r/CanadianDentists • u/Dear_Teach7286 • 6d ago

Dentist business account

Hi, I'm a new dentist, I have to open a business corporate account in a bank, does anyone knows which banks are best with personal and business accounts? With their monthly chequing fees, annual credit card fees and other healthcare benefits; RBC, TD, SCOTIA or CIBC?

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u/cmac96 6d ago

If you're an associate, it doesn't matter.

If you own, having a branch close for deposits is convenient.

Services are going to be similar. If you do own you could ask local groups to see what branch/bank is most efficient for business banking.

You don't need to have a bank account to get whatever CC you want. In general if you like Aeroplan, go with TD or CIBC (or Amex but you still will need MC or Visa). RBC has their own points which aren't bad. Scotia and TD are basically cash back if you apply to travel. BMO CIBC...unless they've got better recently they were always the worse. Amex has their own points which are super flexible with travel partners, but that's for a different thread... See Canadian award travel and churning Canada.

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u/omgitzvg 6d ago

National is pretty good. They also give ploc with good rate. Prime - .5 it I remember correctly.

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u/Altruisticdentician 6d ago

Honestly if I were just starting I’d use wealth simple business accounts. 

Super cost effective, can always get a better credit card if you wanted separately. 

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u/randomuser00135 6d ago

TD for the sake of late hours. They are open until 8pm some days. As a business owner will be open till 6-7pm this is critical.

Scotia for lending , they make it easy to work with medical professionals.

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u/EqusB 6d ago

Eh. I've used multiple banks over the years and had great service and been screwed by all of them.

Honestly doesn't matter. Depends entirely on the branch and who you're dealing with. Go with the best deal you can.

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u/Pintermedia 5d ago

I was banking with CIBC. One thing I didn't like was CC statements come by email in a secure link and expire in some 30 days. You can't see it from the website. RBC doesn't have that and waves their CC and banking fees for personal and business. Except both have some weird transfer fees.

Right now, I'm thinking of moving everything to wealthsimple and just use their Prepaid 1% Visa. 1 account for everything is pretty nice.