I've heard a lot of complaints from small business owners about business bank account fees, especially that business bank account fees are much higher than fees for personal accounts. But the cost of a business bank account is not the only thing to consider when you're choosing a small business bank account. The relationship you can build with the bank and/or loans manager, the different services your bank or credit union offers, the personal service you get – all these things matter, too.
So what do you think? What Canadian bank or credit union has the best business bank account for small businesses and why?
Royal Bank woes
- I recently started a business account with Royal Bank and it is absolutely awful! Their internet banking does not show your available funds - only what is on deposit so you have no idea how much money you have access to. I also have to call once per month to get rogue service charges removed. And finally, I can't search for credit card transactions that are more than 30 days old. Rediculous. I understand that a business account will incur more service charges, but this should come with more features and better service, not less. Or in the case of RBC - useless.
- —Guest Dave
Winner - RBC Small Business Account
- The RBC Small Business Account is by far the best value for the money!
May 2011 Reviewed:
ING & President Choice & Manulife - they did not offer Business Operating Accounts (only Savings).
HSBC while tempting (zero fees), had such poor customer service ratings that I removed it from the running (Accounts were taking months to create).
BMO, CIBC, Bank of Nova Scotia all had monthly fees that were higher than RBC and did not include enough transactions in their plan to make them comparable to RBC.
For $6 monthly, RBC offers up to 10 transactions per month including bill payments, ATM and Deposit activities. If transactions exceed 10, fair fees are charged.
- icici bank is the best bank account.
What about online brokerages?
- With one possible exception, banks have poor online brokerages. Analysts whose reports they make available are often biased. Analysts depend on employer-entity. Bank brokers generally seem to provide research from their favored sources, thus adding to analyst-bias. Please do a rating of discount Online brokers. An up-to-date review and ranking would be of much value. It doesn't seem right that no matter the performance full-line brokers collect fees percentages + percentages from funds. The broker is not at risk, yet always makes money, unlike the client. Why do banks fear performance-based compensation? Brokers, bank or not, reconsider; offer arrangements where broker-compensation is performance based. It would be valuable if you did a rating of online brokers.
The Best Bank Account Is a Credit Union
- I have a basic business account at my credit union. It's got a basic charge of $9.95 a month. For that I get 15 full service transactions a month which is usually enough for me. If I go over that, self-serve transactions are 75 cents each.
But what I really like is that the people at the credit union give me excellent service.