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Best Business Savings Accounts in Canada

Compare business savings accounts in Canada. Earn interest on operating cash, GST/HST set-asides, and tax reserves with daily-interest business HISAs.

1 accounts

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Scotiabank

Scotiabank Right Size Savings for business

ScotiabanksavingsNo Fee

Monthly Fee

$0

Interest Rate

1.5%

Promo Rate

3.15%

View DetailsEarn up to 3.15% interest for 6 months*

Complete Guide

Best Business Savings Accounts in Canada

A business HISA pairs naturally with your operating chequing account: operating cash, GST/HST collected for remittance, and reserves for corporate income tax all earn interest in a separate account instead of sitting idle.

What to Look For

Top priorities: a competitive everyday interest rate (currently 3–4.5% at the digital banks vs. 0.5–1.5% at the big six), no monthly fee, no minimum balance, and same-business-day transfers to your operating account. Promotional rates above 5% exist but reset to a lower regular rate after 3–6 months — always check the regular rate.

CDIC vs Provincial Coverage

Business deposits at CDIC member banks are insured up to $100,000 per category per institution, the same as personal deposits. Quebec credit-union deposits at Desjardins are covered separately by the AMF up to $250,000.

FAQ

Frequently Asked Questions

1Why use a business HISA instead of leaving cash in the chequing account?
Operating chequing accounts pay no interest — every dollar parked there for 30+ days is dead money. Even at a modest 3% rate, $100,000 in idle cash earns ~$3,000/year you'd otherwise leave on the table.
2Can I link a business HISA to my existing chequing account?
Yes — most banks let you open a HISA in the same business banking package and transfer funds instantly between the two accounts. Digital banks (EQ Bank, Wealthsimple Cash for Business) usually require a free account-to-account link via your existing chequing account.
3Are business HISA interest payments taxable?
Yes. Interest income from a business HISA is taxable in the year earned and reported on your T2 (corporate) or T2125 (sole prop) return. Banks issue a T5 each February for the prior year.