BMO Alto vs. Openbank
Comparing BMO Alto and Openbank for high-yield savings: BMO Alto's Savings Account pays 3.00% APY while Openbank's High-Yield Savings Account pays 4.00% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $100 more than BMO Alto annually ($400 vs $300).
Choose Openbank 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 Jul 6, 2026 | OpenbankHigh-Yield Savings Account Jun 2, 2026 |
|---|---|---|
| APY | 3.00% | 4.00% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$200 $10,000+$400 $25,000+$1,000 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppRate 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.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.00%, making it the winner in this comparison. This account requires a minimum deposit of $500 and has no maintenance fees, while also being online-only. BMO Alto provides a Savings Account with a lower APY of 3.00%, which is also online-only and has no minimum deposit or maintenance fees. Both accounts do not require direct deposit, but Openbank's account yields higher returns, especially for larger deposits.
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 Openbank.
Why Openbank?
- ✓Higher potential APY (4.00% vs 3.00%) on all balances
- ✓Higher rated iOS app (4.6 vs 0.0)
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $300/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $750/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $100 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. Openbank Savings Calculator
You earn $100 more with Openbank 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+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 $299 per year in interest.
Both BMO Alto and Openbank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | Openbank |
|---|---|---|
| APY | 3.00% Verified: 7/6/2026 ↘︎ 0.15%90d Change | 4.00% Verified: 6/2/2026 ↘︎ 0.09%90d Change |
| Product Name | Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| 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+ | Not Rated |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | Openbank |
|---|---|---|
| Savings Account | High-Yield Savings Account | |
Current APY | 3.00% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.0 | -2.3 |
Days Since Change | -7 | 63 |
12-Month High | 3.60% | 4.40% |
12-Month Low | 3.00% | 4.00% |
Adjustments / Mo | 0.33 | 0.33 |
Volatility Score | 0.049 | 0.020 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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More Comparisons
Compare BMO Alto's APY of 3.00% 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 | 3.65% | $0 |
| BMO Alto vs Capital One | 3.00% | $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 | 3.40% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Pibank | 4.10% | $0 |
| BMO Alto vs SoFi Bank | 3.80% | $0 |
| BMO Alto vs Synchrony Bank | 3.30% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |