Business spending accounts

Make your cash flow management a breeze – no matter your business needs.

Explore our business spending account options

Essential Business

Perfect for businesses with minimal banking needs.

$6.95/month (waived with a minimum monthly balance of $10,000)
10 self-serve and full-serve transactions
Additional transactions $1.25*

More details

Unlimited transactions include:

Direct deposits
Online transfer deposits
Online transfer withdrawals
Incoming Interac e-Transfer^® payments
Request for Interac e-Transfer payments
Smart device cheque deposits
In-branch deposits
In-branch transfer deposits

Limited transactions include (10 included):

Outgoing Interac e-Transfer payments
Online bill payments
Cheque withdrawals
Debit card purchases, including point of sale & Interac^® Online payment
Pre-authorized debits
THE EXCHANGE Network^® ATM withdrawals (ATMs outside this network may incur additional charges)
In-branch bill payments
In-branch withdrawals
In-branch transfer withdrawals

Find a branch

Book an appointment

Everyday Business

Perfect for small businesses.

$24.95/month (waived for non-profits and those with a minimum monthly balance of $50,000)
50 self-serve and full-serve transactions
Additional transactions $1.25*

More details

Unlimited transactions include:

Direct deposits
Online transfer deposits
Online transfer withdrawals
Incoming Interac e-Transfer^® payments
Request for Interac e-Transfer payments
Smart device cheque deposits
In-branch deposits
In-branch transfer deposits

Limited transactions include (50 included):

Outgoing Interac e-Transfer payments
Online bill payments
Cheque withdrawals
Debit card purchases, including point of sale & Interac^® Online payment
Pre-authorized debits
THE EXCHANGE Network^® ATM withdrawals (ATMs outside this network may incur additional charges)
In-branch bill payments
In-branch withdrawals
In-branch transfer withdrawals

Find a branch

Book an appointment

Unlimited Business

Perfect for businesses making lots of transactions.

$49.95/month (waived with minimum monthly balance of $75,000)
Unlimited self-serve and full-serve transactions

More details

Unlimited transactions include:

Direct deposits
Online transfer deposits
Online transfer withdrawals
Incoming Interac e-Transfer^® payments
Request for Interac e-Transfer payments
Smart device cheque deposits
In-branch deposits
In-branch transfer deposits
Outgoing Interac e-Transfer payments
Online bill payments
Cheque withdrawals
Debit card purchases, including point of sale & Interac^® Online payment
Pre-authorized debits
THE EXCHANGE Network^® ATM withdrawals (ATMs outside this network may incur additional charges)
In-branch bill payments
In-branch withdrawals
In-branch transfer withdrawals

Find a branch

Book an appointment

Business US Dollar

Perfect for businesses who often transact in US dollars.

$5.95/month
0 transactions included
Hybrid spending and savings account
Earn interest
Transactions $1.25 USD

More details

Unlimited transactions include:

Direct deposits
Online transfer deposits
Online transfer withdrawals
Smart device cheque deposits
In-branch deposits
In-branch transfer deposits

Limited transactions include:

Cheque withdrawals
Pre-authorized debits
THE EXCHANGE Network^® ATM withdrawals (ATMs outside this network may incur additional charges)
In-branch withdrawals
In-branch transfer withdrawals

Find a branch

Book an appointment

Need help choosing an account?

Don’t hesitate to reach out. We’re just a live chat, video, or phone call away when you need us.

Get in touch

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Manage your money your way

Whether you prefer to bank online, in person or out and about, we’ve got you covered.

Mobile app

Pay vendors, deposit cheques and more – all from your phone or tablet.

Download iPhone app

Download Android app

Mobile app

Manage your finances with ease from your home, office or while out on business.

Branch network

Get friendly, in-person support at any branch in our large, local network.

Find a branch

Member Hub

Give us a call. Our Member Hub team will be happy to help you get things done.

Local: 604-419-8888

Toll-free: 1-866-736-4334

ATM network

Access cash surcharge-free at 43,000 ATMs across Canada and the US.

Find an ATM

Telephone banking

Telephone banking services are not available until further notice. Online banking services is available 24 hours a day, 7 days a week to perform day to day transactions including account balances, bill payments or transfers. As another alternative, a Member Hub team member would be happy to help you set up automated re-occurring transactions such as bill payments and transfers.

Explore digital banking

Boost your spending know-how

How a credit union can help your business

Hear from a small business on how Gulf & Fraser Credit Union contributed to their early success selling products online.

Listen now, opens in a new tab

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Your spending account questions answered

What is a spending account? How does a spending account work?

As the name suggests, a spending account (also called a chequing account) is used to store your everyday spending money. These are the funds you plan to use for daily transactions, such as paying vendors and buying supplies.

The big benefit of a spending account is that it keeps your money secure, but easily available. You can access the funds by debit card or make transactions online using digital banking tools. However, this account type typically earns minimal to no interest. So, if you’re looking to grow your money, it’s best to invest it or keep it in a dedicated savings account instead.

Why should I get a spending account for my business?

While you can do business from a personal account, there are a number of benefits to separating your business finances:

Organizing expenses – having a distinct business account can make bookkeeping and cash flow monitoring much easier. With expenses kept separate, you won’t have to manually sort your spending.
Reduced workload – with business banking, you can give others (bookkeeper, accountant, trusted employees) controlled access to your accounts. That way they can complete assigned tasks without your input.
Simplified tax filing – with all your business transactions in one place, you’ll find it a lot easier to collect the information you need to file taxes each year.
Greater credibility – you’ll be able to accept payments to your business name. This gives you a professional, established image to potential suppliers, investors and customers.

Want to open a spending account but not sure which to choose? Don’t hesitate to reach out. We’re just a live chat, video, or phone call away to help.

Get in touch

How do I open a business spending account?

We’d love to have you join Gulf & Fraser! There are several easy ways to open a business spending account with us:

By appointment – Book a mobile visit wherever works best
In person – Find your nearest branch
By phone – Call our Member Hub at 604-419-8888

To learn more about what to have on hand during setup, please download our Account Opening Checklist.

What do I need to open a business spending account?

To set up your business spending account, we’ll need certain documents to verify your identity. For more information about what to have on hand, please download our Account Opening Checklist.

Are business accounts covered by deposit insurance?

Yes, both our business spending and business savings accounts are 100% guaranteed by the Credit Union Deposit Insurance Corporation (CUDIC).

To learn more, take a look at our CUDIC page.

Lost or stolen debit card?

Report it right away so we can help secure your accounts against unauthorized access.

Canada & US: 1-888-277-1043
International (Collect): 1-306-566-1276

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Other solutions you may want

Savings accounts

Put your business savings to work earning you interest, with our easy-access, high-rate savings accounts.

Explore savings accounts

Credit cards

Whether you want to earn cash back, enjoy exclusive rewards or keep costs down, we have a credit card for you.

Explore credit cards

Statement of Commitment: Code of Conduct

Gulf & Fraser is committed to upholding the Code of Conduct for the Credit and Debit Card Industry in Canada. The Code was designed to protect credit union members’ interests related to the issuance and acceptance of payment cards, and to the operation of payment card networks.

*Unlimited transactions include: Direct deposits, Online transfer deposits, Online transfer withdrawals, Incoming Interac e-Transfers, Request for money Interac e-Transfers, In-branch deposits, In-branch transfer deposits

Self-serve transactions include: pre-authorized debits, bill payments, Exchange ATM withdrawals (including Gulf & Fraser ATMs), point of sale, online transfer deposits, online transfer withdrawals, Interac e-Transfers (outgoing), Interac e-Transfers (request for money) and cheque withdrawals.

Full-serve transactions include: in-branch withdrawals and in-branch transfer withdrawals.

Transactions at non-Exchange Network ATMs, foreign, and international ATMs will continue to incur the existing applicable fee.

Additional transactions exceeding the package limit will be charged $1.00 for each self-serve transaction or full-serve transaction. For the High Interest Savings, additional transaction fees exceeding the package limit are $5.00 per each self-serve or full-serve transaction.

View all service fees

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