2026 Guide to Bank Accounts for Canadian Side Hustles

More Canadians are turning to side hustles: an estimated 28% of people take on short-term or freelance work. Gig income can be a reliable way to top up your earnings or cover unexpected expenses, but keeping those funds separate from your personal accounts makes bookkeeping and tax filing much easier.

If you’re ready to open a dedicated account for your side hustle, you have several strong options. Before applying for a chequing, savings, or business account, compare fees, transaction limits, interest rates and extra features. Below are recommended accounts to consider so you can manage side-hustle income efficiently and keep your finances organized.

What is the best personal bank account for a side hustle in Canada?

The EQ Personal Bank Account stands out as a top choice for side-hustle income because it blends chequing features with strong savings rates and unlimited transactions. Other solid options depend on your priorities—investing, high interest, or a familiar bank.

• Best overall: EQ Personal Bank Account
• Best for investors: Wealthsimple Chequing
• Best for high interest: Simplii Financial High Interest Savings Account
• Best for existing RBC customers: RBC Digital Choice Business Bank Account
• Best for growing a side hustle: Alterna Small Business e-Chequing Account

Account name	Account type	Monthly fee / additional fees	Free transactions / month	Interac e-Transfer limits	ATM fees	Perks
EQ Personal Bank Account	Personal chequing	$0	Unlimited	N/A	$0	Earn cash back on purchases; instant access to funds
Wealthsimple Chequing	Personal chequing	$0 (flat wire fee for domestic transfers)	Unlimited (with caps on some e-Transfers)	Up to $25,000 for qualifying clients	$0	No foreign exchange fees; no overdraft penalties; easy investment integration
Simplii Financial High Interest Savings Account	Savings	$0	Unlimited	N/A	N/A	Competitive promotional interest rate; easy online management
RBC Digital Choice Business Bank Account	Business	$6 per month (additional paper fees apply)	Unlimited electronic transactions	10 outgoing transfers per month (additional fee thereafter)	Small fee per cash deposit	No minimum balance; mobile cheque deposit; fast electronic payment processing
Alterna Small Business e-Chequing Account	Business	$5 per month (waived with qualifying balance)	Unlimited debit and credit transactions	Unlimited incoming; limited free outgoing per month	$0	Access to small business loans; payment processing and payroll tools

EQ Bank Personal Account

Best for: Someone who wants a single account that combines chequing and savings features.

EQ Bank markets this as a hybrid account: it functions like a chequing account while offering savings-style interest. There’s no monthly fee and transactions are unlimited. The base interest rate is modest, but if you deposit a set minimum each month, the rate can increase to a competitive level. You can also earn cash back on purchases with the prepaid Mastercard that comes with the account.

Pros:

• Cash back on purchases with the prepaid card
• No minimum balance to qualify for the higher interest tier
• Unlimited fee-free transactions

Cons:

• Online-only bank: in-person cash deposits are not supported
• No welcome bonus at the moment
• Prepaid cards do not help build credit

Wealthsimple Chequing

Best for: People who want to save and manage investments from a single platform.

Wealthsimple Chequing (formerly Wealthsimple Cash) is a no-fee chequing account that integrates tightly with Wealthsimple’s investing products. It offers competitive interest on balances, and makes it easy to set up automatic investing in stocks, ETFs or crypto. The account includes free Interac e-Transfers (with limits), bill payments and a prepaid Mastercard.

Pros:

• Mobile cheque deposit
• Free and instant cash deposits at selected locations
• Opportunities to earn more interest through direct deposit or higher total assets

Cons:

• Top interest rates usually require substantial assets with the platform
• Prepaid card does not build credit or provide a line of credit

Simplii Financial High Interest Savings Account

Best for: Savers who want a straightforward online savings account with a strong promotional rate.

Simplii’s high-interest savings account is simple to use and lets you open multiple savings buckets—useful if you want separate accounts for personal funds and side-hustle earnings. The product generally offers a competitive promotional rate for new deposits, though that rate is temporary. Access is primarily online; transferring funds to a chequing account may be necessary to spend money directly.

Pros:

• Very competitive promotional interest rates
• Easy online and mobile management
• CDIC protection on eligible deposits

Cons:

• Promotional rate is time-limited
• Rate can drop after the promotion ends
• Funds typically must be transferred to a chequing account to access them for spending

What is the best business bank account for a side hustle?

Most casual side hustles can be managed with a personal account, but business accounts add features that support bookkeeping, contractor payments and tax preparation. If you operate under a registered business name or expect to scale, a business account may be worthwhile.

RBC Digital Choice Business Bank Account Package

Best for: People who receive payments electronically and want fast processing.

This RBC business package is useful if you get many electronic payments—Moneris and other processors typically post payments quickly. The account supports transfers between personal and business accounts and provides broad ATM access for withdrawals.

Pros:

• Fast electronic payment processing and integration with payment services
• Access to business support programs and partner discounts

Cons:

• Fees for in-person cash deposits and some paper transactions
• Wire transfer and foreign exchange fees can be high
• Does not earn interest on balances

Alterna Small Business e-Chequing Account

Best for: A side hustler planning to grow into a full business.

Alterna’s small business account is aimed at entrepreneurs who need tools beyond basic banking. It includes payment processing, payroll tools and access to small business loans, plus generally low monthly fees that can be waived with a qualifying balance.

Pros:

• Low fees and relatively low balance requirement to waive monthly charge
• Access to loans, payment processing and payroll services
• User-friendly digital platform

Cons:

• No in-branch service for many transactions
• Fees for in-person cash deposits
• Limits on outgoing e-Transfers each month

Do you need a personal or business account?

Business accounts often carry monthly fees, so decide whether the extra cost is justified. If you operate as a sole proprietor under your legal name and handle a small volume of transactions, a personal chequing or savings account may be sufficient. You can still track income and expenses separately by opening a dedicated personal account for your side hustle.

If you operate under a registered business name, incorporate your business, or plan to hire contractors, a business account is typically the better choice. It simplifies bookkeeping, provides clearer separation between personal and business finances and may offer payment features and business credit options.

	Personal account	Business account
Pros	Often free; easy to link to personal accounts; low commitment; simple to open	Includes tools for expense tracking and tax prep; can pay contractors; access to business credit and loans; keeps finances separate and professional
Cons	Mixing income can complicate taxes; limited payment processing for vendors; less professional appearance	Monthly fees; stricter eligibility; higher transaction fees for some plans; may include features you don’t need

What is a sole proprietorship?
A sole proprietorship is an unincorporated business owned and operated by one person. Side hustlers often run as sole proprietors under their legal name or a trade name. Depending on local rules, registration may result in a federal or provincial business number.

How to choose a bank account for your side hustle

After deciding between a personal or business account, compare specific features to find the best fit:

• Access to funds: Is the account online-only or does it offer ATM access? If you receive cash or cheques, confirm deposit options and processing times.
• Monthly fees: Prioritize low- or no-fee accounts so banking costs don’t erode your earnings.
• Transaction limits: If you process many payments, choose an account with unlimited transactions or generous limits.
• e-Transfers: Check the number of free e-Transfers, any caps and any related fees.
• Interest rates: Determine whether promotional rates apply and whether you must meet balance requirements.
• Cash and mobile deposits: Confirm whether you can deposit cash at ATMs and whether mobile cheque deposit is available.

Choose the account that best supports your short- and long-term goals. For short-term savings goals, a high-interest savings account with a promotional rate can help. To grow into a formal business, a low-fee business account with payment processing and payroll tools may be a smarter choice.

FAQ

What bank is best for a small business account?

There’s no single best bank for every small business. Your choice depends on whether you prefer an online-only provider for convenience and lower fees or a traditional bank that offers branch support and more hands-on guidance for business services.

Do I need a business bank account for my side hustle?

Not always. Many side hustlers can use a personal account effectively. If you’re growing, hiring contractors, or operating under a business name, a business account adds clarity and tools for managing finances.

Do I need a business account for a sole proprietorship?

Sole proprietors are not required to use a business account, but a dedicated business account can simplify expense tracking and tax reporting.

Are business bank account fees tax-deductible?

Yes. Fees charged for a business bank account are typically tax-deductible as a business expense. Keep records and receipts to support your deductions.

Further reading

• Side hustles and self-employment in Canada: taxes, business expenses and more
• The basics of starting your own business
• The best high-interest savings accounts in Canada
• The best chequing accounts in Canada
• Is your chequing account working hard enough?