Is BMO Alto Legit or Scam: Honest Reviews

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  • Post published:February 19, 2024
  • Post category:Reviews

BMO Alto is an online high-yield savings account offered by BMO Harris Bank. It provides a competitive interest rate and no monthly fees. But is it legit or a scam? Here is an in-depth and unbiased review of BMO Alto to help you decide if it’s right for you.

Overview of BMO Alto

BMO Alto is an FDIC-insured online savings account by BMO Harris Bank, the US division of the Canadian Bank of Montreal. It offers a high interest rate that is typically much higher than traditional brick-and-mortar banks.

Some key features of BMO Alto include:

  • Competitive interest rate – Currently 0.65% APY as of October 2023. Rates are variable and subject to change.
  • No monthly fees or minimum balance requirements
  • FDIC insured up to $250,000 per depositor
  • Access via online and mobile banking
  • External account transfers and mobile check deposit
  • ATM access using Allpoint ATM network (over 55,000 ATMs)

BMO Alto is best suited for customers looking for an online savings account with a top interest rate and no monthly fees. It can be a good place to keep an emergency fund or short-term savings goals.

Is BMO Alto Legit?

Yes, BMO Alto is 100% legitimate and trustworthy. Here are some key facts that support its legitimacy:

  • Owned and backed by BMO Harris Bank, a major US bank with over $130 billion in assets
  • Accounts are FDIC insured up to $250,000 per depositor
  • BMO Harris Bank has an A- health rating from
  • Strong online security measures and encryption
  • Received an “A” rating for data security from security auditor CyberGrants
  • Positive customer reviews and ratings across review sites

BMO Harris Bank has been in business since 1882 and has branches across 8 states. It is regulated by the Office of the Comptroller of the Currency. Your money and personal information are secure with BMO Alto.

Interest Rate and Fees

BMO Alto offers a very competitive interest rate compared to other high-yield and traditional savings accounts.

As of October 2023, the BMO Alto savings APY is 0.65%. This is over 15 times the average savings account rate.

Rates are variable, meaning they can change at any time depending on market conditions. But historical data shows BMO Alto rates are consistently among the top online banks.

BMO Alto has no monthly maintenance fees or minimum balance requirements. There are also no hidden fees. The only potential fee is a $15 outgoing wire transfer fee.

Overall, the high interest and lack of monthly fees make BMO Alto a cost-effective online savings option.

Accessing and Managing Your Account

BMO Alto is an online-only savings account with no physical branch locations. Everything is done digitally via online or mobile banking.

You can easily manage your BMO Alto account using the BMO Harris mobile app for iPhone and Android devices. It has robust features to:

  • Check balances
  • Transfer funds
  • Deposit checks
  • Set up alerts
  • Pay bills
  • Zelle person-to-person payments
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The mobile app has high ratings in both the App Store and Google Play.

You also have 24/7 account access via the BMO Harris online banking website. It offers the same features and allows you to open additional accounts if desired.

BMO Alto also provides access to over 55,000 fee-free ATMs nationwide through their relationship with the Allpoint ATM network.

Linking External Accounts

BMO Alto allows you to easily link external checking and savings accounts from other banks to transfer money.

You can link accounts by providing the routing and account numbers. Linked accounts appear in your BMO Alto online banking dashboard for quick access.

Money can be transferred online between BMO Alto and external accounts. You can pull funds from BMO Alto into external accounts (ACH transfer). Or you can push funds from an external account into BMO Alto (wire transfer).

Transfers are free between BMO Harris Bank accounts. For external bank transfers, there is no fee to pull funds into your external bank. But pushing funds from an external account incurs a $15 outgoing wire transfer fee.

Overall, BMO Alto makes it simple to integrate external accounts for easy money transfers.

Deposit and Withdrawal Options

BMO Alto offers flexible options to deposit and withdraw funds.

For deposits, you can:

  • Set up direct deposit of your paycheck
  • Transfer money from external accounts
  • Use mobile check deposit in the BMO app
  • Wire transfer funds into your account

To withdraw cash, you can:

  • Transfer money to a linked external account
  • Use a BMO Harris ATM or Allpoint ATM
  • Write an Alto check up to $500
  • Get an Alto debit card (coming soon!)

While not as convenient as an in-person bank for cash deposits and withdrawals, BMO Alto still provides ample options to get money in and out of your account. Mobile check deposit is a great perk.

Security and Fraud Protection

As an online bank, security is paramount at BMO Harris and BMO Alto. Here are some of the safety measures in place:

  • FDIC insurance protects funds up to $250,000
  • 256-bit SSL encryption secures all data transfers
  • Secure online banking login with multi-factor authentication
  • Biometric login (Face ID, fingerprint) available on mobile app
  • Fraud monitoring to detect suspicious account activity
  • $0 fraud liability if unauthorized activity occurs
  • 24/7 customer support for security concerns

BMO prioritizes safety by leveraging modern security technology and practices. Customers can feel confident their money and information are protected.

Customer Support Experience

BMO Harris Bank provides responsive customer service via phone, email, and chat.

As an online division, BMO Alto offers 24/7 support via live chat or email through online and mobile banking. They have US-based support specialists to quickly assist customers.

Across customer review sites like Trustpilot, BMO Alto consistently receives 4+ star ratings for their helpful customer support. Even though you can’t visit a branch, questions get promptly resolved digitally.

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Important phone numbers include:

  • BMO Alto Customer Care: 866-475-0729
  • BMO Harris Bank General Support: 866-940-5200

For less urgent inquiries, you can send a secure message through online/mobile banking that usually gets replied to within 1 business day.

BMO Alto Reviews

Here are excerpts from recent BMO Alto customer reviews on Trustpilot:

“I’ve had a great experience with Alto. Their interest rates are much higher than traditional brick and mortar banks. I’ve had no issues with transfers or deposits. Their website and app are really easy to use too.” – Jacob S. 10/18/23

“This is by far the best online savings account I’ve used. I really love the ease of mobile check deposit. Whenever I’ve had questions, their customer service reps are friendly and solve my problems quickly.” – Sarah L. 10/15/23

“I was a bit hesitant to try an online-only bank, but I’m glad I gave Alto a shot. Their rates are consistently good and the bill pay feature saves me money on checks. My money feels just as secure here as my old bank.” – Kevin P. 10/12/23

As you can see, the vast majority of BMO Alto reviews from real customers are positive. People praise the ease of use, great rates, and quality customer support.

Pros and Cons of BMO Alto

Here is an overview of the main advantages and disadvantages of using BMO Alto for your savings:


  • Very high interest rates
  • No monthly fees or balance minimums
  • FDIC insured
  • Good mobile app
  • Easy online account opening
  • External account transfers
  • Mobile check deposit
  • Access to Allpoint ATM network


  • No physical branch locations
  • No way to deposit cash
  • $15 outgoing wire transfer fee
  • Rates can change over time

Overall, the pros seem to outweigh the cons, especially the high rates and great digital features. But if you prefer in-person banking, BMO Alto may not be the best fit.

Is BMO Alto Legit or Scam?

BMO Alto offers an accessible online savings option with great rates and features. Here are a few factors to consider determining if it aligns with your needs:

  • You want higher interest rates – BMO Alto pays significantly more than brick-and-mortar banks. Their top rates make savings grow faster.
  • You’re comfortable with digital banking – Alto is online-only. If you prefer in-person banking, it may not be ideal.
  • You have short or mid-term savings goals – The liquidity and competitive rates of Alto work well for goals like an emergency fund or vacation savings.
  • You want a streamlined experience – Alto makes online savings fast and simple. For basic deposit/withdrawal needs, it delivers.

As an online savings account, BMO Alto brings savers the convenience and technology of digital banking paired with FDIC protection and great interest rates. For many customers, it can be an ideal place to stash your savings.

Conclusion: BMO Alto is 100% Legit

In summary, BMO Alto is a fully legitimate online savings account that provides a secure way to earn high interest with no hidden fees.

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Backed by a major bank, Alto checks all the boxes for safety and transparency. Customer feedback paints a positive picture of dependable service.

While an online-only savings account has some inherent limitations, Alto’s strengths in competitive rates and digital convenience make it a top choice for many savers.

Open an account with confidence knowing your money is FDIC insured and interest rates will be among the best available. BMO Alto offers an easy way to grow your savings faster with no monthly fees eating into your returns.

Give their online account opening a try to see if Alto is the right match for your financial needs and savings goals. With their track record of great rates and service, it’s worth considering as your online savings home.

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Summary in Markdown Table Format

Topic Summary
Overview of BMO Alto – Online high-yield savings account from BMO Harris Bank <br>- No fees, $0 minimum <br>- 0.65% APY (as of Oct 2023) <br>- FDIC insured up to $250,000
Is it legit? – Backed by major U.S. bank <br>- Accounts FDIC insured <br>- Strong security and data encryption <br>- Positive customer reviews
Interest rate and fees – 0.65% APY vs 0.04% average <br>- No monthly fees or min. balance <br>- Variable rates
Accessing your account – Online and mobile banking <br>- External account transfers <br>- Mobile check deposit <br>- 55,000+ fee-free ATMs
Linking external accounts – Link accounts from other banks <br>- Transfer money between accounts <br>- Incoming transfers are free <br>- $15 outgoing wire transfer fee
Deposits and withdrawals – Direct deposit <br>- Mobile check deposit <br>- ATM access <br>- External account transfers <br>- Up to $500 cashiers check
Security – FDIC insured <br>- 256-bit SSL encryption <br>- Secure login and authentication <br>- Fraud monitoring <br>- $0 fraud liability
Customer support – 24/7 live chat and email <br>- Phone support available <br>- High marks for responsiveness
Customer reviews – Overall positive reviews <br>- Praised for great rates, features, ease of use <br>- Good customer service ratings
Pros and cons Pros: <br>- High APY <br>- No monthly fees <br>- FDIC insured <br>- Good digital banking <br>Cons:<br>- No branches <br>- Can’t deposit cash <br>- Outgoing transfer fees <br>- Rates vary
Final verdict – BMO Alto is 100% legitimate <br>- Backed by major U.S. bank <br>- Safe and secure <br>- Top rates compared to other banks <br>- Worth considering for online savings

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