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Summary: BMO Alto is the online-only banking division of BMO Bank N.A., part of the Bank of Montreal. Launched in 2023, BMO Alto focuses on providing high-yield savings accounts and certificates of deposit (CDs) with competitive interest rates and no monthly fees or minimum deposit requirements.
BMO Alto product overview
Online Savings Account
BMO Alto offers a high-yield online savings account that earns 3.60% APY — more than eight times the national average savings account rate. This account does not charge any monthly maintenance fees, and there is no minimum balance required to open an account. This account also offers unlimited transfers and withdrawals.
Certificates of deposit (CDs)
BMO Alto offers multiple CDs with terms ranging from six months to five years and APYs as high as 3.00%. Unlike many CDs on the market today, there is no minimum opening deposit requirement for BMO Alto CDs. Interest is compounded daily and paid monthly.
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BMO Alto fees
BMO Alto operates on a no-fee model; it does not charge fees for its accounts, with the exception of its early withdrawal penalty for accessing funds in a CD before it reaches maturity. BMO Alto accounts also have no minimum opening deposit or minimum balance requirements.
BMO Alto pros and cons
Here are some of the major pros and cons to consider before becoming a BMO Alto customer:
Pros:
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No fees: BMO Alto does not charge any fees for its accounts. There is an early withdrawal fee for CDs, but this fee only applies if you make a withdrawal before your CD reaches maturity.
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No minimum deposit requirements: BMO Alto does not have any minimum deposit requirements to open an account or keep your account in good standing.
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Competitive deposit interest rates: All of BMO Alto’s products offer competitive rates — as high as 3.6% APY.
Cons:
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No physical branches: BMO Alto is the online division of BMO Bank, meaning it operates exclusively online and does not have any physical branches. This may be a drawback for customers who prefer in-person banking assistance.
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Limited account offerings: BMO only offers two types of accounts: high-yield savings and CDs.
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No mobile app: Despite being an online bank, BMO Alto does not offer a mobile app for customers to bank from their phones.
Customer service and mobile banking experience
BMO Alto customer support representatives are available 24/7 via telephone at 1-855-266-8100.
Unfortunately, BMO Alto does not have a mobile banking app for customers. All banking must be done online via a web browser. In order to have the best online banking experience, the following browsers are recommended: Chrome, Microsoft Edge, Safari, or Firefox.
Frequently asked questions
Is BMO Alto FDIC-insured?
Yes. All accounts offered by BMO Alto are FDIC-insured up to the federal maximum.
Does BMO Alto support wire transfers?
BMO Alto does not issue checks or debit cards, and does not support wire transfers, Zelle transfers, or transactions by mail.
What is the difference between BMO Bank and BMO Alto?
BMO Alto is the online division of BMO Bank and offers products and services exclusively online.
