Any suggestions for No Fee Business banking? | Small business accounts | Discussion forum

I know that HSBC Bank Canada used to be one of the favoured banks among small businesses but, with the HSBC Business Direct now only a "grandfathered account" (i.e., that is to say it is maintained for existing account holders but no further accounts are being sold), its focus has shifted to that of large corporations with internationally-connected operations. They still maintain the HSBC BusinessVantage account for small- and medium-sized enterprises, but as it does have a monthly fee of $22.50 per month, cannot really be considered a "no fee" business banking package.

I am not aware of any business banking product currently on the market that is truly "no fee", whether for self-serve or in-branch transactions.

To reduce your monthly fees, you might try RBC Royal Bank's $6 small business account for accounts with minimal transactional needs. Beyond that, CIBC has a fairly decent Business Operating Account for businesses at between $35 per month (no deposit content fees for the first 100 cheques, $1000 in coin and $15,000 in cash per month). You might also try your local credit union as some, like Valley First and Envision Financial offer an unlimited business banking account for only $20 per month and no deposit content fees (huge deal!) with no minimum balance required.

I wish I could be more helpful.

Cheers,
Doug