Ally Bank vs. BMO Alto
BMO Alto edges out Ally Bank slightly at 3.15% vs 3.10% 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 May 23, 2026 | BMO AltoSavings Account May 23, 2026 |
|---|---|---|
| APY | 3.10% | 3.15% |
Est. Earnings | $5,000+$155 $10,000+$310 $25,000+$775 | $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 4.10% APY.
Executive Summary
BMO Alto offers a higher APY of 3.15% on its online-only Savings Account, compared to Ally Bank's 3.10%. Both banks provide accounts with no minimum deposit or maintenance fees, and both are FDIC insured. Additionally, neither bank requires direct deposit to open an account. While Ally Bank is recognized for its superior mobile app experience, BMO Alto's slightly higher APY makes it the winner in this comparison.
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, BMO Alto's Savings Account pays $5 more interest on a $10,000 balance than Ally Bank'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 BMO Alto than Ally Bank 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+$310.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,310.00
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 $309 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 | 3.10% Verified: 5/23/2026 ↘︎ 0.10%90d Change | 3.15% Verified: 5/23/2026 Stable (90d) |
| 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 | 3.10% | 3.15% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | -4.1 |
Days Since Change | 37 | 95 |
12-Month High | 3.60% | 3.60% |
12-Month Low | 3.10% | 3.15% |
Adjustments / Mo | 0.41 | 0.25 |
Volatility Score | 0.043 | 0.046 |
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 3.10% 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 | 3.10% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.75% | $0 |
| BMO Alto vs Capital One | 3.10% | $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 | 3.50% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Openbank | 4.00% | $500 |
| BMO Alto vs Pibank | 4.40% | $0 |
| BMO Alto vs SoFi Bank | 4.00% | $0 |
| BMO Alto vs Synchrony Bank | 3.40% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |