BMO Alto vs. SoFi Bank
Comparing BMO Alto and SoFi Bank for high-yield savings: BMO Alto's Savings Account pays 3.15% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $50 more than BMO Alto annually ($365 vs $315).
Choose BMO Alto if you want a no-strings-attached account, or you want to avoid a promo rate with a scheduled drop. Choose SoFi Bank if getting the best rate matters most, you're an iPhone user (no iOS app for BMO Alto), you're an Android user (no Android app for BMO Alto), or you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). BMO Alto's 3.15% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while BMO Alto offers its savings account standalone.
| Metric | BMO AltoSavings Account Apr 7, 2026 | SoFi BankSoFi Savings Apr 7, 2026 |
|---|---|---|
| APY | 3.15% | 3.30% - 4.00% |
Est. Earnings | $5,000+$158 $10,000+$315 $25,000+$788 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Features | FDIC InsuredNo MinimumsDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
SoFi Bank offers a competitive SoFi Savings account with a 4.00% APY, which includes a temporary 0.70% boost for six months. This account is bundled with a checking account that has a 0.50% APY, providing an all-in-one banking solution. While direct deposit is not mandatory, opting for it avoids a $10 monthly subscription fee. In contrast, BMO Alto's Savings Account provides a solid 3.15% APY with no requirements for direct deposit or account bundling, making it a straightforward option. Both accounts are online-only and have no minimum deposit or maintenance fees.
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 checking account or direct deposit required
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓Higher potential APY (4.00% vs 3.15%) on all balances
- ✓Higher rated iOS app (4.7 vs 0.0)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $315/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $788/yr).
Best for Simplicity
BMO AltoBMO Alto's Savings Account offers 3.15% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $50 more interest on a $10,000 balance than BMO Alto's Savings Account.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
BMO Alto vs. SoFi Bank Savings Calculator
You earn $49.9 more with SoFi 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
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
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 SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | SoFi Bank |
|---|---|---|
| APY | 3.15% Verified: 4/7/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 4/7/2026 Stable (90d) |
| Product Name | Savings Account | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | None | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS- Android- | |
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | - | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | BMO Alto | SoFi Bank |
|---|---|---|
| Savings Account | SoFi Savings | |
Current APY | 3.15% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.6 | 2.6 |
Days Since Change | 49 | 105 |
12-Month High | 3.70% | 4.50% |
12-Month Low | 3.15% | 3.80% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.051 | 0.063 |
How to read these metrics(Click to expand)
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Compare BMO Alto's APY of 3.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| BMO Alto vs Ally Bank | 3.20% | $0 |
| BMO Alto vs American Express | 3.20% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.85% | $0 |
| BMO Alto vs Capital One | 3.20% | $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 | 3.65% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $0.01 |
| BMO Alto vs Openbank | 4.00% | $500 |
| BMO Alto vs Pibank | 4.60% | $0 |
| BMO Alto vs Synchrony Bank | 3.50% | $0 |
| BMO Alto vs Varo Bank | 5.00% | $0 |
| BMO Alto vs Wealthfront | 4.20% | $0 |