BMO Alto, the online platform of BMO, formerly known as BMO Harris, has gained attention since its launch in April 2023. Offering a high-yield savings account and CDs, BMO Alto provides competitive rates and features for those seeking online banking solutions.
High-Yield Savings Account
The BMO Alto Online Savings Account stands out with a 5.10% APY, making it one of the top choices among high-yield savings accounts from major banks. With no minimum opening deposit or fees, unlimited transfers, and daily compounding interest, this account offers a compelling option for savers.
Certificates of Deposit (CDs)
BMO Alto offers six CD terms ranging from six months to five years, with attractive rates. Notably, the 5-year CD rate is among the best in the market. While early withdrawal penalties apply, the $0 minimum deposit requirement makes these CDs accessible to many.
Online Experience and Customer Service
As an online-only division, BMO Alto provides a user-friendly website but lacks a mobile app. Customer support is available 24/7 via phone, although in-person assistance at BMO branches is not an option. Deposits can be made through direct transfers or external bank accounts, as the platform does not offer mobile check deposit or debit/ATM cards.
Comparison with Other Banks
When compared to other national banks like Ally, Discover, and Marcus by Goldman Sachs, BMO Alto's rates stand out for both savings accounts and CDs. However, features such as mobile apps, checking accounts, and additional CD options vary among these institutions, providing customers with a range of choices based on their preferences.
FDIC Insurance and Legitimacy
Deposits with BMO Alto are FDIC-insured up to $250,000 for individual accounts and $500,000 for joint accounts, ensuring the safety of customers' funds. As the online-only arm of BMO, BMO Alto offers a legitimate and secure banking experience.
Conclusion
BMO Alto presents a compelling option for individuals seeking high-interest savings accounts and CDs from a reputable national bank. While lacking certain features like a mobile app, the platform's competitive rates and fee-free structure make it a viable choice for online banking enthusiasts.
