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Business Premium Rate Savings Account

 

 

 

 

  • Grow surplus cash you can access when you need it
  • Earn interest every day1 on:
    • Canadian dollar account balances up to $50,000,000
    • U.S. dollar2 account balances up to $5,000,000
  • No minimum balance required
  • Unlimited transfers made by you in-branch, by telephone, by ATM or online to your business account
  • Free monthly eStatement

 

 


 

Best for

 

A convenient interest-bearing savings account, to use in conjunction with your business current account that earns interest without locking in your funds.

 

  • Customers who want to put their extra cash to work for their business
  • Customers with fluctuating business revenue
  • Customers who want to put their extra cash to work for their business
  • Customers with fluctuating business revenue

Not sure where to start?

 

Let us help you find what you need by telling us a bit about your business.

 

Number of years in business

 

Annual revenue

 

Number of employees

 

 

Where You’re At

Starting Out

 

Sounds like you’re getting your business started. We have products, tips and tools that can help you get your business off the ground.

 

 

Growing Your Business

 

Looking to grow your business? We can help you build on what you’ve established, with services and solutions designed to take your business to the next level.

 

Managing Your Business

 

We can help you run your business more efficiently with cash flow, payroll and payment solutions that will make your day-to-day operations easier.

 

Transitioning

 

We can help you get the most out of what you put into your business, with succession and retirement planning services to suit your needs.

 

 


Banking with Us

We have bank accounts and plans designed to suit the needs of your business. Find the best match for you.


Credit Cards

Looking to separate your business and personal expenses? Explore our selection of Business Credit Cards.


Business Borrowing

Whether you’re looking to expand or to simply improve your cash flow, we have loans and lines of credit that can help.


Commercial Borrowing

We offer flexible borrowing solutions designed to help larger businesses grow and operate more efficiently.


Accepting Payments

Enjoy access to innovative, industry-leading payment solutions that make it easier for your customers to pay you.


Payroll Services

We can help make payday easier, with payroll solutions that ensure your employees are paid and taxed accurately.


Paying Taxes

We can help you file and pay government taxes online, including payroll source deductions, corporate income tax, GST and PST.


Cash Management

Our extensive cash management solutions can help you efficiently manage your payables, receivables, liquidity and risk.


Corporate Cards

Looking to simplify, control and monitor employee spending? Explore our wide range of corporate card options.



More information to help you choose

 

Account fees

Account fees

 

 

Currency of Account, interest fees payable in: CDN$ US$1
Deposit fee per transaction3
Branch deposits $1.25 $1.25
ATM deposits $1.25 N/A
Point of sale N/A N/A
Debit card return/reversal Free N/A
Pre-authorized credits/Electronic Funds Transfer $1.25 $1.25
Deposit contents fees
Notes (currency) on deposit (per $1,000) $2.25 $2.25
Coin on deposit (per $100, U.S. coin accepted at par) $2.25 $2.25
Items on deposit – (per item, e.g. cheque) – Value for U.S. dollar items deposited to U.S. dollar accounts will be delayed from one to three business days to allow for clearing and international settlement. $0.20 $0.20
Account debit per transaction2
Cheque N/A N/A
Pre-authorized payment/Electronic Funds Transfer N/A N/A
Debit card purchase N/A N/A
ATM withdrawal $5.00 N/A
Branch withdrawal $5.00 $5.00
Bill payment (branch or via debit card) $5.00 $5.00
Customer Initiated transfer via branch or via debit card Free Free
Free Monthly eStatement Free Free
Monthly Paper Statement Fee $2.00 $2.00
Account features

Account features

 

 

  • Earn interest every day on4:
    • Canadian dollar account balances up to $50,000,000
    • U.S. dollar2 account balances up to $5,000,000
  • No minimum balance required
  • Unlimited transfers made by you in-branch, by telephone, by ATM or online to your business account
  • Free monthly eStatement

 


Next steps

 

 

Switch to BMO

Switch to BMO easily & seamlessly

Transfer your banking to BMO with PowerSwitch®

 

Whether you already bank with us – or intend to – it is easy to switch all your banking to BMO Bank of Montreal.

 

PowerSwitch is a FREE, convenient service for transferring existing Pre-Authorized Payments (automatic bill payments) from your bank account(s) from other financial institutions to BMO.

 

PowerSwitch at your convenience…what to expect

 

We will take care of the switch for you. Simply visit us in person, call us, or make an appointment to meet. The transfer generally takes four to six weeks to complete.

 

Switching to BMO is easy & seamless.

 

 

 

PowerSwitch makes it easy to switch… and start banking with us

 

Visit your local branch to provide your details and authorization. All Pre-Authorized Payments will be managed by the PowerSwitch Service Centre on your behalf. PowerSwitch works for you by:

 

  • Transferring your Pre-Authorized Payments from your old financial institution. For example, automatic debit payments such as utilities, loans, insurance, club memberships, telephone, Internet, etc
  • Sending automatic notification to your Pre-Authorized Payments so you don't have to complete numerous account change forms
  • Confirming the Pre-Authorized Payments and corresponding timelines when the transfers will be complete
  • Scheduling the changes so you can manage your cash flow during the process
  • Providing advice on what to expect throughout the process

 

 

 

 

Ways to bank

Ways to bank from in-person, to online or mobile or tablet

Count on hassle-free access to your business accounts

 

Bank online, by phone or using your mobile device 24 hours a day, 7 days a week, 365 days a year1.

 

Take advantage of over 900 BMO® branches across Canada offering a full range of financial services.

 

Access your money, make deposits, transfer funds, get account balances and pay bills at any BMO® ATM.

 

 

 

 

Use your BMO Debit Card for Business to make purchases anywhere you find the Interac®‡ Direct Payment in Canada and the Maestro®* network anywhere else in the world.

 

Call us seven days a week (8 a.m. – 8 p.m. EST), we're here to help. For questions, call the Customer Contact Centre – Commercial Service at 1-877-262-5907 or TTY 1-866-859-2089.

Banking Agreements

What to bring to a branch meeting

If you're a sole proprietor

Registered documents you'll need to bring

 

If operating under a registered Trade Name, bring one of the following:

  • Trade Name Registration
  • Master Business License

For a corporation

Registered documents you'll need to bring

 

If your business has been in existence less than 18 months, bring one of the following:1

 

  • Complete Articles of Incorporation
  • Letters Patent/Company Charter
  • Articles of Amendment
  • Articles of Amalgamation
  • Corporate Profile Report

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

 

If your business has been in existence more than 18 months, in addition to the above documents, bring one of the following:

 

  • Annual/Statutory Return
  • Certificate of Status
  • Certificate of Compliance/Existence and any filings under the applicable provincial securities legislation, such as financial statements
  • Financial statement or annual report signed by independent accounting firm
  • Government Assessment
  • Corporate search

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License
  • Identification Requirements
  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

 

Identification Requirements

 

  • Name, address, and nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

1 Documents include the names of current directors and/or officers and outline who has the power to delegate authorities and/or borrow on behalf of the corporation (if applicable)


If you're in a partnership

Registered documents you'll need to bring

 

If your business is a General Partnership, bring the following:

 

  • Partnership Registration (if applicable)
  • Partnership Agreement

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

 

If your business is a Limited Partnership, the following:

 

  • Limited Partnership Agreement
  • Certificate of Limited Partnership/Declaration of Limited Partnership/Application for Registration of a Limited Partnership

 

If operating under a registered Trade Name, bring the following:

 

  • Trade Name Registration
  • Master Business License

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories

For an Unincorporated Association

Registered documents you'll need to bring

 

If your business has been formally established, bring one of the following:

 

  • Articles of Association
  • Copy of by-laws or constitution disclosing names and titles of directors and/or officers

 

If not formally established, bring:

 

  • Letter from the organization disclosing who has the authority to open and operate the account

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers


Related products

 

 

 

 

Business Current Account

 

A pay-as-you-go account for your basic banking needs. Easily layer on one of our Everyday Banking Plans.

 

Learn more
BMO AIR MILES® † MasterCard

 

BMO AIR MILES® †MasterCard

 

Turn your day-to-day business spending into rewards you can use.

 

Learn more

 

 

 

Small Business Line of Credit

 

A simple and flexible financing solution that lets you borrow what you need, when you need it5.

 

Learn more

 


®Registered trade-mark of Bank of Montreal

®* MasterCard is a registered trademark of MasterCard International Inc.

All other marks or registered trade-marks are the property of their respective owners.

 

1Same currency as the account. Interest rates are calculated on a per annum basis. Interest rates and balance tiers are subject to change without notice. Interest rates are available online at bmo.com/rates, on display at all BMO branches where deposit accounts are kept and by calling 1-877-225-5266

 

2U.S. Dollar Accounts are not eligible for Canadian Deposit Insurance Corporation (CDIC) deposit insurance.

 

3Transactions include cheques negotiated and other debit or credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits.

 

4Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. See your branch; call the Customer Contact Centre at 1-800-263-2263, or visit bmo.com/creditcards for current rates and fees.

 

5Subject to meeting Bank of Montreal’s usual credit granting criteria

 

 

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