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While the full-service BMO Bank, N.A., started over a century ago, BMO Alto only launched its online-only banking operations in April 2023. While you won’t enjoy a wide array of banking services, bank walk-ins, or ATM withdrawals, BMO Alto’s competitive annual percentage yield (APY) rates and zero monthly service fees make it worth considering for those who want to earn high interest on funds they’ve put away.
All rates and fees are current as of April 11, 2024, and are subject to change.
BMO Alto
| Savings accounts: | Open with as little as $0 |
| Certificates of deposit (CDs): | Earn up to 5.15% APY |
BMO Alto rates and products
BMO Alto offers a high-yield savings account and six CDs with APY rates above the national average.
Savings accounts
BMO Alto offers its customers one of the best high-yield savings accounts. You can transfer money to this account from any other bank, and you’ll receive interest, which is compounded daily and credited to your account at the end of the month. Below are the features of the BMO Alto Savings account.
BMO Alto savings rates compared to current top rates*
While BMO Alto is a great option for those seeking high yields on their savings, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Certificates of deposit
BMO offers six fixed-term CDs between six and 60 months. These high-APY CDs don’t require deposits when opening them. However, you must fund your account within 10 days to avoid an automatic account closure. You’ll also get a 10-day grace period to withdraw or add to your funds when they mature; otherwise, the CD renews automatically with the same CD term features.
Compare more CD rates:
Online banking
BMO Alto offers online banking, which allows you to manage your account from anywhere. Its interface is intuitive, and you can access it using popular browsers, such as Chrome, Firefox, Microsoft Edge, and Safari.
The BMO Alto platform and customer support
While you’d expect an online bank without physical branches to grant its customers mobile access to their accounts, BMO Alto does not provide a mobile app. However, its website is easy to use, and you can call (855) 266-8100 if you need help opening or running your online bank account. Still, expect long wait times when calling BMO Alto’s customer service line since the support team is only reachable via phone, and there are no physical branches where customers can go to resolve banking issues.
Is BMO Alto secure?
BMO Alto uses security tools to monitor your account, keeping it safe from hackers. You’ll receive alerts in case of suspicious activities. Also, all accounts with BMO Alto bank are Federal Deposit Insurance Corp. (FDIC)-insured, so you’ll get up to $250,000 deposits in case of bank failure.
BMO Alto user reviews
While many customers were happy with the high yields on their savings accounts and CDs, we found several complaints about the limited access to funds. Also, engaging other banks to complete transactions with your BMO Alto account can be time-consuming. Several customers also complained about their account creation processes taking time and the bank declining their account applications, freezing their accounts, or closing them without warning or stated reason.
Also, resolving account issues is sometimes impossible with the bank’s prolonged wait times and the support team members only returning a few calls and being inadequately equipped to help customers.
Compare BMO Alto alternatives
Below are other online banks offering high-yield interest. These banks offer their customers mobile banking access, multiple account options, and more products, which BMO Alto lacks. They include checking accounts, money market accounts (MMAs), loans, investments, and credit cards.
| BMO Alto | Quontic Bank | SoFi Bank | |
| Available Accounts | Savings and CDs | Savings, checking, CDs, and money market | Savings, checking, and CDs |
| Top Savings APY | 5.26%% | 4.50% | 4.60% |
| Top CD APY | Up to 5.15% | Up to 5.30% | N/A |
| Mobile Access | No | Yes | Yes |
| Learn more | Read Quontic Bank review | Read SoFi Bank review |
Is BMO Alto right for you?
BMO Alto will work for you if you want to put your money away and earn high interest. If you’re also looking for a bank that doesn’t require you to show up physically to create an account or maintain minimum balances to avoid monthly service fees, you’ll love this bank’s online infrastructure and zero fees. Those looking to create multiple savings, checking, or MMAs should consider another bank or even BMO Bank, BMO Alto’s brick-and-mortar alternative.
Frequently asked questions
Is BMO Alto a legitimate bank?
Yes, BMO is legitimate. It’s a subsidiary of the BMO Financial Group, which owns BMO Bank, one of the largest banks in the United States.
What is the difference between BMO and BMO Alto?
BMO Alto is an online-only bank offering a high-yield savings account and CDs while BMO N.A. provides individuals and businesses with physical and online banking services, more banking products, and more account options for individuals and businesses.
What is the disadvantage of BMO Alto?
Compared to most online banks, BMO Alto customers get fewer options. The bank doesn’t allow physical or mobile banking, and its account options are limited. It also lacks multiple options for making deposits or transfers. You can’t even walk into a BMO Branch or use a BMO ATM to access your funds.
Does BMO Alto offer insufficient funds or overdraft protection?
Generally, BMO Alto will only pay for an item if you have sufficient funds. The online bank attempts to reprocess such payment at the end of the business day and returns the item unpaid if there’s insufficient money in an account. However, if the return process fails, there’ll be an overdraft on your account, which may lead to an account closure if you fail to repay the said amount. BMO Alto can also use state or federal benefits deposits to settle the overdraft.
