So you’ve set up your business and are well on your way to launching and selling your handmade products. Congratulations!! That’s huge, and you should be super proud of yourself!
If you’ve started a corporation, or just like to keep business and personal expenses separate, then this blog post is for you!
I know there are lots of options out there for business bank accounts, and maybe even some I have never heard of, but the one I’m sharing today has been great for me and my business, and so, I couldn’t recommend them enough!
I originally started with a RBC Small Business eAccount, which worked well for me in the beginning. I also got their RBC Cash Back Businesses Mastercard, and actually still use that to this day!
Unfortunately, their eAccount used to be free, but they’ve since switched to a low monthly payment, which is totally doable. But if I were starting over again, I would have gone with the BMO eBusiness Plan chequing account.
That’s what I switched last year to take advantage of the lower monthly fees, and I’ve had no complaints so far!
The BMO eBusiness Plan is a free chequing account with unlimited electronic transactions at the time of publishing.
For me and my business, this is ideal as most everything is done virtually now. I do receive the odd vendor cheque, for which there is a $0.20 charge, but I’m OK with it.
The biggest reason for the switch to BMO was that I wanted to set up more chequing accounts and use the Profit First method, which requires multiple chequing accounts. I didn’t want to have to open 3-4 more accounts and pay the $5 monthly fee for each, so that’s when I made the switch to BMO.
So whether you want to open 1 account or multiple, I would highly recommend looking into the no monthly fee BMO business accounts!
And if you do want to try the Profit First method when you’re setting up your accounts, and live in Calgary, I would highly recommend booking your appointment with Tina McWatters at the McKenzie Towne branch. She set up my accounts, as well as my accountants, so she knows the process :)
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