Ally Bank vs. BMO Alto
Ally Bank edges out BMO Alto slightly at 3.20% vs 3.15% APY. On a $10,000 balance, the difference is just $5 per year—so other factors may matter more.
The Bottom Line
The Ally Bank and BMO Alto savings accounts are very similar. Choose Ally Bank if you're an iPhone user (no iOS app for BMO Alto), you're an Android user (no Android app for BMO Alto), or you want Zelle for quick transfers.
| Metric | Ally BankSavings Account Apr 7, 2026 | BMO AltoSavings Account Apr 7, 2026 |
|---|---|---|
| APY | 3.20% | 3.15% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$158 $10,000+$315 $25,000+$788 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
Ally Bank offers a competitive Savings Account with an APY of 3.20%, making it the higher-yield option compared to BMO Alto's Savings Account, which has an APY of 3.15%. Both accounts require no minimum deposit or balance, and there are no maintenance fees. Additionally, both banks operate online only, providing convenient access to their services. While Ally Bank is noted for its excellent mobile app experience, BMO Alto does not have any specific verdicts highlighting its features. Overall, Ally Bank's higher APY and mobile app ratings position it as the preferable choice.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Ally Bank?
- ✓Higher rated iOS app (4.7 vs 0.0)
- ✓Higher rated Android app (4.4 vs 0.0)
- ✓Fast transfers via Zelle® (up to $5,000 a day)
Why BMO Alto?
No distinct advantages found vs Ally Bank.
— Key Feature Differences —
Best Mobile App Experience
Ally BankAlly Bank offers an iOS app rated 4.7 (vs. 0.0) and Android app rated 4.4 (vs. 0.0)
Shared Benefits
Over a 1-year period, Ally Bank's Savings Account pays $5 more interest on a $10,000 balance than BMO Alto's Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Ally Bank vs. BMO Alto Savings Calculator
You earn $5 more with Ally Bank than BMO Alto on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Ally Bank
Savings Account
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
BMO Alto
Savings Account
Savings Breakdown
- Interest Earned+$315.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,315.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $314 per year in interest.
Both Ally Bank and BMO Alto dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Ally Bank | BMO Alto |
|---|---|---|
| APY | 3.20% Verified: 4/7/2026 ↘︎ 0.10%90d Change | 3.15% Verified: 4/7/2026 ↘︎ 0.10%90d Change |
| Product Name | Savings Account | Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS- Android- | |
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $5,000/dayBenchmark for online Zelle; high limits. | Not Supported |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at Ally Bank Non-sponsored link to official site | Visit SiteVerify at BMO Alto Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Ally Bank | BMO Alto |
|---|---|---|
| Savings Account | Savings Account | |
Current APY | 3.20% | 3.15% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.8 | -4.6 |
Days Since Change | 46 | 49 |
12-Month High | 3.60% | 3.70% |
12-Month Low | 3.20% | 3.15% |
Adjustments / Mo | 0.33 | 0.33 |
Volatility Score | 0.039 | 0.051 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare Ally Bank's APY of 3.20% with other banks
Compare BMO Alto's APY of 3.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| BMO Alto vs American Express | 3.20% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.85% | $0 |
| BMO Alto vs Capital One | 3.20% | $0 |
| BMO Alto vs Chime | 3.00% | $0 |
| BMO Alto vs CIT Bank | 3.75% | $100 |
| BMO Alto vs Discover Bank | 3.30% | $0 |
| BMO Alto vs EverBank | 3.90% | $0 |
| BMO Alto vs Marcus by Goldman Sachs | 3.65% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Openbank | 4.00% | $500 |
| BMO Alto vs Pibank | 4.60% | $0 |
| BMO Alto vs SoFi Bank | 4.00% | $0 |
| BMO Alto vs Synchrony Bank | 3.50% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |