Business savings accounts

 ^{Footnote 1 details 1} Get information on transaction limits.

 ^{Footnote 2 details 2} For every month your Business Savings Builder account balance grows by at least $500, we will credit the account with a $10 savings reward within 5 calendar days after the end of the month. To calculate if your balance has grown by $500, we will compare the Ledger Balance on the last Business Day of the previous month to the Ledger Balance on the last Business Day of the current month. Interest and savings reward payments will not count towards your balance growth. Tip: Deposits made on weekends and holidays will not be processed until the next Business Day. To ensure your deposit is counted for the current month, avoid scheduling your recurring transfer or deposits towards the end of the month.

Your account is eligible for 12 savings rewards beginning with the month your account is opened. The first savings reward is based on your savings growth from the Business Day the account is opened through the last Business Day of that month. If your initial deposit is not received until the month after account opening, the account will only be eligible for 11 savings rewards.

Your account must be open when the savings rewards are paid. Savings rewards will be reported to the IRS for tax purposes and you are responsible for any applicable taxes.

Exclusions

• Savings rewards are available for new accounts only. An account switched into Business Savings Builder from a different product is not eligible for savings rewards.
• Savings rewards are limited to one Business Savings Builder account per customer as Primary Account Owner. Only your first account opened is eligible for savings rewards.
• You are not eligible to receive savings rewards if you have previously opened a Business Savings account between February 3, 2020 and October 18, 2021 and participated in the Business Savings account - Savings Rewards offer.

Minimum opening deposit of $100 is required for Business Savings Builder accounts. Business Savings Builder is a variable rate account. For account and fee information or current rates, call 1-800-546-6101.

 ^{Footnote 3 details 3} We may offer a higher interest rate on the Business Platinum Money Market Account when you are an Account Owner of both a Qualifying Business Checking Account that has qualifying activities and a Business Platinum Money Market Account.

Qualifying Business Checking Accounts include: BMO Elite Business Checking, BMO Premium Business Checking, BMO Simple Business Checking, BMO Digital Business Checking, Non-Profit Small Business Checking, Business Checking Analyzed, Small Business Checking, Business Checking, Non-Profit Checking Analyzed, Business Interest Checking, Small Business Interest Checking, and Non-Profit Interest Checking.

Qualifying activities are three or more customer-initiated transactions that post to the Qualifying Business Checking Account within the prior 35 calendar days. 

Customer-initiated transactions include:

1. Deposits at a BMO branch or ATM, Mobile Deposits, or deposits mailed to the Bank;
2. Withdrawals at a BMO branch or any ATM, including requests by mail or speaking to a telephone representative to have a check made payable to you;
3. ACH, incoming and outgoing wire transfers, Checks or purchases using a Debit Card; and
4. Loan payments or advances

Common transactions that do not qualify and will not meet the qualifying activity requirement include: 

1. Funds transfers between BMO deposit Accounts through any channel
2. Bank-generated fees, check order fees and interest credits
3. Returned or re-presented Items
4. Point-of-sale returns
5. ATM balance inquiries

As a reminder, Business Days are Monday through Friday excluding any holiday on which the Bank and/or the Federal Reserve are closed for processing. Transactions received or occurring on a day other than a Business Day will be posted the next Business Day.

If you have one Qualifying Business Checking Account: If you have one Qualifying Business Checking Account, and it closes or is changed to another account type that is not a Qualifying Business Checking Account, we will stop looking at the Account for qualifying activities. Beginning the Business Day after Account closing or the account type change occurs, you will no longer be eligible to receive a higher interest rate on your Business Platinum Money Market Accounts, even if the Qualifying Business Checking Account had qualifying activities before the Account closed or account type changed.

If you have more than one Qualifying Business Checking Account: If you have more than one Qualifying Business Checking Account, only one Account must have qualifying activities. If no Account individually has qualifying activities, you will not be paid a higher interest rate on your Business Platinum Money Market Accounts. We will not combine transactions from all your Qualifying Business Checking Accounts to determine if you have qualifying activities. If you have more than one Qualifying Business Checking Account, and one Account closes or is changed to another account type that is not a Qualifying Business Checking Account, we will look at all remaining Qualifying Business Checking Accounts to determine if any one Account, individually, has qualifying activities.

Initially, the Business Platinum Money Market Account earns standard interest rates. A higher interest rate, if applicable, will be applied to all of your Business Platinum Money Market Accounts within three Business Days. If your Business Platinum Money Market Account is changed to another account type, you will no longer receive a higher interest rate on the Account beginning the Business Day after the account type is changed.

 ^{Footnote 4 details 4} Message and data rates may apply. Contact your wireless carrier for details.

 ^{Footnote 5 details 5} Early withdrawal penalties may apply. Annual Percentage Yields (APYs) are accurate as of the date stated and are subject to change at any time. For current rate information, contact your banker or call us at 1-800-546-6101. To receive these APYs you must open your account online, by phone at 1-888-340-2265, or at a financial center.  The minimum balance to obtain the APY is the minimum balance indicated to open the account.  CDs opened online can only be in individual or joint ownership and cannot be for an IRA. For CDs opened online, funds may not be withdrawn for 15 calendar days after funding. For CDs opened by phone, accounts must be funded within 10 business days of application, and funds may not be withdrawn for 15 calendar days after funding.  Please visit www.fdic.gov for current FDIC insurance limits.

 ^{Footnote 6 details 6} All Interest Rates and Annual Percentage Yields (APY) are accurate as of . For variable rate accounts interest rates and APYs may change after the account is opened. At our discretion we may change the interest rate on these accounts daily. For accounts that have more than one tier, the interest rate corresponding to the highest tier into which the collected balance falls will be paid on the entire collected balance. Interest rates and APYs offered within two or more consecutive tiers may be the same. In this case, multiple tiers will be shown as a single tier. 

Business Platinum Money Market has a minimum $100 opening deposit requirement and is a variable rate account. The following collected balance tiers and corresponding standard APYs are effective as the date shown above and are subject to change at our discretion at any time: 0.05% for balances less than $10,000, 0.20% for balances between $10,000 and $99,999.99, 0.45% for balances between $100,000 and $249,999.99, 1.50% for balances between $250,000 and $499,999.99, and 2.30% for balances of $500,000 or more.

We may offer higher interest rates when you are an Account Owner of both a Qualifying Business Checking Account that has qualifying activities and a Business Platinum Money Market account. Explore the Business Platinum Money Market account disclosure for details. The following collected balance tiers and corresponding APYs for Account Owners with a Qualifying Business Checking Account that has qualifying activities are effective as the date shown above, and are subject to change at our discretion at any time: 0.30% for balances less than $10,000, 0.45% for balances between $10,000 and $99,999.99, 0.70% for balances between $100,000 and $249,999.99, 1.75% for balances between $250,000 and $499,999.99, and 2.55% for balances of $500,000 or more. 

Interest is calculated on the entire collected balance daily at the rate in effect for that balance tier. You must maintain the required minimum collected balance for each tier to earn the APYs disclosed. A periodic rate is applied on the collected balance in the account daily. Interest is compounded daily on the collected balance and credited to the account monthly on the statement period date. Checks you deposit into your account begin to earn interest on the Business Day we receive credit for them. Fees and withdrawals may reduce earnings. For account and fee information or current interest rates, visit bmo.com.

 ^{Footnote 7 details 7} Please visit www.fdic.gov for current deposit insurance limits.

 ^{Footnote 8 details 8} Mobile Deposit is available using the BMO Digital Banking app. This service may not function on older devices. Users must be a BMO Digital Banking customer with a BMO account opened for more than 5 calendar days. Deposits are not immediately available for withdrawal. For details, please see the BMO Business Digital Banking Agreement found at bmo.com/us/legal.