Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
BMO (previously BMO Harris) has two savings accounts: a traditional account with rates similar to what other brick-and-mortar banks offer, and an online-only high-yield savings account that is offered through BMO Alto.
While both offer perks like low account minimums and no monthly fees, they differ in terms of interest rates and availability.
BMO Savings Rates
BMO Savings Builder Account Rates
The BMO Savings Builder Account - Product Name Only is a standard savings account paying BMO Savings Builder Account - APY APY. While the interest rate is low compared to a high-yield savings account, you get access to local branches and over 40,000 fee-free ATMs across the US, and you can make mobile check deposits.
This account has BMO Savings Builder Account - Fees Display but requires a minimum opening deposit of BMO Savings Builder Account - Minimum Deposit. For your first year with the account, you'll earn $5 every month that you deposit $200 or more.
BMO Alto High-Yield Savings Account Rates
BMO Alto, the bank's high-yield savings option, allows you to earn BMO Alto Online Savings Account - APY APY. There is a BMO Alto Online Savings Account - Minimum Deposit minimum deposit and BMO Alto Online Savings Account - Fees Display.
BMO Alto savings and CDs are available nationwide to those 18 and older, but bank branches aren't available — so you can't make deposits or withdrawals in person. There's no way to make mobile check deposits into your account, either. To access your savings, you'll have to link your BMO Alto savings account to an external checking account and transfer funds.
BMO Savings Rates Pros and Cons
Pros
Cons
No monthly service fees
Low minimum opening deposits
BMO Alto pays a high interest rate
Potential to earn $5 per month for the first year with Savings Builder
BMO Alto might close your account if the balance reaches $0
BMO Savings Builder is subject to a $50 fee if you close within 90 days of opening
BMO Savings Builder pays a low rate
No mobile app or mobile check deposit with BMO Alto
BMO Savings Rates FAQs
What is the current interest rate for a BMO savings account?
The current interest rate for the BMO Savings Builder Account - Product Name Only is BMO Savings Builder Account - APY APY, and the interest rate for the BMO Alto Online Savings Account - Product Name Only is BMO Alto Online Savings Account - APY APY.
What is the best savings account rate at BMO?
The BMO Alto Online Savings Account - Product Name Only offers an interest rate of BMO Alto Online Savings Account - APY APY, higher than the average savings rate of FDIC National Deposit Savings Rates - APY APY, according to FDIC.
What do you need to open a savings account at BMO?
To open a BMO Savings Builder Account - Product Name Only, you'll need your phone number, email address, US residential address, date of birth, Social Security number, your other bank's routing/account number or login credentials, and US citizenship identification. If you aren't a US citizen, you can apply over the phone or at a branch. For the BMO Alto Online Savings Account - Product Name Only, you'll need a valid form of identification.
How BMO Savings Rates Compare
BMO Savings Rates vs. PNC Bank Savings Rates
The PNC savings rate is PNC High Yield Savings℠ Account - APY APY on its high-yield savings account, making BMO Alto's rate slightly higher. Both banks' high-yield accounts have a BMO Alto Online Savings Account - Minimum Deposit minimum deposit and BMO Alto Online Savings Account - Fees Display.
One main difference is that PNC Bank mainly offers its high-yield savings account in states where there are no branches. If you live near a branch, you'll have to open the PNC Bank Standard Savings Account - Product Name Only, which pays a much lower rate. On the other hand, you can open a high-yield BMO Alto account anywhere in the US.
U.S. Bank savings account rates are low overall, because the bank doesn't offer a high-yield savings account. Instead, it provides the U.S. Bank Standard Savings Account - Product Name Only with a U.S. Bank Standard Savings Account - APY APY, similar to the BMO Savings Builder Account. U.S. Bank, however, charges a U.S. Bank Standard Savings Account - Fees Display unless you qualify to waive it.
Both have introductory offers. With U.S. Bank, you can earn up to U.S. Bank Standard Savings Account - Ongoing Bonus by completing qualifying activities. On the other hand, BMO only rewards users up to $60 per year by saving $200 or more each month.
Why You Should Trust Us: How We Reviewed BMO Savings Accounts
Personal Finance Insider is committed to providing thoroughly researched and accurate content. We carefully examine disclosures and agreements provided by the company we are reviewing. We also rely on third-party rating agencies like the Better Business Bureau (BBB) and consumer reviews to see what actual users have to say about banks' customer service.
We rate savings accounts using six benchmarks: customer support, mobile app, ethics, interest rate, minimum deposit, and monthly fees. We assign each category a score between 0 and 5, then average the scores to reach a rating for each savings account.
