BMO Alto vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Jan 7, 2026 | Discover BankOnline Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.25% | 3.40% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$170 $10,000+$340 $25,000+$850 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo Minimums | FDIC InsuredNo MinimumsGreat 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. Discover Bank
As of BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to Discover Bank's 3.40% APY for its Online Savings Account, with a minimum balance of $0.
Discover Bank pays $15 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while Discover Bank pays $340 - an APY advantage for Discover Bank.
Why BMO Alto?
No distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.40% vs 3.25%) 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. $340 vs $325/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $850 vs $813/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.
Executive Summary as of
Discover Bank offers a competitive Online Savings Account with an APY of 3.40%, making it the winner in this comparison. This account is online-only and requires no minimum deposit or balance, with no maintenance fees. In contrast, BMO Alto provides a Savings Account with an APY of 3.25%, which is a solid alternative but yields slightly less. Both accounts do not require direct deposit and are FDIC insured, ensuring safety for your funds. Discover Bank also boasts a superior mobile app experience, rated highly on both iOS and Android.
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. 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+$325.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,325.00
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | BMO Alto | Discover Bank |
|---|---|---|
| APY | 3.25% Verified: 1/7/2026 Stable (90d) | 3.40% Verified: 1/7/2026 Stable (90d) |
| Product Name | Savings Account | Online Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS- Android- | iOS4.9 Android4.8 |
| Zelle® Support | Not Supported | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. |
| BBB Rating | A+ | A+ |
| 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 | 3.25% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.6 | -3.5 |
Days Since Change | 110 | 99 |
11-Month High | 4.10% | 3.75% |
11-Month Low | 3.25% | 3.40% |
Adjustments / Mo | 0.43 | 0.34 |
Volatility Score | 0.070 | 0.036 |
How to read these metrics(Click to expand)
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