Get a 3.00% promotional interest rate on new deposits of C$10,000 or more from July 2, 2026 until October 31, 2026. footnote dagger
Benefits
Maximize your cash with competitive rates and easy access to your funds
No monthly fee
and no minimum balance
No minimum balance
to earn interest
Tiered interest
with higher rates as your savings grow
Requirements
What you need to open an account
Select your type of business to learn if you can open an account online and what documents you may need.
Step 1: Gather your information
Here's what you'll need:
- Name, address and date of birth, along with personal identification
- Trade Name Registration (if applicable)
- Master Business Licence (if you’re using a registered trade name)
Step 2: Open an account online or in person
If you are new to BMO and have a sole proprietorship, you can open an account online or book an appointment at a branch.
Already have a BMO business bank account? Book an appointment to get started in branch.
Step 3: Fund your account
Deposit money into your new account and start earning interest right away footnote 1 .
Step 1: Gather your information
Please consult the following list to figure out what information you may need to provide.
If your business has been in existence less than 18 months, please provide one of the following:
- Complete articles of incorporation
- Letters patent/company charter
- Articles of amendment
- Articles of amalgamation
- Corporate Profile Report
If your business has been in existence more than 18 months, please provide one item from the previous list as well as 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 an independent accounting firm
- Government assessment
- Corporate search
If your business operates under a registered trade name, please provide one of the following:
- Trade Name Registration
- Master Business License
In all cases, please provide the following identification:
- Name, address, and occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person (including yourself) or company with an interest of 25 per cent or more of your business
- Name, occupation and date of birth, along with personal identification
Step 2: Open an account online or in person
If you are new to BMO and have a single-owner corporation, you can open an account online or book an appointment at a branch.
Already have a BMO business bank account? Book an appointment to get started in branch.
Step 3: Fund your account
Deposit money into your new account and start earning interest right away footnote 1 .
Step 1: Gather your information
Please consult the following list to figure out what information you may need to provide.
If your business has been in existence less than 18 months, please bring one of the following:
- Complete articles of incorporation
- Letters patent/company charter
- Articles of amendment
- Articles of amalgamation
- Corporate Profile Report
If your business has been in existence more than 18 months, please bring one item from the previous list as well as 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 an independent accounting firm
- Government assessment
- Corporate search
If your business operates under a registered trade name, please bring one of the following:
- Trade Name Registration
- Master Business License
In all cases, please bring the following identification:
- Name, address, and occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person (including yourself) or company with an interest of 25 per cent or more of your business
- Name, occupation and date of birth, along with personal identification for yourself and up to three authorized signatories
Step 2: Go to a BMO branch
Please visit us in person to open an account.
Step 3: Fund your account
Deposit money into your new account and start earning interest right away footnote 1 .
Step 1: Gather your information
Please consult the following list to figure out what information you may need to provide.
If your business is a general partnership, please bring the following:
- Partnership registration (if applicable)
- Partnership agreement
If your business is operating under a registered trade name, please bring one of the following:
- Trade Name Registration
- Master Business License
If your business is a limited partnership, please bring the following:
- Limited partnership agreement
- Certificate of limited partnership/declaration of limited partnership/application for registration of a limited partnership
In all cases, please bring the following identification:
- Name, address, and occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person (including yourself) or company with an interest of 25 per cent or more of your business
- Name, occupation and date of birth, along with personal identification for yourself and up to three authorized signatories
Step 2: Go to a BMO branch
Please visit us in person to open an account.
Step 3: Fund your account
Deposit money into your new account and start earning interest right away footnote 1 .
Step 1: Gather your information
Please consult the following list to figure out what information you may need to provide.
If your business has been formally established, please bring one of the following:
- Articles of association
- Copy of by-laws or constitution disclosing names and titles of directors and/or officers
If your association isn’t formally established, please bring:
- Letter from the organization disclosing who has the authority to open and operate the account
In all cases, please bring the following identification:
- Name, address, and occupation or nature of primary business
- Percentage ownership and type of ownership (direct or indirect) for any person (including yourself) or company with an interest of 25 per cent or more of your business
- Name, occupation and date of birth, along with personal identification for yourself and up to three authorized signatories
- Name and occupation of any directors or officers
Step 2: Go to a BMO branch
Please visit us in person to open an account.
Step 3: Fund your account
Deposit money into your new account and start earning interest right away footnote 1 .
Rates
Canadian and U.S. account interest rates
Interest is calculated in the currency of the account.
| Account balance | Interest rate footnote 3 |
|---|---|
| Up to $9,999.99 | 1.15% |
| $10,000 up to $59,999.99 | 1.50% |
| $60,000 up to $249,999.99 | 1.75% |
| $250,000 up to $499,999.99 | 1.90% |
| $500,000 up to $4,999,999.99 | 2.00% |
| $5,000,000 up to $50,000,000 | 2.85% |
| $50,000,000.01+ | No interest is paid |
| Account balance | Interest rate footnote 3 |
|---|---|
| Up to $59,999.99 | 0.90% |
| $60,000.00 up to $500,000 | 1.75% |
| $500,000.01 up to $5,000,000 | 2.10% |
| $5,000,000.01 up to $50,000,000 | 2.20% |
| $50,000,000.01+ | No interest is paid |
FEES
Deposit and withdrawal fees
These fees are payable in the currency of the account.
| Canadian dollar account | U.S. dollar account | |
|---|---|---|
| Deposit fees per transaction footnote 4 | ||
| Client initiated transfers between BMO business bank accounts | Free | Free |
| BMO branch deposits | $1.25 | $1.25 |
| ATM deposits | $1.25 | N/A |
| Cheque deposits | $0.20 | $0.20 |
| Direct deposits | $1.25 | $1.25 |
| Cash deposits (notes per $1,000; coin per $100) footnote 1 | $2.25 | $2.25 |
| Withdrawal fees per transaction footnote 4 | ||
| BMO branch withdrawal | $5.00 | $5.00 |
| ATM withdrawal | $5.00 | N/A |
| Bill payment | $5.00 | $5.00 |
| Statement fees | ||
| Monthly e-statement | Free | Free |
| Monthly paper statement | $4.00 | $4.00 |
Consult our Better Business Banking Guide to learn more about our business banking fees and agreements (effective as of March 9, 2026).
Choose the digital banking platform you need
We have two digital banking platforms to choose from, based on the kind of services you require.
For the most common business banking needs, try Online Banking
Included with your business bank account
Do all your business banking tasks such as:
Make deposits, transfer funds and pay suppliers- Manage bills with automatic payments and Interac e-Transfer
- Check real-time account activity and access e-Statements
- Transfer funds between accounts
- Bank on desktop or mobile with the BMO Mobile Banking App
Plus, get peace of mind with industry-leading security software.
For more complex business banking needs, try Online Banking for Business footnote 5
Available for a fee, based on the services you want to add
Get all the benefits of Online Banking, plus flexible features tailored to your business:
- Set up multiple platform users along with strong internal controls, like payment limits and multiple levels of payment approvals
- Send and receive global payments online
- Make multiple payments at once with Interac e-Transfer for Business or with electronic funds transfers (EFT)
- Monitor account activity with alerts via email or text
- Create customizable reports
- Bank on desktop or mobile with the BMO Mobile Banking for Business App
Plus, get peace of mind with industry-leading security software.
Moneris*® Payment Solutions
Accept debit and credit card payments securely in person, online, and on the go.
Business loans and lines of credit
Get access to the funds you need to manage your cash flow or grow your business.
Pair your savings with a business chequing account
Get flexible access to your funds and streamline daily banking by pairing your Business Premium Rate Savings Account with a business chequing account.
Business Premium Rate Savings Account FAQs
BMO’s Business Premium Rate Savings account is a savings account with competitive interest rates, designed to help business owners maximize extra cash while keeping funds accessible for day‑to‑day operations. It typically earns a higher interest rate than a business chequing account. These products are eligible for CDIC deposit insurance, subject to maximum coverage limitations.
Yes! You can open an account online if you are new to BMO Business Banking and you have a sole proprietorship or single owner corporation. Review the requirements information to see what you'll need to open an account.
Yes! Client-initiated online banking transfers (moving money in and out of your Business Premium Rate Savings Account by transferring from and to your linked BMO chequing account) are included at no fee, subject to your chequing account’s transaction limits. You can also make unlimited deposits or withdrawals directly from your savings account for a fee.
No! There are no monthly fee and no minimum balance requirements. You earn interest from the very first dollar in your Business Premium Rate Savings Account.
Interest is calculated on the daily closing balance (Canadian dollar accounts) or daily closing collected balance (U.S. dollar accounts) and paid monthly. Review our Better Business Banking Guide to learn more about our business banking fees and agreements (effective as of March 9, 2026).
Helping business owners make real financial progress
We take the time to understand your unique business and find the right banking solutions for you.
Award winning
BMO has been named the Best Commercial Bank in Canada by World Finance Magazine 11 years in a row. footnote 6
Tailored support
We offer in-depth expertise and more than 20 custom programs to support your unique business banking needs.
Industry leading
The Digital Banker has recognized us for digital innovation, customer experience and delivery excellence. footnote 7
Want to get in touch?
Give us a call
- Footnote dagger details This promotion applies only to Canadian Business Banking clients. If you have an assigned Relationship Manager, please reach out to them for additional details regarding eligibility. For more information, review the promotional terms and conditions.
- *® MONERIS and MONERIS & Design are registered trademarks of Moneris Solutions Corporation. BMO and BANK OF MONTREAL are registered trademarks of Bank of Montreal. All other marks or registered trademarks are the property of their respective owners.
- double dagger® ADP, the ADP logo, and Always Designing for People are trademarks of ADP, INC. ADP HR Assist and ADP Workforce Now On the Go are service marks of ADP, INC.
- Footnote 1 details 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.
- Footnote 2 details Same 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 on the BMO rates page, on display at all BMO branches where deposit accounts are kept and by calling 1-877-225-5266.
- Footnote 3 details Paid on the portion of each account balance tier.
- Footnote 4 details Transactions 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.
- Footnote 5 details Access to BMO Online Banking for Business is subject to additional individual agreements and applicable fees. Fees subject to change. Savings shown are as of the time of publication of the Better Business Banking Guide and are only for illustration purposes.
- Footnote 6 details BMO was named Best Commercial Bank by World Finance Magazine for the 11th consecutive year in 2025.
- Footnote 7 details BMO was recognized by Digital Banker for Innovation & Customer Experience in 2024.