BMO Alto vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Feb 21, 2026 | Discover BankOnline Savings Account Jan 16, 2026 |
|---|---|---|
| APY | 3.15% | 3.30% |
Est. Earnings | $5,000+$158 $10,000+$315 $25,000+$788 | $5,000+$165 $10,000+$330 $25,000+$825 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Discover Bank is part of Capital One and this account is not open to new customers. |
| Features | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily 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 BMO Alto vs. Discover Bank
Executive Summary
BMO Alto offers a competitive online-only Savings Account with an APY of 3.15%. This account requires no minimum deposit or maintenance fees, making it accessible for a wide range of customers. In contrast, Discover Bank currently does not provide any savings products. Therefore, BMO Alto stands out as the clear option for those seeking a high-yield savings account.
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 distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.30% vs 3.15%) on all balances
- ✓Higher rated iOS app (4.9 vs 0.0)
- ✓Higher rated Android app (4.8 vs 0.0)
- ✓Fast transfers via Zelle® (up to $600 a day)
— Key Feature Differences —
Better Returns at $10,000
Discover BankDiscover Bank's Online Savings Account earns more on smaller deposits (approx. $330 vs $315/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $825 vs $788/yr).
Best Mobile App Experience
Discover BankDiscover Bank offers an iOS app rated 4.9 (vs. 0.0) and Android app rated 4.8 (vs. 0.0)
Shared Benefits
Over a 1-year period, Discover Bank's Online Savings Account pays $15 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
BMO Alto vs. Discover Bank Savings Calculator
You earn $15 more with Discover 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+$315.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,315.00
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
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 $314 per year in interest.
Both BMO Alto and Discover Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | Discover Bank |
|---|---|---|
| APY | 3.15% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 3.30% Verified: 1/16/2026 ↘︎ 0.10%90d Change |
| Product Name | Savings Account | Online Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS- Android- | |
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. |
| BBB Rating | A+ | A+ |
| Important Notes | - | Discover Bank is part of Capital One and this account is not open to new customers. |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Discover Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | Discover Bank |
|---|---|---|
| Savings Account | Online Savings Account | |
Current APY | 3.15% | 3.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | -5.9 | -3.5 |
Days Since Change | -32 | 8 |
12-Month High | 4.10% | 3.75% |
12-Month Low | 3.15% | 3.30% |
Adjustments / Mo | 0.50 | 0.42 |
Volatility Score | 0.071 | 0.037 |
How to read these metrics(Click to expand)
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More Comparisons
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 Bank of America | 0.01% | $100 |
| 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 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 |