BMO · Banks
BMO Essential Business Account review
BMO’s Essential Business Account, formerly the eBusiness Plan, is a C$5-a-month digital account for businesses that bank mostly online, and sole proprietors and single-owner corporations can open it online. It’s a low-cost way to bank with a Big Five bank, though included transactions are limited and US dollars need a separate account.
Who BMO is best for
Sole proprietors and single-owner corporations and businesses banking mostly online.
Businesses with high monthly transaction volumes and companies wanting multi-currency accounts in one place.
BMO’s Essential Business Account, formerly the eBusiness Plan, is a C$5-a-month digital account for businesses that bank mostly online, and sole proprietors and single-owner corporations can open it online. It’s a low-cost way to bank with a Big Five bank, though included transactions are limited and US dollars need a separate account.
Fees, features and eligibility
| Monthly fee | C$5 a month |
|---|---|
| Transfers | Digital account for businesses that bank mostly online; higher plans from C$25 a month |
| Account type | Licensed bank (Big Five) |
| Currencies | CAD (separate USD accounts available) |
| Who can open it | Sole proprietors and single-owner corporations can open online |
Source: BMO published product information.
What stands out
Pros
- Low C$5 monthly fee
- Open online for eligible businesses
- Big-bank branches and lending relationship
Cons
- Limited included transactions
- USD needs a separate account
BMO: common questions
How much is the BMO Essential Business Account?
C$5 a month for accounts opened from 9 March 2026. Essential Plans opened before that date stay at C$0.
What happened to the BMO eBusiness Plan?
BMO renamed it the Essential Plan on 9 March 2026, when the monthly fee for new accounts became C$5.
What other BMO business plans are there?
The Everyday Plan at C$25 a month, the Enhanced Plan at C$50 (waived with a C$35,000 minimum balance) and the Elite Plan at C$75.
Used BMO? Help other businesses choose.