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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 | 5.10% |
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 Savings Builder Account
On BMO's site. BMO Bank N.A., Member FDIC
Insider’s Rating
3.75/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
Pros
- Low minimum opening deposit of $25
- No monthly maintenance fee
Cons
- Low APY
Insider’s Take
BMO is a great choice if you want a free savings or checking account. It also offers impressive checking account bonuses. But you'll want to look elsewhere to earn high interest rates.
Product Details
- Over 500 branches in 9 states, but you can open an account online nationwide
- $5 monthly reward if you save $200 or more in your account for the first year
- Interested compounded daily, paid quarterly
- FDIC insured
BMO Alto High-Yield Savings Account
The BMO Alto Online Savings Account, the bank's high-yield savings option, allows you to earn 5.10% 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.
BMO Alto Online Savings Account
Start saving
BMO Bank N.A. Member FDIC
Insider’s Rating
4/5
Perks
No fees or minimum balance requirements. $0 minimum opening deposit.
Fees
no fees
Annual Percentage Yield (APY)
5.10%
Minimum Opening Deposit
$0
Bonus
N/A
Pros
- High interest rate
- No minimum opening deposit
- No minimum balance requirements
- No monthly maintenance fee
Cons
- No mobile app
- Doesn’t accept cash or check deposits
- Cannot visit a BMO Branch for support
Insider’s Take
With no minimum opening deposit or monthly fees, BMO's savings accounts are affordable options for those who’d like to build their savings. BMO Alto offers lucrative interest rates on par with some of the best high-yield savings accounts.
BMO Alto Online Savings Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Interest compounded daily and deposited monthly
- FDIC insured
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 0.45% 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 5.10% 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
| Pros | Cons |
|
|
BMO Savings Rates FAQs
Is my money safe in a BMO savings account?
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.
What are the interest rates for 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 5.10% APY.
What is the best savings account rate at BMO?
The best savings account rate at BMO is offered through the BMO Alto Online Savings Account. It offers an interest rate of 5.10% APY, higher than the average savings rate of 0.45% APY, according to FDIC.
Does BMO have a good online banking platform?
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.
How BMO Savings Rates Compare
BMO Savings Rates vs. PNC Bank Savings Rates
The PNC savings rate is 4.65% APY on its high-yield savings account, making BMO Alto's rate slightly higher. 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.
PNC Bank Review
BMO Savings Rates vs. U.S. Bank Savings Rates
U.S. Bank savings account rates are low overall, because the bank doesn't offer a high-yield savings account. Instead, it provides the U.S. Bank Standard Savings Account with a 0.01% APY, similar to the BMO Savings Builder Account. U.S. Bank, however, charges a $4 monthly service fee unless you qualify to waive it.
However, BMO rewards users up to $60 per year by saving $200 or more each month.
U.S. Bank Review
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.
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 six benchmarks: customer support, mobile app, ethics, interest rate, minimum deposit, and monthly fees. We assign each category a score between 0 and 5, then average the scores to reach a rating for each savings account.
You can read our savings account methodology to learn more about how we rate savings accounts.
Alani Asis is a personal finance expert covering insurance, retirement, credit cards and more. In addition to writing reviews, guides, and personal finance explainers for Business Insider, Alani was a Mortgage Support Specialist. You can reach her via Twitter at @AlaniAsis.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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