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.

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?

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