BMO Business Banking Review 2026 — Is BMO Worth It for Small Business?

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BMO Business Account Plans — 2026

Plan	Monthly Fee	Transactions	e-Transfers	Best For
eBusiness Plan	$0/mo	Unlimited electronic	$1.50 each	Digital-first small businesses
Business Start	$6/mo	35 included	$1.50 each	New small businesses
Business Builder 1	$22/mo	75 included	$1.50 each	Growing businesses
Business Builder 2	$38/mo	150 included	$1.50 each	Moderate-high volume
Business Builder 3	$60/mo	Unlimited	Free unlimited	High transaction volume

BMO eBusiness: BMO's $0/month eBusiness Plan offers unlimited electronic transactions — making it the most competitive free-tier offering among the Big 5. However, cash deposits and e-Transfers still carry per-item fees.

BMO Business Banking: Pros and Cons

✅ Pros

Free eBusiness plan ($0/mo)
Unlimited electronic transactions
900+ branches nationally
Strong commercial lending
BMO CashBack Business Mastercard
US banking through BMO Harris
Agricultural financing expertise
Industry-specialist advisors

❌ Cons

e-Transfers cost $1.50 (most plans)
Cash deposits have per-$1K fees
eBusiness excludes teller transactions
Near-zero balance interest
Branch hours vary widely

BMO eBusiness Plan — The Free Big-5 Option

BMO's eBusiness Plan at $0/month is notable among Big 5 banks for offering a genuinely free business account. Here's what's included:

Unlimited electronic debit transactions (online bill payments, POS, pre-authorized debits)
Unlimited ATM withdrawals at BMO machines
Mobile cheque deposit included
$1.50 per Interac e-Transfer (sent)
$2.00 per teller transaction
$2.25–$2.50 per $1,000 cash deposited

For businesses that do almost everything digitally — online payments, bill pay, EFT — and rarely visit a branch or use cash, the eBusiness plan can genuinely cost $0/month. A freelancer receiving payment via direct deposit and paying vendors via online banking could legitimately use this for free.

BMO Business Credit Products

BMO CashBack Business Mastercard

Earn 1.5% cash back on all purchases with no annual fee. Ideal for businesses that want straightforward rewards without a complex points program. Employee cards available at no additional cost.

BMO AIR MILES Business Mastercard

Earn AIR MILES on all business spending. Popular with businesses whose owners travel frequently within Canada. Annual fee: $120 (waived first year with qualifying spending).

BMO Business Line of Credit

Available from $100 to $1M+ with competitive rates for established businesses. BMO is particularly strong in manufacturing, agriculture, and resource-sector lending.

BMO Small Business Loan

Fixed-rate term loans from $100 for equipment purchase, leasehold improvements, or working capital. BMO participates in the Canada Small Business Financing Program (CSBFP) for qualifying borrowers.

BMO for Manufacturing, Agriculture, and Mid-Market

BMO has historically strong relationships in manufacturing, agriculture, and mid-market commercial banking — segments where their industry-specialist advisor model adds real value:

Manufacturing: Equipment financing, inventory lending, trade finance, and export letters of credit through BMO's commercial banking team.
Agriculture: Farm operating loans, land loans, equipment financing, and commodity risk management through BMO's dedicated agricultural banking group.
Mid-market companies ($10M–$500M revenue): BMO Capital Markets provides M&A advisory, syndicated lending, and capital markets access for growing businesses.

BMO in the US: BMO acquired Bank of the West in 2023, creating a significant US banking operation. For Canadian businesses with US customers or suppliers, BMO offers integrated cross-border banking.

Frequently Asked Questions

Does BMO have a free business bank account?

Yes — the BMO eBusiness Plan is $0/month with unlimited electronic transactions. It's the only Big 5 bank with a truly free business account tier. Cash deposits and e-Transfers still have per-item fees.

How does BMO compare to RBC and TD for business banking?

BMO's eBusiness ($0) edges out RBC Digital Choice ($6) and TD Basic ($5) on cost. All three offer comparable branch networks and credit products. RBC leads for US cross-border banking; TD leads for extended branch hours.

How do I open a BMO business account?

Apply online at bmo.com/business or visit a branch. You'll need government ID, business registration documents, and your CRA Business Number. Incorporated companies need a corporate resolution.

Is BMO good for a new business?

BMO's Business Start plan ($6/month, 35 transactions) is designed for new businesses. Their free eBusiness plan is even better for digital-first startups. BMO also participates in the Canada Small Business Financing Program for startup loans.