RBC vs BMO Business Account: A Side-by-Side Comparison (2026)

As two of Canada’s Big Five banks, the Royal Bank of Canada (RBC) and the Bank of Montreal (BMO) both offer strong product selections for business banking. However, each serves different businesses more effectively. To help you select which suits your business best, we break down the differences in costs, features, scalability, and more.

RBC vs BMO Business Account Overview

The most significant differences between RBC and BMO lie in the scalability of their business chequing plans, accessibility of customer support, the quality of mobile banking, and the availability of perks.

Scalability

BMO offers more granular scalability than RBC. While RBC’s business accounts accommodate both small and large businesses, the bank offers fewer options for mid-sized companies. Its main plans are the RBC Digital Choice Business Account ($6/mo, online-only), the RBC Flex Choice Business Account ($7/mo, in-branch + digital), and the RBC Ultimate Business Account ($100/mo, large volumes). The jump between mid-tier and premium is steep, which can make scaling costly. BMO, in contrast, offers a wider selection of plans with smaller price gaps — the free BMO Essential Business Plan, the $25 BMO Everyday Plan, the $50 BMO Enhanced Plan, and the $75 BMO Elite Plan — supporting gradual scaling without switching banks.

Customer Support & Mobile Banking

RBC provides a mix of digital and in-branch support, leaning on dedicated advisors for complex needs and larger accounts. BMO is equally accessible, with support that scales with the account level. Both support mobile banking, but the BMO app earned higher average ratings — 4.6 on the App Store and 4.4 on Google Play, versus RBC’s 4.2 and 3.6, with many RBC reviewers complaining about inefficiency and slowness.

Perks

Both grant access to promotional deals, but BMO provides a wider range — preferred Moneris pricing, a 30% Bell Media discount, discounted ADP payroll/HR, and preferred Freightcom shipping rates. Meanwhile, RBC clients enjoy discounts on Ownr service fees: waive the $49 fee for sole proprietor services or get a $300 discount on incorporation and business management services.

Digital Accounts Compared

	RBC Digital Choice	BMO Essential Business
Monthly Fee	$6	$0
Electronic Transactions	Unlimited	Unlimited
Interac eTransfers	10	6
Cash Deposit Fee	$5 per $1,000	$2.50 per $1,000

The differences between pricing and allowances are marginal. If you prefer to avoid monthly fees, the BMO Essential Business Plan is the stronger option — sending 10 Interac eTransfers (4 excess after BMO’s limit of 6) costs $6 in fees, matching RBC’s monthly fee. However, RBC provides better support for cheque-generating businesses, since it includes electronically deposited cheques in its unlimited electronic transaction allowance.

Premium Accounts Compared

	RBC Ultimate Business	BMO Elite Plan
Monthly Fee	$100	$75
Electronic Transactions	Unlimited	Unlimited
Interac eTransfers	500	500
Cash Deposit Allowance	$25,000	$25,000

RBC and BMO’s premium accounts are very similar. The main difference is the monthly fee: RBC charges $100 while BMO charges $75 for the same services, making BMO more cost-effective for businesses that can’t meet the $75,000 fee-rebate minimum. If you can meet the minimum balance, RBC is marginally cheaper, charging $1.25 per paper transaction versus BMO’s $1.50.

When to Choose RBC

• You want low-fee support for non-digital transactions. The RBC Flex Choice Business Account includes unlimited items deposited and Moneris deposits for $7/mo.
• You are a new corporation. RBC owns Ownr, granting up to $300 in discounts when you open an RBC business account.
• You want more flexibility when choosing credit cards. RBC offers rewards, miles, cashback, low-fee, and no-fee cards, while BMO offers only one rewards card and one cashback card.

When to Choose BMO

• You are a growing small to mid-sized business. BMO offers three tiers between its digital and premium accounts, with incremental increases, while RBC jumps from $7 to $100.
• You want a free account. The BMO Essential Plan charges no monthly fee with unlimited electronic transactions.
• You generate a high volume of cash transactions. The BMO Elite Plan provides a $25,000 cash deposit allowance for a waivable $75 fee, versus RBC’s $100.

When to Choose an Alternative

• You want to earn interest on chequing deposits. Neither RBC nor BMO chequing accounts earn interest; the EQ Bank Digital Account charges no monthly fees and generates 2.25% APY.
• You are a professional. Neither offers specialized banking for physicians, lawyers, accountants, architects, or engineers; ScotiaBank offers tailored bundles.
• You frequently make international transactions. Consider supplementing with a Wise Business Account for lower fees and better exchange rates.

Bottom Line

RBC provides effective solutions for small and large businesses, but its lack of mid-tier accounts can make scaling difficult and costly. BMO offers a wide selection of business accounts with fair fees, generous transaction limits, and granular scalability, allowing growing businesses to support evolving needs without facing steep price increases.

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