Here we are on Part IV of our segment on what different banks have to offer for small businesses. Today we are looking into The Bank of Montreal. BMO is a well known bank that has a wide variety of different accounts depending on where your business is at.
Accounts
| Business Start | No monthly fee | No minimum balance | Unlimited electronic transactions | 2 Interac E transfers | Unlimited Moneris transactions |
| Business Builder 1 | $6.00 per month | No minimum balance | 7 transactions per month | 2 Interac E transfers | Unlimited Moneris transactions |
| Business Builder 2 | $45.00 per month | No minimum balance | 70 transactions per month | 2 Interac E transfers | Unlimited Moneris transactions |
| Business Builder 3 | $80.00 per month | $35,000 minimum balance to waive fee | 120 transactions per month | 2 Interac E transfers | Unlimited Moneris transactions |
| Business Builder 4 | $120.00 per month | $80,000 minimum balance to waive fee | 160 transactions per month | 2 Interac E transfers | Unlimited Moneris transactions |
| eBusiness Plan | No monthly fee | No minimum balance | Unlimited electronic transactions | 2 Interac E transfers | Unlimited Moneris transactions |
BMO has a variety of loans and line of credits depending on what your business is needing. If you are looking for a larger sum of money, then a loan is the way to go. They have a range of terms and payment options to give you the flexibility to choose what is best. There are fixed rate loans which can lock in your interest rate so you don’t need to worry about the fluctuation. They also have variable rate loans where you can choose your amortization but also switch to a fixed rate if wanted.
BMO has a few options for their Line of Credits as well.
- Small business line of credit where you pay interest only on what you take out and you have the freedom to borrow what you need when you need it.
- Small business homeowner line of credit which uses your home as collateral. There is an option of paying interest only.
- Small business homeowner Readiline which uses the equity in your home to reduce your cost to borrow. This can combine your line of credit with your mortgage.
Credit Cards and Fees
| BMO Rewards Business Mastercard | $120.00 Annual Fee | 14.99% interest on purchases | 22.99% interest on cash advances | Earn BMO rewards points |
| BMO Airmiles Rewards Business Mastercard | $120.00 Annual Fee | 19.99% interest on purchases | 22.99% interest on cash advances | Earn Airmiles |
| BMO Cashback Business Mastercard | No Annual Fee | 19.99% interest on purchases | 22.99% interest on cash advances | Earn cash back |
| BMO Airmiles No Fee Business Mastercard | No Annual Fee | 19.99% interest on purchases | 22.99% interest on cash advances | Earn Airmiles |
Not only does BMO have numerous types of accounts/credits and loans but they also offer a number of services for the small business owners. Through their online account whether you are on the computer or using their app, you can manage all your money coming in and going out. You can manage your receivables for example with a desktop cheque scanner. BMO also offers Moneris Merchant Services so you can get payments on the go. Of course it is important to remember that each business and individual is different. Accounts and loans can have a range in difference so it is important to speak with the bank to discuss your specific needs and requirements.
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