BMO Alto vs. Chime
BMO Alto and Chime both offer 3.00% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
The BMO Alto and Chime savings accounts are very similar. Choose BMO Alto if you want a no-strings-attached account. Choose Chime if you're an iPhone user (no iOS app for BMO Alto), or you're an Android user (no Android app for BMO Alto).
Important Considerations
Chime requires a checking account to unlock its top savings rate, while BMO Alto offers its savings account standalone.
| Metric | BMO AltoSavings Account Jul 6, 2026 | ChimeChime High-Yield Savings Account Apr 22, 2026 |
|---|---|---|
| APY | 3.00% | 0.75% - 3.00% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$150 $10,000+$300 $25,000+$750 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily 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 high-yield online savings account with an APY of 3.00%, with no minimum deposit or maintenance fees, and does not require direct deposit. In comparison, Chime's High-Yield Savings Account also features an APY of 3.00%, but requires a qualifying direct deposit of $200 or more within the preceding 34 days. Chime is noted for its strong mobile app experience, with high ratings on both iOS and Android platforms. Both accounts are online-only and have no maintenance fees, making them accessible options for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why BMO Alto?
- ✓No checking account or direct deposit required
Why Chime?
- ✓Higher rated iOS app (4.8 vs 0.0)
- ✓Higher rated Android app (4.7 vs 0.0)
— Key Feature Differences —
Best Mobile App Experience
ChimeChime offers an iOS app rated 4.8 (vs. 0.0) and Android app rated 4.7 (vs. 0.0)
Shared Benefits
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
BMO Alto vs. Chime Savings Calculator
Both accounts earn exactly the same amount.
BMO Alto
Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
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 $299 per year in interest.
Both BMO Alto and Chime dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | Chime |
|---|---|---|
| APY | 3.00% Verified: 7/6/2026 ↘︎ 0.15%90d Change | 3.00% Range: 0.75% - 3.00% Verified: 4/22/2026 ↘︎ 0.50%90d Change |
| Product Name | Savings Account | Chime High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | None | RequiredYou need to receive a qualifying direct deposit of $200 or more within the preceding 34 days |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS- Android- | |
| FDIC Insured | YesVerify FDIC | Yes |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Chime Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | Chime |
|---|---|---|
| Savings Account | Chime High-Yield Savings Account | |
Current APY | 3.00% | 3.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.0 | -7.5 |
Days Since Change | -48 | 82 |
12-Month High | 3.60% | 3.75% |
12-Month Low | 3.00% | 3.00% |
Adjustments / Mo | 0.33 | 0.16 |
Volatility Score | 0.054 | 0.085 |
How to read these metrics(Click to expand)
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Compare BMO Alto's APY of 3.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| BMO Alto vs Ally Bank | 3.10% | $0 |
| BMO Alto vs American Express | 3.10% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.65% | $0 |
| BMO Alto vs Capital One | 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 | 3.40% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Openbank | 4.00% | $500 |
| BMO Alto vs Pibank | 4.10% | $0 |
| BMO Alto vs SoFi Bank | 3.80% | $0 |
| BMO Alto vs Synchrony Bank | 3.30% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |