Key takeaways
- Give each account a clear job.
- Keep idle cash where it earns interest.
- Check deposit protection limits at each institution.
- Track all balances in one place.
Give each account a job
| Account | Role |
|---|---|
| Main operating account | Payroll, bills, everyday payments |
| Multi-currency account | Foreign customers, suppliers and staff |
| Interest-earning account | Reserve cash you don’t need this month |
Deposit protection
In Canada, CDIC protects eligible deposits at member institutions up to C$100,000 per insured category. Businesses holding larger balances sometimes spread cash across institutions; check how each provider holds and protects your money, especially fintechs that hold funds through partner institutions.
A worked example
A business keeps two months of expenses in its main account, holds USD in a multi-currency account for US costs, and moves surplus reserve cash to an account that pays interest, reviewing balances every month.
Common mistakes
- Leaving large balances idle in accounts that pay no interest.
- Opening accounts without deciding what each one is for.
- Losing track of balances across banks.
Providers that can help
Compare these providers, then request a free, no-obligation quote.
Multi-currency account from C$0
C$0 Monthly fee
Big-bank operating account from C$6
C$6 Monthly fee
Free account for USD, GBP and EUR
C$0 Monthly feeFAQs
Should a business use more than one bank?
Many do, to separate everyday banking from foreign currency and reserves, earn more on idle cash, and avoid relying on one provider.
How much of my business deposits are protected?
CDIC protects eligible deposits at member institutions up to C$100,000 per insured category. Check how each provider holds and protects your money.
Where should I keep reserve cash?
In an account that pays interest on balances you won’t need soon, while keeping enough in your operating account for regular expenses.
Sources: Canada Deposit Insurance Corporation; providers’ published account terms.