BMO Alto Bank Review 2025
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Edited by
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At a glance
Overview
Without ATM access, a mobile app or mobile check deposit, BMO Alto is best for those looking to store cash in a no-frills account, and those comfortable solely banking online through the bank’s secure website.
Highlights:
No Min Deposit No Min BalanceHighlights:
CDs
Savings
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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 = 5/5
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 = 4.4/5
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 CD 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.
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.
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.
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.
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.
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.
Overall
BMO Alto offers solid yields and nationwide availability. 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 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.
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.
BMO Alto bank products
BMO Alto Online Savings Account
Pros
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The savings yield is competitive.
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There’s no minimum opening balance, 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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There’s no ATM access.
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You’ll need to fund the account in 90 days, or your account will be closed.
Rate history for BMO Alto's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
BMO Alto Online Certificates of Deposit
Pros
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BMO Alto CDs offer solid yields.
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A handful of terms are available.
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BMO Alto CDs are available nationwide.
Cons
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BMO Alto doesn’t offer specialty CDs.
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While solid, BMO Alto CD yields are on the lower end of the competitive spectrum.
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Only one term is shorter than one year.
Rate history for BMO Alto's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
How BMO Alto compares to other banks
Compare different account types offered by BMO Alto. Annual percentage yields (APYs) shown were updated between April 17 and April 23, 2025.
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Selected bank
BMO Alto savings account
Bankrate score
4.2
Bankrate Savings rating = 4.2/5 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 Bank savings account
Bankrate score
N/A
Bankrate Savings rating = 0.0/5 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:
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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 April 17, 2025 and April 23, 2025.
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| 3.60% | N/A | |
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Minimum balance for APY
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| $0.00 | N/A | |
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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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| $1,800 | N/A | |
| BMO Alto’s Online Savings Account earns a competitive yield. This nationally available account doesn’t charge a monthly service fee, and there’s no minimum balance requirement. | Citizens Bank offers three savings accounts. The base account, scored for this section, is the One Deposit Savings account, which can be opened without a deposit, though you can avoid the $4.99 monthly maintenance fee by making one deposit every month. For customers under age 25 or 65 and older, the account is free of a monthly fee. The One Deposit Savings account offers a rock-bottom APY; you can easily find higher yields elsewhere. Those looking for higher rates may wish to consider an online bank, like Citizens Access, the online-only division of Citizens Bank. See more details about Citizens Bank savings account offerings. | |
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APY offering:
3.60%
4/5
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:
$0.00
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:
Subpar
2/5
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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APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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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
Customer support. BMO Alto offers support over the phone from 7 a.m. to 11 p.m. Central time on weekdays and 8 a.m. to 10 p.m. Central time on weekends.
Mobile banking. BMO Alto currently doesn’t offer a mobile app, which also means the bank doesn’t offer mobile check deposits. All banking is done through the bank’s website, which supports most web browsers.
Bankrate staff insights
"I chose BMO Alto's savings account because of its competitive rate compared to others in the market," said a Bankrate staff member with a personal account. “However, I have also been impressed with BMO Alto's customer service and ease of transfers. It has been fairly easy to move money in and out of the account. I also had an instance of getting locked out of my account (user error), and called customer service and was quickly connected with a representative who helped me get back into my account within 10 minutes. I would recommend this savings account.”
The above images were last updated on Jan. 23, 2024.
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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. Reviewers received an incentive for their feedback. Their 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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