95/monthly chequing account with 12 transaction. There’s a TD branch almost every where you go in Canada!
5. Rest of the list
Some new players in the banking include Motusbank by Meridian Credit Union. This is completely digital bank, which is similar to Tangerine and Simplii Financial with no banking fees!
We are working on releasing the next report on Business Bank Accounts, Saving, and Investments including trading. If you’re offering an innovative banking solutions, get in touch to partner with our startup community.
About the Author
Eric Rafat is a passionate founder with expertise in startups, building high-performing teams, and growth marketing. He is a top ranked tennis player and always up for a conversation about startups and tech. Connect with Eric here.