EQ Bank vs TD for Canadian businesses (2026)

How we compared EQ Bank and TD

Treasi compared EQ Bank’s Business Account and TD’s Business Digital Account across the seven areas we review for every business: cash management, foreign exchange, multi-currency accounts, global payments, account fees, wire fees and corporate cards. We used each bank’s published business terms, EQ Bank’s business fees-and-features pages (checked 1 November 2026) TD’s business credit card comparison page and TD’s published explanation of how it sets exchange rates. Where a fee was only available from third-party fee guides, we label it “reported” and recommend confirming it with the bank. Rates and fees change, so check current terms before you open an account.

EQ Bank vs TD at a glance

Cash management: where your cash earns more

For cash that sits in the account, EQ Bank has the clear advantage. Its Business Account pays a variable 2.25% on all balances with no monthly fee and no minimum, and allows up to ten Business Accounts per business, which helps separate taxes, payroll and reserves. Business GICs range from 2.50% for 3 months to 3.50% for 2 years for money you can lock away.

The difference is material. C$100,000 at 2.25% earns about C$2,250 a year, while the same cash in a standard big-bank savings account paying about 0.01% earns about C$10.

Two EQ limits matter for cash management. The total balance across a business’s EQ accounts is capped at C$500,000, and that capacity is not the same as deposit insurance: CDIC protects eligible deposits up to C$100,000 per insured category, and EQ Bank and Equitable Bank deposits are combined for that limit. Sole-proprietorship deposits are also combined with the owner’s eligible deposits.

TD’s Business Digital Account is an operating account designed for transactions rather than interest. TD offers separate business savings accounts and GICs, so a TD client can earn interest by moving reserves into those products. Compare their current rates on your actual balance with EQ’s before deciding.

Foreign exchange and multi-currency accounts

Neither bank is built for frequent currency conversion.

EQ Bank’s US Dollar Account and its international money transfers powered by Wise are personal-banking products. EQ’s business fee schedule covers CAD e-Transfers, EFTs and bill payments, and does not list a business USD account or business currency conversion. A business that earns or spends US dollars would need another provider.

TD offers separate USD business accounts alongside CAD, which lets a business hold US dollars. TD says it sets its retail exchange rates from interbank rates, adjusted throughout the day for the amount, whether cash is involved, and its own costs and risks. Independent rate monitors have estimated TD’s margin on major currencies at about 2.6% to 3.3% above the mid-market rate (reported). Business clients with regular volume can often negotiate better rates, especially with competing quotes. To check your margin, compare each conversion with the interbank rate at the time it was executed.

For businesses that convert regularly, specialist accounts publish much lower costs, such as Venn at 0.25% to 0.45% by plan, with CAD, USD, GBP and EUR accounts.

Global payments and wire fees

EQ Bank’s Business Account supports domestic payments: Interac e-Transfers, EFTs to linked accounts and bill payments, including CRA payments. Its published business schedule does not list wires or international payments, so it isn’t suitable for paying overseas suppliers directly.

TD supports international wires. TD’s Canadian business wire fees are reported by fee guides at about C$50 for an outgoing international wire and C$17.50 for an incoming wire, before the exchange-rate margin and any intermediary bank deductions. Confirm current fees in TD’s business service-fee schedule.

What a US$20,000 supplier payment costs

This example uses the Bank of Canada daily rate of 1.4038 on 27 October 2026 as a simple reference (C$28,076).

Account fees compared

EQ Bank has no monthly fee. Its free allowances cover 50 outgoing and 100 incoming Interac e-Transfers a month, then C$0.50 each, while EFTs and bill payments are free. Outgoing e-Transfers are limited to C$10,000 per transfer and per 24 hours, C$30,000 weekly and C$50,000 monthly, and outbound EFTs to a linked bank are limited to C$30,000 per transaction.

TD’s Business Digital Account costs C$6 a month, or C$72 a year, and includes unlimited electronic transactions and deposit items plus 10 Interac e-Transfers a month. Cash handling and specialist services are charged separately.

For a business sending 60 e-Transfers a month, EQ’s ten extra transfers cost C$5. On TD, transfers beyond the 10 included carry TD’s per-transfer fee, so check TD’s schedule against your volume.

Corporate and business credit cards

EQ Bank offers no business credit card. TD offers four Visa business cards:

The Business Cash Back Visa earns 2% in Cash Back Dollars on eligible gas, EV charging and transit, office supplies, and recurring bill payments, and 0.5% on other purchases. TD business cards are reported to charge a 2.5% foreign transaction fee, so businesses spending in USD should compare cards with no FX fee.

Which should you choose?

Choose EQ Bank if you are a registered sole proprietor or eligible corporation outside Quebec, your payments are mainly domestic and in CAD, a single signing officer works for you, and you want your operating cash to earn interest with no monthly fee.

Choose TD if you need branches, cash deposits, lending or a credit line, multiple users, USD accounts, international wires or business credit cards from the same bank.

Combine them, or add a specialist, if you want both: many businesses keep a full-service bank for lending and cards, park reserves where they earn more, and use a specialist for currency conversion and international payments.

Common mistakes

• Choosing on monthly fee alone and ignoring payment limits and eligibility.
• Assuming EQ’s personal USD and international transfer features apply to business accounts.
• Sending international wires at posted exchange rates without comparing a specialist quote.
• Treating EQ’s C$500,000 balance capacity as insured funds.
• Holding large reserves in an account that pays little or no interest.