Difference between a business account and a personal account

Personal bank account

A personal bank account is used for day-to-day transactions. Although it may be shared (for example, in the case of a joint account), it remains in the name of the individual.
 

Business bank account

A business bank account allows you to carry out almost all the same transactions as a personal account (deposits, withdrawals, transfers, line of credit, etc.), but since it is in the name of the business, it can have several signatories.
 

Good to know

• The fees for opening and managing a business bank account are usually higher than those of a personal account. However, these fees provide access to professionals specializing in a business sector (agriculture, franchises, real estate, NPOs, etc.) and to banking services that are customized to the needs of the business.
• Although the law does not require you to open a bank account for your sole proprietorship, there are several advantages to opening one.