Bank of America vs. BMO Alto
Comparing Bank of America and BMO Alto for savings: Bank of America's Advantage Savings pays 0.01% APY while BMO Alto's Savings Account pays 3.15% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? BMO Alto pays $314 more than Bank of America annually ($315 vs $1).
Choose Bank of America 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. Choose BMO Alto if getting the best rate matters most.
| Metric | Bank of AmericaAdvantage Savings Feb 20, 2026 | BMO AltoSavings Account Feb 20, 2026 |
|---|---|---|
| APY | 0.01% | 3.15% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$158 $10,000+$315 $25,000+$788 |
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® SupportedRate 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.
Comparison Analysis
Comparing Bank of America vs. BMO Alto
Executive Summary
BMO Alto offers a significantly higher APY of 3.15% on its online-only Savings Account, making it the clear winner compared to Bank of America's Advantage Savings, which has an APY of just 0.01%. BMO Alto's account requires no minimum deposit or balance and has no maintenance fees, providing a straightforward option for savers. In contrast, Bank of America's account has a minimum deposit of $100 and a monthly maintenance fee of $8, although this fee can be waived under certain conditions. Both banks do not require direct deposit for their savings accounts.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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 (3.15% 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. $315 vs $1/yr).
Better Returns at $25,000
BMO AltoBMO Alto's Savings Account pulls ahead with larger amounts (approx. $788 vs $3/yr).
Best for Simplicity
BMO AltoBMO Alto's Savings Account offers 3.15% 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 $314 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.
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 $314 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+$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.
| Feature | Bank of America | BMO Alto |
|---|---|---|
| APY | 0.01% Verified: 2/20/2026 Stable (90d) | 3.15% Verified: 2/20/2026 ↘︎ 0.10%90d Change |
| Product Name | Advantage Savings | Savings Account |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | 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: $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% | 3.15% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | -5.2 |
Days Since Change | 66 | 3 |
12-Month High | 0.03% | 4.00% |
12-Month Low | 0.01% | 3.15% |
Adjustments / Mo | 0.16 | 0.41 |
Volatility Score | 0.116 | 0.058 |
How to read these metrics(Click to expand)
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More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare BMO Alto's APY of 3.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| BMO Alto vs Ally Bank | 3.20% | $0 |
| BMO Alto vs American Express | 3.30% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.85% | $0 |
| BMO Alto vs Capital One | 3.30% | $0 |
| BMO Alto vs Chase Bank | 0.01% | $0 |
| BMO Alto vs Chime | 3.00% | $0 |
| BMO Alto vs CIT Bank | 3.75% | $100 |
| BMO Alto vs Citibank | 3.20% | $0 |
| 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 | 4.09% | $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 | 3.95% | $0 |
| BMO Alto vs Wells Fargo | 0.05% | $25 |