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BMO Alto Bank Review 2024

Updated July 26, 2024
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At a glance

3.9
Rating: 3.9 stars out of 5
Bankrate Score
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CDs

Rating: 4.2 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
  • 24/7 Customer Service
  • No Min Balance
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info Icon
As of 10/10/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/10/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/10/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.

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 Icon

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

  • Checkmark Icon

    BMO Alto is available nationwide.

  • Checkmark Icon

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

  • Checkmark Icon

    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 logo

We want to know what you think about BMO Alto

Do you have experience with BMO Alto? Let us know your thoughts.

BMO Alto banking products

4.7
/5
Rating: 4.7 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.60%
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Subpar
Rating: 2 stars out of 5
2/5
Info Icon
FEATURES
Invest Rate Icon
4.60% APY
Info Icon
Savings Icon
$0 minimum balance for APY
Loan Icon
$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 Icon

    The savings yield is very competitive.

  • Checkmark Icon

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

  • Checkmark Icon

    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 Icon
    National average APY
    How do we get this data?
    Info Icon
Current Savings Rate
Sponsored Offer
Info Icon

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info Icon
As of 10/10/2024
Rating: 4.7 stars out of 5
Info Icon
$0
Min balance for APY
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 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
BMO Alto Logo
Member FDIC
Bankrate score
Rating: 4.7 stars out of 5
4.7
Info Icon
Most comparable
Citizens Access savings account
Citizens Access Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
Info Icon
4.60% 4.15%
Minimum balance for APY
$0.00 $1.00
Estimated earnings
Info Icon
$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.
  • BMO Alto’s Online Savings account earns one of the highest yields around.
  • Monthly fees and minimum balance requirements are nonexistent.
  • Unlimited transfers and withdrawals are permitted.
  • Citizens Access’ savings account earns a competitive yield.
  • The account charges no monthly fee and requires just a penny to open.
    N/A
  • Transactions for this online-only account cannot be made in person at a BMO branch.
  • Mobile check deposit is not an option and there’s no ATM access either.
  • ATM access to this account is not provided.
  • As an online-only bank, Citizens Access may not be the best choice for those who prefer branch access.
    N/A
Bankrate does not currently track additional product details for this bank.
APY offering:
4.15%
5/5
Info Icon
Minimum balance for APY:
$1.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Bankrate does not currently track additional product details for this bank.

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.

BMO Alto customer reviews

CTA BMO Alto has 21 reviews

BMO Alto has 21 reviews

Dive into community reviews below and see what others think about BMO Alto.

3.9 Star Icon
21 ratings
Info Icon
Score breakdown
5 stars
38%
4 stars
33%
3 stars
14%
2 stars
5%
1 star
10%
Score by category
Overall Rating 3.9 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.1 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Verified Badge Icon Bankrate methodology disclosure

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

See what users like you are saying about BMO Alto.
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Anonymous account holder
September 13, 2024
Bmo bank is great because it meets my needs and has great customer service. Bmo is 1 of the greatest banks that helps people and myself.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
I have had good experience with BMO. Good customer service, good annual money, good checking account.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
It gets the job done. Family members recommended it highly.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They have been ok. Close to my house.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Great rates, user friendly. Responsive and professional.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The most important aspect of the BMO Alto Bank savings account is its competitive interest rates, which maximize your savings growth. Additionally, the account offers easy online management and no monthly fees. Overall, BMO Alto Bank offers a positive experience with responsive customer service, a wide range of banking products, a user-friendly digital platform, and convenient features like mobile banking and ATMs. However, occasional delays in customer support and limited branch locations could be areas for improvement.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
They aim to provide me personalized banking solutions and have a reputation for good customer service. They offer a range of banking services including savings and checking accounts, loans, mortgages, and investment options.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
They try really hard to meet customer expectations which make them reliable. They also have excellent customer service. Their app is buggy sometimes however. They had a good joining bonus. I’ve heard good things form a friend. And I needed a relibbme bank.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 3 / 5
Website / Mobile app 1 / 5
Anonymous account holder
September 13, 2024
No real customer service (as opposed to my other BMO Harris accounts). I believe the idea is that less personnel on it means higher interest rates. I am bummed that I can’t link my Alto account to the regular BMO Harris app that I have for my other accounts—would be more convenient to view my total financial picture.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Good customer service. Premium reliable choice.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5