BMO Alto vs. Chime
Comparing BMO Alto and Chime for high-yield savings: BMO Alto's Savings Account pays 3.15% APY while Chime's Chime High-Yield Savings Account pays 3.00% APY.
Note: Chime requires a checking account.
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 $15 more than Chime annually ($315 vs $300).
Choose BMO Alto if getting the best rate matters most, or 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 Apr 7, 2026 | ChimeChime High-Yield Savings Account Apr 7, 2026 |
|---|---|---|
| APY | 3.15% | 0.75% - 3.00% |
Est. Earnings | $5,000+$158 $10,000+$315 $25,000+$788 | $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 4.15% APY.
Executive Summary
BMO Alto offers a competitive Savings Account with a high APY of 3.15%, making it an attractive option for savers seeking simplicity, as it has no direct deposit requirement or maintenance fees. In contrast, Chime's High-Yield Savings Account provides a slightly lower APY of 3.00%, but it requires a qualifying direct deposit of $200 or more within the preceding 34 days. Both accounts have no minimum deposit requirements and are online-only, but BMO Alto stands out as the winner based on the higher APY.
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?
- ✓Higher potential APY (3.15% vs 3.00%) on all balances
- ✓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 —
Better Returns at $10,000
BMO AltoBMO Alto's Savings Account earns more on smaller deposits (approx. $315 vs $300/yr).
Better Returns at $25,000
BMO AltoBMO Alto's Savings Account pulls ahead with larger amounts (approx. $788 vs $750/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
ChimeChime offers an iOS app rated 4.8 (vs. 0.0) and Android app rated 4.7 (vs. 0.0)
Shared Benefits
Over a 1-year period, BMO Alto's Savings Account pays $15 more interest on a $10,000 balance than Chime's Chime High-Yield 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
BMO Alto vs. Chime Savings Calculator
You earn $15 more with BMO Alto than Chime 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+$315.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,315.00
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 | 3.15% Verified: 4/7/2026 ↘︎ 0.10%90d Change | 3.00% Range: 0.75% - 3.00% Verified: 4/7/2026 ↘︎ 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 | 3.15% | 3.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.6 | -6.9 |
Days Since Change | 49 | 67 |
12-Month High | 3.70% | 3.75% |
12-Month Low | 3.15% | 3.00% |
Adjustments / Mo | 0.33 | 0.16 |
Volatility Score | 0.051 | 0.080 |
How to read these metrics(Click to expand)
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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 | 3.20% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.85% | $0 |
| BMO Alto vs Capital One | 3.20% | $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 | 3.65% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Openbank | 4.00% | $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 | 4.20% | $0 |