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. We discuss each factor in detail to help you make an informed decision. 

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 include:

• The RBC Digital Choice Business Account, a $6-per-month account designed for online-only businesses. It provides unlimited electronic transactions and 10 free Interac eTransfers, but charges per-use fees for paper transactions. 
• The RBC Flex Choice Business Account, a $7-per-month account designed to support both in-branch and digital banking. It includes unlimited items deposited, but charges per-use fees for electronic transactions.
• The RBC Ultimate Business Account, a $100-per-month account designed for businesses with large transaction volumes. It comes with unlimited electronic transactions, 100 paper transactions, 500 Interac eTransfers, and a cash deposit allowance of $25,000. 

As shown, the jump between mid-tier and premium is pretty steep, which can make it difficult and costly for businesses to access the services they need as they grow. 

In contrast, BMO offers a wider selection of plans, with smaller price gaps between upgrades. BMO business chequing accounts include:

• The BMO Essential Business Plan (formerly the BMO eBusiness Plan), a free account designed for digital-focused businesses. It provides unlimited free transactions and 6 free Interac eTransfers, and charges per-use fees for in-branch transactions.
• The BMO Everyday Plan (Business Builder 1), a $25-per-month account designed for growing businesses. It includes 35 combined assisted, electronic debit, and electronic credit transactions, 25 items deposited, 15 free Interac eTransfers, and a $2,500 monthly cash deposit allowance.
• The BMO Enhanced Plan (Business Builder 2), a $50-per-month account designed for businesses with higher transaction volumes. It provides 70 combined assisted, electronic debit, and electronic credit transactions, 45 items deposited, 30 free Interac eTransfers, and a $4,000 monthly cash deposit allowance.
• The BMO Elite Plan (Business Builder 3), a $75-per-month premium account for large businesses. It offers unlimited electronic transactions, 100 assisted transactions, unlimited items deposited, 500 Interac eTransfers, and a $25,000 monthly cash deposit allowance. 

This range supports gradual scaling, allowing businesses to access more services over time without facing sharp price increases or needing to switch banks.

Customer Support Options

RBC provides a mix of digital and in-branch support. You can reach its business banking teams via phone, online chat, and in-branch appointments and request guidance on transactions, account management, and lending. Larger accounts get assigned dedicated business advisors, who can help with cash flow, payroll, and other specialized banking needs.

BMO is equally accessible and flexible. Support is available via phone, online messaging, and in-branch service.BMO also offers dedicated advisors for mid-tier and premium accounts. Its tiered account structure ensures that growing businesses receive more personalized attention as their transaction volumes increase.

Both banks provide strong support, but the focus differs. RBC leans on dedicated advisors for complex needs and larger accounts, while BMO’s support scales with the account level, giving businesses room to grow without losing access to guidance. 

Mobile Banking

RBC and BMO both support mobile banking. Each has apps on the App Store and Google Play, which allow users to execute the following banking tasks: 

• View real-time account balances
• Deposit cheques remotely
• Send and receive Interac e-Transfers
• Initiate transfers between accounts
• Pay bills and taxes
• Manage users
• Locate branches and ATMs

Although their capabilities are similar, the BMO mobile app earned higher average ratings than the RBC mobile app. On Google Play, the RBC app received a 3.6 rating, with many reviewers complaining about inefficiency, poor design, and slowness. In contrast, BMO received mostly positive reviews, and users often say that the app works well.

Perks

Both RBC and BMO grant access to great promotional deals on useful business services. However, BMO provides a wider range of offers. As of 2026, these include:

• Moneris: BMO business banking clients receive preferred pricing on Moneris payment processing, including discounted transaction rates and reduced equipment costs.
• Bell Media: BMO business banking clients enjoy a 30% discount on their first Bell Media advertising campaigns.
• ADP: BMO clients can access discounted payroll and HR services through ADP, helping reduce setup and ongoing payroll administration costs.
• Freightcom: BMO business customers receive preferred shipping rates through Freightcom, with discounts across major Canadian and international carriers.

Meanwhile, RBC clients can enjoy discounts on Ownr service fees. Ownr is an online business assistance service that helps new and existing businesses with common business setup and management tasks, including business registration, document preparation, and legal paperwork management. RBC business account holders can waive the $49 fee for sole proprietor services or get a $300 discount on incorporation and business management services. 

Digital Account: RBC Digital Choice Business Account vs BMO eBusiness Account

RBC and BMO’s digital-focused business bank accounts are both great solutions for businesses that primarily conduct activity online. The differences between pricing and allowances is marginal: the RBC Digital Choice Business Account charges $6 and offers 10 free Interac eTransfers, while the BMO Essential Business Plan charges no monthly fee and offers 6 free Interac eTransfers. Both offer unlimited electronic transactions, which include:

• Online bill payments
• Pre-authorized debits and credits
• Point-of-sale transactions
• Moneris deposits
• Cheques deposited via mobile app or ATM (RBC only)

If you prefer to avoid monthly fees, the BMO Essential Business Plan is the stronger option. While RBC includes 10 free outgoing Interac eTransfers and BMO includes 6, the difference often amounts to little in practice. Because each additional Interac eTransfer costs $1.50, sending 10 Interac eTransfers (4 excess transactions after the limit of 6) would amount to $6 in excess transaction fees, which matches the monthly fee of the RBC Digital Choice account.

However, RBC provides better support for cheque-generating businesses. Unlike BMO, which counts cheques deposited via mobile app or ATM as items deposited, RBC includes electronically deposited cheques in its unlimited electronic transaction allowance. This can lead to lower overall costs for businesses that deposit cheques frequently.

Mid-Tier Accounts: RBC Flex Choice Business Account vs BMO Business Start

RBC and BMO’s mid-tier accounts work very differently and serve different types of target customers. The RBC Flex Choice Business Account functions as the hybrid equivalent of the RBC Digital Choice Business Account, offering a modest combination of digital and in-branch transactions for a marginally higher monthly fee. 

BMO, in contrast, offers a scalable series of accounts that grow with your business. Each level gradually increases monthly fees, minimum balance requirements, and transaction allowances. This structure lets growing businesses access more services over time without needing to switch banks.

RBC Flex Choice Business is better for cost-conscious small businesses with moderate transaction volumes. Meanwhile, BMO’s Everyday and Enhanced plans are better ​​for growing businesses that expect rising volumes for both electronic and in-person transactions, and want the flexibility to scale their banking services. 

Premium Accounts: RBC Ultimate Business Account vs BMO Elite Plan (Business Builder 3)

RBC and BMO’s premium accounts are very similar. Both provide unlimited electronic transactions, 500 Interac eTransfers, and cash allowance limits up to $25,000, making them suitable for businesses with high transaction volumes. 

The main difference lies in the monthly fee. Where RBC charges a monthly fee of $100, BMO only charges $75, while offering the same services. This makes it a more cost-effective option for businesses that do not generate enough revenue to meet the fee rebate minimum balance of $75,000. 

However, if you can meet the minimum balance requirement to waive fees, RBC is marginally cheaper. While BMO charges $1.50 per cheque debited and $1.50 per assisted in-branch transaction, RBC charges $1.25 per item for all paper transactions.

If you are trying to choose between RBC and BMO, and can meet the minimum balance requirement to waive fees, it is better to look at the whole banking package than the accounts themselves. The differences between excess transaction fees are so marginal that they are unlikely to impact your banking experience. Instead, look at other factors, such as the quality of your candidate bank’s customer service, mobile app, promotions, or other banking products. 

Nonprofit Accounts: RBC Royal Community Business Account vs BMO Community Account

RBC and BMO both offer decent nonprofit checking accounts. However, the BMO Community Account provides marginally greater value. The RBC Royal Business Community Account charges a marginally higher fee of $3.75, but does not let you waive it. Meanwhile, BMO only charges a monthly fee of $2.50, which you can waive with a minimum balance of $5,000. This allows nonprofit organizations to maintain their bank accounts regardless of the regularity of revenue. 

Overall, BMO offers a more cost-effective account. It assigns similar limits for monthly transactions, but provides larger cash deposit allowances, with smaller fees for excess deposits. This gives you adequate coverage for the typical nonprofit organization’s transaction volume. 

When to Choose RBC

While BMO and RBC are very similar, RBC offers stronger products for large businesses. It offers better allowances, promotions, and products.

You want low-fee support for non-digital transactions

BMO’s cheapest account, the BMO Essentials Plan, primarily supports digital transactions and charges per-use fees for in-branch and paper transactions. BMO Everyday Business is an entry-level account for businesses with in-branch transactions, charges a monthly fee of $25, which might be higher than what most small businesses are willing to pay for. Meanwhile, RBC offers the RBC Flex Choice Business Account, which includes unlimited items deposited and Moneris deposits for a monthly fee of $7. 

You are a new corporation

RBC owns Ownr, a platform that helps new business owners register their businesses, prepare incorporation documents, and complete annual filings and other legal paperwork for a yearly fee. When you open an RBC business account, Ownr grants you up to $300 in discounts, empowering you to set up your business with minimal hassle and cost. 

You want more flexibility when choosing credit cards

RBC provides a wider selection of credit cards than BMO. While BMO only offers one type of rewards card and one type of cashback card, RBC offers rewards cards, miles cards, cashback cards, low-fee cards, and no-fee cards. Having a broader lineup gives you more flexibility to choose a card that fits your spending habits and budget.

When to Choose BMO

Where RBC is a strong option for large businesses, BMO is the better bank for small and growing businesses. Its plans are affordable and scale gradually to accommodate your needs as your business grows. 

You are a growing small to mid-sized business

RBC offers three business account tiers, but the jump from entry-level to premium is significant. Digital Choice and Flex Choice cost $6 and $7 per month, while the next tier, Ultimate Business, jumps to $100. This steep increase can make scaling both difficult and costly as your needs grow.

BMO, by contrast, offers three tiers between its digital account and its premium account. Each level introduces incremental increases to fees and allowances. This structure allows businesses to scale more gradually, making growth easier to manage.

You want a free account

RBC does not offer free accounts. Meanwhile, the BMO Essential Plan charges no monthly fee while providing unlimited electronic transactions and two free Interac eTransfers. This makes it a great option for very small businesses that are just starting out.

You generate a high volume of cash transactions

BMO accommodates cash transactions at a cheaper cost. Its premium account, BMO Elite Plan (BMO Business Builder 3), provides a cash deposit allowance of $25,000 for a waivable monthly fee of $75. RBC Ultimate Business offers the same monthly allowance but charges a higher monthly fee of $100. 

When to Choose an Alternative

While RBC and BMO serve a wide range of small to large businesses, there are still a few scenarios that other banks address more effectively. Below, we discuss where both RBC and BMO fall short, then list alternatives. 

You want to earn interest on chequing deposits

None of RBC or BMO’s chequing accounts earn interest. If you want to grow your chequing deposits passively and don’t mind banking exclusively online, consider choosing the EQ Bank Digital Account. It charges no monthly fees, but generates an average percentage yield (APY) of 2.25%, calculated daily and paid monthly.  

You are a professional

Neither RBC nor BMO provides specialized banking for professionals like physicians, lawyers, accountants, architects, or engineers. The best alternative is ScotiaBank, which offers banking bundles with tailored pricing and accommodations for select types of professionals. It also connects you with experts who can advise on banking solutions and product selection.

You frequently make international transactions

RBC and BMO offer basic international services, but neither are cost-effective solutions for businesses that regularly send or receive money outside Canada and the United States. If you need lower fees, better exchange rates, or faster transfers, consider supplementing your main bank account with a Wise Business Account. Wise specializes in international payments, letting you send money in multiple currencies at competitive rates with transparent fees.

Bottom Line

RBC provides effective solutions for small and large businesses. However, 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. The flexibility of its offerings allows growing businesses to support evolving needs without facing steep price increases.

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