Has Anyone Heard Of BMO Alto?

acadapter | Jul 7, 2023 | 296 posts since 2018

I've seen BMO not BMO Alto. They have good apy rates for savings and CD's. Are they owned by China? Does anyone know the ACH withdraw limits?

Thank you

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Answers

txFish1 | Jul 7, 2023 | 476 posts since 2023

One of our truck drivers has a savings acct with them. BMO Alto is part of BMO Financial Group which also owns BMO Bank and Bank of the West. I know this driver said they do not have checks or ATM cards with the savings accts but he said there is no limit on in or out transfers to another FI. I don't remember him saying what the limits are on transfers but I do know he says he likes them so far. I also think I remember saying they have no mobile app yet so all transactions must be done online on the computer.

gsquare | Jul 12, 2023 | 47 posts since 2022

I have a CD with the brick and mortar BMO Bank (formerly BMO Harris) and they are OK for my basic needs of a CD. They will transfer the interest monthly to my savings then to my local credit union. It needs to be two steps since they won't do it directly from my CD to my CU. It's automatic so that's fine with me. The thing that is much better with BMO Alto is all CDs over 11 months have a 180 day EWP. The one at the bank is much higher. The 5 year CD is like a year and a half.

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