BMO Alto Bank Review 2024
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At a glance
CDs
Savings
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
- 24/7 Customer Service
- No Min Balance
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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
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BMO Alto’s savings APY is very competitive and the account doesn’t charge any monthly fees.
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BMO Alto is available nationwide.
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Both BMO Alto’s savings account and CDs don’t require a minimum opening deposit or minimum balance.
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BMO Alto customer service is available 24/7.
Cons
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There’s no BMO Alto app available at this time.
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BMO Alto doesn’t offer mobile check deposit or a debit card.
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You won’t be able to use BMO branches with your BMO Alto accounts.
BMO Alto banking products
APY last updated between 10/3 and 10/9.
BMO Alto savings overview
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
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The savings yield is very competitive.
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There’s no minimum opening balance needed to get started and the account doesn’t have an ongoing minimum balance requirement either.
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There are no monthly fees.
Cons
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The BMO Alto Savings Account doesn’t currently support mobile check or in-person cash deposits.
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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.
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People who leave their account with a zero balance for 90 straight days will have their account closed.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
BMO AltoAPYAPY last updated between 10/3 and 10/9.APYAPY last updated between 10/3 and 10/9.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? |
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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.
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 BMO Alto compares to other banks
Compare different account types offered by BMO Alto. Annual percentage yields (APYs) shown were updated between Oct. 3, 2024 and Oct. 9, 2024.
Selected bank
BMO Alto savings account
Bankrate score
4.7
Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Citizens Access savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Oct. 3, 2024 and Oct. 9, 2024.
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4.60% | 4.15% | |
Minimum balance for APY
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$0.00 | $1.00 | |
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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$2,300 | $2,075 | |
BMO Alto’s Online Savings Account made its debut in 2023, and it earns a highly competitive yield. This nationally available account doesn’t charge a monthly service fee, and there’s no minimum balance requirement. | Citizens Access offers a high-yield savings account with a minimum opening deposit of just one cent. This online bank doesn’t charge monthly service fees and offers a highly rated mobile app. | |
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N/A
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N/A
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Bankrate does not currently track additional product details for this bank.
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APY offering:
4.15%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$1.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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Bankrate does not currently track additional product details for this bank.
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Review methodology
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.
BMO Alto customer reviews
BMO Alto has 21 reviews
Dive into community reviews below and see what others think about BMO Alto.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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