Best Business Savings Accounts in Canada (2026)

Most business owners focus their banking attention on chequing accounts — fees, transaction limits, e-Transfer costs. The savings account gets chosen as an afterthought, if at all. That is a mistake, because the gap between the best and worst business savings rates in Canada in 2026 is significant: Wealthsimple Business Cash earns up to 3.00% annually while TD Business Savings earns as little as 0.05% on the same balance.

On a $100,000 operating reserve — a reasonable size for an established small business — that difference amounts to roughly $2,950 per year in foregone interest. Over three years, it pays for significant equipment, a staff hire, or a year of accounting services.

A business savings account — unlike a personal HISA — serves a different purpose than your chequing account. It holds money that is not needed for immediate operations: your tax instalment reserve, a capital buffer for slow months, retained earnings awaiting deployment, or a fund building toward a specific purchase. The goal is to keep that money earning interest safely while keeping it accessible enough to move when you need it.

This guide covers the best business savings accounts in Canada in 2026, how to evaluate the trade-offs between online and Big 5 options, and strategies for structuring your business savings to maximize both returns and deposit insurance coverage.

Best Business Savings Accounts at a Glance

The table below summarizes the key details across the major options. Rates are the posted annual rates as of April 2026 and are subject to change without notice.

The pattern is clear: online-first institutions pay materially higher rates than the Big 5. If your business does not need branch-based savings management, EQ Bank and Wealthsimple are where the returns are. If you need savings tightly integrated with a Big 5 chequing account and lending relationship, the rate trade-off is the cost of that convenience.

Account Reviews

EQ Bank Business Savings Account

EQ Bank has built a strong reputation for paying above-market rates on both personal and business savings. The Business Savings Account earns 2.00–2.50% with no monthly fee and no minimum balance requirement. Transfers to and from linked business chequing accounts at other banks are free and unlimited, making it easy to park surplus funds here without disrupting your main banking relationship.

EQ Bank is a CDIC member institution, so deposits up to $100,000 are federally insured. The account is managed entirely online — there are no branches — which suits digital-first businesses but may be inconvenient if your team needs in-person banking support.

The main limitation is that EQ Bank does not offer a business chequing account, so you cannot consolidate all your business banking here. Most businesses use EQ Bank as a companion savings account alongside a Big 5 or credit union chequing account, moving funds as needed.

Best for: Businesses of any size that want the highest federally insured savings rate and are comfortable with online-only banking.

Wealthsimple Business Cash

Wealthsimple Business Cash currently leads the Canadian market on posted rates, offering up to 3.00% on business deposits. Like EQ Bank, it charges no monthly fee and requires no minimum balance. Deposits are held at partner CDIC member banks, providing federal deposit insurance.

The Wealthsimple platform is well designed and easy to use, and it integrates smoothly with Wealthsimple’s broader product ecosystem. However, it is not a traditional bank — there is no business chequing account, no cheques, and no branch access. It functions as a high-yield cash holding account, best used for surplus funds you want earning interest while remaining accessible.

One consideration: Wealthsimple’s rates are partly promotional and have historically fluctuated. Always check the current posted rate before making deposit decisions based on rate comparisons.

Best for: Tech-forward businesses comfortable with digital-only platforms that want the highest available rate on business savings.

RBC Business High Interest eSavings

RBC’s Business High Interest eSavings account earns 0.75–1.00%, which is modest compared to online options but has the significant advantage of being directly linked to RBC’s business chequing and lending products. Transfers between RBC accounts are instant, there are no transfer fees, and the savings account appears alongside your chequing in RBC’s business online banking dashboard.

For businesses with an existing RBC relationship — particularly those using RBC for lines of credit or business credit cards — keeping savings here avoids the friction of moving money to an external institution every time you need to top up your operating account. The convenience has a real value that partially offsets the lower rate.

Best for: Established RBC business banking customers who prioritize seamless integration over maximizing interest income.

CIBC Business Savings

CIBC’s Business Savings account earns 0.50–1.25%, placing it at the competitive end of the Big 5 range. Like RBC’s offering, its main appeal is integration with CIBC’s business chequing, credit cards, and lending products. CIBC also has a strong online and mobile business banking experience, which makes day-to-day cash management straightforward.

Best for: Businesses with a CIBC chequing account that want a simple, integrated savings solution without moving funds off-platform.

TD Business Savings

TD Business Savings earns 0.05–0.50%, making it the weakest paying option among the Big 5. The rate is unlikely to be a draw on its own — the account’s value is purely in integration with TD’s business chequing and the ability to sweep funds between accounts without delay. TD’s Unlimited chequing plan users in particular may find it convenient to park short-term cash here.

If you are a TD business banking customer with more than a few thousand dollars in savings, you would earn meaningfully more by opening an EQ Bank or Wealthsimple account for savings and simply transferring funds to TD as needed.

Best for: TD business banking customers with modest savings balances where the convenience of same-bank transfers outweighs the rate difference.

BMO and Scotiabank Business Savings

BMO eBusiness Savings (0.50–0.75%) and Scotiabank Business Savings (0.30–0.50%) follow the same pattern as CIBC and RBC — low rates relative to online competitors, with convenience being the primary value. If you already bank with BMO or Scotiabank, these accounts are easy to add and manage alongside your chequing. They are not worth switching institutions for on rate alone.

Meridian and Coast Capital Credit Union Savings

Meridian (Ontario) and Coast Capital (BC) offer an interesting middle ground: competitive rates in the 1.25–2.00% range, combined with branch access and lending relationships that online-only institutions cannot match. For businesses based in Ontario or BC, a credit union savings account can deliver meaningfully better rates than the Big 5 while still providing the relationship banking that incorporated businesses often need.

Deposits at Meridian are insured by DICO (Deposit Insurance Corporation of Ontario) and at Coast Capital by CUDIC (Credit Union Deposit Insurance Corporation of BC), providing provincial-level deposit insurance rather than federal CDIC coverage. The coverage limit and structure is similar to CDIC — $250,000 at Meridian through DICO — though the specifics vary by province and institution.

Best for: Ontario or BC businesses that want above-Big-5 rates without giving up branch access and lending products.

What Your Money Actually Earns: Rate Comparison

The difference between a 0.10% and 2.50% savings rate is abstract until you put it in dollar terms. The table below shows estimated annual interest at the posted rates, across representative account balances:

Estimated annual interest using midpoint of posted rate ranges. Rates are variable and subject to change.

At higher balances, the case for using an online account for at least a portion of your savings becomes compelling. A business keeping $200,000 in a TD Business Savings account at 0.275% earns approximately $550/year. The same balance at Wealthsimple earns $6,000. The friction of maintaining two accounts is easily worth that difference.

Features Comparison

Rate is the most important variable for a savings account, but a few other features matter:

One practical note on e-Transfer access: EQ Bank and Wealthsimple allow outgoing e-Transfers directly from the savings account. At Big 5 banks, you typically need to transfer funds to your chequing account first, then send the e-Transfer. This is rarely a significant inconvenience but worth knowing if you pay contractors or suppliers directly from savings.

CDIC Coverage for Business Savings

Deposit insurance for business accounts works slightly differently than for personal accounts, and it is worth understanding before parking large sums.

CDIC (Canada Deposit Insurance Corporation) insures eligible deposits at member institutions up to $100,000 per depositor per deposit category. For business accounts, the key point is that deposits held in the name of a corporation are insured separately from personal deposits held by the same individual. This means a business owner with $100,000 in a personal savings account and $100,000 in a corporate savings account at the same bank has $200,000 in CDIC-insured deposits.

Note that business savings and business GICs held at the same institution are covered under the same $100,000 category — they do not each get their own $100,000 limit. If your business has $80,000 in a savings account and $60,000 in a GIC at the same CDIC member bank, only $100,000 is insured.

If your business holds more than $100,000 in savings, the practical solution is to spread deposits across multiple CDIC member institutions. Two accounts — one at EQ Bank and one at a Big 5 bank — gives your business $200,000 in coverage. Three institutions gives $300,000, and so on. Credit unions offer additional coverage through provincial deposit insurance corporations, and their coverage limits are often higher than CDIC’s.

Who Can Open a Business Savings Account

Business savings accounts are available to all Canadian business structures, though documentation requirements vary:

Sole proprietors have the most flexibility. Because a sole proprietorship is not a separate legal entity from the owner, some institutions allow business funds to be held in a personal HISA. However, this creates bookkeeping problems — mixing personal and business savings complicates tax preparation and makes it harder to track business cash flow. A dedicated business account, even for a sole proprietor, is worth the minor extra setup.

Incorporated businesses have no choice: corporate funds must be held in an account registered in the corporation name. Using a personal account for corporate savings is a legal and tax problem, and CRA takes a dim view of it.

Business HISA vs Business GIC

A high-interest savings account and a guaranteed investment certificate are both tools for earning interest on idle business cash, but they serve different needs.

A business HISA keeps your money fully accessible. You can withdraw or transfer any amount at any time without penalty. The trade-off is that the rate is variable — it can drop if interest rates fall — and the rate is typically lower than what a GIC pays for the same time horizon.

A business GIC locks your money for a fixed term (30 days to 5 years, typically) in exchange for a higher, guaranteed rate. If the Bank of Canada cuts rates during your GIC term, your rate does not change. The downside is that early withdrawal is usually not permitted, or comes with a penalty that erases a portion of the earned interest.

For most small businesses, the right approach uses both: a HISA for operating reserves and short-term buffers, and one or more GICs for funds that are not needed for at least three to six months. This is often called a GIC ladder — staggered maturities that ensure some funds are always coming available without locking everything up for the same term.

Strategies for Business Savings

Keep Three to Six Months of Expenses in a HISA

The foundational business savings strategy is maintaining a liquid operating reserve. Three months of fixed expenses is a minimum; six months provides meaningful protection against a slow period, a delayed client payment, or an unexpected equipment failure. This reserve should be in a HISA — immediately accessible, earning interest, not locked up in a GIC.

Use a GIC Ladder for Predictable Future Expenses

If your business has predictable large future expenses — a tax instalment payment, annual insurance renewal, a planned equipment purchase — you can maximize returns by placing those funds in short-term GICs timed to mature just before you need the money. A simple ladder might involve three GICs maturing at three, six, and nine months, each holding one quarter’s estimated tax liability.

Spread Deposits Across Institutions for CDIC Coverage

If your business accumulates savings above $100,000, split funds across at least two CDIC member institutions to maintain full coverage. The most common approach is keeping working capital at a Big 5 bank and parking longer-term savings at EQ Bank or Wealthsimple, where the rates are better anyway.

Set Aside Tax Instalments Immediately

Incorporated businesses owing more than $3,000 in federal tax are required to make quarterly instalment payments. The CRA charges interest on late or insufficient payments at the prescribed rate, which has been 9–10% in recent years — far higher than any savings account earns. Setting aside each instalment as soon as the quarter ends, in a dedicated HISA earning 2–3%, ensures the money is there when it is due and earns something in the meantime.

Related Resources

• Best Business Bank Accounts Canada
• Best USD Business Savings Accounts Canada
• How to Open a Business Bank Account in Canada
• Best HISA Accounts Canada
• Best GIC Rates Canada
• Best Online Banks Canada
• Savings Hub: Best HISAs, GICs & Savings Accounts in Canada