Business Premium Rate Savings Account
Have extra cash? Put it to work in a convenient higher interest-bearing business savings account.
The Business Premium Rate Savings Account is a great match for your business chequing account, earning interest without locking in your funds.
$0 | Monthly fee |
|---|---|
| Easy access to funds | |
| No Minimum balance required | |
Terms and Conditions
- Savings include: The annual value of savings for 2 Interac e-Transfer transactions per month is $36 = ($1.50/per Interac e-Transfer transaction) x 2 x 12 months. The annual value of savings for 10 electronic transaction fees = $72 ($0.60 x10 electronic transactions) x 12 months = $72. Note: Electronic transactions exclude client-initiated transfers between Business Bank Accounts, Interac e-Transfers, account transaction histories completed through BMO Online Banking for Business, BMO Online Banking, BMO Mobile or BMO Tablet Banking, and cheques deposited through Mobile Cheque Deposit.
- Subject to interruptions in telecommunications or online systems or in power supply or any other factor or event beyond the control of Bank of Montreal.
- Mobile Banking is only available for customers registered for Online Banking.
- The monthly Business Banking Plan fee can be eliminated by maintaining the minimum monthly balance at all times in a Business Account. Customers are responsible for all other fees relating to any transactions, services and products not included in the Business Banking Plan. The minimum balance waiver is only eligible for customers with the Business Builder 3 and 4 Business Banking Plan
- Assisted transactions refer to those completed at a BMO branch or with the assistance of a Customer Contact Centre associate.
- Although BMO will not charge any fees in addition to your monthly Plan or account fees to access Mobile Banking, additional service fees may be charged by your service provider. Check with your service or hardware provider if you have questions about your specific device.
- Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of Mastercard, Visa*, Interac, Discover* or Union Pay* branded cards and American Express* transactions that are settled by Moneris - including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
- Transactions include cheques negotiated and other debit or credit transactions to the account, including deposits (except cash and coin), withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits. Cash and/or coin deposits are subject to deposit content fees of $2.25 per each $1,000 for cash and $2.25 per each $100 for coin.
- There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each transfer.
- Overdraft limits range from $500 to a maximum of $2,499.99 and are subject to credit qualification.
- Available in Canadian dollars only.
- Interest is calculated on the daily overdrawn balance at prevailing overdraft interest rates and charged to the account on the last business day of each month.
- A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft up to your approved limit.
- There are no daily or monthly transaction fee limits. A $5.00 per item fee will apply to each debit transaction that creates or increases the overdraft.
- This fee is in addition to any applicable transaction fees.
- You are required to provide initial setup instructions for this service.
- Interac e-Transfer service may be restricted based on BMO Debit Card for Business privileges.
- Interac e-Transfers can only be sent from a Canadian dollar business account. Sending an Interac e-Transfer is considered an electronic debit to the account. Excess item or account per item fees may apply. The Interac e-Transfer fee is non-refundable, this includes cancellations. The AgriInvest Account and Business Premium Rate Savings Account are restricted from sending Interac e-Transfers.
- Interac e-Transfers can only be credited to a Canadian dollar account. There is no additional charge to receive an Interac e-Transfer. Receiving an Interac e-Transfer is considered an electronic credit to the account. Excess item or account per item fees may apply.
- Your Interac e-Transfer send limit may be lower than the posted daily limit depending on the Bill Payment Limit assigned to your BMO Debit Card for Business.
- BMO self-serve channels include BMO Online, Mobile and Tablet Banking, BMO Online Banking for Business, Telephone Banking (when using the interactive voice response (IVR) sytem and BMO ATMs.
- Speak to your tax professional for tax advice.
- Moneris payment processing fees still apply. Applies to all deposits posted by Moneris to your BMO business account in connection with your acceptance of Mastercard, Visa*, Interac, Discover* or Union Pay* branded cards and American Express* transactions that are settled by Moneris - including deposit of settlement funds, terminal rental fee, and any other fees. American Express credit card transactions that are not settled through Moneris are not included in unlimited Moneris transactions, and are subject to separate terms and conditions. Standard transaction fees apply. Refer to Moneris Solutions for complete details. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. (* Visa, Discover, American Express and Union Pay are trademarks of their respective owners.)
- Customers are allowed one Canadian Dollar Business Account included in the Business Banking Plan. Interest-Bearing Business Current Accounts (existing customers) are not eligible for Bank Plan benefits.
- The $1.50 per-item fee is waived for the first two Interac e-Transfer transactions sent each month. Sending and receiving money with Interac e-Transfer counts as an electronic transactions. Electronic excess or per-item transaction fees may apply.
- Access to BMO Online Banking for Business is subject to individual agreements and applicable fees. Fees subject to change.
- The monthly Business Banking Plan transaction limit includes cheques negotiated and other debit and credit transactions to the account including deposits, withdrawals, electronic credits and debits, bill payments or BMO Debit Card for Business purchases and refunds, and excludes customer initiated transfers between Business Bank Accounts. Cheques debited and transactions completed in branch or with an associate at the Customer Contact Centre count towards the monthly transaction limit first. Customer initiated transfers between Business Bank Accounts and account transaction histories completed through BMO Online Banking for Business, BMO Online Banking, BMO Mobile or BMO Tablet Banking do not count towards the monthly transaction limit.
- The monthly Business Banking Plan transaction limit includes 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.
- Standard deposit contents fees will be waived on each month’s deposits up to these limits.
Features and benefits
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| Keep track of everything with free monthly eStatements |
Connect with us
Account Fees and Interest Rates
Deposit contents fees
| Notes (currency) on deposit (per $1,000) | CDN$ $2.25 | US$ $2.25 |
| Coin on deposit (per $100, U.S. coin accepted at par) | CDN$ $2.25 | US$ $2.25 |
| Items on deposit – (per item, e.g. cheque) – Value for U.S. dollar items deposited to U.S. dollar accounts will be delayed from one to three business days to allow for clearing and international settlement. | CDN$ $0.20 | US$ $0.20 |
Account debit per transaction3
| Cheque | CDN$ N/A | US$ N/A |
| Pre-authorized payment/Electronic Funds Transfer | CDN$ N/A | US$ N/A |
| Debit card purchase | CDN$ N/A | US$ N/A |
| ATM withdrawal | CDN$ $5.00 | US$ N/A |
| Branch withdrawal | CDN$ $5.00 | US$ $5.00 |
| Bill payment (branch or via debit card) | CDN$ $5.00 | US$ $5.00 |
| Customer Initiated transfer via branch or via debit card | CDN$ Free | US$ Free |
| Free Monthly eStatement | CDN$ Free | US$ Free |
| Monthly Paper Statement Fee | CDN$ $3.00 | US$ $3.00 |
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:
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
If your business has been in existence more than 18 months, in addition to the above documents, bring one of the following:
If your business operates under a registered Trade Name, bring one of the following:
Please bring the following identification:
If you're in a partnership
Registered documents you'll need to bring
If your business is a General Partnership, bring the following:
If your business is operating under a registered Trade Name, bring one of the following:
If your business is a Limited Partnership, bring the following:
Please bring the following identification:
If you run an Unincorporated Association
Registered documents you'll need to bring
If your business has been formally established, bring one of the following:
If your association isn’t formally established, bring:
Please bring the following identification:
Terms and Conditions
- 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 at bmo.com/rates, on display at all BMO branches where deposit accounts are kept and by calling 1-877-225-5266
- U.S. Dollar Accounts are not eligible for Canadian Deposit Insurance Corporation (CDIC) deposit insurance.
- 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.
- Paid on the portion of the balance within this tier.