BMO Alto vs. Openbank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | BMO AltoSavings Account Jan 7, 2026 | OpenbankHigh-Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.25% | 4.20% |
Est. Earnings | $5,000+$163 $10,000+$325 $25,000+$813 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo Minimums | FDIC InsuredLow Minimums |
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.
As of BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to Openbank's 4.20% APY for its High-Yield Savings Account, with a minimum balance of $0.
Openbank pays $95 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while Openbank pays $420 - an APY advantage for Openbank.
Why BMO Alto?
No distinct advantages found vs Openbank.
Why Openbank?
- ✓Higher potential APY (4.20% vs 3.25%) on all balances
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $325/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $813/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $95 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
Openbank offers a High-Yield Savings Account with a competitive APY of 4.20%, making it the standout choice compared to BMO Alto's Savings Account, which yields 3.25%. Openbank's account has no direct deposit requirement and allows for a minimum deposit of $500, with no maintenance fees, making it accessible for those looking to maximize their savings. BMO Alto, while offering a solid APY, is online-only and does not require a minimum deposit. Both accounts are FDIC insured, ensuring the safety of your funds.
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. Openbank Savings Calculator
You earn $95 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+$325.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,325.00
Openbank
High-Yield Savings Account
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.
| Feature | BMO Alto | Openbank |
|---|---|---|
| APY | 3.25% Verified: 1/7/2026 Stable (90d) | 4.20% Verified: 1/7/2026 Stable (90d) |
| Product Name | Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| 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- | iOS3.1 Android2.9 |
| 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 | 3.25% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -5.6 | -3.0 |
Days Since Change | 110 | 169 |
10-Month High | 4.00% | 4.75% |
10-Month Low | 3.25% | 4.20% |
Adjustments / Mo | 0.38 | 0.29 |
Volatility Score | 0.054 | 0.027 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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