BMO Alto vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.25% | 4.02% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo Minimums | FDIC InsuredLow 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. My Banking Direct
As of BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $77 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
Why BMO Alto?
No distinct advantages found vs My Banking Direct.
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.25%) on all balances
- ✓Higher rated iOS app (4.7 vs 0.0)
- ✓Higher rated Android app (4.3 vs 0.0)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $325/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $813/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
My Banking DirectMy Banking Direct offers an iOS app rated 4.7 (vs. 0.0) and Android app rated 4.3 (vs. 0.0)
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $77 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
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, significantly higher than BMO Alto's Savings Account, which has an APY of 3.25%. Both accounts are online-only and do not require direct deposit, but My Banking Direct requires a minimum deposit of $500 and a minimum balance of $1. The higher yield from My Banking Direct makes it a more attractive option for savers, especially for those looking for simplicity without additional requirements. BMO Alto's account, while lower in yield, still provides a zero-minimum deposit option for those seeking a basic 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
BMO Alto vs. My Banking Direct Savings Calculator
You earn $77 more with My Banking Direct 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
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | BMO Alto | My Banking Direct |
|---|---|---|
| APY | 3.25% Verified: 1/7/2026 Stable (90d) | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | Savings Account | High Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $1 |
| 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- | iOS4.7 Android4.3 |
| Zelle® Support | Not Supported | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | My Banking Direct |
|---|---|---|
| Savings Account | High Yield Savings Account | |
Current APY | 3.25% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.6 | -4.0 |
Days Since Change | 110 | 53 |
11-Month High | 4.10% | 4.45% |
11-Month Low | 3.25% | 4.02% |
Adjustments / Mo | 0.43 | 0.43 |
Volatility Score | 0.069 | 0.035 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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