Business

Best High-Interest Business Savings Account in Canada

Colin Young

16.12.25

Read time 5 minutes

Running a business can be fulfilling. People fall in love with your products or services, and you get to make a living doing what you’re passionate about. But every business also requires a real handle on finances, as every dollar counts. Yet most owners focus on payroll and cash flow, overlooking the value of a good business savings account. Not only does having one help keep your money safe, but it also helps it grow.

If you’re looking to maximize what’s sitting in your bank account, a high-interest business savings account is one of the best ways to do so. Let’s go over the top options for Canadian businesses, particularly if you deal with international clients or cross-border payments.

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What to look for

Just like you tailor just about every other strategy, hiring, and marketing for your business, not every savings account will fit the way you manage money. Here’s a rundown of the factors to look for when evaluating each account and why it matters.

Factor	Why it matters
Interest rate	Determines how much your savings grow
Currency options	Reduces conversion loss if you pay suppliers or receive payments in USD
Fees	Some accounts require a large balance to earn anything
Transaction fees	Relevant if you send and receive money internationally
Access and flexibility	Important for cash flow management
Insurance	Keeps your deposits protected

5 top high-interest business savings accounts

Canadian banks, especially the biggest institutions, don’t make it easy to get strong returns on business savings, but there are a handful of accounts you’ll want to check out. Let’s go over five options with features worth nothing.

1. RBC Royal Business Premium Investment Account

While RBC has a Business Essentials Savings Account, its premium account is specially made for commercial-sized businesses with funds of $100,000 or more to invest. As RBC has some of the best interest rates among big banks, it’s a sound solution for growing your money.

Key features:

Built for larger businesses with a surplus of idle funds
Quick, easy access to funds
Unlimited transactions included
Much higher balance tiers than other accounts

Feature	Amount¹
Minimum balance to earn interest	$100,000

Tiers (CAD)	Interest rate¹
$25,000,000 and over	3.050%
$10,000,000 – $24,999,999.99	3.200%
$5,000,000 – $9,999,999.99	3.130%
$1,000,000 – $4,999,999.99	2.750%
$500,000 – $999,999.99	2.400%
Under $500,000	1.950%

Considerations:

Low wiggle room if your savings happen to drop below the minimum of $100,000

2. BMO Business Premium Rate Savings Account

BMO is well-known for its competitive interest rates, and its business savings accounts are no exception. Businesses can earn interest without locking in their funds and enjoy no monthly fees.

Key features:

Earn interest on Canadian dollar and U.S. dollar account balances up to $50,000,000²
No minimum balance required to earn interest
BMO Business Banking client may be able to earn a promotional rate on new deposits of a certain amount

Feature	Amount
Minimum balance to earn interest	$1

Tiers (CAD)	Interest rate²
$5,000,000 – $50,000,000	3.25%
$500,000 – $4,999,999.99	2.30%
$250,000 – $499,999.99	2.25%
$60,000 – $249,999.99	2.20%
$10,000 – $59,999.99	1.90%
Up to $9,999.99	1.50%

Tiers (USD)	Interest rate²
$5,000,000.01 – $50,000,000	2.85%
$500,000.01 – $5,000,000	2.75%
$60,000 – $500,000	2.45%
Up to $59,999.99	1.20%

3. Manulife Business Advantage Account

The Manulife Business Advantage Account is designed for small– to medium-sized businesses that want to earn high interest on idle cash while maintaining access to it.

Key features:

Made for smaller businesses
Free deposits and bank-to-bank transfers between accounts at other Canadian banks
No monthly, deposit, or transfer fees.

Feature	Amount
Minimum balance to earn interest	$1

Tiers (CAD)	Interest rate³
Any dollar amount	1.45%

Considerations:

Interest rate stays the same no matter how much your balance is (no tiers)

4. TD Business Savings Account

TD boasts a straightforward business savings account that complements other existing bank accounts. The account pays daily interest and allows for easy access to funds 24/7.

Key features:

Pre-authorized transfer service
Free transfers between TD Canada Trust Accounts to the Business Savings Account
Interest rates on balances over $5 million

Feature	Amount
Minimum balance to earn interest	$1

Tiers (CAD)	Interest rate⁴
$5,000,000	3.2%
$500,000 – $4,999,999	2.75%
$250,000 – $499,999	2.20%
$100,000 – $249,999	2.1%
$25,000 – $99,999	1.95%
$10,000 – $24,999	1.95%
$0 – $9,999.99	1.75%

5. National Bank Business Investment Account

National Bank offers a convenient investment solution that lets your savings work for you. Your cash is accessible at all times in this account, and like the BMO account, you can earn interest on both CAD and USD.

Key features:

CAD and USD interest
Transfers can be completed through in-branch or online methods
Electronic inter-account transfers are free

Feature	Amount
Minimum balance to earn interest	$1

Tiers (CAD)	Interest rate⁵
$10,000,000 +	3.10%–3.15%
$5,000,000 – $9,999,999.99	3.05%–3.10%
$2,000,000 – $4,999,999.99	2.65%–2.70%
$500,000 – $1,999,999.99	2.40%–2.45%
$250,000 – $499,999.99	2.15%–2.20%
$100,000 – $249,999.99	2.15%–2.20%
$20,000 – $99,999.99	1.95%–2.00%
$0 – $19,999.99	1.70%–1.75%

Tiers (USD)	Interest rate⁵
$10,000,000 +	2.90%–2.95%
$5,000,000 – $9,999,999.99	2.90%–2.95%
$2,000,000 – $4,999,999.99	2.90%–2.95%
$500,000 – $1,999,999.99	2.70%–2.75%
$250,000 – $499,999.99	2.00%–2.05%
$100,000 – $249,999.99	1.80%–1.85%
$20,000 – $99,999.99	1.30%–1.35%
$0 – $19,999.99	1.20%–1.25%

Considerations:

Must have a business current account in the same currency you want to earn interest in.

How to choose the right high-interest business account for you

While it can certainly be tempting to simply go for the big bank with the highest rate you see advertised, the account should also match how your business handles money and be compatible with your existing financial accounts.

Go over these areas before you open an account:

Currency considerations: Businesses that deal with U.S. operations or overseas suppliers should choose a high-interest account that lets you earn interest in both currencies.
Match your cash flow to the interest: The highest tier with the most interest might catch your eye, but how much does your business really have in savings? Choose a bank with competitive tier rates that actually match your balance instead of chasing a rate you’ll never qualify for.
Extra fees: Do you deposit, withdraw, or transfer frequently? Check out each bank account’s fee structure carefully as some charge for every single transaction and those costs can dip into your interest.
International banking support: What other international banking support does the company offer besides the high-interest account? Can you access competitive exchange rates and easily send and receive foreign currency?

Where Wise fits in

Traditional Canadian banks have built up a reputation for offering guaranteed and straightforward banking services, but they haven’t evolved much when it comes to cross-border transfers and exchange rates. Wise Business can fill in this gap with its multi-currency accounts, letting you hold banking details in 9+ currencies. The platform also uses the mid-market rate, so you never lose money on hidden exchange fees when sending or receiving international payments.

With Wise’s transparency and predictability, you can make every transaction more cost-effective for your business, allowing you to deposit more into your high-interest savings account.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.

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Some key features of Wise Business include:

Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
Global Account: Send money to 140+ countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
Global Account: Send money to 140+ countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
Free invoicing tool: Generate and send professional invoices
No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

Sources:

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