Enhanced Business Account
A comprehensive chequing account with increased benefits
Have a sole proprietorship or a single-owner corporation? You can open an account online!
Have another business type or prefer an in-person experience? Please visit a branch. What to bring
Benefits
Enjoy extensive features and a fee waiver, so you can focus on growing your business
Compare
Explore the features and fees of our business chequing accounts
Enhanced Business Account $50 per month or $0 with a $35,000 minimum balance | Elite Business Account $75 per month or $0 with a $75,000 minimum balance | Everyday Business Account $25 per month | |
|---|---|---|---|
Electronic1/ATM transactions and in-branch transactions per month5,6 | 70 electronic/ATM and in-branch transactions | Unlimited electronic/ATM 100 in-branch transactions | 35 electronic/ATM and in-branch transactions |
Items deposited per month7 | 45 | Unlimited | 25 |
Cash deposits per month7 | $4,000 | $25,000 | $2,500 |
Transfers between your BMO accounts | Unlimited | Unlimited | Unlimited |
Moneris transactions3 | Unlimited | Unlimited | Unlimited |
Interac e-Transfer ®section transactions per month2 | 30 | 500 | 15 |
Monthly plan fee8 | $50 OR$0 per month with minimum $35,000 balance | $75 OR $0 per month with minimum $75,000 balance | $25 |
Electronic/ATM transactions over the Plan limit1 | $0.60 per transaction | Not applicable. This account offers unlimited electronic1/ATM transactions. | $0.60 per transaction |
In-branch transactions over the Plan limit6 | $1.50 per transaction | $1.50 per transaction | $1.50 per transaction |
Items deposited over the Plan limit | $0.25 per transaction | $0.25 per transaction | $0.25 per transaction |
Additional cash (notes) deposited9 | $2.50 for every $1,000deposited | $2.50 for every $1,000 deposited | $2.50 for every $1,000 deposited |
Additional Interac e-Transfer transactions2 | $1.50 per transaction | $1.50 per transaction | $1.50 per transaction |
Monthly electronic account statement | $0 | $0 | $0 |
Monthly paper statement | $5 | $5 | $5 |
Additional accounts | Business Premium Rate Savings Account at no cost | Business Premium Rate Savings Account at no cost | Business Premium Rate Savings Account at no cost |
Access to BMO Online Banking for Business (OLBB) platform for more complex banking needs10 | Yes, for a fee | Yes, for a fee | Yes, for a fee |
Consult our Better Business Banking Guide to learn more about our business banking fees and agreements (effective as of March 9, 2026).
Use our Business Account Deposit Slip to make deposits at BMO branches or ATMs.
Help me choose
Still not sure? Let us help you decide
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
With a sole proprietorship, you can easily open an account online, though you’re welcome to visit one of our branches if you prefer.
Step 3: Fund your account
Deposit money into your new account so you can begin using it right away.
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
With a single-owner corporation, you can easily open an account online, though you’re welcome to visit one of our branches if you prefer.
Step 3: Fund your account
Deposit money into your new account so you can begin using it right away.
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 so you can begin using it right away.
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 so you can begin using it right away.
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 so you can begin using it right away.
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 Business10
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.
FAQs
Enhanced Business Account FAQs
If your business is a sole proprietorship or a single-owner corporation, you can open an account online.
If your business is a multi-owner corporation, a partnership or an unincorporated association, you can open an account at one of our branches. For details on what information you may need to open an account, please go to the Requirements section on this page.
You can open any of our business bank accounts in person at a BMO branch, regardless of the type of business you have. To open an Enhanced Business Account online, you need to have a sole proprietorship or a single-owner corporation.For details on what information you may need to open an account, please go to the Requirements section on this page.
Yes! Our business banking accounts are designed to grow with you and your business. Each account offers a different combination of transactions and services to suit your banking needs as they evolve. If you’d like to chat about which option might suit you best, feel free to book an appointment with us. We'd be happy to help!
The Enhanced Business Account has a $50 monthly fee. There may also be fees if you exceed the number of transactions5 included in your plan. For more information, please go to our Better Business Banking Guide.
You can choose a business chequing account that has the option to waive the monthly fee with a minimum balance. For example, you can waive the monthly fee on the Enhanced Business Account by maintaining a minimum balance of $35,000, and on the Elite Business Account by maintaining a minimum balance of $75,000.8
Having a business chequing account is a great idea for business owners because it can help you keep track of your business expenses and separate them from your personal transactions. This separation is especially helpful during tax season and may also limit your personal liability for any future business debts or obligations.
A business chequing account also strengthens your professional image and can also help you build credit history for your business should you need to apply for lending products in the future.
At BMO, we’re here to support you through every stage of your journey as a business owner. We have a dedicated team of business banking professionals who can help answer your questions, and we also have financial education resources available for free.
Our business banking products and services are designed to meet your needs as your business grows and evolves. Book an appointment with us if you’d like to meet with one of our financial advisors.
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.11
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.12
More business banking solutions to support your needs
Do more with Moneris®
LEARN MOREFrom unlimited transactions to e-commerce platforms and more, Moneris has solutions for you however you do business.
Save more, save faster
Learn moreOur Business Premium Rate Savings Account is a great choice for earning interest without locking in your funds.
Explore business credit cards
LEARN MOREGet the most out of your business expenses with cards that offer cashback or rewards.
Want to get in touch?
Give us a call
