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BMO Alto Bank Review 2024

Updated January 23, 2024
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
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CDs

Rating: 4.7 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Overview

BMO Alto is a new option for online-only accounts that launched in April 2023. It offers a high-yield savings account and six terms of CDs and is part of the BMO Financial Group. Customers who are looking for a competitive yield on those products will find BMO Alto to be an appealing option.

Highlights

  • Top CD Rates
  • No Min Balance
  • 24/7 Customer Service
Compare offers
Info
Bank logo
Member FDIC
CD
5.15
%
APY
APY
Info
As of 2/20/2024
Rating: 4.7 stars out of 5
$0
Minimum deposit
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/20/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 2/20/2024
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Overall

BMO Alto’s online high-yield savings account and CDs made their debut in 2023. 

BMO Alto offers competitive yields and nationwide availability – even if you have a BMO branch near you.  There are no monthly service fees and no minimum balance requirements, so the accounts are very accessible for all types of savers. 

If you’re someone who relies on mobile check deposit, the savings account doesn’t currently offer that feature. So you’d need to deposit a check into another account and transfer that money over to your BMO Alto Online Savings Account.

Pros

  • Checkmark

    BMO Alto’s savings APY is very competitive and the account doesn’t charge any monthly fees.

  • Checkmark

    BMO Alto is available nationwide.

  • Checkmark

    Both BMO Alto’s savings account and CDs don’t require a minimum opening deposit or minimum balance.

  • Checkmark

    BMO Alto customer service is available 24/7.

Cons

  • There’s no BMO Alto app available at this time.

  • BMO Alto doesn’t offer mobile check deposit or a debit card.

  • You won’t be able to use BMO branches with your BMO Alto accounts.

BMO Alto banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
5.10%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Subpar
Rating: 2 stars out of 5
2/5
Info

FEATURES

Invest Rate
5.10% APY
Info
Loan
$0 minimum deposit to open

BMO Alto savings overview

The BMO Alto Savings Account offers a competitive yield. There’s no minimum opening deposit requirement and the account has no fees, according to the bank.

BMO Alto doesn’t offer mobile check deposit. The savings account also doesn’t come with ATM access or a debit card at this time.

While the BMO Alto Savings Account doesn’t have a minimum opening deposit requirement, you must make a deposit within 90 days of your account opening date.

Customers can see their balances on the Alto website, but don’t currently have access to an app to manage their accounts.

Pros

  • Checkmark

    The savings yield is very competitive.

  • Checkmark

    There’s no minimum opening balance needed to get started and the account doesn’t have an ongoing minimum balance requirement either.

  • Checkmark

    There are no monthly fees.

Cons

  • The BMO Alto Savings Account doesn’t currently support mobile check or in-person cash deposits.

  • You won’t be able to access your money from an ATM with the BMO Alto Savings Account and there’s no branch access for Alto accounts.

  • People who leave their account with a zero balance for 90 straight days will have their account closed.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    BMO Alto
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/20/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Account maintenance fees None
Out-of-network ATM fee N/A
Excessive transaction fee None

Customer experience

BMO Alto offers 24/7 customer service. BMO Alto doesn’t currently have an app available for download. You also won’t be able to go into a BMO branch for withdrawals or help with your BMO Alto account. BMO Alto doesn’t offer mobile check deposit or ATM access. You’ll need to deposit a check into another account and then transfer it to BMO Alto or transfer existing funds at another bank to BMO Alto if you’re looking to move funds to your BMO Alto Savings Account.

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The above images were last updated on Jan. 23, 2024.

About BMO Alto

BMO Alto launched in April 2023. BMO Alto is a trade name of BMO Bank. BMO Alto is an online bank that offers a high-yield savings account and CDs nationwide. BMO is a well-known bank that’s been around for more than 200 years.

How does BMO Alto compare to other banks?

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.