$0 monthly fee Business Savings Account

Account eligibility and agreements

The YNCU Business Savings Account is offered by Your Neighbourhood Credit Union Limited (“YNCU”), an Ontario credit union. Account opening is subject to applicable membership and business eligibility requirements, identity verification and required business documentation. Individuals acting on behalf of a business must have the appropriate authority. Your account and related services are governed by the applicable business account, debit card and digital banking agreements provided to you.

Monthly account fee and service charges

The Business Savings Account has no monthly plan fee. This does not mean that all transactions and services are free. Charges may apply to transactions exceeding the account’s included allowance and to services such as Interac e-Transfers, printed statements, bank drafts, wire transfers, returned items and withdrawals at non-participating ATMs. See the current Business Savings account details and YNCU’s Fee Schedule for included transactions and applicable charges.

Interest rates and calculation

Interest rates are expressed as annual rates. Interest is calculated daily and paid monthly. Rates may change, and the rate you earn depends on the applicable balance requirements and account terms. See the current Business Savings rate table for rates, balance thresholds and effective dates.

A higher advertised rate is available only when the applicable balance requirements are met. The balance used to determine eligibility for a higher rate, and whether that rate applies to the entire balance or only a portion, are determined by the account’s interest calculation rules. These details are set out in the applicable account disclosures.

Deposits and included transactions

Deposits, withdrawals, transfers, debit purchases and bill payments are subject to the account’s transaction allowances, available funds and applicable limits. The ability to make deposits does not mean that every deposit is included without charge. Charges may apply based on the transaction type, processing method and account allowance. See the current account details and Fee Schedule.

Access to funds

Deposits may be subject to holds before funds are available for withdrawal or transfer. Access to funds is subject to available balances, account restrictions, transaction limits and the applicable account and service agreements.

Interac e-Transfers

Interac e-Transfer availability, fees and limits depend on your account and digital banking service. Interac e-Transfers are not automatically included without charge because the account has no monthly plan fee. Applicable transfer limits and service terms apply.

Debit card and ATM access

Debit card availability and access to the Business Savings Account depend on account eligibility, card setup and signing arrangements. Purchases and ATM transactions are subject to available funds, transaction limits and applicable fees.

Where surcharge-free ATM access is available, it refers to the surcharge at participating ATMs. Account transaction charges may still apply. Withdrawals at non-participating ATMs may incur YNCU fees and ATM operator charges.

Digital banking

Digital banking features depend on your account, service enrolment, authorized-user permissions and compatible devices and software. Internet or mobile connectivity is required, and your service provider’s charges may apply. Service interruptions and scheduled maintenance may affect availability. Transaction limits and applicable digital banking terms apply. Not all functions are available for every account or user.

*Deposit insurance

Eligible deposits payable in Canada in Canadian dollars are protected by the Deposit Insurance Reserve Fund administered by the Financial Services Regulatory Authority of Ontario (“FSRA”), subject to its coverage rules.

Eligible deposits held in the name of a qualifying corporation, partnership or association are insured up to $250,000 at YNCU, including principal and interest combined. This limit applies to the entity’s combined eligible deposits, rather than separately to each account, branch or authorized signatory. Separate business coverage depends on the required account designation and supporting documentation.

Sole proprietorship deposits are combined with the owner’s other eligible deposits held in the same non-registered ownership category at YNCU; they do not receive separate business coverage.

Foreign currency deposits, including U.S. dollar deposits, and membership shares are not covered. Deposit insurance does not protect against fraud, unauthorized transactions or loss of purchasing power. FSRA’s liability to insure deposits is limited to the assets of the Deposit Insurance Reserve Fund.

Visit FSRA’s deposit insurance page for complete coverage details and exclusions.

Information and articles

Articles and other educational content are provided for general information. They do not constitute advice specific to your business’s financial, tax or legal circumstances. Consult an appropriately qualified professional when making decisions for your business.

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