BMO Alto is the online-only banking arm 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.

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BMO Alto products and services

Here’s a look at the products offered by BMO Alto:

• BMO Alto Online Savings Account: BMO Alto offers a high-yield online savings account with 5.10% APY — more than 11 times the national average savings account rate. This account does not charge any monthly maintenance fees or require a minimum balance 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 5.10%. Unlike many CDs from other banks, there is no minimum deposit requirement to open an account. Interest is compounded daily and paid monthly. BMO Alto’s 1-year CD ranks among the best CD accounts available today and offers one of the highest rates on the market.

BMO Alto fees

BMO 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 pros and cons

Here are some of the major pros and cons to consider before becoming a BMO Alto customer:

Pros:

• No fees: BMO Alto does not charge any fees for its accounts. It does charge an early withdrawal fee for its CDs, but this fee is only charged if you tap into your funds before your CD reaches maturity.

• No minimum deposit requirements: BMO Alto does not have any minimum deposit requirements.

• Competitive deposit interest rates: All of BMO Alto’s products offer competitive annual percentage yields (APYs), which reach as high as 5.10%.

Cons:

• No physical branches: BMO Alto is the online division of BMO Bank, meaning it operates exclusively online and does not have any physical branches.

• Limited account offerings: BMO only offers two types of accounts: a savings account and certificate of deposit. It does not offer a checking account or any other type of deposit account.

• No mobile app: Despite it being an online bank, BMO Alto does not offer a mobile app for customers to bank from their cell 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; the bank notes on its website that in order to have the best online banking experience, it’s best to use Chrome, Microsoft Edge, Safari, or Firefox.

Frequently asked questions

Is BMO Alto FDIC-insured?

Yes. All accounts offered by BMO Alto are FDIC-insured.

Does BMO Alto support wire transfers?

BMO Alto does not issue checks or debit cards, and does not support wire transfers, Zelle, 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 solely online.