BMO Alto vs. Carver Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Jan 7, 2026 | Carver BankHigh Yield Savings Jan 7, 2026 |
|---|---|---|
| APY | 3.25% | 4.00% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $0 | $5,000 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo Minimums | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported |
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 BMO Alto vs. Carver Bank
As of BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to Carver Bank's 4.00% APY for its High Yield Savings account, with a minimum balance of $5,000.
Carver Bank pays $75 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while Carver Bank pays $400 - an APY advantage for Carver Bank.
Why BMO Alto?
No distinct advantages found vs Carver Bank.
Why Carver Bank?
- ✓Higher potential APY (4.00% vs 3.25%)
- ✓Higher rated iOS app (4.7 vs 0.0)
- ✓Higher rated Android app (4.5 vs 0.0)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $325/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $813/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Carver BankCarver Bank offers an iOS app rated 4.7 (vs. 0.0) and Android app rated 4.5 (vs. 0.0)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $75 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.
Executive Summary as of
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, making it the preferred choice over BMO Alto's Savings Account, which has an APY of 3.25%. Carver Bank's product stands out for its simplicity, as it does not require direct deposit and has no bundling conditions. Additionally, it provides better returns for both smaller and larger deposits compared to BMO Alto. However, Carver Bank requires a minimum deposit and balance of $5,000, while BMO Alto has no minimum requirements. Both accounts are online-only and have no maintenance fees.
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
BMO Alto vs. Carver Bank Savings Calculator
You earn $75 more with Carver 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.
BMO Alto
Savings Account
Savings Breakdown
- Interest Earned+$325.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,325.00
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | BMO Alto | Carver Bank |
|---|---|---|
| APY | 3.25% Verified: 1/7/2026 Stable (90d) | 4.00% Verified: 1/7/2026 Stable (90d) |
| Product Name | Savings Account | High Yield Savings |
| Minimum Deposit | $0 | $5,000 |
| Min. Balance for APY | $0 | $5,000 |
| Monthly Fee | $0 | $0, of minimum balance requirement met. Otherwise $6. |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS- Android- | iOS4.7 Android4.5 |
| Zelle® Support | Not Supported | Available Full native integration in digital banking. |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Carver Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | Carver Bank |
|---|---|---|
| Savings Account | High Yield Savings | |
Current APY | 3.25% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.4 | -1.0 |
Days Since Change | 110 | 309 |
11-Month High | 4.10% | 4.25% |
11-Month Low | 3.25% | 4.00% |
Adjustments / Mo | 0.44 | 0.09 |
Volatility Score | 0.066 | 0.017 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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