5 Best High Interest Business Savings Accounts in Canada

Business owners in Canada are starting to ask a smarter question: Why shouldn’t your cash earn more?

Whether it’s runway from a recent raise or money set aside for quarterly tax payments, holding idle funds in a basic business account could mean missing out on thousands in interest every year. Especially in 2025, when high interest savings accounts (HISAs) for businesses have become far more accessible, without tying up cash in long-term investments or locking it behind complex products.

We’ll cover the 5 best high interest savings accounts in Canada for businesses, including both traditional and fintech providers. We compare rates, fees, and features that matter most to Canadian SMBs, from daily interest payouts to multi-currency support, so you can put your idle funds to work without losing flexibility.

What is a high yield savings account?

A high-yield savings business account (HYSA) is a type of account that offers significantly more interest than a standard business account, helping you grow idle funds without locking them into long term holdings. For Canadian business owners, this can be a smart way to earn passive income on surplus cash, reserve funds, or future tax obligations.

Unlike traditional chequing accounts, which often offer little or no interest, a HYSA pays a higher rate, sometimes 10x the average, while still offering liquidity and flexibility. Some are offered by fintechs with no monthly fees, while others come with limits on transfers or minimum balance requirements. We’ll cover the differences between them in this article.

What to Look for in a High-Interest Business Savings Account?

Not all high interest savings accounts in Canada are built for businesses. While the headline rate may grab attention, it's the fine print and features that determine real value. Here’s what to prioritize when choosing the best high interest savings business account in 2025:

1. Competitive Interest Rate (that actually applies to businesses)
Some providers advertise high rates that only apply to personal accounts or balances below a certain threshold. Make sure the rate applies to business use and isn’t temporary or promotional.

2. No or Low Fees
Monthly maintenance fees, withdrawal limits, or wire charges can quickly eat into your earnings. Look for accounts with no minimum balance requirements and zero monthly fees.

3. Easy Access to Funds
Interest means little if your cash is locked up. A good high yield savings account for businesses should let you access or move funds when needed, without penalties or long transfer delays.

4. CAD and USD Support
If your business deals with U.S. vendors or revenue, having a solution that supports both CAD and USD balances can save time and reduce FX costs.

5. Integration with Your Finance Stack
Accounts that connect to platforms like QuickBooks or Xero make month-end simpler by automating reconciliation and reducing errors.

6. Business-Friendly Features
From multi-user access to spend categorization and approval workflows, business-oriented savings solutions should go beyond interest rates to help you manage money at scale.

Summary of High Interest Business Savings Accounts

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1. Venn Multi‑Currency High Interest Business Account

Not a bank—but an all-in-one finance platform specifically for modern Canadian businesses.

Best for: Canadian SMBs and startups that want high yield plus full financial operations in one place.

Why it stands out:
Venn is not a traditional bank, it’s a platform built for modern business finance. You don’t just “store” funds: you earn, spend, sync, and automate all from one interface.

Key Features:

• Free or paid plan
  
• Real CAD, USD, GBP, and EUR accounts (with local account details)
  
• Up to 2.5% yield on idle USD & CAD balances (depending on plan and usage)
  
• Real‑time FX conversion at just 0.25%
• Unlimited Interac e‑Transfers®, ACH, EFT, SEPA, UK Faster Payments
  
• 1% cashback on all corporate card spend (no minimum spend or maximum earnings)
  
• Built‑in invoice generation, accounts payable, and expense controls
  
• 24/7 online support; no branches
  
• Two‑way sync with QuickBooks and Xero
  

Why choose Venn:

If your business holds cash but also issues payments, manages foreign vendors, or uses corporate cards, Venn removes the compromise between yield and flexibility. Unlike a standard high interest savings account for businesses, Venn combines competitive rates with the ability to run your entire financial operation from one platform.

With 2.5% interest on both CAD and USD holdings, the lowest FX rates in Canada (0.25%), seamless integrations with QuickBooks and Xero, and built-in expense management tools, Venn goes beyond what traditional accounts can offer. It’s more than just one of the best high interest savings accounts Canada 2025, it’s a complete financial infrastructure designed for growth-minded small businesses.

For small and medium-sized businesses looking to reduce costs, automate workflows, and still earn strong returns on idle balances, Venn is the most practical and forward-looking choice.

2. Tangerine Business Savings Account

Best for: Businesses that prefer simplicity and consistent yield with minimal fuss.

Key Highlights & Features:

• Interest rate from 1.95% to 2.55%, depending on promotional periods
  
• $0 monthly fees; no minimum balance
  
• Fully digital interface (online and mobile)
  
• No built-in business automation, card perks, or multi-currency features
  
• Intended for straightforward CAD savings, not operations
  

When it works:
When your priority is maximizing yield on a domestic balance without needing complex features. For businesses without international needs or spend automation, Tangerine offers a clean, no-nonsense option. Tangerine is also one of the largest online banks in Canada, supporting over 2 million Canadian customers, which makes it a trusted choice for those who value stability.

It works especially well for sole proprietors, small consultancies, or Canadian-only vendors who want to keep their operations simple while still earning a higher return than most traditional accounts. While it won’t replace a full financial platform, it provides an accessible way to ensure business savings aren’t sitting idle.

3. Manulife Business Advantage Account

Best for: Small to medium Canadian businesses that want stable yield with zero account overhead.

Key Highlights & Features:

• Interest rate of approximately 1.45%
• No monthly account fees
• No minimum balance requirement
  
• Simple access and liquidity
  
• No multi-currency support, advanced tools, or card perks
  

When it works:
The Manulife Business Advantage Account is a dependable option for businesses that want a straightforward way to earn interest without complexity. It’s particularly well-suited for companies that don’t need the extra features of modern fintech platforms but want a higher yield than a traditional operating account provides.

Because there are no fees and no minimums, this account works well for holding idle funds in CAD while still maintaining easy access through Manulife’s digital channels and branch network. While it lacks multi-currency support, accounting integrations, or spend management tools, it can be a practical fit for more traditional domestic-focused businesses that simply want stability and a modest yield.

For owners comparing the best high interest savings accounts in Canada, Manulife is a middle ground, offering more than a standard low-interest account, but without the flexibility or automation of newer platforms like Venn.

4. ICICI Business Savings Account

Best for: Businesses with modest international exposure who need access to CAD and USD in one account.

Key Highlights & Features:

• 0.40% interest on CAD balances; 0.25% on USD
  
• No monthly fees and no minimum balance
  
• Supports both CAD and USD (multi-currency)
  
• Basic FX support, but limited integrations, cards, or automation
  

When it works:
The ICICI Business Savings Account is a good fit for Canadian businesses that occasionally receive payments in USD or maintain small foreign balances. Unlike many traditional accounts that require opening separate products for different currencies, ICICI provides this dual access in a single account, which can simplify cross-border transactions.

However, the interest rates are relatively low compared to other options in this list, making it less attractive if maximizing yield is your primary goal. It works best for companies that prioritize basic multi-currency access over automation, accounting sync, or higher returns. For businesses reviewing the best high interest savings business accounts, ICICI is more about functionality than rate, a practical solution for holding funds in both CAD and USD without unnecessary complexity.

5. Scotiabank Business Savings Account

Best for: Larger businesses that prefer to stay within a Big 5 bank ecosystem and maintain access to in-branch services.

Key Highlights & Features:

• Tiered interest rates between 2.25% and 3.05% depending on balance
  
• No monthly maintenance fees
  
• Up to $2,000,000 eligible for the interest rate
  
• Standard banking support (in-person, branch)
  
• Does not offer low FX spreads or advanced digital operations
  
  

When it works:
This account suits companies that already rely on branch services or in-bank relationships but still want to earn meaningful interest on large balances. For Canadian businesses that manage high reserves, Scotiabank provides a recognizable and stable option with a tiered yield structure that rewards higher balances.

However, it’s less ideal if you need cross-border payment tools, real-time FX, or integrations with accounting software. There are also no built-in features for expense management, invoicing, or cashback on spend, which makes it less efficient for modern SMBs compared to fintech solutions.

For business owners prioritizing brand familiarity, physical branch support, and higher balance yields, Scotiabank remains competitive. But for those comparing the best high interest savings accounts in Canada 2025, especially smaller companies or global-facing businesses, fintech providers like Venn deliver more flexibility, automation, and cost savings.

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Why Venn is the best Canadian high-interest savings options for businesses in 2025

If you're looking for more than just a good rate, Venn is the best Canadian high-interest savings options for businesses in 2025.

Unlike traditional savings accounts that only offer passive yield, Venn combines up to 2.5% return on idle balances for both CAD/USD balances with full financial operations infrastructure, giving you the tools to earn, move, and manage money across borders without unnecessary fees or friction. For more information about how Venn compares to big banks you can check out our Best Business Bank Account in Canada for Small Business Article here.

Here’s why Venn leads:

• Real business yield: Up to 2.5% return based on how your business spends, saves, and pays, no gimmicks.
  
• No fees: Zero monthly costs, no Interac fees, and no inbound wire charges.
  
• Smarter FX: Only 0.25% above mid-market rate vs. 2.5–3% from major banks.
  
• True multi-currency: Local CAD, USD, GBP, and EUR accounts with ACH, SEPA, EFT, and Faster Payments access.
  
• Fully integrated: Integrations with QuickBooks and Xero, plus automated AP/AR to close books faster.
  
• Cashback too: Earn 1% cashback on every business card transaction, no caps, no tiers.
  
  

Where other accounts offer savings, Venn delivers scale. That’s why it’s not just the best high interest savings account for Canadian businesses, it’s the best business account for Canadian small businesses, period.

Final Thoughts: Let your business savings grow for you

In 2025, simply parking cash in a traditional account isn’t enough. Whether you're running a startup, scaling a remote team, or managing cross-border clients, your business savings account should work as hard as you do.

With most providers, you get either yield or functionality, not both. Venn breaks that tradeoff by offering a high interest savings experience built for real business use, not just holding funds.

No fees. Smarter FX. Real multi-currency tools. And up to 2.5% return on your idle balances.

Ready to earn more and operate globally?‍

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Q&A: What Canadian Businesses Should Know About High Interest Business Accounts

Q: What qualifies as a high interest savings account in Canada for businesses?
A high interest savings account (HISA) is a business account that offers higher interest on resting balances. For businesses, this is typically a rate of 1.25% annually, with some providers offering up to 4% depending on balance or usage. The best accounts are flexible, allowing you to earn daily interest without locking in funds or paying monthly fees.

Q: Are business savings accounts in Canada insured?
Yes, most Canadian business accounts at banks and authorized institutions are covered under CDIC or comparable protection up to $100,000 per insured category. Fintech providers like Venn partner with tier-1 banks where funds are safeguarded under CDIC protection.

Q: Is it worth switching bank accounts for a better interest rate?
Absolutely, especially for businesses holding high balances. The difference between 0.25% and 2.5% interest on $100,000 is over $2,000 per year. And many high-yield platforms offer added perks like cashback, lower FX fees, or accounting sync, making switching a broader upgrade.

Q: Do high interest accounts have minimum balances or fees?
Some traditional banks impose balance requirements to access top-tier interest rates. However, many digital-first providers (like Venn and Tangerine) offer competitive yields with no minimum balance and no monthly fees.

Q: Can I use a high interest savings account for daily business operations?
In most cases, no, standard HISAs are not designed for frequent payments. However, platforms like Venn bridge this gap, letting you earn yield on idle funds and send payments, issue cards, and integrate with accounting tools, making it viable as a primary account for a small Canadian business,

Q. Can I open a business bank account online in Canada?
Yes. While many traditional banks still require in-person verification, some business account providers like Venn and Wise allow Canadian businesses to open an account entirely online without visiting a branch.

Q: How do I choose the best HISA for my business?
Start by evaluating your priorities: Do you need the highest yield? Low FX? Spend controls? If your business is scaling or operates globally, choose a provider that combines interest with features like multi-currency support, automation, or real-time reporting.

Q: Are fintech accounts like Venn secure?
Yes. Fintech platforms in Canada are regulated and typically hold funds in safeguarded accounts through licensed banking partners. Venn, for example, uses tier-1 Canadian and U.S. institutions to ensure your money is held securely and never at risk.

Q: Can I earn interest on USD in Canada?
Some platforms offer yield on USD or multi-currency accounts, but this is still rare among traditional banks. Venn is one of the business bank accounts that offers interest on USD balances, plus supports real-time FX at low cost.