Account Basics
BMO offers four business checking accounts: Digital Business Checking, Simple Business Checking, Premium Business Checking and Elite Business Checking. These accounts offer different features at different price points for business owners. All accounts require a $100 minimum opening deposit.
BMO Digital Business Checking Account
The BMO Digital Business Checking account is best for business owners who like to bank online and handle payments digitally. It offers unlimited free ACH transactions and incoming wires but only $1,000 in free cash deposits per month. If you’re a business owner who deals with a lot of cash payments, this probably isn’t the account for you.
There is a monthly maintenance fee of $10 for this account, which is the lowest you’ll find in BMO’s business banking division. To waive the fee, you need to maintain an average collected balance of $500 or more each statement period.
BMO Simple Business Checking Account
The BMO Simple Business Checking account is ideal for small business owners who want low-fee, basic checking without sacrificing key features. With only 100 free transactions per month, it’s a better fit for businesses that don’t deal with a high volume of monthly transactions rather than large companies.
This account provides up to $2,000 in free cash deposits each month and has a $10 monthly fee like the BMO Digital Business Checking account. You can avoid this fee by maintaining an average collected balance of $100 or more.
BMO Premium Business Checking Account
The BMO Premium Business Checking account allows for 200 fee-free transactions and up to $5,000 in free cash deposits each month. It’s best for moderately-sized businesses that don’t deal with an especially large volume of transactions or plan to keep high checking balances.
This account charges a maintenance fee of $15 per month. The only way to waive the fee is by maintaining an average collected balance of $1,500 or more.
BMO Elite Business Checking Account
The top-tier business checking option in BMO’s suite, BMO Elite Business Checking, has higher limits on free transactions and cash deposits. Customers can make up to 500 free transactions and deposit up to $20,000 in cash each month. This account earns interest, but the current rate is not disclosed online for any balance tiers and you must call or visit a branch to find out what you’ll earn. Interest compounds daily and is credited to your account monthly.
This account has a high, but waivable, monthly maintenance fee of $25. You can avoid it by meeting one of the following requirements:
- Maintaining an average collected balance of $10,000 or more
- Maintaining a monthly combined balance of $25,000 or more
Like the Digital Business Checking account, Elite Business Checking provides free domestic and foreign incoming wires. Customers also gain access to Relationship Packages, which provide additional benefits—like rebates and higher interest rates—based on your account balance.
Other BMO Business Checking Accounts
In addition to BMO’s four primary business checking accounts, it offers two others. One for large businesses and one for non-profits.
- BMO Business Checking Analyzed Account: An account best for large balances designed for businesses with a high volume of transactions. It offers earnings credits by balance to offset fees for businesses that would otherwise incur a variety of activity charges.
- BMO Non-Profit Small Business Checking Account: A free account for non-profit organizations. Includes up to 200 free transactions per month and $5,000 in free cash deposits.
Reach out to BMO directly—by visiting a branch, calling customer support or requesting a phone call or email—to learn more about these specialty accounts.
Other BMO Business Banking Products and Services
In addition to six checking accounts, BMO offers other business products and services to help business owners stay on top of their finances. These include:
- Business credit cards
- Business loans
- Business savings account
- Business money market account
- Cash management services
BMO Smart Advantage Checking
Offer*
$350 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$0
$350 cash bonus*
$25
$0
*Get a $350 cash bonus when you open a new Smart Money Checking or Smart Advantage Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Smart Money Checking
Offer*
$350 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$5
$0 if you're under age 25
$350 cash bonus*
$25
$5
$0 if you're under age 25
*Get a $350 cash bonus when you open a new Smart Money Checking or Smart Advantage Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
BMO Relationship Checking
Offer*
$500 cash bonus*
Minimum Opening Deposit Requirement
$25
Monthly Maintenance Fee
$25
To waive the monthly maintenance fee you must:
Have a minimum daily Ledger Balance in your account of $10,000 or more for the previous calendar month
OR Have a Monthly Combined Balance of $25,000 for the previous calendar month.
$500 cash bonus*
$25
$25
To waive the monthly maintenance fee you must:
Have a minimum daily Ledger Balance in your account of $10,000 or more for the previous calendar month
OR Have a Monthly Combined Balance of $25,000 for the previous calendar month.
*Get a $500 cash bonus when you open a new Relationship Checking account and have a cumulative total of $7,500 in qualifying direct deposits within 90 days of opening. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC
Distinguishing Features
BMO is currently offering a bonus of up to $750 for new business checking customers who open an account by September 9, 2024. To get a bonus, customers must make 10 qualifying electronic transactions and maintain an average collected balance of at least $4,000 for 90 days to earn $300 and $25,000 to earn $750.. The average collected balance on your account is determined by adding the total collected balance and dividing by 120.
While most BMO business checking accounts have fees, you’ll receive a temporary fee waiver for the first 93 days after account opening. This waiver applies to the following fees:
- Monthly maintenance fees
- Coin and currency fees
- Wire transfer fees
- Other transaction fees
- Paper statement fees
- Check image fees
Finally, business owners can sign up for BMO Bill Connect. This optional service allows you to receive and pay bills, send invoices and receive payments. Plans start at $5 per month, but you can try it free for 60 days.
Access on the Go
While BMO has branches in eight states, its large ATM network and online banking capabilities also make it an option for those who don’t live near a physical location. Customers have fee-free access to a network of more than 40,000 BMO and Allpoint ATMs across the country.
In addition to in-person banking, you can bank online or through the BMO Online Banking for Business app. Use the app to send and receive payments, deposit checks, pay bills, monitor your cash flow and more. Just note that while BMO digital banking apps have great ratings, the BMO Online Banking for Business apps fall flat. The business app earns 3.2 out of 5 stars on Google Play and 2.6 out of 5 stars in the App Store
BMO Bank Fees
In addition to monthly fees, BMO business customers may pay a number of fees for different activities. BMO business checking accounts share the following fees:
- Excess transaction fee: $0.40 per transaction
- Excess cash deposit fee: $0.25 per $100
- Early account closure fee: $50 if closed within 90 days of opening
- Out-of-network ATM fee: $3
- Wire fees: $0 to $50, varies by account
- Stop payment fee: $35
- Paper statement fee: $3
- Check image fee: $3 with paper statements
- Overdraft fee: $15 per item
- Foreign transaction fee: 2.8% of transaction amount
- Debit card replacement fee: $5
How BMO Stacks Up
With both in-person and online banking, BMO customers in states within the bank’s branch network have flexibility in how they bank. But for business owners who value in-person banking and don’t have a BMO branch in the neighborhood, this bank is not an ideal fit.
BMO’s wide range of business checking accounts and other banking services—like savings, loans and credit—should appeal to a variety of business owners with different needs. And if you can qualify for a bonus offer when signing up or relationship benefits, you’ll appreciate this bank even more.
When it comes to fees, BMO can be costly. BMO doesn’t offer free business bank accounts—aside from the non-profit account—and only lets you waive monthly fees by meeting balance requirements. The best business checking accounts have few fees, requirements that are easy to meet and practical benefits for business owners. Customers looking for free business checking accounts should check with online-only banks.
Find The Best Business Checking Accounts Of 2024
Frequently Asked Questions (FAQs)
What do I need to set up a BMO business checking account?
In addition to personal information and identification, you’ll also need business documentation including business formation documents. The precise materials you need to set up a BMO business checking account depend on your business’s entity type. Use BMO’s checklist to make sure you have all the necessary information before starting an application.
Where are BMO branches located?
BMO branches are primarily located in the Midwest, though there are some branches in other areas of the country. You can find BMO branch locations in the following states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The bank’s ATM network, however, is much more extensive. Customers can make fee-free withdrawals at more than 40,000 ATMs across the U.S.
Is BMO FDIC insured?
Yes, BMO is insured by the FDIC (FDIC #16571). FDIC insurance protects your money up to $250,000 per depositor, per ownership category in case of bank failure.
