BMO Alto Online Savings Account

BMO Alto is the online-only deposit arm of BMO Bank N.A., offering just two products: a high yield savings account and CDs. The savings account pays 3.00% APY as of August 11, 2026, with no minimum deposit, no minimum balance, and no fees of any kind. BMO runs Alto as a separate digital brand to attract deposits nationally at rates far above what its branch network pays. The rate has drifted down with the market, from 3.15% in February 2026 to 3.00% now, a slide of about 0.15 points over the spring and summer. That leaves Alto noticeably behind the August 2026 leaders at 4.00% to 4.15%, a gap of roughly $100 to $115 a year per $10,000 saved. Alto's pitch is simplicity, zero fees, and unlimited transfers and withdrawals rather than a chart-topping rate. There is also no tiering to parse: the 3.00% applies to every dollar from the first, with no balance caps or activity requirements, and the same clean structure carries over to Alto's CD lineup if you want to lock a rate. The operational quirks matter more than usual here. There is no mobile app: all banking happens through a web browser. There are no ATM cards, no checking, and no cash deposits; money moves by ACH transfer to and from linked external bank accounts. And despite the shared name, BMO branches and ATMs cannot see or service Alto accounts at all, so do not expect walk-in help if something goes wrong. Insurance has one wrinkle worth knowing. Alto deposits are FDIC insured, but they are held at BMO Bank N.A., so they are not separately insured: they count toward the same $250,000 FDIC limit as any other deposits you hold under the BMO brand. If you already keep significant money at BMO, opening an Alto account does not extend your coverage. Get it if you want a no-fee, no-minimum parking spot backed by a major bank and you are comfortable doing everything through a browser. Skip it if you want a mobile app, ATM access, or a top-of-market rate: at 3.00%, Alto trails the best online savings accounts by a full point, and plenty of equally safe alternatives pay more with better tooling.