Business Bank Accounts
From day-to-day business banking to earning interest on savings, we’ve got business bank accounts to suit your needs.
What is a business bank account?
A business bank account is a bank account dedicated to managing a business’ funds. It’s separate from a personal bank account, and there are both chequing and savings options, depending on your banking needs. A business chequing account is used for managing a business’ day-to-day funds and transactions, while a business savings account is used for setting aside extra cash and earning interest while you save.
Explore our business chequing accounts
Our accounts are designed for business banking needs, so you can find the one that meets you where you are.
Digital
Great for startups and businesses that operate mostly online
Prefer to open an account in person?
Flexible
Great for business owners who want to bank online and in branch
Prefer to open an account in person?
Comprehensive
Great for businesses with more extensive banking needs
Prefer to open an account in person?
Premium
Great for businesses with complex needs
Prefer to open an account in person?
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.
Business Premium Rate Savings Account
With no monthly fee, this savings account helps you earn interest while you save.
Business Current Account
Our pay-as-you-go chequing account is great for businesses with minimal banking needs.
Community Account
This speciality chequing account is designed for locally based not-for-profit groups.
Agrilnvest Account
This specialty savings account is great for farmers in the AgriInvest program.
Still not sure? Let us help you decide
Answer a few quick questions and we’ll recommend the best business bank account for you.
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 services to support you
We have partnerships beyond banking to help with all your business needs.
Sell in store, online and on the go with BMO-backed solutions.
Improve compliance, manage payroll and keep records easily.
Manage your finances and save an average of 25 hours a month.
Get an exclusive discount on a Bell Ads for Business campaign.
Enjoy a special offer on shipping services for BMO customers.
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.
Business bank accounts FAQs
A business chequing account is a chequing account specifically created for business owners. It’s used for managing a business’ day-to-day funds and transactions, and it’s different from a business savings account or a personal chequing account. Using a business bank account can help you keep your personal and business finances separate.
Our business chequing accounts are designed to meet the needs of all kinds of businesses, from brand new startups and digital companies to larger enterprises. Our accounts include:
- The Essential Business Account – our basic account, with streamlined benefits
- The Everyday Business Account – our budget-friendly account, with a balance of online and in-branch transactions
- The Enhanced Business Account – our well-rounded account, with more comprehensive benefits
- And the Elite Business Account – our premium account with the most benefits
Yes, you can. At BMO, we offer the Business Premium Rate Savings Account, which has no monthly fee and earns you interest without locking in your funds.
BMO offers two kinds of business savings accounts: our Business Premium Rate Savings Account, which earns you interest without locking in your funds; and our AgriInvest Account, created specifically for farmers.
Yes, we work with more than 30 specialized industries, including agriculture, healthcare and transportation. We also have business banking solutions for not-for-profits, franchise owners and business professionals. To chat with us about our industry programs, please book an appointment.
When you open a business chequing account with BMO, you can either get a business debit card right away or order one with your name and business name on it.
Your business debit card is automatically linked to your business chequing account. You can use this card to make debit purchases in person and online, to withdraw cash, or for transactions at an ATM.
BMO Online Banking (OLB) is included with your account. To access it, you'll need to register for online banking at a BMO branch. This digital banking platform allows you to manage your account, track your spending, make transactions and more. If your business has more complex banking needs (such as letting multiple users set payment approvals or sending and receiving international wire payments online) our enhanced platform, Online Banking for Business (OLBB), may be a good fit for you.
To register for either of our online banking platforms, please book an appointment.
Yes, you can switch your current business bank account to BMO in a few easy steps:
- Open a new BMO business account
- Switch your payments and deposits to your new account
- Start using your new BMO account
- Close your old account
Yes, we are members of the Canada Deposit Insurance Corporation (CDIC) and all our chequing accounts are CDIC insured.
Your safety is our priority, and we ensure it in several ways. Visit our Security Centre to learn more.For additional resources on how to protect yourself and your business, visit our Learning Centre.
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