Bank of America vs. BMO Alto
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Bank of AmericaAdvantage Savings Jan 6, 2026 | BMO AltoSavings Account Jan 6, 2026 |
|---|---|---|
| APY | 0.01% | 3.25% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$163 $10,000+$325 $25,000+$813 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo Minimums |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Bank of America vs. BMO Alto
As of Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to BMO Alto's 3.25% APY for its Savings Account, with a minimum balance of $0.
BMO Alto pays $324 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while BMO Alto pays $325 - an APY advantage for BMO Alto.
Why Bank of America?
- ✓Higher rated iOS app (4.8 vs 0.0)
- ✓Higher rated Android app (4.6 vs 0.0)
- ✓Fast transfers via Zelle® (up to $3,500 a day)
Why BMO Alto?
- ✓Higher potential APY (3.25% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
— Key Feature Differences —
Better Returns at $10,000
BMO AltoBMO Alto's Savings Account earns more on smaller deposits (approx. $325 vs $1/yr).
Better Returns at $25,000
BMO AltoBMO Alto's Savings Account pulls ahead with larger amounts (approx. $813 vs $3/yr).
Best for Simplicity
BMO AltoBMO Alto's Savings Account offers 3.25% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Bank of AmericaBank of America offers an iOS app rated 4.8 (vs. 0.0) and Android app rated 4.6 (vs. 0.0)
Shared Benefits
Over a 1-year period, BMO Alto's Savings Account pays $324 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
BMO Alto stands out with its Savings Account offering a competitive APY of 3.25%, significantly higher than Bank of America's Advantage Savings, which yields only 0.01%. BMO Alto's account has no minimum deposit or maintenance fees, and it compounds daily, making it a simple and attractive option for savers. In contrast, Bank of America requires a minimum deposit of $100 and charges an $8 monthly fee, which can be waived under certain conditions. While Bank of America is not online-only and boasts a highly rated mobile app, BMO Alto's account is exclusively available online, providing better returns without additional requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. BMO Alto Savings Calculator
You earn $324 more with BMO Alto than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
BMO Alto
Savings Account
Savings Breakdown
- Interest Earned+$325.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,325.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | BMO Alto |
|---|---|---|
| APY | 0.01% Verified: 1/6/2026 Stable (90d) | 3.25% Verified: 1/6/2026 Stable (90d) |
| Product Name | Advantage Savings | Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android4.6 | iOS- Android- |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | - |
| Next Steps | Visit SiteVerify at Bank of America 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 | Bank of America | BMO Alto |
|---|---|---|
| Advantage Savings | Savings Account | |
Current APY | 0.01% | 3.25% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -6.4 |
Days Since Change | 21 | 109 |
11-Month High | 0.03% | 4.10% |
11-Month Low | 0.01% | 3.25% |
Adjustments / Mo | 0.18 | 0.44 |
Volatility Score | 0.123 | 0.067 |
How to read these metrics(Click to expand)
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