Chase vs BMO Harris Business Loans

(April 2024)

Man holding a credit card

In This Article

Our Verdict

Which is better: Chase or BMO Harris Business Loans?

Chase is the clear winner when it comes to business loans. It offers a wider range of loan products, more competitive interest rates, and a larger branch network than BMO Harris. Chase also has a good reputation for customer service.

Here are some of the key reasons why Chase is the better choice for business loans:

  • Wider range of loan products
  • More competitive interest rates
  • Larger branch network
  • Good reputation for customer service

BMO Harris is still a good option for business loans, but it doesn’t offer the same range of benefits as Chase. If you’re looking for a business loan with competitive interest rates and a wide range of products, then Chase is the better choice.

However, if you’re only looking for a small loan or you don’t need a lot of features, then BMO Harris may be a better option.

Ultimately, the best way to decide which bank is right for you is to compare their offers and choose the one that best meets your needs.

Why Choose Chase

Chase bank

Who Chase Is Best For

Chase is Best for Your Business If You:

  • Seek a Variety of Business Loan Options: If your business requires various types of business loans, Chase has you covered. It offers a wide range of business loan products, such as term loans, SBA loans, and lines of credit. This extensive selection gives your business the flexibility to choose the loan that perfectly suits its unique needs.
  • Maintain a Strong Credit History: For most of its business loans, Chase requires a good credit history. If your business has a solid credit history, you’re in a favorable position to qualify for Chase’s business loan offerings. On the flip side, if your credit history is less than stellar, it’s important to consider other financing options.
  • Value Convenient Access to Branches: If your business often deals with cash deposits or in-person transactions, Chase’s extensive branch network of over 4,700 locations across the United States can be a significant advantage. Having a local branch nearby ensures easy and efficient handling of your financial needs.
  • Prefer Seamless Online and Mobile Banking: Chase understands the modern demands of businesses. Its online and mobile banking services are to simplify your financial management. With the ability to check account balances, make deposits, transfer funds, and pay bills through Its user-friendly online platform and mobile app, your business can manage finances on the go.

Who Chase Is Not Right For

Chase may not be the Best for Your Business If You:

  • Are Dealing with Credit Challenges: If your business has faced credit difficulties in the past, Chase might not be the ideal fit for your financing needs. Chase business loans often require a good credit history, making it a better choice if you have a stronger credit profile.
  • Seek a Modest Loan Amount: If your business needs a smaller loan amount, Chase might not be the most suitable option. Its loan offerings are often tailored to larger financing needs, the minimum loan amount for a Chase term loan is $50,000 so you might want to explore lenders that specialize in smaller loans.
  • Prioritize Low Fees: If minimizing fees is a top priority for your business, it’s worth noting that Chase’s fee structure may not always be the most cost-effective. Consider comparing its fees with those of other financial institutions to ensure you’re getting the best deal for your business.

Why Choose BMO Harris

BMO Harris Bank

Who BMO Harris Is Best For

BMO Harris is a great fit for your business if you:

  • Seek competitive interest rates and a diverse selection of business banking products: BMO Harris offers competitive interest rates on a variety of business banking products, including term loans, lines of credit, and SBA loans. It also offers a wide range of other business banking products, such as checking accounts, savings accounts, and credit cards. This makes it a good option for businesses that are looking for a one-stop shop for all of their financial needs.
  • Require robust online and mobile banking services for convenient financial management: BMO Harris offers robust online and mobile banking services that make it easy for businesses to manage their finances on the go. Businesses can view account balances, make deposits, transfer money, and pay bills online or through the mobile app. This can be a great time saver for busy business owners.
  • Have a strong credit history, which aligns well with BMO Harris’s lending criteria: BMO Harris typically requires a good credit history for businesses that want to qualify for a loan. This means that businesses with a poor credit history may not be able to get a loan from BMO Harris. However, businesses with a strong credit history may be able to qualify for a loan with a lower interest rate.
  • Need a smaller amount of loan: BMO Harris typically offers smaller loan amounts than some other banks. This makes it a good option for businesses that need a smaller loan amount, such as a line of credit for working capital or a loan to purchase equipment.

Who BMO Harris Is Not Right For

BMO Harris might not be suitable for your business if you:

  • Have a poor credit history.
  • Prefer a larger branch network for your banking needs.

Chase vs. BMO Harris: Main Differences

Chase BMO Harris

Ideal For

Businesses with good credit history,

wide range of needs,

and online services.

Businesses with good credit history,

competitive interest rates,

and online banking

Pricing

Higher interest rates

Varies; may have fees.

Competitive interest rates

potential fees

Account Integration

Yes, with QuickBooks and Xero

Yes, with QuickBooks and Xero

Standout Features

Extensive branch network, diverse loan products

Strong online and mobile banking, competitive rates

Chase vs. BMO Harris: Standout Features

Chase

  • Chase Ink Business credit card: This card offers a variety of rewards, including 5x points on travel and shipping, 2x points on gas stations and restaurants, and 1 point per dollar on all other purchases.
  • Chase Mobile app: This app makes it easy to manage your business finances on the go. You can view account balances, make deposits, transfer money, and pay bills.
  • Chase Business Complete Checking account: This account offers a variety of features, including a $300 bonus if you’re a new customer, no monthly service fee, and unlimited online and mobile transactions.

BMO Harris

  • BMO Harris Advantage Business Checking account: This account offers a variety of features, including a $200 bonus if you’re a new customer, no monthly service fee for balances over $10,000, and free ATM withdrawals at Allpoint ATMs.
  • BMO Harris Business Online Banking: This online banking platform makes it easy to manage your business finances. You can view account balances, make deposits, transfer money, and pay bills.
  • BMO Harris Business Mobile app: This mobile app makes it easy to manage your business finances on the go. You can view account balances, make deposits, transfer money, and pay bills.

Chase vs. BMO Harris: Savings Accounts

Chase emerges as the favored option due to its higher interest rate compared to BMO Harris. Notably, Chase’s savings accounts also enjoy the advantage of a more extensive ATM network in comparison to those of BMO Harris.

Here is a glance at Chase and BMO Harris savings accounts:

Chase BMO Harris

Interest Rates

Starting at 0.01% APY

Starting at 0.03% APY

Minimum balance to earn interest

$250.

$0

ATM Network

Chase ATMs and Allpoint ATMs

Allpoint ATMs

As you can see, Chase and BMO Harris savings accounts have very similar features. Both banks offer competitive interest rates, no minimum balance to earn interest, and access to a large ATM network. However, there are a few key differences between the two accounts.

  • Chase savings accounts offer a higher interest rate than BMO Harris savings accounts.
  • Chase savings accounts require a minimum balance of $250 to earn interest.
  • Chase savings accounts have a wider ATM network than BMO Harris savings accounts.

Chase vs. BMO Harris: Checking Accounts

When it comes to checking accounts, BMO Harris takes the lead for the majority of customers by waiving the monthly service fee for checking accounts holding balances exceeding $1,500.

Additionally, BMO Harris stands out by offering ATM fee reimbursements of up to $20 per statement cycle, providing you the freedom to withdraw funds from out-of-network ATMs without worrying about extra charges.

Here is a comparison of Chase and BMO Harris checking accounts:

Features Chase BMO Harris

Interest Rates

None

None

Monthly Service Fee

$12 for balances under $1,500

$0 for balances over $1,500

ATM Fees

Reimburses up to $10 in ATM fees per statement cycle

Reimburses up to $20 in ATM fees per statement cycle

Chase and BMO Harris checking accounts are also very similar. Both banks offer no interest on checking accounts, a monthly service fee for balances under a certain threshold, and reimbursement for ATM fees. However, there are a few key differences between the two accounts.

  • Chase charges a monthly service fee for checking accounts with balances under $1,500. BMO Harris does not charge a monthly service fee for checking accounts with balances over $1,500. Meaning that BMO Harris checking accounts are free for most customers.
  • Chase reimburses up to $10 in ATM fees per statement cycle. BMO Harris reimburses up to $20 in ATM fees per statement cycle. This means that BMO Harris customers can withdraw more money from out-of-network ATMs without incurring fees.

Pros and Cons of Chase

  • Offers a diverse selection of business loan products.
  • Provides a solid reputation for customer service.
  • Gives access to a widespread branch network.
  • Delivers online and mobile banking services.
  • Features competitive interest rates on certain products.
  • Presents a variety of rewards credit cards.
  • Imposes higher interest rates on specific products.
  • Charges higher fees compared to some other banks.
  • Offers a smaller ATM network than certain banks.
  • Limits product availability in some states.

Pros and Cons of BMO Harris

  • Offers competitive interest rates on business loans.
  • Provides a diverse array of business banking products.
  • Delivers online and mobile banking services.
  • Maintains a strong reputation for customer service.
  • Presents a variety of rewards credit cards.
  • Waives monthly service fee for certain accounts.
  • Has a smaller branch network compared to certain banks.
  • Limits product availability in some states.
  • Charges higher fees than certain other banks for specific products.
  • Features lower interest rates on savings accounts.

Chase vs. BMO Harris: Customer Reviews

Both Chase and BMO Harris have good customer reviews overall. However, Chase has slightly higher customer satisfaction ratings than BMO Harris. In particular, Chase customers tend to be more satisfied with the bank’s customer service, online banking platform, and mobile app.

According to a recent survey by J.D. Power, Chase has a customer satisfaction score of 817 out of 1,000, while BMO Harris has a customer satisfaction score of 798. This means that Chase customers are, on average, 19 points more satisfied with the bank than BMO Harris customers.

The survey also found that Chase customers are more likely to recommend the bank to others. 89% of Chase customers said they would recommend the bank to a friend or family member, while only 82% of BMO Harris customers said the same.

These results suggest that Chase is the clear winner in terms of customer satisfaction. If you’re looking for a bank with good customer service, an easy-to-use online banking platform, and a mobile app that gets the job done, then Chase is a good option.

Chase and BMO Harris Competitors

Some of the other major banks that offer business loans include Bank of America, Wells Fargo, and Capital One. These banks offer a similar range of products and services to Chase and BMO Harris, so it’s important to compare them carefully before making a decision.

Bank of America:

Bank of America is one of the largest banks in the United States. It offers a wide range of business loans, including term loans, SBA loans, and lines of credit. Bank of America also has a large branch network and online and mobile banking services.

Wells Fargo:

Wells Fargo is another large bank that offers business loans. It offers a similar range of products and services to Bank of America. Wells Fargo also has a large branch network, but its online and mobile banking services are not as user-friendly as Bank of America’s.

Capital One:

Capital One is a credit card company that also offers business loans. It offers a limited range of business loans, but it has competitive interest rates and fees. Capital One does not have a large branch network, but its online and mobile banking services are easy to use.

Pro Tips

  • When choosing a business loan, it’s important to compare interest rates, fees, and terms from multiple lenders.
  • It’s also important to consider the lender’s reputation for customer service and the availability of online and mobile banking services.
  • If you have a good credit history, you may be able to qualify for a lower interest rate and better terms.
  • If you have a small business, you may want to consider a line of credit instead of a term loan. This gives you more flexibility to repay the loan as needed.

Recap

Chase and BMO Harris are both good options for businesses that need a business loan. However, there are some key differences between the two banks that you should consider before making a decision. Chase has a wider range of business loan products and a larger branch network, but it also charges higher fees. BMO Harris has competitive interest rates and a good reputation for customer service, but it has a smaller branch network than Chase.

Ultimately, the best bank for you will depend on your specific needs and requirements. If you need a wide range of business loan products and a large branch network, then Chase may be a better choice for you. If you’re looking for competitive interest rates and good customer service, then BMO Harris may be a better option.

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