Bmo Alto vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of BMO Alto vs. SoFi Bank
Key Metrics at a Glance
| Feature | BMO Alto | SoFi Bank |
|---|---|---|
| Top Savings APY | 3.25% Savings Account | 4.30% SoFi Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0 |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. |
BMO Alto
Strengths
- BMO Alto has an A+ BBB rating and is BBB Accredited.
- No maintenance fees or minimum balance requirements for the savings account.
- Current APY of 3.25% has remained stable over the past 30 days.
Potential Drawbacks
- BMO Alto does not have a mobile app rating.
- No branches available for in-person banking.
- Savings account does not offer any promotional APY boosts.
SoFi Bank
Strengths
- SoFi Bank offers a higher current APY of 4.30%, though it has decreased from 4.50%.
- SoFi Bank has a high App Store rating of 4.8.
- No maintenance fees or minimum balance requirements for the savings account.
Potential Drawbacks
- SoFi Bank's APY requires direct deposit or qualifying deposits to maintain the higher rate.
- SoFi Bank has a lower Google Play rating of 4.1.
- No branches available for in-person banking.
→ As of November 12, 2025 BMO Alto offers an APY of 3.25% for its Savings Account, with a minimum balance of $0, compared to SoFi Bank's 4.30% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $105 more than BMO Alto on a $10,000 balance after one year. BMO Alto pays $325, while SoFi Bank pays $430 - an APY advantage for SoFi Bank.
Calculate Savings Growth for BMO Alto vs SoFi Bank
BMO Alto - Savings Account
Total savings breakdown:
- Interest earned: $1,955.5 (9.80%)
- Total contributions: $13,000 (65.14%)
- Initial deposit: $5,000 (25.06%)
Your total balance
$19,955.50
Total balance: $19,955.5
Earnings: $1,955.5
Bank OverviewSoFi Bank - SoFi Savings
Total savings breakdown:
- Interest earned: $2,629.4 (12.75%)
- Total contributions: $13,000 (63.02%)
- Initial deposit: $5,000 (24.24%)
Your total balance
$20,629.40
Total balance: $20,629.4
Earnings: $2,629.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, BMO Alto's total earnings would be $673.9 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare BMO Alto's vs SoFi Bank's Savings Accounts
| BMO Alto | SoFi Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | SoFi Savings |
| APY | 3.25% (as of 11/12/2025) | 4.30% (as of 11/12/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. | ||
| App Store Rating | No | 4.8/5 | |
| Google Play Rating | No | 4.1/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 10 Months)
| BMO Alto | SoFi Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | SoFi Savings |
| Latest APY | 3.25 % | 4.30 % | |
| Trend | Falling | Rising | |
| Slope (bps/mo) | -7.4 | 7.3 | |
| Rate Changes / Mo | 0.51 | 0.31 | |
| Days Since Last Change | 55 | 1 | |
| High (-10 m) | 4.10 % | 4.50 % | |
| Low (-10 m) | 3.25 % | 3.80 % | |
| Draw-down from High | -20.7 % | -4.4 % | |
| Volatility (CV) | 0.065 | 0.075 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-10 m)
- Highest APY in the last 295 days.
- Low (-10 m)
- Lowest APY in the last 295 days.
- Draw-down from High
- How far today sits below the 10-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.