BMO

BMO, legally Bank of Montreal, offers three business accounts in Canada: Essential, Everyday and Enhanced. They are intended respectively for digital, mixed and more intensive use. The service list also covers business chequing and savings, Interac e-Transfer and cash deposits.

Monthly plans

Base monthly fees are CAD 5 for Essential, CAD 25 for Everyday and CAD 50 for Enhanced, and a promotion for the first four months is published. Packages include Interac e-Transfer and Moneris operations, while Everyday adds a monthly limit on cash deposits. The higher tiers therefore suit businesses with more transactions or cash handling.

Deposit insurance

The institution discloses CDIC membership. Limits and category rules apply to eligible deposits.

Who it suits

Canadian small and mid-sized businesses, from online-only sellers to shops that bring in cash, which want a tiered pricing ladder and the option to move up as activity grows. The material does not specify cards, currencies or documentary requirements, and details of the promotion and cash limits should be confirmed before opening an account.