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BMO Savings Account Interest Rates

BMO straddles the line between a stodgy old bank and a new upstart by offering two distinction savings accounts: one with a more brick-and-mortar feel and the other online (and thus higher-yielding). Those in search of generous interest rates should consider the latter.

Account details and annual percentage yields (APYs) are accurate as of September 10, 2024 and were found using the ZIP code 33966.

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*Offer details

*Conditions Apply. Accounts are subject to approval and available in the U.S. By BMO Bank N.A. Member FDIC. $4,000 in qualifying direct deposits within 90 days of account opening. During the promotional period, from November 1, 2024, to February 3, 2025

Are BMO savings account rates worth it?

The BMO Savings Builder Account earns only a 0.01% APY. While that's not much, the account has other perks, including in-person banking and ATM access. Still, a rate this low, especially in a high-yield environment, is a bit tough to swallow. 

On the other hand, BMO Alto, BMO's online-only branch, offers a savings account with a much more attractive APY. The BMO Alto Online Savings Account earns 4.60% APY and has no monthly fees or minimum balance requirements. But this account limits you to banking online only, and there's no mobile app for banking on the go. 

Interest rates should be a big consideration when opening a savings account, but they're not the only factor. Whether or not the BMO Savings Builder or the BMO Alto Online Savings account is worth it depends on how you prioritize rates and other features.

Overview of BMO rates

There are two BMO savings accounts — BMO Savings Builder, a traditional savings account, and BMO Alto Online Savings account, offered by the online-only BMO Alto. These savings accounts have some features in common but differ when it comes to interest rates and accessibility.

BMO Savings Builder Account

The BMO Savings Builder account earns just 0.01% APY but has no monthly maintenance fees and only a $25 minimum opening deposit. You can also earn a $5 reward (up to $60 annually) for every month you save at least $200 during the first year of account opening.

Savings Builder customers have the option to bank on the go, in person or at any BMO or Allpoint ATM in the U.S. And BMO doesn't enforce any transaction limits, so you don't have to worry about excess transaction fees.

BMO Alto Online Savings Account

BMO Alto's online-only presence allows it to cut costs and pass on savings to its customers with a generous 4.60% APY. There's no minimum opening deposit requirement, and like the BMO Savings Builder account, there are no monthly fees or transaction limits. 

But unlike BMO's savings account, BMO Alto's Online Savings doesn't allow in-person banking or ATM use. That means customers have to do all of their banking online — and there's no mobile app to make it easier.

How much can you earn?

The amount of money you earn with a BMO savings account depends on which account you open. The following table shows how much you can earn with a deposit of $10,000 in each of the BMO Savings Builder and BMO Alto Online Savings accounts over 3 years, without any additional deposits:

The BMO Alto Online Savings account's APY leads to a dramatically bigger balance after three years. If you're okay giving up in-person banking, a mobile banking app and ATM access, you'll get a much bigger bang for your buck with BMO Alto's account.

How BMO compares

BMO's Savings Builder account doesn't compare to the best high-yield and online savings accounts. With an APY of 0.01%, earnings are negligible. However, this account has a leg up on many other standard savings accounts due to its lack of monthly maintenance fees. 

BMO Alto's Online Savings, on the other hand, is competitive with other online accounts. A 4.60% APY is well above the national average of 0.45% (according to the Federal Deposit Insurance Corporation, FDIC, as of Oct. 21, 2024) and minimal fees only add to this account's appeal. But while the lack of in-person banking isn't uncommon or necessarily a deal breaker, the fact that this account has no mobile app may be.

Other savings options at BMO

Beyond savings accounts, BMO offers a few other savings options. 

BMO's savings products include the BMO Relationship Plus Money Market (MMA) and certificates of deposit (CDs). 

The money market account has a monthly maintenance fee of $10 which can be waived with a $5,000 minimum daily balance in the account. The account earns 1.00% APY automatically, with the opportunity to earn up to 3.30% APY after bundling the account with a BMO Relationship Checking account. There's also a minimum opening deposit requirement of $25.

The BMO certificates of deposit, on the other hand, have a $1,000 minimum balance requirement. Terms range from three months to five years and current APYs range from 0.05% to 4.00% — depending on the CD type and term. Rates may vary depending on where you are located. This is a low APY compared to BMO Alto's CD rates. 

BMO Alto offers higher-earning savings options. In addition to its high-yield savings account, there are the BMO Alto Online certificates of deposit. Terms range from six months to five years, and current CD rates range from 3.90% to 4.50% APY. 

Unlike many competitors, like the Citizens Bank Online certificates of deposit, there's no minimum balance requirement. 

About BMO

BMO, formerly BMO Harris, is one of the largest banks in North America, serving more than 13 million customers. With over 600 branches and 1,300 ATMs across the U.S., BMO offers both in-person and online banking. 

In addition to savings accounts, BMO offers checking, credit cards, loans, mortgages and investment products. The bank offers business and commercial banking, plus wealth management services. 

BMO Alto is the online-only division of BMO and offers a much smaller range of online-only accounts. While BMO Alto customers don't get the benefit of in-person banking, they enjoy higher APYs on savings accounts and CDs thanks to the lack of overhead costs. 

Deposits at BMO Alto are FDIC-insured, just like they are at BMO.

Frequently asked questions (FAQs) What is the BMO savings account APY?

The BMO Savings Builder account currently earns 0.01% APY, while the BMO Alto Online Savings account currently earns 4.60% APY. Rates can change at any time, so check the most recent rates on BMO's and BMO Alto's websites before opening an account.

Is BMO a good high-yield savings account?

It depends on what you're looking for. In terms of interest earnings, the BMO Alto Online Savings account is highly competitive, with an APY of 4.60%.

But interest rates aren't the only factor to consider when choosing a savings account. For instance, BMO Alto has no mobile app. So if that's a priority, there's probably a better option out there for you.

What is the BMO savings account promotion for 2024?

The BMO Savings Builder account allows you to earn up to $60 ($5 per month) in bonuses over the course of your account's first year. Grow your Savings Builder account balance by at least $200 in a month and BMO will credit $5 to your account five calendar days after the end of that month. This bonus is only available for new accounts.

Does BMO offer CD accounts?

Yes, both BMO and BMO Alto offer CD accounts. BMO offers CDs ranging from three months to five years, with rates ranging from 0.05% to 4.00% APY (depending on the CD type and term). These CDs have a minimum deposit requirement of $1,000. BMO Alto offers high-yield online CDs with terms ranging from six months to five years and APYs ranging from 3.90% to 4.50% APY. BMO Alto CDs have no minimum deposit requirement.

Emily Batdorf is a freelance personal finance writer specializing in banking, personal loans and debt payoff. With a background in education, Emily loves creating accessible content that helps readers make informed financial decisions. Her work is featured on sites like Forbes Advisor, MarketWatch and Yahoo! Finance.

Ashley Barnett has been writing and editing personal finance articles for the internet since 2008. Before editing for USA TODAY Blueprint, she was the Content Director for an international media company leading the content on their suite of personal finance sites. She lives in Phoenix, AZ where you can find her rereading Harry Potter for the 100th time.

Former lead editor, Banking

Taylor Tepper is the former lead banking editor for USA TODAY Blueprint. Taylor's former roles include fiance writer positions at Wirecutter, Bankrate and MONEY Magazine. At MONEY Magazine, Taylor led the magazine's coverage of banking, investing and credit cards. Taylor has been published in the New York Times, NPR, Bloomberg and the Tampa Bay Times. His work has been recognized by his peers, winning a Loeb, Deadline Club and SABEW award. Taylor earned an M.A. From the Craig Newmark Graduate School of Journalism at the City University of New York where he focused on business reporting. There he was awarded the Frederic Wiegold Prize for Business Journalism. He earned his undergraduate degree from New York University. Taylor has also completed the education requirement from the University of Texas to qualify for a Certified Financial Planner certification.

Scotiabank Confirms Outage For Mobile, Online Banking

Scotiabank has resolved outages affecting mobile and online banking services, according to a statement published to its customer-service social media account on X.

"We apologize for any inconvenience and thank you for your patience," the statement reads.

More than 2,000 customers reported issues starting shortly after 6 p.M. EDT, according to third-party website downdetector.Ca. As of the latest update shortly before 10 p.M. EDT, reported problems had fallen to more than 200 customers.

Nearly 60 per cent of reported issues were associated with mobile logins, 38 per cent with online banking and four per cent with funds transfers.

The Bank of Montreal reported similar issues with online banking and web services after experiencing an outage on Wednesday.

BMO Partners With Personetics To Help Customers Reach Personal Savings Goals

Personetics has announced the success of BMO's Savings Amplifier offering. The BMO Savings Amplifier offering has helped tens of thousands of BMO customers set over 100,000 savings goal targets through the BMO Mobile app. BMO customers have rated the Savings Amplifier offering 4.7 out of 5 stars.

The exceptional rating reflects the programme's effectiveness in helping customers achieve their savings goals and make real financial progress.

In 2022, BMO partnered with Personetics to build an AI-powered savings solution within its mobile banking app. With competitive interest rates, unlimited no-fee, self-serve transfers and no minimum balances or monthly fees, the BMO Savings Amplifier offering is designed to empower customers to take control of their savings journey by enabling them to open new savings accounts online, set personalised savings goals, establish automated transfers to advance their goals and monitor their progress through the BMO Mobile Banking app.

With a few clicks, customers can build savings and gain visibility into achieving their financial dreams, all directly within the familiar BMO Mobile Banking app.

Peter Poon, Head & VP, Digital Self-Service, Innovation & Technology, BMO, said: "This solution demonstrates BMO's continued commitment to support evolving customer needs and empower them to make real financial progress. Collaborating with Personetics has helped us turn data into clear, actionable insights that empower our customers to conveniently manage their finances, and confidently achieve their financial goals."

Jody Bhagat, President of the Americas at Personetics, commented: "Through automated fund allocation, goal-based targets and personalised nudges, Personetics is bringing leading solutions to BMO, helping them to empower their customers to save efficiently. BMO wanted a state-of-the-art personalised engagement solution, and our experienced team did even more by launching a programme that was simple and intuitive for customers."

"BMO partners with Personetics to help customers reach personal savings goals" was originally created and published by Retail Banker International, a GlobalData owned brand.

 

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