BMO Alto is an online-only division of one of the biggest banks in the country, BMO (formerly known as BMO Harris). It offers two products: high-yield savings accounts and certificates of deposit with terms from six months to five years. The rates are exceptionally high, and there are no fees.
The bad news is BMO Alto’s service options are fairly limited. You can’t do any of your business at its parent company’s branches or ATMs. Instead, you can only manage your money online. That’s not necessarily a bad thing, though. Since its products are meant for your savings, you should be comfortable with letting the money sit in your account and earn interest until you need it
What we like
- High savings rates
- No minimum deposits
- No fees
What we don’t like
- No mobile app
- No ability to access in-person help at BMO locations
- Only offers savings accounts and CDs
Who is BMO Alto best for?
BMO Alto is a good option if you want to get one of the best rates available on savings accounts and certificates of deposit and you simply want to park your money so it can grow. It’s a no-frills savings option that allows you to earn competitive annual percentage yields, or APYs. And since it’s fully online, it’s available to anyone in the US.
Just be aware of this bank’s shortcomings. The best online banks tend to 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 also a shortcoming that places it behind other online banks and credit unions with more robust digital tools.
Savings
CDs
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 a 5.10% APY — one of the most competitive rates around right now — on your full savings balance.
But you won’t be able to withdraw cash with an ATM card or at a bank branch, like some other online banks. Instead, you’ll need to transfer money to another account with ATM or branch access to get cash. And since there’s no mobile app, there isn’t a mobile deposit feature, either.
Savings account features
| APY | 5.10% |
| Minimum deposit | None |
| Monthly fees | None |
*Rates as of June 11, 2024.
BMO Alto’s CD offerings range from six months to five years. Like most banks and credit unions right now, BMO Alto is paying the best rates for short-term CDs (one year or less). You don’t have to meet minimum deposit requirements to open a CD.
While the lack of a mobile app at BMO Alto is a downside for savings accounts, CDs are a different ballgame. Since you’re just parking your money in this account, not having a digital tool might not matter much. The bank offers some of the best earning potential available — one of the reasons it won our 2024 Editors’ Choice award for best CDs. But you’re limited to high-yield CDs. BMO Alto doesn’t offer flexible CD options such as no-penalty or bump-up CDs.
CD rates
| Term | APY |
| 6 months | 5.15% |
| 12 months | 5.05% |
| 24 months | 4.65% |
| 36 months | 4.60% |
| 48 months | 4.70% |
| 60 months | 4.80% |
*Rates as of June 11, 2024.
CD account features
BMO Alto’s early withdrawal penalties are easy to understand, and they’re comparable to the rest of the banking industry:
| Term | Penalty |
| 11 months or less | 90 days of interest |
| 12 months or more | 180 days of interest |
Pros
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No minimum deposit requirement
-
Some of the highest rates available
-
Wide range of term lengths
Banking experience
If you’re thinking about opening an account at BMO Alto, it’s important to know what you won’t find with the customer experience: no mobile app, no in-person assistance, no ATM access and no mobile deposit tools. Additionally, BMO Alto is not part of the Zelle network, and it doesn’t accept wire transfers. The only way to move money in and out of an account is via ACH transfers.
While you can’t access your account at any BMO bank locations, Federal Deposit Insurance Corporation insurance limits apply across both of the divisions. So, for example, if you have cash deposited in a CD at BMO and you also open a CD at BMO Alto, you get only $250,000 of protection. The FDIC doesn’t treat them as separate accounts at separate institutions.
Customer service
BMO Alto offers 24/7 assistance via its customer service line at 855-266-8100.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for 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.
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he’s learned from that financial balancing act to offer practical advice for personal spending decisions.
