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BMO Bank of Montreal Launches Premium Rate Savings Account to Help Small Business Owners  


BMO Bank of Montreal’s small business customers will now be able to earn more on their cash with the launch today of the Business Premium Rate Savings Account.

The new premium rate savings account offers businesses an investment-type interest rate on balances of up to $500,000 without giving up any of the flexibility features of a traditional business savings account.

The current interest rate for the account is 2.25 per cent, considerably higher than most other business current account rates, and is paid from the first dollar deposited.

“It is important that small businesses have a range of solutions to meet their short, medium and long term cash management needs,” said Michelle Field, Vice President, Business Banking, BMO Bank of Montreal.  “Many of our customers are building up strong cash reserves as a hedging strategy against ongoing business fluctuations.  Small business owners who are looking to maximize their cash returns without giving up flexibility will find this new business saving option to be an immediate benefit.

“The Business Premium Rate Savings Account adds to an already extensive suite of competitive business banking and investment products available for small businesses.  From cash management services to mutual funds and GIC’s, we have the right financial solutions to meet the changing needs of all our business customers,” said Field.

BMO Bank of Montreal is a member of BMO Financial Group (TSX, NYSE: BMO), one of the largest financial services providers in North America.  BMO Financial Group serves clients across Canada and in the United States through its Canadian retail arm, BMO Bank of Montreal, through its Chicago-based Harris Bank, a major U.S. mid-west financial services organization, and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms.  BMO Financial Group is the second largest small business lender in Canada and one of the largest in North America.