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BMO Alto | Online Savings Account Review

Few can compete with BMO’s no-to-low fee checking accounts, account variety, high-yield APY, and digital banking tools. For ultra-savings, check out BMO Alto–fully FDIC insured and owned by BMO Financial Group.

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The Essentials:

BMO Alto offers online-only, high-yield products and services. There’s no minimum opening deposit requirement and you won’t be charged any fees for maintaining a BMO Alto Online Savings account, making it a solid choice for short-term and long-term savings goals.

$$$ Rates: BMO Alto Online Savings Account has a competitive high-yield rate of 5.10% APY at the time of writing.

All pricing information is accurate as of January 2024. Please click 'VIEW RATES' at the bottom of this page for the most up-to-date information.

Pros

High-interest account

Zero fees

No minimum opening deposit

Open in minutes

Cons

No branch locations

ACH deposit only


$$$ ACH: ACH transfer is a secure method of moving money between accounts without paper checks, wire transfers, or cash, and is often used for direct deposits, bills, and banks-to-bank money transfers.

Highlights

★ ★ ★ ★ ★ Transfers/Withdrawals: Unlimited! Transfer and withdraw funds quickly as often as you need with no hidden fees.

★ ★ ★ ★ ★ Rates: BMO Alto can offer customers higher interest rates and zero account fees thanks to the money saved by avoiding overhead costs and branch fees.

★ ★ ★ ★ ★ Digital Features: Manage your account on-the-go with easy-to-use digital banking services.

★ ★ ★ ★ ☆ Customer Support: Avoid long email waits or automated computer chats thanks to 24/7 personalized live-agent phone support. Support is conducted all online with no in-person option.

★ ★ ★ ★ ★ Savings Tools: Take advantage of the BMO Alto savings tool and calculate how much you could save by adjusting your opening deposit size, regular deposit amount + frequency, and how long you plan to save for.

Which BMO Account Is Right for You?

BMO Alto Savings Account:

  • Rewards: High-interest earning (5.10% APY), online-only savings solution provided by BMO Alto.
  • Perks: No fees, $0 minimum opening deposit, no minimum balance requirements, and unlimited transfers and withdrawals.
  • Best for: Customers interested in no-fuss banking and high-yield savings. Visit Site.

BMO Smart Advantage Checking:

  • Rewards: Get a $250 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days.
  • Perks: No monthly maintenance fee, no minimum balance required, and fee-free transactions at more than 40,000 Allpoint® network ATMs nationwide.
  • Best for: Customers in need of a straightforward checking account. Learn More. Visit Site.

BMO Relationship Checking:

  • Rewards: Earn a $400 cash bonus with qualifying direct deposits totaling at least $7,500 within the first 90 days.
  • Perks: Unlimited non-BMO ATM transactions, up to $25 surcharge fee rebates on non-BMO ATMs, and potential interest earnings.
  • Best for: Customers who maintain a higher balance and want additional benefits. Learn More. Visit Site.

BMO Smart Money Checking:

  • Rewards: Receive a $250 cash bonus by having at least $4,000 in qualifying direct deposits within the initial 90 days.
  • Perks: No overdraft fee, no minimum balance requirement, and fee-free transactions at 40,000+ Allpoint® network ATMs.
  • Best for: Younger customers–monthly maintenance fees are waived for under 25-year-olds. Learn More. Visit Site.

BMO Savings Builder Account:

  • Rewards: Earn $5 every month your balance grows by $200 or more for your first year, (not including interest).
  • Perks: No monthly maintenance fee and automatic savings tools.
  • Best for: Customers interested in convenient banking where they can manage their checking account and grow their savings all in one place. Learn More. Visit Site.

*T&C apply. Click here and scroll to the bottom of the page to learn more.

Final Thoughts

The BMO Alto High-Yield Online Savings Account is a smart choice for growing your savings faster compared to a regular savings account, without any hassles or fees. Ready to start saving?

Explore BMO Alto >

Please note: BMO Alto does not support wire transfers, ATM access, Zelle®, or mail transactions, and does not issue checks.

Frequently Asked Questions (FAQ)

You can deposit and withdrawal funds into your online account, and manage bills using your bank's secure mobile app, website portal, or by visiting an ATM. To deposit funds into your account, you can transfer money from another account, deposit mobile checks by uploading images of the front and back, use ATMs, or set up direct deposits for recurring incoming payments. For withdrawals, you can transfer money to another account, use ATMs, or request an electronic transfer. Use your online account's automatic payments and bill notifications features so you never miss a payment.
In most cases, you can use your online bank account right away. Opening an online account is fast, often taking just 10 to 15 minutes. Approval is typically granted immediately after application submission, allowing you to create your account, login, and begin banking straight away. If additional verification is needed, approval can take an additional 1 to 2 days.
Yes, nearly all online banks provide free ATMs nationwide and/or automatic reimbursements for ATM fees. Most online banks partner with large ATM networks to provide easy access to ATMs no matter where you live. If you run into difficulty locating in-network ATMs, oftentimes the bank will reimburse any out-of-network ATM charges.
The best bank depends on your financial needs. First, determine whether a checking account for everyday transactions or a savings account to earn interest on your deposits is right for you. Then, look for banks that offer low or no fees. competitive interest rates, great customer reviews, and helpful digital tools to manage your finances easily.
Yes, online banks must adhere to strict government regulations and licensing requirements just as traditional banks must, and many provide the same level of FDIC insurance. Robust encryption and cyber-security keep your personal information safe, in a similar way that traditional banks keep their customer databases secure. Selecting a reputable financial institution is key to any safe banking, so be sure to carefully evaluate and compare banks before agreeing to any terms.
FDIC insured banks are financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). This insurance protects deposits up to $250,000 per depositor, per bank, meaning, in the event a bank ever fails, your money is secure.