Meridian Business Account Review: An In-depth Look

Where you choose to do your banking can impact everything from your day-to-day cash flow to your bottom-line costs, especially when international transactions and exchange rates come into play.

This review of Meridian’s business account will help you compare features, fees, and functionality to help you decide whether Meridian suits your needs. We’ll also explore alternative banking options for customers dealing with international transactions.

Meridian Review: Quick Overview

Meridian: Key Features

Meridian offers several products tailored to Canadian businesses. The Meridian Business Advantage Plus Savings Account stands out with tiered, high-interest rates in both CAD and USD, no monthly fees, no minimum balance requirements, and unlimited online transfers through Business Online Banking. A combination of competitive tiered interest on both CAD and USD savings and unlimited online transfers makes it particularly appealing for businesses that want to earn surplus funds.

For small businesses, the Meridian Small Business Account provides chequing and savings options designed to simplify cash management, like interest on balances over $5,000 and mobile access through the Small Business Online Banking app.

Ease of Use

Meridian makes online banking very straightforward through its Business Online Banking platforms and Small Business Mobile App. The interface is clean and intuitive, giving users quick access to everyday functions like account transfers, bill payments, and e-statements.

For businesses that manage finances on the go, the mobile app mirrors most of the online banking features. Users can check balances, send payments, and manage transactions from anywhere. While the platform may not offer the same depth as other competitors, Meridian’s tools are still reliable and easy to use.

Customer Service

Meridian emphasizes support through Small Business Advisors and a Contact Centre to help guide businesses toward the right banking products. Customers can also schedule one-on-one appointments or go to a branch for assistance. Many customers enjoy this extra support, especially when looking for tailored guidance.

Meridian Fees

Meridian’s fee structure generally leans low:

• Business Advantage Plus Savings Account: $0 monthly fee, no minimum balance, no transaction fees, and unlimited transfers.
• Business Advantage Savings Account: Offers interest online on balances over $5,000, unlimited transfers, no bill payment fees, and two free personal-service withdrawals or transfers per month.³
• International Fees/Exchange Rates: Wire transfers vary depending on outgoing wire amounts ranging from $15–$120.⁴ Exchange rates are not transparent for business accounts.

Overall, Meridian’s fee structure makes it easy for business owners to predict monthly costs and choose an account that best fits their needs.

Wise Business Could Help Your Company Save on Global Payments

Meridian Benefits and Considerations

What Are the Benefits of Meridian?

Meridian delivers compelling features for Canadian businesses, especially those holding domestic or USD funds. The Meridian Business Advantage Plus Savings Account provides attractive tiered interest, which is especially valuable for businesses with significant cash reserves. The lack of monthly fees or minimum balance requirements makes banking predictable and straightforward.

The Small Business Account and Business Credit Card offer a full suite of business banking tools, while digital access and personal advisor support bring value. For businesses operating mostly within Canada, Meridian provides a reliable banking experience.

What Are the Challenges of Meridian?

While the advantages are immense, Meridian does have some drawbacks. Firstly, Meridian is limited in geographic reach. Since it’s a credit union based in Ontario, businesses operating nationally or with plans to expand outside the province may find access more restrictive compared to larger banks.

Another consideration is international banking. While Meridian provides strong local support, it doesn’t offer the same level of global services or foreign exchange capabilities that competitors provide. This can be challenging for businesses with frequent cross-border transactions or international suppliers.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

Conclusion: Is Meridian the Best Choice?

If your business is primarily Canadian, with domestic operations and occasional USD cash holdings, and you want high-interest savings, no monthly fees, and solid advisor support, Meridian is an excellent choice.

However, if you regularly deal with international customers or payments and want cost-effective, transparent cross-border transfers, alternative options can better suit your needs.

FAQs

Is Meridian only available in Ontario?

Yes. Meridian is Ontario’s largest credit union, with its entire branch network located within the province.

Does Meridian charge monthly fees for business accounts?

The Business Advantage Plus Savings Account comes with no monthly fees, which is a strong perk. Other Meridian accounts do come with transaction-based fees.

Can Meridian support international payments?

Meridian offers wire transfers, but fees range from $15–$120 depending on the transfer amount. For companies handling frequent cross-border payments, other providers with mid-market exchange rates may help reduce these costs.

Who is Meridian best suited for?

Meridian works best for small to mid-sized businesses that operate mostly within Canada and want access to local advisors and in-branch support. If international growth is a priority, businesses often look for alternate accounts designed with global payments in mind.

What makes Meridian different from mainstream banks?

Unlike the big banks, Meridian is a credit union, which means it’s member-owned. Profits are reinvented to provide members with better rates and lower fees, which is appealing for many small businesses that don’t require global tools like payments in multiple currencies.

Sources:

1. Business Advantage Plus Savings Account | Meridian
2. Meridian Credit Union Review | Trustpilot
3. Account Features and Fees | Meridian
4. Business banking account and service fees | Meridian