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Alto Online Savings (BMO) Review
Our take: No minimum, no fees and unlimited transfers from BMO's online only bank. The rate trails the leaders, and there is no Alto mobile app on Alto's site.
Pros
- $0 minimum and no fees
- Unlimited transfers and withdrawals
- Backed by BMO, one of the largest US banks
Cons
- 3.00% APY trails the top accounts we track
- Cannot use BMO branches, ATMs or BMO Digital Banking
- No Alto mobile app listed on its site
Key facts
- APY
- 3.00%
- Requirements
- None
- Minimum to open
- $0
- Minimum to earn APY
- None
- Monthly fee
- No fees
- ATM access
- None, transfers only
- Current offer
- None right now
- Insurance
- FDIC insured through BMO Bank N.A. up to $250,000 per depositor, per ownership category; Alto and other BMO deposits share one limit
- FDIC certificate
- 16571 (BMO Bank N.A., Chicago, IL)
- Who can open
- Personal accounts, opened online.
- Mobile app
- No Alto mobile app listed on Alto's site; accounts are managed in Alto Online Banking (Oct 27, 2026)
Source: Alto by BMO website, checked Oct 27, 2026. Insurance details from the FDIC BankFind database.
Alto, BMO’s online only bank, pays 3.00% APY on its Online Savings Account with a $0 minimum, no fees and unlimited transfers and withdrawals. Deposits are FDIC insured through BMO Bank N.A. (certificate 16571). Alto lists the rate as of Oct 27, 2026; we checked it on Oct 27, 2026.
Alto Online Savings rate and terms today
| Feature | Details |
|---|---|
| APY | 3.00% |
| Minimum to open | $0 |
| Minimum balance | None |
| Fees | None |
| Transfers and withdrawals | Unlimited |
| Access | Alto Online Banking, separate from BMO Digital Banking |
| FDIC insured | Yes, through BMO Bank N.A. (certificate 16571) |
From Alto’s website, checked Oct 27, 2026. Rates are variable.
Our take
Alto is easy to open and costs nothing to keep: no minimum, no fees and no limit on transfers. The trade off is the rate. At 3.00% APY it trails the top savings accounts we track, and on a larger balance the gap adds up.
Alto is part of BMO but runs on its own. BMO branches and ATMs cannot help with an Alto account, and you log in to Alto Online Banking, not BMO Digital Banking. We did not find an Alto mobile app listed on Alto’s site.
How much will Alto pay you?
| Balance | Interest in one year at Alto | FDIC national average |
|---|---|---|
| $5,000 | $150 | $19 |
| $10,000 | $300 | $38 |
| $25,000 | $750 | $95 |
| $50,000 | $1,500 | $190 |
If the APY stays the same and interest stays in the account. National average from the FDIC (Oct 19, 2026).
Is Alto safe?
Yes. Alto accounts are FDIC insured through BMO Bank N.A., FDIC certificate 16571, a Chicago bank founded in 1947 with about $255.0 billion in assets (June 30, 2026). Alto deposits and any other BMO accounts you hold share one $250,000 limit per ownership category. Compare it with the best high yield savings accounts.
How Alto by BMO compares
| Account | Rating | APY | Min to open | ATM card |
|---|---|---|---|---|
| Elevault High Yield Savings | 4.6 | 4.34% | $0 | No |
| EverBank Performance Savings Account | 4.6 | 4.20% | $0 | No |
| Happen Bank LevelUp Savings | 4.6 | 4.20% | $0 | Yes |
| Bread Savings High Yield Savings Account | 4.6 | 4.05% | $100 | No |
| Peak Bank Envision High Yield Savings | 4.5 | 4.27% | $100 | No |
| Newtek Bank Personal High Yield Savings Account | 4.5 | 4.20% | $100 | No |
| Openbank High Yield Savings Account | 4.5 | 4.00% | $500 | No |
| E*TRADE Premium Savings | 4.5 | 3.75% | $0 | No |
| Axos ONE Savings | 4.4 | 4.21% | $0 | Yes |
| Always.bank High Yield Savings Account | 4.4 | 4.10% | $0 | No |
| Barclays Tiered Savings | 4.4 | 3.50% | $0 | No |
| Capital One 360 Performance Savings | 4.4 | 3.20% | $0 | No |
| Valley Direct High Yield Savings | 4.3 | 3.30% | $1,000 | No |
| Ally Bank Savings Account | 4.3 | 3.20% | $0 | No |
| American Express High Yield Savings Account | 4.3 | 3.20% | $0 | No |
| Pibank Savings | 4.2 | 4.40% | $0 | No |
| Western Alliance Bank High Yield Savings Premier | 4.2 | 3.80% | $500 | No |
| Ivy Bank High Yield Savings Account | 4.1 | 4.00% | $2,500 | No |
| SoFi Checking and Savings | 4.1 | 3.30% | $0 | Yes |
| Alto Online Savings (BMO) | 4.0 | 3.00% | $0 | No |
Alto by BMO savings FAQ
What is the Alto savings rate?
3.00% APY, as of Oct 27, 2026, with a $0 minimum opening deposit.
Is Alto part of BMO?
Yes. Alto is BMO's online only bank. Deposits are insured through BMO Bank N.A., FDIC certificate 16571, and count toward the same $250,000 limit as any other BMO deposits you have.
Can I use a BMO branch or ATM with Alto?
No. Alto says BMO branches and ATMs cannot support Alto accounts, and Alto is not available in BMO Digital Banking.
Does Alto offer CDs?
Yes. Alto CDs need $0 to open, come in six terms from 6 to 60 months, and pay 3.00% APY on 12 months as of Oct 27, 2026.
Ready to open Alto Online Savings (BMO)?
Rates as of Oct 27, 2026. Confirm the current rate and terms on the provider’s site before you apply.