Business Insider's personal finance team compared BMO savings accounts to the best high-yield savings accounts and found them to be standard offerings.
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, which is an online banking division.
While both offer perks like low account minimums and no monthly bank maintenance fees, they differ in terms of interest rates and availability.
Compare BMO Savings Rates
- BMO Savings Builder Account: 0.01% APY
- BMO Alto Online Savings Account: 3.70% APY
Current BMO Savings Rates
BMO Savings Builder Account
The BMO Savings Builder Account is a standard savings account with a low interest rate of 0.01% APY. You get access to local branches and an ATM card, which lets you use over 40,000 fee-free ATMs across the United States. You can also 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 3.70% APY. There is a $0 minimum deposit and no monthly service fee.
The online division's 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 account to an external checking account and transfer funds.
This savings account also stands out as a strong high-yield savings account, especially from a large, popular bank. Interest compounds daily and is paid to your account monthly.
Overview of BMO Savings Accounts
How BMO Savings Accounts Work
To open one of the bank's savings 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.
You only need $25 to open the BMO Savings Builder Account and $0 to open the BMO Alto Online Savings Account.
You won't be charged a fee if you use the BMO Savings Builder Account's ATM card at a BMO or Allpoint ATM. If you use an out-of-network ATM, though, you'll be charged a bank ATM fee of $3 in addition to whatever the third-party ATM charges you.
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. While you don't have to do that with either of these accounts, you will need to pay $3 for paper statements with the BMO Savings Builder Account. You won't need to pay for eStatements.
BMO Savings User Experience and Accessibility
BMO and BMO Alto offer different online and mobile banking services.
BMO offers online and mobile banking called BMO Digital Banking. With this service, 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. It doesn't have a mobile banking 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.
The bank's Digital Banking mobile banking app has received positive reviews overall. The app has 4.7 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play store.
Because BMO Alto has no mobile app, you can't make mobile check deposits. It also doesn't provide a debit card 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 for savings accounts.
Customer service availability also varies. If you open the BMO Savings Builder Account you'll be able to get customer support at branches or through 24/7 customer support via phone.
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 BMO Alto accounts at a branch, but it does provide 24/7 banking customer service over the phone.
BMO Savings Security
BMO is a long-running bank with strong credit ratings from Moody's, Fitch, and Bauer Financial.
It is FDIC-insured, which means it's insured by the federal government. Your money is safe up to $250,000 for single depositor accounts and $500,000 for joint bank accounts.
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 BMO Savings Builder Account
- BMO Savings Builder Account comes with ATM card
BMO Savings Cons
- BMO Alto might close your account if the balance reaches $0
- BMO Savings Builder Account is subject to a $50 fee if you close within 90 days of opening
- BMO Savings Builder Account pays a low rate
- No mobile app or mobile check deposit with BMO Alto
BMO Savings Account Alternatives
Featured Nationally Available High-Yield Savings Account
Open a new bank account or cash management account and earn best-in-class rates.
| Account Name | APYs (Annual Percentage Yields) are accurate as of 04/11/2025 | Minimum Account Opening Balance |
| LendingClub LevelUp Savings Account | up to 4.40%* | $0 |
| Forbright Growth Savings | 4.25% | $0 |
| Western Alliance Bank High Yield Savings Account | 4.25% APY. Plus, new customers can earn $250 with code GET250 at sign-up. | $1 to open an account. $25,000 minimum to earn new customer bonus. |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025** | $100 |
BMO Savings Rates vs. PNC Bank Savings Rates
The PNC savings rate is 3.95% APY on the PNC High Yield Savings® Account. Both banks' high-yield accounts have a $0 minimum deposit and no monthly service fee.
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 of 0.01% to 0.03%. 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 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.
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 3.70% 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.
BMO Savings vs. BMO CDs
CDs are a type of FDIC-insured bank account that offers fixed interest, as opposed to the variable interest rate that savings accounts offer. You'll be locked into the same interest rate for a CD's entire term length, but in exchange, you'll need to pay early withdrawal penalties if you want to withdraw money before the end of the CD's term length.
Like savings accounts, BMO CDs differ depending on whether you're looking at brick-and-mortar bank or online banking division. BMO CD rates range from 0.05% to 3.00% (vary by region) APY, while BMO Alto High Yield CD rates range from 2.75% to 3.00% APY.
If you want to bank in-person, BMO CD rates are better than what you can get from the BMO Savings Builder Account. But BMO Alto High Yield CDs offer relatively low rates for an online-only CD, especially compared to the BMO Alto Online Savings Account. The best CD rates from online banks and credit unions are significantly higher.
If you're looking to build an emergency fund, this bank will probably be the right choice for you over any CD option. Emergency funds are best set up in a bank account that offers fairly good liquidity in case you need to withdraw funds to cover sudden emergencies, and CD liquidity is very low.
Is a BMO Savings Account Right For You?
With low minimum deposits and no monthly service fee, both of BMO's savings accounts are affordable options. BMO Alto offers a lucrative interest rate just under the best high-yield savings accounts, and it's probably the better option if you're comfortable banking digitally. But the BMO Savings Builder Account 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 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
Is my money safe in a BMO savings account?
Yes, your money is safe in a BMO savings account. The bank 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 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 3.70% APY.
What is the best savings account rate at BMO?
The best savings account rate is offered is on the BMO Alto Online Savings Account. It offers an interest rate of 3.70% APY, higher than the average savings rate of 0.41% APY, according to FDIC.
Does BMO have a good online banking platform?
BMO 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.
Does BMO Bank have a high-yield savings account?
Yes, BMO does have a high-yield savings account through its online branch, BMO Alto. The BMO Alto Online Savings Account offers a high interest rate of 3.70% APY.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
**CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
***Synchrony High Yield Savings Account: Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
