BMO Alto: Bank overview 2024
BMO Alto is the online only division of BMO (formerly known as BMO Harris), one of the largest in the country largest banksThis online bank focuses on two products that compete with some of the highest annual percentage yields, or APYs, available: high-yield savings accounts And deposit slips with terms ranging from six months to five years. It also charges no fees.
However, BMO Alto does not offer any of the benefits available from its parent company. You cannot access your accounts at a BMO branch or ATM. There is not even a mobile app for convenient banking on the go. Therefore, you should feel comfortable managing your affairs entirely through the BMO website.
But because the products are meant to be saved, limited access options can be an advantage. Your money earns interest faster if you leave it in your account until you need it.
What we like
- High savings interest rates
- No minimum deposits
- No costs
What we don’t like
- No mobile app
- No possibility to get personal assistance at BMO locations
- Only offers savings accounts and CDs
Who is BMO Alto most suitable for?
BMO Alto is a good option if you want to get some of the best rates available on savings accounts and certificates of deposit and just park your money where it can grow. It’s a no-frills savings option that earns you competitive APYs. And because it’s completely online, it’s available to anyone in the U.S.
Be aware of this bank’s shortcomings. The best online banks typically offer more products and services, such as checking accounts, money market accounts, and other financial services. BMO Alto doesn’t offer either of these accounts, and the lack of a mobile app is another shortcoming that puts it behind other online banks and credit unions with more robust digital tools.
BMO Alto only offers a high yield savings account with no minimum deposit requirements and no monthly maintenance fees. And unlike some other high-yield savings accounts, you’ll earn an APY of 5.10% — one of the most competitive rates around — on your entire savings balance.
But you can’t withdraw money with a debit card or at a bank branch, like you can with some other online banks. Instead, you have to transfer money to another account with ATM or branch access to get cash. And because there’s no mobile app, there’s no mobile deposit feature either.
Features of savings accounts
| APY | 5.10% |
| Minimum deposit | No |
| Monthly costs | No |
*Rates valid from August 7, 2024.
BMO Alto’s CD offerings range from six months to five years. Like most banks and credit unions today, BMO Alto pays the best rates for short term cds (one year or less). You do not have to meet minimum deposit requirements to open a CD.
While BMO Alto’s lack of a mobile app is a drawback for savings accounts, CDs are a different story. Since you’re simply parking your money in this account, not having a digital tool may not be such a big deal. The bank offers one of the best earning opportunities out there — one of the reasons it’s our Editors’ Choice Award 2024 for the best CDs. But you are limited to high yield CDs. BMO Alto does not offer flexible CD options such as no punishment or increase cds.
CD rates
| Term | APY |
| 6 months | 5.10% |
| 12 months | 5.05% |
| 24 months | 4.55% |
| 36 months | 4.30% |
| 48 months | 4.40% |
| 60 months | 4.45% |
*Rates valid from August 7, 2024.
CD Account Features
BMO Alto’s penalties for early withdrawal are easy to understand and comparable to the rest of the banking sector:
| Term | Punishment |
| 11 months or less | 90 days interest |
| 12 months or longer | 180 days interest |
Advantages
No minimum deposit requirement
Some of the highest rates available
Wide range of terms
Banking experience
If you are considering opening an account with BMO Alto, it is important to know what not to do. find with the customer experience: no mobile app, no personal assistance, no access to ATMs, and no mobile deposit tools. Additionally, BMO Alto is not part of the Zelle network and does not accept bank transfers. The only way to move money in and out of an account is via ACH transfers.
You can’t open your account at a BMO bank location, but the Federal Deposit Insurance Corporation’s insurance limits apply to both divisions. So, for example, if you have money deposited in a CD at BMO and you also open a CD at BMO Alto, you’ll only get $250,000 in protection. The FDIC doesn’t treat them as separate accounts at separate institutions.
Customer service
BMO Alto offers 24/7 assistance through its customer service line at 855-266-8100.
Toni Husbands is a staff writer at CNET Money who enjoys exploring topics that promote financial well-being. She began writing about personal finance to document her experience paying off $107,000 in debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer to websites including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
