BMO Alto Savings and CDs Review: Streamlined Online Banking

BMO Alto: High-yield savings & CDs, no fees, online simplicity.

BMO Alto Savings and CDs Review: Streamlined Online Banking

BMO Alto, an online-only banking solution from BMO Financial Group, caters to savers looking for a no-frills, high-yield option for their savings and CD investments. This digital bank simplifies banking with competitive rates and minimal fees, focusing solely on savings products.


  • APYs: Offers some of the market's most competitive Annual Percentage Yields (APYs) with 5.10% on savings accounts and up to 5.05% on CDs.
  • No Minimums: Zero minimum opening deposits and balance requirements make it accessible for all savers.
  • Fee Structure: The absence of monthly maintenance fees promotes a cost-effective saving strategy.
  • Savings Flexibility: Unlimited transfers and withdrawals, a rare feature that offers flexibility to savings account holders.


  • High Returns: Among the highest interest rates available, enhancing the earning potential on deposited funds.
  • Simplicity: With no fees or minimum balance requirements, BMO Alto simplifies saving.
  • Digital Efficiency: Designed for online-savvy users, offering a straightforward, digital-first banking experience.
  • Accessibility: Though it requires an external bank for fund transfers, this setup could encourage more disciplined savings.

Product Summary:

BMO Alto is tailored for digital banking enthusiasts seeking to maximize their savings through competitive interest rates. Its no-fee, no-minimum-deposit model appeals to savers at all levels, from those just starting to those looking to grow their nest egg. However, the lack of a checking account, ATM access, and a mobile app may limit its appeal to users looking for a comprehensive banking relationship. BMO Alto is best suited for those with a primary checking account elsewhere and looking to supplement their banking portfolio with a high-yield savings or CD account. Despite some customer service and accessibility concerns, BMO Alto remains an attractive option for yield-seeking savers who are comfortable managing their online finances.

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