Setting Up a Business Bank Account
One of the first things to do after incorporating is opening a dedicated business bank account. You need to keep personal and corporate finances separate for tax, liability, and bookkeeping reasons. This guide covers the two accounts we recommend for new Ontario corporations, with honest pros and cons for each.
For informational purposes only. We have no sponsorship or affiliate relationship with any of the financial institutions mentioned.
What you'll need to open a business account
Most banks will ask for the following when opening a business account for a corporation. Gather these before you apply:
- ·Certificate of Incorporation
- ·Articles of Incorporation
- ·Organizational resolution (naming the directors and authorizing who can sign on the account)
- ·Business Number (BN) from the CRA
- ·Government-issued ID for each director or authorized signatory
- ·Your registered business address
Tip: Corpo stores your Articles, Certificate, and organizational resolutions in one place so you can pull them up immediately when the bank asks.
Wealthsimple Business Chequing
wealthsimple.com — Online-only · No monthly fee
Wealthsimple is best known as an investment platform, but their Business Chequing account has become a popular choice for small corporations that operate primarily online. If most of your transactions are digital — e-transfers, Stripe payouts, bill payments — it works well and costs nothing per month.
Pros
- + No monthly fee — genuinely free for the basics
- + No minimum balance requirements
- + Interest earned on deposits (cash earns a competitive rate)
- + Clean, modern app and web interface
- + Instant e-transfers with no per-transaction fees
- + Easy integration with Stripe and other payment platforms
- + Fast and mostly online account opening process
- + No need to visit a branch
Cons
- − No physical branches — cash deposits are not supported
- − No cheque book or physical cheque issuance (they have digital cheques)
- − Some suppliers and government agencies still require traditional wire payments or certified cheques — not always supported
- − Newer product — less proven track record than big banks
- − Customer support is chat/email only, no in-person help
- − Not ideal if your business involves regular cash handling (retail, etc.)
BMO Business Banking
bmo.com — Full-service traditional bank · Plans from $5/month
BMO (Bank of Montreal) is a Big 5 Canadian bank with a large Ontario branch network. Their Essential Business Account starts at $5/month and covers unlimited electronic and ATM transactions — a reasonable entry point for new corporations that need a traditional banking relationship. Higher-tier plans ($25 and $75/month) add in-branch transactions, larger cash deposit limits, and more e-Transfer room.
Pros
- + Full-service bank — cash deposits, physical cheques, wire transfers all supported
- + Wide branch and ATM network across Ontario
- + Essential plan is $5/month with unlimited electronic/ATM transactions
- + Easily recognized by suppliers, landlords, and government agencies
- + Business credit card and line of credit available in the same relationship
- + In-person support available for complex transactions
- + Online banking is mature and reliable
- + Free savings account included on all plans
Cons
- − Monthly fee from day one — $5/month for Essential, $25 for Everyday, $75 for Elite
- − Essential plan has no in-branch transactions included ($5 each if needed)
- − Essential plan caps Interac e-Transfers at 6/month ($1.50 each after that)
- − Essential plan has no cash deposit allowance ($2.50 per $1,000 deposited)
- − In-person appointment often required to open the account
- − Mobile app and online experience is functional but less polished than Wealthsimple
- − No interest earned on basic chequing deposits
- − Upselling is common once you're in the branch
BMO plan breakdown
| Essential $5/mo | Everyday $25/mo | Elite $75/mo or $0 w/ $75k balance | |
|---|---|---|---|
| Electronic/ATM transactions | Unlimited | 35 | Unlimited |
| In-branch transactions | 0 included | 35 included | 100 included |
| Items deposited | 0 included | 25 included | Unlimited |
| Cash deposits | $0 | $2,500 | $25,000 |
| Interac e-Transfers/mo | 6 | 15 | 500 |
| Extra e-Transfer | $1.50 each | $1.50 each | $1.50 each |
| Extra in-branch | $5.00 each | $1.50 each | $1.50 each |
| Extra items deposited | $0.25 each | $0.25 each | $0.25 each |
| Extra cash deposited | $2.50 / $1,000 | $2.50 / $1,000 | $2.50 / $1,000 |
| Paper statement | $5/mo | $5/mo | $5/mo |
| Savings account included | Yes | Yes | Yes |
Quick comparison
| Wealthsimple Business | BMO Business | |
|---|---|---|
| Monthly fee | None | $5/mo (Essential) · $25/mo (Everyday) · $75/mo (Elite) |
| Cash deposits | Not supported | Essential: $0 free · Everyday: $2,500 · Elite: $25,000 |
| Electronic/ATM transactions | Unlimited | Essential: Unlimited · Everyday: 35 · Elite: Unlimited |
| In-branch transactions | N/A (online only) | Essential: 0 included ($5 ea) · Everyday: 35 · Elite: 100 |
| Interac e-Transfers/month | Unlimited | Essential: 6 · Everyday: 15 · Elite: 500 |
| Physical cheques | Digital cheques only | Full cheque book |
| Wire transfers | Limited | Full support |
| Branch access | Online only | Wide Ontario network |
| Interest on deposits | Yes | No (basic plan) |
| Account opening | Mostly online | In-person appointment |
| Business credit card | No | Yes |
| App quality | Excellent | Good |
EURA's recommendation
For most new Ontario service-based corporations: start with Wealthsimple Business Chequing for day-to-day transactions — no monthly fee, unlimited e-transfers, and interest on your balance. If you need a traditional bank for specific suppliers, cheques, or credit products, add a BMO Essential account at $5/month as a secondary. The combination gives you the best of both worlds.
If your business involves regular cash handling, frequent cheque issuance, or a physical retail presence, go with BMO as your primary account from day one — the Essential plan is a reasonable starting point, with room to upgrade as transaction volume grows.
Ready for the next step?
Once your account is open, set up Stripe to handle invoicing and payments.