BMO Alto vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Jan 21, 2026 | Newtek BankPersonal High Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.25% | 4.35% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo Minimums | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing BMO Alto vs. Newtek Bank
As of BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to Newtek Bank's 4.35% APY for its Personal High Yield Savings account, with a minimum balance of $0.01.
Newtek Bank pays $110 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
Why BMO Alto?
No distinct advantages found vs Newtek Bank.
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 3.25%) on all balances
- ✓Higher rated iOS app (4.5 vs 0.0)
- ✓Higher rated Android app (4.0 vs 0.0)
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $325/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $813/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Newtek BankNewtek Bank offers an iOS app rated 4.5 (vs. 0.0) and Android app rated 4.0 (vs. 0.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $110 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
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.35%, making it the standout choice when compared to BMO Alto's Savings Account, which has a lower APY of 3.25%. Both accounts require no minimum balance or maintenance fees and are available online only. Newtek Bank's product is noted for its simplicity, as it does not require direct deposit and has no caps on earnings. Additionally, it boasts a favorable mobile app experience, enhancing user convenience. In contrast, BMO Alto's account, while still a viable option, does not match the higher yield offered by Newtek.
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
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BMO Alto vs. Newtek Bank Savings Calculator
You earn $110 more with Newtek 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
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | BMO Alto | Newtek Bank |
|---|---|---|
| APY | 3.25% Verified: 1/21/2026 Stable (90d) | 4.35% Verified: 1/21/2026 Stable (90d) |
| Product Name | Savings Account | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0 | $0.01 |
| 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- | iOS4.5 Android4.0 |
| 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 Newtek Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | Newtek Bank |
|---|---|---|
| Savings Account | Personal High Yield Savings | |
Current APY | 3.25% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.3 | -1.1 |
Days Since Change | 125 | 286 |
12-Month High | 4.10% | 4.55% |
12-Month Low | 3.25% | 4.35% |
Adjustments / Mo | 0.41 | 0.16 |
Volatility Score | 0.070 | 0.013 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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