BMO Business Banking
Bottom line
BMO Business Banking: Schedule I bank, CDIC insured to CAD 100,000. Strong Ontario and Quebec presence with competitive entry-level pricing. North American banking via BMO Bank NA in the US.
| Rating | 4.0 / 5 |
|---|---|
| Type | Schedule I chartered bank |
| Best for | Ontario and Quebec SMBs wanting a full-service Big Five bank |
| Serves | Canada-incorporated businesses (all provinces, bilingual service in Quebec) |
| Deposit protection | CDIC insured to CAD 100,000 per insured category |
| Pricing from | Approx. CAD 6/month (confirm current pricing with BMO) |
Bank of Montreal (BMO) is one of Canada’s five largest banks and one of North America’s oldest financial institutions. BMO Business Banking provides Canadian small and medium businesses with a full suite of chequing accounts, credit products, and advisory services, with particular strength in Ontario and Quebec where its branch density is highest.
This review covers what BMO offers Canadian business owners, how its deposit protection works, what it costs, and which businesses it suits best. All fees are indicative; confirm with BMO before opening an account.
Is BMO Business Banking available for Canadian businesses?
BMO Business Banking serves sole proprietors, partnerships, incorporated companies, and non-profits registered in Canada. The bank provides bilingual services in English and French across all provinces, with a strong branch presence in Quebec and Ontario. BMO has also expanded into the US market significantly (via BMO Bank N.A.), which can be a consideration for businesses operating cross-border, though Canadian and US business accounts are separate entities and products. Most business accounts require branch-based onboarding, though BMO has invested in streamlining digital processes for smaller accounts.
Regulatory status and deposit protection – read this first
BMO (Bank of Montreal) is a Schedule I chartered bank regulated by OSFI under the Bank Act and is a full member of the Canada Deposit Insurance Corporation (CDIC). Eligible deposits held at BMO are insured up to CAD 100,000 per depositor per insured category. Insured deposits include chequing and savings account balances and term deposits maturing within five years. Deposits above CAD 100,000 in a single category fall outside CDIC coverage. Business owners should structure significant balances with this limit in mind.
Pricing and plans
| Plan | Monthly fee (approx.) | Transactions included | Notes |
|---|---|---|---|
| BMO Business Start | CAD 6/mo | 7 transactions | Lowest-volume sole proprietors |
| BMO Business Everyday | CAD 22/mo | 20 transactions | Regular SMB use |
| BMO Business Builder 1 | CAD 40/mo | 35 transactions | Growing businesses |
| BMO Business Builder 2 | CAD 60/mo | 60 transactions | Higher-volume operations |
All fees are approximate and subject to change. Confirm current pricing and plan details directly with BMO before opening an account.
Key features for small businesses
- Online and mobile business banking with multi-user access
- BMO Business Mastercard credit card options
- Business lines of credit and term loans
- Cash management and payroll services
- Foreign currency accounts and international wire transfers
- Merchant payment services via partnerships
- Integration with accounting software including QuickBooks
- Dedicated business banking advisors at branches
Pros
- CDIC deposit insurance – full statutory protection on eligible deposits
- Strong branch presence especially in Ontario and Quebec
- Competitive entry-level Business Start plan
- Cross-border US banking capability via BMO Bank N.A.
- Comprehensive credit product range for growing businesses
- Bilingual service across Canada
Cons
- Branch network less extensive in western Canada compared to RBC or TD
- Monthly fees escalate with transaction volume
- Digital-only account opening not widely available for business accounts
- Less international reach outside North America than Scotiabank
Who should use BMO Business Banking?
BMO is a strong choice for Ontario and Quebec-based businesses that want a full-service Big Five bank with bilingual support and CDIC-backed security. Businesses that operate in both Canada and the US will benefit from BMO’s North American presence. Western Canada-based businesses may find RBC or TD have more convenient branch access. Sole proprietors with very low transaction volumes can take advantage of the affordable Business Start plan.
Verdict
BMO Business Banking earns a 4.0 out of 5. It is a reliable, CDIC-insured option with a comprehensive product range and particular strength in Ontario and Quebec. Pricing is broadly in line with other Big Five banks, and the entry-level plan is genuinely affordable. Businesses outside central Canada may find the branch network slightly thinner, but BMO’s digital platform bridges much of the gap.
Fees, features, and terms change regularly. Always confirm current details on BMO’s official website or by speaking with a business banking advisor before making decisions.