BMO · Banks
BMO Business Premium Rate Savings review
BMO’s Business Premium Rate Savings Account suits BMO business clients who want tiered interest in CAD or USD without locking funds away, with promotional rates on new CAD deposits from time to time. Smaller balances earn less than flat-rate fintech accounts.
Promo · Promotional rate on new CAD deposits of C$10,000+ for BMO Business Banking clients (limited time)
Who BMO is best for
BMO business banking clients and businesses wanting CAD and USD savings at a big bank.
Small balances seeking the highest flat rate.
BMO’s Business Premium Rate Savings Account suits BMO business clients who want tiered interest in CAD or USD without locking funds away, with promotional rates on new CAD deposits from time to time. Smaller balances earn less than flat-rate fintech accounts.
Fees, features and eligibility
| Standard interest | Tiered: 1.50% (under C$10K), 1.90% (C$10K–60K), 2.20% (C$60K–250K), higher above |
|---|---|
| Promotional rate | Limited-time promo on new CAD deposits of C$10,000+ |
| Fees | C$0 a month |
| Currencies | CAD, USD |
| Access to funds | No lock-ups |
| Deposit protection | CDIC protection on eligible deposits (licensed bank) |
| Eligibility | BMO business banking clients |
Source: BMO published product information.
What stands out
Pros
- Save in CAD or USD
- Rate rises with balance
- Promotional rates on new deposits
Cons
- Lower rates on smaller balances
- Promotions are limited-time
BMO: common questions
What does BMO Business Premium Rate Savings pay?
Tiered rates that rise with your balance: 1.50% under C$10,000, 1.90% from C$10,000 and 2.20% from C$60,000, with higher tiers above. Check BMO for current rates and promotions.
Can I save in US dollars?
Yes. The account is available in Canadian or US dollars.
Used BMO? Help other businesses choose.
