Key takeaways
- Standard big-bank business savings often pay about 0.01%; leading fintech and online accounts pay about 2% to 2.5%.
- Float pays 2.5% on CAD and USD, EQ Bank 2.25%, and Venn 2% plus promotional boosts on new balances.
- Tiered big-bank accounts pay more as your balance grows, so check the rate for your actual balance.
- Promotional rates are temporary and often apply only to new deposits.
- Check how each provider protects deposits before moving large balances.
The best business interest rates in Canada at a glance
These are the standard rates each provider publishes, checked in October 2026. Rates are variable and can change at any time.
| Provider | Account | Standard rate | Promotion | Monthly fee | Currencies |
|---|---|---|---|---|---|
| Float | Business Account | 2.5% on CAD and USD | None currently | C$0 | CAD, USD |
| EQ Bank | Business Account | 2.25% on all balances | Business GICs 2.50%–3.50% | C$0 | CAD |
| Venn | Business Account | 2% on CAD and USD | 2.75% CAD / 3.00% USD on new balances for 12 months | C$0 (Essentials) | CAD, USD, GBP, EUR |
| Wealthsimple | Business Chequing | 1.25%–2.25% by total Wealthsimple assets | None | C$0 | CAD |
| BMO | Business Premium Rate Savings | Tiered from 1.50% | Limited-time promo on new deposits of C$10,000+ | C$0 | CAD, USD |
| National Bank | Business Investment Account | Tiered from 1.25% | None | C$0 | CAD |
| Scotiabank | Business Investment Account | Tiered, up to 2.25% CAD / 3.05% USD at the highest balances | None | C$0 | CAD, USD |
| Standard big-bank savings | Typical business savings | About 0.01% | — | Varies | CAD |
What your business could earn in a year
The difference between rates looks small as a percentage, but it adds up quickly on real balances. Here is what a full year of interest looks like at standard rates, before tax.
| Cash balance | At 0.01% | At 2.00% (Venn standard) | At 2.25% (EQ Bank) | At 2.50% (Float) |
|---|---|---|---|---|
| C$50,000 | C$5 | C$1,000 | C$1,125 | C$1,250 |
| C$250,000 | C$25 | C$5,000 | C$5,625 | C$6,250 |
| C$1,000,000 | C$100 | C$20,000 | C$22,500 | C$25,000 |
A business holding C$250,000 in a standard savings account at 0.01% earns about C$25 a year. The same cash at 2.5% earns about C$6,250, a difference of more than C$6,000 for the same money, with no lock-up.
Which account suits your business?
Best flat rate on CAD and USD: Float
Float pays a flat 2.5% on every dollar in CAD and USD, with no minimum balance, no spending thresholds and no monthly fee. Funds are held in trust accounts at CDIC-member institutions. It also suits businesses that want corporate cards and spend management on the same platform.
Best for multi-currency businesses: Venn
Venn pays a standard 2% on CAD and USD balances with no minimums or caps, and runs promotional boosts on net-new balances, recently 2.75% on CAD and 3.00% on USD for 12 months (up to 3.5% on USD balances over US$1 million). It also offers GBP and EUR accounts, GICs from 2.45% and low-cost currency conversion, which makes it a strong fit for businesses that pay and get paid across borders.
Best from a licensed bank, plus GICs: EQ Bank
EQ Bank’s Business Account pays 2.25% on all balances with no monthly fee or minimum, and up to 10 sub-accounts for taxes, payroll and expenses. Its Business GICs range from 2.50% for 3 months to 3.50% for 2 years. It is CAD-only and not available in Quebec.
Best if you already invest with Wealthsimple
Wealthsimple Business Chequing has no monthly fee and pays 1.25% when your combined Wealthsimple assets are under C$100,000, rising to 2.25% at C$500,000 or more. It is open to incorporated businesses with a federal business number.
Best if you want to stay with a big bank
BMO, National Bank and Scotiabank all offer tiered business savings with no monthly fee. Rates rise with your balance: BMO starts at 1.50% under C$10,000, National Bank at 1.25% under C$20,000, and Scotiabank’s top tiers reach 2.25% CAD and 3.05% USD only at the highest balances. They suit businesses that value a single banking relationship, branches and lending.
Standard rates vs promotional rates
A standard rate applies to your balance on an ongoing basis. A promotional rate is a temporary boost, often limited to new deposits and to a set period, such as 12 months, after which the standard rate applies. When comparing accounts, use the standard rate to judge long-term value and treat a promotion as a bonus.
Why tiered rates need a closer look
Tiered accounts pay different rates depending on your balance, so the headline “up to” rate may only apply to very large balances. Scotiabank’s top tiers, for example, apply at C$7.5 million and above. Always check the rate for your actual balance before you compare.
How business deposits are protected
CDIC protects eligible deposits at member institutions up to C$100,000 per insured category. Licensed banks such as EQ Bank, BMO, National Bank and Scotiabank are CDIC members. Fintech providers usually hold client funds through partner institutions or in trust, so protection depends on how each provider holds your money. Check each provider’s terms, especially for balances above C$100,000.
Operating cash vs reserve cash
Many businesses split their cash in two. Operating cash covers the next one to three months of payroll, bills and suppliers, and should stay instantly accessible in an interest-paying account. Reserve cash you won’t need for several months can earn more in a term deposit or GIC, such as EQ Bank’s Business GICs (up to 3.50% for 2 years) or Venn’s GICs (from 2.45%).
How to choose: a quick checklist
- Compare standard rates on your actual balance, not just headline or promo rates.
- Check currencies: if you hold USD, choose an account that pays interest on USD too.
- Confirm access: no lock-ups on operating cash; term deposits only for true reserves.
- Read the protection terms and how funds are held.
- Look at fees and transaction limits, not just the rate.
- Check eligibility: some accounts are for incorporated businesses only or exclude certain provinces.
Common mistakes
- Leaving large balances in a chequing or savings account that pays almost nothing.
- Choosing an account for a promotional rate without knowing the standard rate after it ends.
- Assuming the top tier applies to your balance.
- Moving reserve cash into a term deposit without keeping enough accessible for operations.
Compare every account side by side on the Treasi cash management page, and use the idle-cash calculator to see what your balance could earn.
Providers that can help
Compare these providers, then request a free, no-obligation quote.
2% standard on CAD and USD, with promotional boosts
C$0 Monthly subscription
2.25% on all balances, plus Business GICs
C$0 Monthly fee
No-fee chequing paying 1.25% to 2.25%
C$0 Monthly feeFAQs
Which Canadian business account pays the highest interest?
Among standard published rates checked in October 2026, Float pays 2.5% on CAD and USD balances, EQ Bank pays 2.25%, and Venn pays 2% with promotional boosts on new balances. Rates change often, so compare current rates before you move money.
How much interest do big-bank business savings accounts pay?
Standard big-bank business savings accounts often pay about 0.01%. Some big banks offer tiered business savings that pay more as your balance grows, such as BMO from 1.50% and National Bank from 1.25%.
Do fintech business accounts pay interest on US dollars?
Some do. Float pays 2.5% on USD balances and Venn pays a standard 2% on USD, with promotional rates on new USD balances. EQ Bank and Wealthsimple Business Chequing pay interest on CAD only.
What is the difference between a standard and a promotional rate?
A standard rate applies to your balance on an ongoing basis. A promotional rate is a temporary boost, often limited to new deposits and to a set period, after which the standard rate applies.
Are business deposits protected in Canada?
CDIC protects eligible deposits at member institutions up to C$100,000 per insured category. Fintech providers often hold funds through partner institutions or in trust, so check how each provider protects your money.
Should my business use a GIC?
A GIC can pay more in exchange for locking money for a set term, such as EQ Bank’s Business GICs at 2.50% to 3.50%. Many businesses keep operating cash accessible and use GICs only for reserves they won’t need for months.
How much more could my business earn by switching accounts?
At 0.01%, C$250,000 earns about C$25 a year. At 2.5%, it earns about C$6,250, so switching could earn over C$6,000 more a year on the same balance.
Sources: Float, Venn, EQ Bank, Wealthsimple, BMO, National Bank and Scotiabank published account terms, checked October 2026; Canada Deposit Insurance Corporation.