BMO Alto Online Savings Account Review: High Yield, but No Cash Transactions
Review
Updated
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The BMO Alto Online Savings Account is for you if: You want a free online-only account with an industry-leading APY. The account is pretty low maintenance -- no monthly service fees, no account minimums, no opening deposits -- but offers no branch access at BMO banks and no cash deposits.
BMO Alto Online Savings Account
The BMO Alto Online Savings Account is a no-frills, no fee account with a competitive APY.
Accounts are subject to approval. BMO Bank N.A. Member FDIC
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
The BMO Alto Online Savings Account will suit savers who want to earn high interest and don't need immediate access to their savings. While not as punishing as breaking a CD term, this savings account doesn't allow cash withdrawals, nor any cash equivalents like checks or debit cards.
Electronic transfers are free and unlimited, but they're not instant and could add time to your withdrawals or deposits. With this in mind, let's take a closer look at this account's top perks and drawbacks.
| Account | APY | Minimum Deposit |
|---|---|---|
| BMO Alto Online Savings Account | 4.10% | $0 |
The APY on BMO Alto Online Savings Account blows away its fellow big bank competitors. You can find higher rates with smaller online-only banks, but since you earn this rate with no minimum deposit, it's worth considering if you don't mind having less access to your savings.
The BMO Alto Online Savings Account has no monthly fees. While this is pretty standard among online savings accounts, it's reassuring that the high APY on this account comes to you with no additional charges.
Along with no fees, account holders won't be subject to any account minimums, neither to open the account nor to maintain its interest rate. You could open this account with $0 and still count yourself an account holder.
Another great thing about the BMO Alto Online Savings Account: It has unlimited transfers and withdrawals. There's nothing worse than opening a savings account only to find out you're limited in how many times you can move money around each day. Thankfully, BMO won't impose a limit, nor charge you for surpassing one.
While the BMO mobile banking app has stellar reviews on Google Play and the Apple Store, it does not support BMO Alto Online Savings Accounts. The only way to access your BMO Alto savings account is through BMO Alto's website.
For all its high yields and no fees, the BMO Alto Online Savings Account offers few ways to access your money. If you're constantly withdrawing and depositing money, you might want to check out your options below before committing.
Sadly, this account has no cash or check deposits; all money must be deposited electronically. This can be done through an ACH electronic transfer (translation: a transfer from an external checking or savings account), or you can set up direct deposits. In contrast, other online banks have more deposit options, like scanning checks in a mobile app, depositing cash at an ATM, or mailing checks.
Withdrawing money from the BMO Alto Online Savings Account must be done electronically. There's no debit card, no ATM access, and you can't wire money to another account. If withdrawing cash is important to you, this might not be the right account for you.
The biggest complaint against this savings account isn't in its features but its application process. Many users on Trustpilot complained that BMO denied their application and set up a regular savings account in place of a high-yield account.
One user also pointed out that banking at BMO Alto isn't the same as BMO Harris, which could lead to delays in transferring money between both accounts. On Trustpilot, BMO Alto has 2.1 out of 5 stars, with less than 10 reviews posted.
High yield on your savings: The BMO Alto Online Savings Account stands tall among savings account APYs offered by big banks.
No fees, no account minimums: If you're sick of monthly account fees taking a bite out of your savings, you'll be pleased to know the BMO Alto Online Savings Account doesn't have them. Even better, you don't have to maintain a high minimum balance to waive the fee. In fact, you don't even need money to open the account (although that's recommended). This free savings account has a $0 opening deposit requirement, so you could open it now with zero savings and fund it later.
Unlimited withdrawals: Another sigh of relief. If you withdraw frequently, you won't have to pay a fee when you surpass some withdrawal limit (usually six at other banks). The BMO Alto Online Savings Account gives you unlimited access to your money, helping you retain more of your money and dish out less in fees.
Personalized support: This is an online-only bank account, so you won't get in-branch support. That said, you can always call the BMO Alto support line to get personalized help for your account.
APY isn't the highest we've seen: If your goal is to earn the most interest possible on your savings -- if every little penny is significant -- you might want to compare the BMO Alto Online Savings Account with other high-yield savings accounts. Truth is, BMO Alto doesn't have the highest APY on the market and is notably lower than several savings accounts offered through the financial platform, Raisin. Do some shopping around before you commit, as you might earn a higher APY from another bank or credit union.
No cash deposits or withdrawals: This account does not allow cash transactions, whether withdrawals or deposits. Money can only move in and out of this account electronically, with no option to deposit through check or withdraw at an ATM.
Withdrawals aren't instant: Because you can't take cash out at ATMs, you should plan for a few business days when withdrawing money. While your money isn't locked up (like in a CD), it's also not as accessible as at a brick-and-mortar bank.
No mobile app: You might expect an online bank account to have a mobile app. And rightfully so: Most online accounts do connect to an app of some sort. But BMO Alto hasn't developed an app for its digital banking services, nor can you connect to the BMO Alto Online Savings Account through any app. The only way to check your money is online through the BMO Alto website.
No branch access: No surprise here, but it's worth emphasizing that you won't get in-person support with this account. Plus, the only way to access money is online through your BMO Alto account.
Yes, BMO Alto is FDIC insured, and BMO Alto Online Savings Account owners will get up to $250,000 in FDIC insurance.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
BMO Alto is part of the BMO Financial Group, which also owns BMO bank. You can think of BMO Alto as the online-only arm of BMO. Unlike BMO, it doesn't offer in-person services, but it does have higher APYs on its savings accounts and CDs.
No, the BMO Digital Banking app only works for clients of BMO bank and won't sync with your BMO Alto Online Savings Account.
You can access your BMO Alto account on Chrome, Microsoft Edge, Safari, and Firefox.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
