{"id":4472,"date":"2024-10-15T10:37:39","date_gmt":"2024-10-15T15:37:39","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=4472"},"modified":"2024-10-15T10:37:39","modified_gmt":"2024-10-15T15:37:39","slug":"bmo-business-account-review","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/bmo-business-account-review","title":{"rendered":"BMO Harris Business Account Review: Pros & Cons"},"content":{"rendered":"\n

There are dozens of banks catering to businesses. So which one should you choose? BMO Harris is the eighth-largest bank in North America by assets. Founded in 1817, it offers services designed for companies of all sizes. BMO Harris has over 1,000 branches across 32 states. We\u2019ve researched BMO\u2019s business accounts<\/a> and solutions to outline the pros and cons. Additionally, we\u2019ll provide a helpful alternative for tech-savvy business owners.<\/p>\n\n\n\n

<\/span>BMO Harris Business Account Offerings<\/strong><\/span><\/h2>\n\n\n\n

BMO<\/a> offers a range of business account options, ranging from checking and savings to lines of credit and merchant services. We’ve broken down their offerings below:<\/p>\n\n\n\n

<\/span>Business Checking <\/strong><\/span><\/h3>\n\n\n\n

BMO offers business checking accounts<\/a> tailored for businesses of all sizes. The BMO Simple Business Checking account is designed for budget-conscious businesses. This account features a low monthly maintenance fee of $10 that can be waived with a $100 balance. It offers up to 100 free transactions and $2,000 in fee-free cash deposits per statement period. <\/p>\n\n\n\n

<\/text><\/path>For growing businesses, the BMO Premium Business Checking account offers increased transaction and cash deposit limits. It comes with a slightly higher monthly fee of $15. This fee can be waived with a minimum balance of $1,500. Established businesses seeking interest earnings may prefer the BMO Elite Business Checking account. This account offers the highest transaction and cash deposit limits. It also allows businesses to earn interest. The BMO Elite account has a $25 monthly fee, which can be waived with higher balance requirements.\u00a0<\/p>\n\n\n\n

For businesses that prioritize digital banking, the BMO Digital Business Checking account offers a low-fee option that focuses on online services. Finally, BMO also offers specialized accounts for large businesses with complex needs and non-profit organizations.\u00a0<\/p>\n\n\n\n

All accounts include free ATM transactions at BMO and Allpoint ATMs, digital banking tools and additional business services such as credit cards and lending options. Eligible businesses can apply online for these accounts, and a quick decision-making process is available.<\/p>\n\n\n\n

<\/span>Business Savings<\/strong><\/span><\/h3>\n\n\n\n

Several business savings options are available to help companies manage and grow their excess funds. The Business Savings Builder account is designed for businesses with extra money to set aside. It features a variable interest rate and a waivable $10 monthly fee. This account encourages saving by offering an additional $10 monthly bonus for the first year when businesses save $500 or more each month.<\/p>\n\n\n\n

BMO provides the Elite Business Money Market account for businesses with larger amounts to save. This account offers a higher base interest rate of 1% APY, while BMO’s relationship packages can potentially offer even higher rates. The interest rates increase based on the Quarterly Combined Business Balance across all eligible accounts. Tiers range from Elite Gold to Elite Diamond, each offering progressively higher interest rate boosts for larger balances.<\/p>\n\n\n\n

BMO also offers Certificates of Deposit (CDs) for businesses seeking guaranteed growth over a fixed term. These CDs provide competitive rates without monthly maintenance fees, allowing businesses to lock in their savings for a predetermined period. <\/p>\n\n\n\n

All of BMO\u2019s business savings options can be managed through its Digital Banking platform, which provides easy access to funds and tools for tracking savings goals.<\/p>\n\n\n\n

<\/span>Business Loans and Lines of Credit<\/strong><\/span><\/h3>\n\n\n\n

BMO offers several lending options. Their business loans<\/a> provide financing from $100,000 to $1,000,000 with competitive fixed interest rates and terms of up to 10 years. For more flexible access to funds, BMO\u2019s business lines of credit<\/a> offer amounts from $10,000 to $1,000,000. These lines have variable interest rates secured by business assets.<\/p>\n\n\n\n

The bank also caters to specific business requirements with specialized lending options. The Greener Future Financing program supports environmentally beneficial projects with rate discounts on qualifying loans. For businesses needing flexible financing for large purchases, the Business Flex Loans offer an initial draw period with no interest until funds are used.<\/p>\n\n\n\n

BMO participates in SBA loan programs, providing longer terms and lower down payments for various business purposes. They also offer real estate lending for acquiring or refinancing owner-occupied commercial properties, and equipment leasing solutions that allow businesses to obtain necessary assets without large upfront costs.<\/p>\n\n\n\n

<\/span>Business Credit Cards<\/strong><\/span><\/h3>\n\n\n\n

BMO has two business credit cards<\/a>. The BMO Business Platinum Rewards Credit Card is designed for businesses looking to earn rewards on their purchases. This card offers a generous welcome bonus of up to 100,000 points and allows cardholders to earn up to five times the points on eligible purchases. It comes with a 0% introductory APR on balance transfers for nine months. There is no annual fee. The rewards earned can be redeemed for cash, gift cards, travel and more through the BMO Flex Rewards program.<\/p>\n\n\n\n

For businesses prioritizing a low APR, the BMO Business Platinum Credit Card is an excellent choice. This card offers a 0% introductory APR on purchases and balance transfers for the first 18 months, making it ideal for businesses looking to finance large purchases or consolidate debt. Like its rewards-focused counterpart, this card also has no annual fee.<\/p>\n\n\n\n

Both cards come with easy online management tools. Businesses can oversee their accounts, make payments and view transactions. They also offer a straightforward application process with quick decisions and simple ID verification. <\/p>\n\n\n\n

<\/span>Merchant Services and Payroll Processing<\/strong><\/span><\/h3>\n\n\n\n

BMO offers merchant services through a partnership with Elavon. This is designed to help businesses increase sales and improve cash flow while enhancing security. Their merchant services allow businesses to accept various payment types, including card payments and mobile wallets, with options for next-day or same-day fund access. Each of the solutions is customizable and can accommodate in-store, online and mobile payments. They come with competitive pricing and no long-term contracts. BMO’s merchant services also include e-commerce tools, cost reduction programs and industry-specific point-of-sale solutions, all backed by reliable U.S.-based customer support.<\/p>\n\n\n\n

For payroll processing, BMO collaborates with Paychex. This service helps businesses save time on payroll and HR tasks, potentially reducing up to 18 hours of work per week. The platform manages payroll, taxes, recruitment, hiring and employee payments through an intuitive interface. BMO customers benefit from special discounts on these services, making it a smart option for businesses looking to streamline their payroll operations and save money.<\/p>\n\n\n\n

<\/span>Pros of BMO Business Accounts<\/strong><\/span><\/h2>\n\n\n\n