Savings Accounts
Reward yourself by earning interest on the savings you have built through your business.
Save now for the future of your business.
Multiply your successes
Create new opportunities for growth with the interest earned on your extra cash.
For the wise business person
If you've planned your cash flow wisely and have a bit extra, our business savings accounts - with no monthly fees - help you earn on that extra cash.
No fees no worries
No monthly fees and earned interest make it easy to anticipate and control business expenses.
Find the right savings account for your business.
Grow your cash flow
Business Savings Account
You've planned your cash flow wisely and have some extra. Why not earn interest and reward yourself for wise decision-making?
Earn from substantial savings
T-Bill Savings Account
Reap the rewards of a large cash balance with a premium interest rate and access your money when you need it.
Get matching government funds
AgriInvest Savings Account
This government program will match annual eligible net contributions to your savings account up to a maximum of $10,000 per year.
Frequently Asked Questions
To open your business savings account, what we’ll need depends on the type of business:
- Sole proprietorship
- Two pieces of government-issued ID
- Trade name registration, if applicable
- Social Insurance Number (if opening an account that earns interest)
- Partnership
- Two pieces of government-issued ID from each partner
- A partnership agreement
- Trade name registration, if applicable
- Social Insurance Number (if opening an account that earns interest)
- Corporation
- Two pieces of government-issued ID from all signing authorities
- Up-to-date articles of incorporation and certificate of incorporation
- Shareholder registry
- Notice of directors
- Non-profit company
- Articles of association
- Signed letter or meeting minutes naming authorized signers, if not addressed in the articles of association
- Resolution indicating who has the power to bind
- Charitable organization
- Documents required depend on whether the charity is incorporated or unincorporated (see above)
Yes.
On the legal side, having a separate business banking account protects your personal assets. Many small business owners form a limited liability company (LLC) or corporation to shield personal assets from unexpected changes in the business.
In order to keep that personal liability protection, you need to properly maintain your LLC or corporation, including drawing a clear line between your business and personal finances. By opening a business bank account, you're making sure that your business is its own entity.
Plus, when it comes to paying taxes, a business account makes it easier to stay on top of your books when tax time rolls around. You'll save time in tracking your spending and receipts, while making sure you take advantage of all your business deductions.