BMO Bank has two very different savings tiers: standard branch savings at 0.01% APY and BMO Alto High Yield Savings at 4.50%+ APY. The gap is enormous. Any BMO customer seeking meaningful savings growth should open BMO Alto — which is available to anyone, with or without a BMO branch account.
Bottom line: Use BMO Alto (4.50%+ APY) not standard BMO savings (0.01%). BMO Alto is open to anyone, no branch account required.
BMO Savings Options Compared
| Account | APY | Monthly Fee | Min Balance | FDIC | Availability |
|---|---|---|---|---|---|
| BMO Standard Savings | 0.01% | $5 | $25 | Yes | Branch or online |
| BMO Alto High Yield Savings | 4.50%+ | $0 | $0 | Yes | Online only |
| BMO Alto CDs | Higher (varies by term) | $0 | $0 | Yes | Online only |
BMO Alto: The Right Choice
BMO Alto is BMO’s online savings division, offering competitive rates through a clean digital interface:
High Yield Savings:
- 4.50%+ APY — competitive with top online HYSAs
- $0 monthly fee
- $0 minimum balance to open
- FDIC insured through BMO Bank N.A.
- Interest compounds daily, credits monthly
- No debit card; funds transferred via ACH to linked account
Opening BMO Alto:
- Go to bmoalto.com
- Provide SSN, address, date of birth
- Link an external checking account (routing + account number)
- Fund with ACH transfer ($0 minimum)
- Account open within minutes; earning 4.50%+ from first deposit
What 4.50% APY Earns
| Balance | BMO Alto (4.50%) | BMO Standard (0.01%) | Chase Savings (0.01%) |
|---|---|---|---|
| $5,000 | $225 | $0.50 | $0.50 |
| $15,000 | $675 | $1.50 | $1.50 |
| $30,000 | $1,350 | $3.00 | $3.00 |
| $50,000 | $2,250 | $5.00 | $5.00 |
BMO Alto earns 450× more than BMO standard savings on the same balance.
Standard BMO Savings: Features and Fees
| Feature | BMO Standard Savings |
|---|---|
| APY | 0.01% |
| Monthly fee | $5 |
| Fee waiver | $25 minimum balance OR linked BMO checking |
| Minimum to open | $25 |
| Best use | Overdraft protection linked to BMO checking |
The only practical use case for BMO standard savings is as an overdraft protection account linked to BMO Smart Advantage Checking. It is not suitable as a primary savings vehicle.
BMO Alto vs. Top Online HYSAs
| Bank | APY | Monthly Fee | Min Balance |
|---|---|---|---|
| Axos HYSA | 4.66% | $0 | $0 |
| Discover HYSA | 4.25% | $0 | $0 |
| Ally HYSA | 4.20% | $0 | $0 |
| BMO Alto HYSA | 4.50%+ | $0 | $0 |
| Marcus HYSA | 4.10% | $0 | $0 |
| Capital One 360 | 4.00% | $0 | $0 |
BMO Alto ranks among the top HYSAs — above Ally, Discover, and Marcus, below Axos.
Strategy for BMO Branch Customers
- Keep everyday checking in BMO Smart Advantage ($0 fee)
- Open BMO Alto for all savings (4.50%+ APY)
- Link BMO Alto to your BMO checking via ACH
- Transfer savings to checking 1–3 days before needed expenses
BMO Alto transfers to external accounts take 1–3 business days. Keep 1–2 months of expenses in BMO checking to avoid timing issues.
See also: BMO Bank review | BMO checking account | Best high-yield savings accounts | BMO fees
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