BMO (previously BMO Harris) has two savings accounts.
It has a traditional account with rates similar to what other brick-and-mortar banks offer, and an online-only high-yield savings account that is offered through BMO Alto.
While both offer perks like low account minimums and no monthly fees, they differ in terms of interest rates and availability.
| Account | Annual Percentage Yield (APY) |
| BMO Savings Builder Account | 0.01% |
| BMO Alto Online Savings Account | 4.45% |
BMO Savings Account Options
BMO Savings Builder Account
The BMO Savings Builder Account is a standard savings account. The interest rate is low compared to a high-yield savings account, but you get access to local branches and over 40,000 fee-free ATMs across the United States, and you can make mobile check deposits.
This account has no monthly service fee but requires a minimum opening deposit of $25. For your first year with the account, you'll earn $5 every month that you deposit $200 or more.
BMO Alto High-Yield Savings Account
The BMO Alto Online Savings Account, the bank's high-yield savings option, allows you to earn 4.45% APY. There is a $0 minimum deposit and no fees.
BMO Alto savings and CDs are available nationwide to those 18 and older, but bank branches aren't available — so you can't make deposits or withdrawals in person. There's no way to make mobile check deposits into your account, either. To access your savings, you'll have to link your BMO Alto savings account to an external checking account and transfer funds.
The BMO Alto Online Savings Account stands out as one of the best high-yield savings accounts out there, especially from a large, popular bank. Interest compounds daily and is paid to your account monthly.
How BMO Savings Accounts Work
Account Opening Process: Online vs. In-Branch
To open the BMO Alto Online Savings Account or BMO Savings Builder Account online, you must be a U.S. citizen or permanent resident who's at least 18 years old. You can use your date of birth, Social Security number, or individual taxpayer identification number to verify your identity. The application also requires general personal details like your phone number, address, and email.
If you aren't a U.S. citizen, you can apply over the phone or at a branch. You can open the BMO Savings Builder Account at BMO branches, but not a BMO Alto Online Savings Account.
Minimum Deposits and Balance Requirements
Whether you're opening a bank account at a BMO branch, by phone, or online, either BMO savings account is a good option for savings accounts with low minimum opening deposit requirements.
You only need $25 to open the BMO Savings Builder Account and $0 to open the BMO Alto Online Savings Account.
Current Rates and How They Compare
The BMO Savings Builder Account pays 0.01% APY, which is pretty low overall. The average savings account interest rate is 0.41% APY.
The BMO Alto Online Savings Account offers a much more competitive interest rate than the BMO Savings Builder Account and average savings account interest rates. You can earn 4.45% APY, which is comparable to the most competitive high-yield savings accounts.
Monthly Maintenance Charges
BMO offers free savings accounts, meaning it doesn't charge monthly maintenance fees for these accounts.
At other banks, you might need to maintain a certain account balance or receive a specific amount in eligible direct deposits each month, or you'll have to pay a monthly maintenance charge.
BMO Online and Mobile Banking
BMO and BMO Alto offer different online and mobile banking services. You can learn more about the distinctions between services below.
Features and Functionality
BMO offers online and mobile banking called BMO Digital Banking. With BMO Digital Banking, you'll be able to make mobile check deposits and review transaction history. If you have an account that has a debit card, you can also get a breakdown of your spending through the bank's money management tool, BMO Insights.
BMO Alto services are more limited. BMO Alto doesn't have a mobile app, so you'll only be able to access your account through online banking. You also can't access BMO Digital Banking, the bank's primary online banking service. Instead, you will use BMO Alto Online Banking.
User Experience and Usability
The BMO Digital Banking mobile app has received positive reviews overall. The app has 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.
Because BMO Alto has no mobile app, you can't use mobile check deposits with BMO Alto. It also doesn't provide a debit or ATM card. So to deposit money into your account, you'll either have to set up direct deposits or transfer money from an external bank account. This shouldn't be a problem for CDs (like most banks, BMO Alto only lets you deposit money into a CD upon opening the account), but it could be annoying with the savings account.
BMO Customer Service and Support
Customer service availability also varies between BMO and BMO Alto, which may influence your choice of where to bank.
Availability of Support Channels
If you open the BMO Savings Builder Account you'll be able to get customer support at branches or through 24/7 phone customer support.
BMO has locations in Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, New York, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia, Washington, Washington, DC, Wyoming, and Wisconsin.
Branch hours vary by location, but generally, they're open from 9 a.m. to 5 p.m. on weekdays in each location's time zone.
You can't receive help for your Alto accounts at a BMO branch, but BMO Alto does provide 24/7 banking customer service over the phone.
BMO Savings Pros and Cons
BMO Savings Pros
- No monthly service fees
- Low minimum opening deposits
- BMO Alto pays a high interest rate
- Potential to earn $5 per month for the first year with Savings Builder
BMO Savings Cons
- BMO Alto might close your account if the balance reaches $0
- BMO Savings Builder is subject to a $50 fee if you close within 90 days of opening
- BMO Savings Builder pays a low rate
- No mobile app or mobile check deposit with BMO Alto
Is a BMO Savings Account Right For You?
With low minimum deposits and no fees, both of BMO's savings accounts are affordable options. BMO Alto offers a lucrative interest rate on par with the best high-yield savings accounts, and it's probably the better option if you're comfortable banking digitally. But BMO Savings Builder is good for in-person banking, and you could earn up to $60 in bonuses in the first year.
BMO Savings Account Alternatives
BMO Savings Rates vs. PNC Bank Savings Rates
The PNC savings rate is 4.45% APY on its high-yield savings accoun. Both banks' high-yield accounts have a $0 minimum deposit and no fees.
One main difference is that PNC Bank mainly offers its high-yield savings account in states where there are no branches. If you live near a branch, you'll have to open the PNC Bank Standard Savings Account, which pays a much lower rate. On the other hand, you can open a high-yield BMO Alto account anywhere in the U.S.
BMO Savings Rates vs. U.S. Bank Savings Rates
The U.S. Bank Smartly® Savings Account, which offers up to 3.50% APY. U.S. Bank has physical branches nationwide, so if you're interested in banking in person, the U.S. Bank Smartly® Savings Account could be a good way to earn a strong interest rate if you can meet the requirements for the highest APY. BMO Alto is an online-only bank, so it doesn't have any physical branches.
If you're comfortable with an online-only bank, BMO Alto is probably your best bet. The BMO Alto Online Savings Account has a higher interest rate at 4.45% APY, and you won't have to meet any requirements to get that rate. It also doesn't have any monthly service fees or minimum opening deposit; the U.S. Bank Smartly® Savings Account has both.
Why You Should Trust Us: How We Reviewed BMO Savings Accounts
Business Insider is committed to providing thoroughly researched and accurate content. We carefully examine disclosures and agreements provided by the company we are reviewing. We also rely on third-party rating agencies like the Better Business Bureau (BBB) and consumer reviews to see what actual users have to say about banks' customer service.
We rate savings accounts using the following benchmarks: customer support, mobile app, ethics, security, interest rate, minimum deposit, miscellaneous features, and monthly fees.
You can read our savings account methodology to learn more about how we rate savings accounts. We rate bank accounts on a scale of one to five stars. We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
BMO Savings Rates FAQs
Yes, your money is safe in a BMO savings account. BMO is a federally insured financial institution, so the FDIC will protect insured deposits in the event of a bank failure. Up to $250,000 per depositor, per ownership account category, is safe in BMO savings accounts.
The current interest rate for the BMO Savings Builder Account is 0.01% APY, and the interest rate for the BMO Alto Online Savings Account is 4.45% APY.
The best savings account rate at BMO is offered through the BMO Alto Online Savings Account. It offers an interest rate of 4.45% APY, higher than the average savings rate of 0.41% APY, according to FDIC.
BMO's mobile app has received generally positive ratings on the Google Play store and mobile store. Keep in mind that if you get the BMO Alto Online Savings Account you won't have access to the BMO Digital Banking mobile app.
