BMO Harris Business Accounts Review (2023)

Mike Renaldi

27.06.23

8 minute read

BMO Harris is a well-known player in the banking industry, offering a range of tailored small business banking solutions to help you manage your finances with ease. In this review, we'll also discuss how Wise Business fits into the mix, giving you an all-inclusive perspective on the best way to handle your hard-earned money.

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Table of Contents
BMO Harris Business Checking Accounts BMO Harris Business Savings Accounts BMO Harris Business Account Alternatives BMO Harris Frequently Asked Questions

BMO Harris Business Checking Accounts

From features that make everyday transactions more efficient to competitive fees that help businesses thrive, BMO Harris business checking accounts are made to meet the needs of your business and scale with you. So, whether you're a solo entrepreneur or an established venture, let's discover which account works best for you.

BMO Digital Business Checking

The BMO Digital Business Checking account is designed with modern, digitally-savvy businesses in mind. There’s a low monthly maintenance fee of just $10, which can be waived with an Average Collected Balance of at least $500 for the statement period.²

You'll also get to enjoy up to $1,000 in cash deposits per statement cycle at no extra cost ($0.25 for every additional $100). With unlimited free ACH transactions and incoming wire transfers, the BMO Digital Business Checking account is an excellent fit for businesses that primarily do online banking.²

BMO Simple Business Checking

If you’re a sole proprietor or a micro-business owner that’s looking for all the essential features without unnecessary frills, this low-fee checking option is a great option. With a low monthly maintenance fee of $10 that can be waived when you maintain a $100 minimum Average Collected Balance, this account is cost-effective for businesses prioritizing budget management.³

The Simple Business Checking account provides 100 free transactions per statement period ($0.40 for each additional transaction), allowing a growing venture to conduct its financial operations with ease.³

BMO Premium Business Checking

The BMO Premium Business Checking account is tailored to serve more established organizations, but ones that have lower balances and fewer transactions. This account offers 200 free monthly transactions ($0.40 for each additional transaction), $5000 in monthly cash deposits ($0.25 for each additional transaction) at no charge, and a free business debit card to streamline your financial management. ⁴

Although the account comes with a $15 monthly maintenance fee, it can be waived by maintaining a $1,500+ Average Collected Balance.⁴

BMO Elite Business Checking

Is your business growing and your monthly transactions increasing? The BMO Elite Business Checking account is a step up from the Premium account designed for enterprises with higher transaction volumes. You can also earn interest on your checking balance with this account and take advantage of other free transactions.

This account offers 500 free transactions per month, additional transactions for just $0.40 each, and a $20,000 free cash deposit limit ($0.25 for each additional $100), all for a $25 monthly fee. The fee can be waived with a $10,000+ Average Collected Balance for the previous calendar month or a Monthly Combined Business Balance of $25,000+ for the previous calendar month.⁵

BMO Business Checking Analyzed

When it comes to customized solutions for those with complex banking requirements, the Business Checking Analyzed is the smartest choice. This account caters specifically to businesses with high transaction volumes, higher balances, and a need for enhanced cash management.⁶

You can also get variable Earnings Credit based on your Average Collected Balance, payroll services, card payment services, and a Business Platinum Rewards Mastercard. Though fees vary based on transaction types, account analysis helps determine the most cost-effective approach.⁶

Non-Profit Small Business Checking

Navigating the financial world of non-profit organizations can often feel like uncharted territory. That's where BMO Harris' Non-Profit Small Business Checking steps in, offering a tailor-made solution for your noble cause. This account provides 200 free transactions per statement period ($0.40 for each additional transaction) and up to $5,000 in free cash deposits – all at no monthly maintenance fees—ideal for smaller, budget-conscious non-profits.⁷

BMO Harris Business Savings Accounts

Next up, let's explore BMO Harris Business Savings Accounts – an essential part of any smart business owner's financial toolkit. While we've already discussed the checking options, they also accommodate businesses with a variety of savings account types designed for specific purposes. Having a savings account will help make sure your hard-earned capital remains safe and grows over time.

Business Savings Builder

The BMO Harris Business Savings Builder account is a perfect choice for businesses looking to grow their savings while maintaining easy access to funds. With a tiered interest rate structure that rewards higher account balances, this account encourages businesses to save more to earn more.

It has no monthly maintenance fees if you maintain an Average Collected Balance of $500; otherwise, a $10 monthly fee applies. This account is particularly well-suited for small- to medium-sized businesses that aim to bolster their savings – there’s even a first year savings reward of $10 every month if you save $500 or more for the first year.⁸

You can only apply for this business account at a branch.

Business Prime Money Market

For businesses with a larger amount to save, this account’s for you. Just like the Business Savings Builder account, it features tiered interest rates, which means the more you have in your account, the higher your returns will be.⁸

While there's a $15 monthly maintenance fee, you can waive it by maintaining an Average Collected Balance of $5,000. The Business Prime Money Market account is best suited for businesses in a growth phase, as it provides a flexible option to store and access cash with the added benefit of earning appealing interest rates.⁸

Other BMO Harris Business Services

In addition to the robust business accounts we've discussed, BMO Harris offers a comprehensive suite of other business services to help entrepreneurs meet their goals. Let's take a look at some noteworthy solutions:

Business Loans and Lines of Credit: BMO Harris provides a range of business lending options, including term loans, Business Flex Loans, SBA loans, and business real estate lending. These financing solutions cater to various business needs, such as expansion, equipment purchase, or managing cash flow.⁹
Payment Processing: They also partner with leading global payment services provider FIS Global to offer businesses seamless solutions for credit card and debit card transactions. With virtual, wireless, and ecommerce processing, you’ll have a secure, convenient, and efficient way to accept payments from customers.¹¹
Payroll Services: Enjoy hassle-free payroll management with their payroll services by Paychex, which simplify the process of paying employees, managing taxes, and staying compliant with regulations.¹⁰
Online and Mobile Banking: Manage your business finances on the go with BMO Harris's robust online and mobile banking platforms. Features include real-time account access, bill pay, funds transfer, mobile check deposit, and account alerts, giving you complete control over your business accounts from wherever you are.
Foreign Exchange and International Services: To support businesses with global ambitions, BMO Harris offers foreign exchange services and international payment solutions. This array of services includes currency exchange, wire payments (in over 40 currencies), and global payment tools that enable smooth cross-border transactions.¹²
Stop Payments: At $35 per request, the BMO Harris stop payment fee allows you to halt payments on checks or electronic transactions whenever necessary, providing control and financial protection for your business.
Treasury Management: Streamline your cash flow with BMO Harris's treasury management solutions, helping in the efficient collection, disbursement, and management of receivables and payables.
Fraud Prevention: Benefit from BMO Harris's proactive monitoring and robust protection techniques that help detect and prevent fraudulent activities, ensuring seamless and secure banking operations.
Import and Export Financing: Expand your international trade with ease, as BMO Harris offers tailor-made import and export financing solutions catering to your business's unique requirements.
Commercial Card Solutions: Consolidate your business expense management with BMO Harris's Commercial Card program, offering customized spending controls, detailed transaction insights, and valuable rewards. You can turn your expenses into rewards like BMO rewards points, Air Miles, and CashBack rewards.

BMO Harris Business Account Alternatives

While BMO Harris business accounts certainly hold their merits, there are other options out there if you don’t feel as though BMO Harris is the right bank for you. In this section, we'll journey beyond BMO Harris and explore its alternatives. Each option offers different features and functionalities, so let's dive in and discover what potential opportunities lie ahead for your financial management needs.

Wise Business

Wise Business is a modern alternative to traditional banking for the global-minded entrepreneur. They’re most popular for their business account and using the mid-market exchange rate, which offers low-cost transfers. Wise ensures your money travels across borders without being weighed down by hefty fees or tricky conversions.

Comparing Wise Business to BMO Harris Business Accounts, you can't ignore the convenience factor when it comes to international dealings – they’ve found that they’re 3x cheaper for spending and sending abroad. Users can hold balances up to 40+ currencies to pay suppliers and also receive in up to 9+ currencies, such as USD, CAD, AUD, EUR, and GBP, after paying a one-time fee.

Learn more about the
Wise Business account >>

Capital One

Capital One has fewer business checking accounts and savings accounts: the Basic Checking account, the Enhanced Checking account, and one business savings account. This banking giant delivers a great lineup of competitive credit card offerings, giving businesses the chance to magnify their rewards while managing regular expenses.

Their Basic Checking account has a free cash deposit limit of $5,000, and it's just $1 for every $1,000 deposited after that. With the Enhance Business Checking, you can enjoy no-fee cash deposits, free ACH payments, and free domestic wires.¹³ ¹⁴

Wells Fargo

With nearly 170 years of banking expertise under its belt, this renowned institution has crafted banking solutions specifically tailored to support businesses both small and large, much like BMO Harris.

Wells Fargo Business distinguishes itself by offering a wide array of accounts catered to various business niches, with multiple checking and savings options to suit diverse financial landscapes. While BMO Harris embraces simplicity with a structured selection, Wells Fargo encourages customization, allowing business owners to cherry-pick their ideal financial toolbox.

Bank of America

Bank of America is synonymous with American banking and an alternative worth considering. With its impressive array of products and services, the Bank of America is a suitable fit for entrepreneurs and small businesses looking for a full suite of banking tools.

Like Capital One, Bank of America has a basic business checking account and a more robust one that includes no fees for incoming wires, stop payments, electronic deposits, and more. Their accounts boast access to dedicated small business specialists, efficiency tools like Cash Flow Monitor, virtual assistant Erica, and integration with Zelle and QuickBooks.¹⁵

BMO Harris Frequently Asked Questions

In this FAQ section, we'll tackle some of the most common questions about BMO business online banking.

What do I need to open a BMO business account?

To open a BMO business account, you'll need to gather some essential documents like your employer identification number (EIN) or social security number (SSN) for sole proprietorships, your government-issued ID, and proof of ownership (such as business registration or a partnership agreement). The documentation required will be different for each type of business.¹⁶

What are the benefits of a business account at BMO?

Key benefits include a range of specialized account options, advanced online and mobile banking tools, personalized cash flow management solutions, and access to dedicated banking experts. Together, these offerings foster an enriched banking experience that empowers businesses to effortlessly manage their finances.

Which BMO account is right for my business?

BMO Harris offers a range of business accounts, from Basic Business Checking for simple banking needs to Platinum Business Money Market Accounts for those seeking higher interest rates. To determine the right fit, assess your expected transaction volume, cash flow, and features you want in a business account.

What is the difference between a BMO personal account and business account?

While personal accounts cater to individual banking needs, such as daily transactions, savings, or lending, business accounts are designed explicitly for managing a company's finances. These business accounts offer specialized features, such as payroll services, the ability to grant multiple-users access, and robust tools to analyze cash flows.

Can I have more than one business checking account at BMO Harris?

At BMO Harris, there's no need to limit yourself to just one business checking account. In fact, it's quite common for business owners to open multiple accounts for different purposes, such as separating funds, managing distinct business segments, or organizing finances. BMO Harris encourages this approach, offering a variety of business checking account options tailored to meet your diverse and ever-evolving needs.

How do I find the BMO Routing Number?

All you need to do is peek at the bottom-left corner of your personal or business checks, where you'll find a string of nine digits – that's your BMO Harris business routing number. You can also visit the BMO Harris website, sign in to your online banking account, and find it in the account summary.

Are you looking for an account that helps you save while sending and receiving payments?

Send and receive
overseas payments >>

Trustpilot: 4.3/5 average rating - Excellent¹
No minimum balance required and no monthly fees

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

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