BMO Alto Accounts: What to Know Before Opening a BMO Alto Savings Account or CD

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 Alto, which launched in April 2023, is the online platform of BMO (previously known as BMO Harris). It offers two types of accounts: a high-yield savings account and CDs.

BMO Alto Savings Account Details

The BMO Alto Online Savings Account - Product Name Only pays BMO Alto Online Savings Account - APY APY. This makes it one of the best high-yield savings accounts out there, especially from a large, popular bank. Interest compounds daily and is paid to your account monthly.

The BMO savings account has a BMO Alto Online Savings Account - Minimum Deposit minimum opening deposit and BMO Alto Online Savings Account - Fees Display. It also offers unlimited transfers and withdrawals. (Some banks penalize you for making more than six withdrawals per month from a savings account.)

BMO Alto CD Details

BMO Alto has six CD terms, ranging from six months to five years. Here are the CD rates:

While all of these rates are high overall, BMO Alto specifically pays one of the best 5-year CD rates right now. There's also a BMO Alto High Yield CD - Minimum Deposit minimum deposit.

If you take out money before the term ends, you'll face an early withdrawal penalty. BMO Alto charges 90 days of interest on terms of 11 months or less, and 180 days interest on terms of 12 months or more. These are fairly standard penalties.

About BMO Alto

BMO Alto is the online-only division of BMO, and it's available nationwide. It pays high rates on savings and CDs, with no minimum deposits or monthly fees.

It has a basic, easy-to-navigate website — but no mobile app. You can't receive help for your Alto accounts at a BMO branch, but BMO Alto does provide 24/7 customer service over the phone.

Because there is no mobile app, you can't use mobile check deposit with BMO Alto. It also doesn't provide a debit or ATM card. So to deposit money into your account, you'll either have to set up direct deposits or transfer money from an external bank account. This shouldn't be a problem for CDs (like most banks, Alto only lets you deposit money into a CD upon opening the account), but it could be annoying with the savings account.

BMO Alto Rate Comparison

BMO Alto pays some of the best savings and CD rates out there, especially for a big-name bank. But you might be interested in features other than just interest rates. Here's how BMO Alto compares to other national banks:

BMO Alto Rates vs. Ally Bank Rates

The Ally Savings Account - Product Name Only pays Ally Savings Account - APY APY, and Ally CD rates range from Ally High Yield CD - APY APY.

Although Ally's rates are lower than BMO Alto's rates overall, it also has two other types of CDs you might be interested in: an 11-month no-penalty CD paying Ally No Penalty CD - APY APY, and a Raise Your Rate CD paying Ally Raise Your Rate CD - APY APY. A 2-year Raise Your Rate CD lets you increase your rate once during the term if Ally's rates go up, and the 4-year CD allows two rate increases.

Ally also has a mobile app, plus a checking and money market account. So if you want to do all of your banking online with the same company, it's a good choice.

Ally Bank Review

BMO Alto Rates vs. Discover Bank Rates

The Discover Online Savings Account - Product Name Only pays Discover Online Savings Account - APY APY. Discover CD rates are Discover CD - APY APY, and its CDs have a high Discover CD - Minimum Deposit minimum deposit.

But Discover is a good option if you want a mobile app and/or a checking account. It has a cash-back checking account that offers 1% cash back on up to $3,000 in purchases each month.

Discover Bank Review

BMO Alto Rates vs. Marcus by Goldman Sachs Rates

Like BMO Alto, Marcus only offers an online savings account and CDs. The Marcus High Yield Online Savings Account - Product Name Only pays Marcus High Yield Online Savings Account - APY APY, so you'll earn more with Alto.

Marcus CD rates are also lower than BMO Alto rates at Marcus High-Yield CD - APY APY. But Marcus has more terms to choose from, plus two other types of CDs. It has three no-penalty CD terms: 7-, 11-, and 13-month, with the 13-month term paying a high Marcus 13 Month No-Penalty CD - APY APY. It also has a 20-month Rate Bump CD that pays Marcus 20-month Rate Bump CD - APY APY, and you can increase your rate once during the term if Marcus' rates go up.

Marcus Bank Review

BMO Alto vs. BMO Harris

How is BMO Alto different from BMO Harris? First, BMO Harris recently rebranded as BMO. Second, BMO Alto is the online-only division of BMO. So while BMO has branches throughout the US, you can only open and manage your Alto accounts online.

BMO Alto FAQs

Is BMO Alto legitimate?

Yes, BMO Alto is legitimate. It is the online-only division of BMO, and your deposits are FDIC-insured for up to $250,000 in an individual account, or $500,000 in a joint account.

What is the difference between BMO and BMO Alto?

BMO Alto is a brand of BMO. It's the online-only platform, while BMO has branches.

What is a BMO Alto account?

BMO Alto has online-only accounts: the BMO Alto Online Savings Account - Product Name Only and BMO Alto High Yield CD - Product Name Only, which has terms from six months to five years.

Who owns BMO Alto?

BMO owns BMO Alto.

Is BMO Alto worth it?

BMO Alto could be worth it if you want to use a well-known, national bank but are also comfortable banking completely online. It's good for earning high interest rates on savings accounts and CDs.