BMO Bank of MontrealBusiness Chequing

BMO Essential Business Account

Our take: the cheapest big-bank business account in Canada at $5 a month, and the best of the group on cash deposits — but it includes only six Interac e-Transfers, the thinnest allowance of the major banks.

Included each monthUnlimited electronic and ATM transactions, unlimited Moneris transactions, and 6 Interac e-Transfers.

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Our review

BMO’s Essential Business Account is the lowest-priced business chequing plan among the big six at $5 a month, and it includes unlimited electronic and ATM transactions along with unlimited Moneris card-processing transactions — useful if you take card payments. Its cash deposit rate of $2.50 per $1,000 is half what TD charges. The catch is the Interac e-Transfer allowance: six a month, against ten at RBC and TD and twelve at National Bank, and $1.50 for each one beyond.

At a Glance

Monthly fee

the lowest of the big six

Electronic and ATM transactions

Unlimited

Moneris transactions

Unlimited

Interac e-Transfers

6 per month

then $1.50 each

Cash deposits

$2.50 per $1,000

no monthly allowance included

Interest paid

None

Fees confirmed on BMO’s product page on September 25, 2026.

Pros and Cons

What works

At $5 a month it is the cheapest business chequing account among the big six banks.
Cash deposits cost $2.50 per $1,000, half TD’s rate on an otherwise comparable account.
Unlimited electronic and ATM transactions, plus unlimited Moneris transactions if you take card payments.
Unlimited transfers between your own BMO accounts.

What to watch

Only six Interac e-Transfers a month are included — the thinnest allowance among the big banks, and $1.50 for each one after.
No cash deposit allowance is included at all; every deposit is charged from the first dollar.
No minimum-balance waiver and no interest on the balance.
In-branch transactions are charged separately at $5.00 each, which is high if you bank in person.

What It Costs

$5Monthly account fee

$0Unlimited electronic, ATM, Moneris and BMO-to-BMO transactions

$1.50Each Interac e-Transfer beyond the 6 included

$2.50Per $1,000 of cash deposited, with no monthly allowance

$5.00Each in-branch transaction

A business sending 20 e-Transfers a month would pay $21 in transfer fees on top of the $5 account fee — more than RBC or TD would charge in total. The $5 headline only holds if your transfer volume is genuinely low.

How Your Money Is Protected

BMO Bank of Montreal is a CDIC member institution. Eligible deposits are insured by the Canada Deposit Insurance Corporation up to $100,000 per depositor, per insured category.

Who It’s For

A good fit if

You want the lowest possible monthly fee and send few Interac e-Transfers.
You take card payments through Moneris and want those transactions included.
You deposit cash and want a better rate than TD’s $5.00 per $1,000.

Look elsewhere if

You pay suppliers or contractors by e-Transfer — six a month will not go far.
You want a cash deposit allowance included rather than paying from the first dollar.
You bank in branch regularly, at $5.00 per assisted transaction.

Not Sure? Accounts People Compare It With

RBC Digital Choice Business Account

Pick this instead if you send more than six e-Transfers a month and would rather have ten included for a dollar more.

Fee $6/mo10 free e-Transfers, unlimited electronic

TD Business Digital Account

Pick this instead if you want ten e-Transfers and deposit little cash, so TD’s higher cash rate does not affect you.

Fee $6/mo10 free e-Transfers, unlimited electronic

Venn Business Account

Pick this instead if your e-Transfer volume is high and you want them free in both directions with no monthly fee.

Fee $0/mo2% interest, free e-Transfers both ways

BMO Essential Business Account

Fees confirmed September 25, 2026

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Jen, founder of MoneyMint

Reviewed by Jen. We verify every rate, fee and account term against the institution’s own published material before we publish it, and we re-check on a set schedule.

Fees and account terms in this review were confirmed on the institution’s own site on September 25, 2026. MoneyMint does not currently have an affiliate relationship with this institution. Account fees and features change without notice — confirm current terms on the institution’s own page before you open an account. This is general information, not financial, legal or tax advice.

Frequently Asked Questions

Is BMO’s Essential Business Account really the cheapest?

At $5 a month it has the lowest headline fee among the big six. Whether it is cheapest in practice depends on your Interac e-Transfer volume: only six are included, and at $1.50 each beyond that a business sending 20 a month ends up paying more in total than a $6 account that includes ten.

How much does it cost to deposit cash?

$2.50 per $1,000, with no free allowance — every deposit is charged. That rate is half TD’s $5.00 per $1,000, which makes this the better of the two entry-level accounts for a business handling cash.

Are Moneris transactions really unlimited?

BMO lists unlimited Moneris transactions with this account, which matters if you take card payments and would otherwise see each settlement counted as a transaction.

Is there a way to avoid the $5 monthly fee?

No. BMO does not offer a minimum-balance waiver on this account. The upside is that there is no minimum balance to maintain either, so no working capital is tied up.

Does the account pay interest?

No. BMO does not advertise interest on this account, so surplus cash earns nothing unless you move it to a separate business savings account.