Written by Ali Cybulski, Published July 19, 2024
BMO Alto is part of BMO Financial Group, which has more than 200 years of expertise. Every BMO Alto deposit is backed by the Federal Deposit Insurance Corp. (FDIC).
Choose from two types of products: an online savings account or online certificate of deposit (CD).
You won’t have to pay fees or maintain a minimum balance with a BMO Alto high-yield online savings account. You’ll earn solid rates on your savings and receive personalized support at 855-266-8100.
The BMO Alto Online Savings Account pays an annual percentage yield (APY) of 5.10% as of July 3, 2024, and requires no minimum deposit. However, you’ll need to fund the account within 90 days of opening or it will be closed.
Savers can open an account in minutes, according to BMO Alto, and make free unlimited transfers and withdrawals. The bank’s website provides a calculator to help you find out how much you could save with its high-yield savings account. You’ll need to estimate an initial deposit amount, how much (and how often) you plan to deposit, and how long you intend to save.
A BMO Alto Online CD, just like the online savings account, calls for no opening deposit or minimum balance. CDs are available in six fixed terms, from six months to 60 months, with interest paid monthly. The 12-month term currently pays an APY of 5.05%, and a penalty could apply if you cash out your CD before it matures.
The bank also has a calculator to help you figure out how much you could earn with a BMO Alto CD. You’ll need to know how much you want to deposit into your CD and how long you’d like to save to determine your potential savings.
You can deposit money into a BMO Alto Online CD by transferring funds from an external bank account linked to BMO Alto or from an external bank account using your BMO Alto routing number and account number. The bank does not issue checks or debit cards and does not support wire transfers, Zelle or mail transactions.
BMO Alto pros and cons
Pros:
• Competitive rates
• No minimum opening deposits
• No account fees or minimum balance requirements
Cons:
• Limited transfer options
• No branches
• No debit cards, checks, Zelle or wire transfers or mail transactions
Account Opening
Just opened a new 5.25% 5 year CD account with BMO ALTO over the weekend and all in all was easy enough to open had no problems , money was pulled from checking account this morning to fund account so everything went well..
I had read all the bad reviews but decided to try anyways since it was such a good rate and things were easy to do no hurrdles to jump through was fairly easy to set up just 1 thing to mention even tho I set up account on the 10th and original maturity date was set at 11-10-28 the maturity date was moved to 11-13-28 to give the full 5 year term from the funding date which was today the 13th..
So all I can add is for me at least everything was very simple and easy to do to set this account up and fund it .......
I'm Really Stoked With This Account
I've been very happy with Alto so far, after using their services for nearly a year. Their CD rate was really competitive among all the other banks that I checked; the new saving account has an amazing 5.1% rate and the direct deposit came in 5 days earlier!
Unbelievable
Imagine an online bank where,,,,
...there is no "chat" help for quick questions
...there is no email address to send questions and complaints
...phone is the ONLY option to contact them, and the waits to get connected with a representative are multi-hour
...its FAQ has only two questions despite the myriad problems and illogic of the website (if they answered more questions via the FAQ, it would lighten the burden on the phone reps and reduce wait times)
...there is no way to check rates while logged into the website
...there is no way to set up a CD while logged into the website (you have to set each one up as a new customer, which likely triggers a credit check and a hit to your credit rating for each CD)
...there is no email notification/confirmation when you request an asset transfer to an account (only sent when the transfer is completed), which is troubling from a potential fraud perspective.
This is just a sampling of some of the issues. It's like (bad) summer interns who never had a bank account designed this website and then left, and now no one knows what to do. It isn't even an acceptable Beta version of a website, much less something that should be launched to the general public. Why not at least look at other online bank websites (e.g. Ally) and shamelessly copy some of the basic but critical functionality? If so little care was put into making the website functional, how much care was put into its security?! The board of directors of BMO Alto should be summarily dismissed for gross negligence.
Horrific Acc Hacked Money Frozen No Help
I opened an online saving accounts because the interest rate was so high. Huge mistake. I put in $60K, two weeks later, I received an email that my account was locked and frozen because fraud was detected. Then 3 more emails that someone tried to wire $10K out of my account, three times. I called the customer service 1-855-266-8100 and they offered no help, directed me to call their Fraud Dept. 1-877-472-4347. I called over a hundred times at different times of the day and week. No one from the Fraud Dept. answers the phone, left two voicemails, and now the voicemail box is full and not accepting voicemails. It has been over 2 weeks, and nothing has been resolved. My account is still completely locked out. The customer service can't even close my account. Do not do it. Not worth it.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16571 |
| Year Established | 1947 |
| Employees | 17356 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.17% |
| Return on Equity - YTD | 9.14% |
| Annual Interest Income | $10.25B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $264.3B$260.9B |
| Loans | Q3 2024vs Q3 2023 | $145.3B$152.8B |
| Deposits | Q3 2024vs Q3 2023 | $209.7B$201.2B |
| Equity Capital | Q3 2024vs Q3 2023 | $35.44B$31.59B |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $2.14B$2.3B |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $1.42B$1.37B |
| Real Estate Owned | Q3 2024vs Q3 2023 | $50.9MM$9.8MM |