BMO Alto vs. Newtek Bank
Comparing BMO Alto and Newtek Bank for high-yield savings: BMO Alto's Savings Account pays 3.15% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Newtek Bank pays $105 more than BMO Alto annually ($420 vs $315).
Choose Newtek Bank if getting the best rate matters most, you're an iPhone user (no iOS app for BMO Alto), or you're an Android user (no Android app for BMO Alto).
| Metric | BMO AltoSavings Account May 23, 2026 | Newtek BankPersonal High Yield Savings May 23, 2026 |
|---|---|---|
| APY | 3.15% | 4.20% |
Est. Earnings | $5,000+$158 $10,000+$315 $25,000+$788 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often |
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
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%, making it the winner in this comparison. This account requires a minimum deposit and balance of just $0.01, with no maintenance fees, and is entirely online. In contrast, BMO Alto provides a Savings Account with a lower APY of 3.15%, also with no minimum deposit or balance requirements and no maintenance fees, but it does not match the yield of Newtek Bank. Both accounts do not require direct deposits, making them accessible options for savers.
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 Newtek Bank.
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 3.15%) on all balances
- ✓Higher rated iOS app (4.5 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. $420 vs $315/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $788/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $105 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. Newtek Bank Savings Calculator
You earn $105 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+$315.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,315.00
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
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 Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | Newtek Bank |
|---|---|---|
| APY | 3.15% Verified: 5/23/2026 Stable (90d) | 4.20% Verified: 5/23/2026 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 |
| 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 | 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 | 3.15% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | -1.6 |
Days Since Change | 95 | 106 |
12-Month High | 3.60% | 4.35% |
12-Month Low | 3.15% | 4.20% |
Adjustments / Mo | 0.25 | 0.08 |
Volatility Score | 0.046 | 0.016 |
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 | 3.10% | $0 |
| BMO Alto vs American Express | 3.10% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.75% | $0 |
| BMO Alto vs Capital One | 3.10% | $0 |
| BMO Alto vs Chime | 3.00% | $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 | 3.50% | $0 |
| BMO Alto vs Openbank | 4.00% | $500 |
| BMO Alto vs Pibank | 4.40% | $0 |
| BMO Alto vs SoFi Bank | 4.00% | $0 |
| BMO Alto vs Synchrony Bank | 3.40% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |