High-Yield Savings Account Comparison

BMO Alto vs. Varo Bank

Compare rates, requirements, and features side-by-side to find the best option for you.

Analysis by Aviel Fahl
Updated December 12, 2025

BMO Alto

Savings Account

3.25%
APY
Dec 12, 2025
FDIC InsuredNo Minimums
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$0
Maintenance Fee$0
Compound FreqDaily
Direct DepositNot required
Deposit InsuranceFDIC Insured(Cert: 16571)
EligibilityUnited States
Mobile Ratings
BBB Rating
A+(BBB Accredited)

Rate Stability

Rate Adjusted
-0.25%
Since 90 days ago
Read Bank Overview

Varo Bank

High-Yield Savings Account

Up to
5.00%
APY
Dec 12, 2025
FDIC InsuredDirect Deposit ReqChecking BundleNo MinimumsGreat iOS AppGreat Android App
Range: 2.50% – 5.00%
Show Fine Print & Trends
Min. Deposit$0
Min. Balance$0.01
Maintenance Fee$0
Compound FreqDaily
Direct DepositRequired (Min. $1,000/month)
Deposit InsuranceFDIC Insured(Cert: 59190)
EligibilityUnited States
Mobile Ratings
iOS:4.9Android:4.6
BBB Rating
A(BBB Accredited)

Important Note

Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required.

Rate Stability

Very StableNo rate changes in last 90 days
Read Bank Overview

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.

Find Branch Access

BMO Alto vs. Varo Bank Savings Calculator

Calculations based on current APY for Savings Account and High-Yield Savings Account
$
$

You earn $50 more with Varo 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

3.25% APY

Savings Breakdown

  • Interest Earned
    +$325.00(3.1%)
  • Total Contributions
    $0
  • Initial Deposit
    $10,000

Projected Balance

$10,325.00

Effective APY
3.25%
View Details

Varo Bank

High-Yield Savings Account

5.00% APY

5.00% on first $5,000 and 2.50% thereafter.

Savings Breakdown

  • Interest Earned
    +$375.00(3.6%)
  • Total Contributions
    $0
  • Initial Deposit
    $10,000

Projected Balance

$10,375.00

Effective APY
3.75%
View Details

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Comparison Analysis

Comparing BMO Alto vs. Varo Bank

Updated: Dec 12, 2025

Why BMO Alto?

  • ✓No checking account or direct deposit required

Why Varo Bank?

  • ✓Higher potential APY (5.00% vs 3.25%) on balances up to $5,000 (requires checking bundle & direct deposit)
  • ✓Higher rated iOS app (4.9 vs 0.0)
  • ✓Higher rated Android app (4.6 vs 0.0)

— Key Feature Differences —

Better Returns at $10,000
Varo Bank

Varo Bank's High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $325/yr).

Better Returns at $25,000
BMO Alto

BMO Alto's Savings Account pulls ahead with larger amounts (approx. $813 vs $750/yr).

Best for Simplicity
BMO Alto

BMO Alto's Savings Account offers 3.25% APY with no bundling, direct deposit requirement or caps.

Best for All-in-One Banking
Varo Bank

Varo Bank's High-Yield Savings Account pays a superior APY for customers who also open a checking account.

Best Mobile App Experience
Varo Bank

Varo Bank offers an iOS app rated 4.9 (vs. 0.0) and Android app rated 4.6 (vs. 0.0)

Shared Benefits

Both offer monthly maintenance-free account options Both banks have options with $0 opening deposit Available Nationwide Available to New & Existing Customers
The Bottom Line on APY (Interest Only)

Over a 1-year period, Varo Bank's High-Yield Savings Account pays $50 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.

BMO AltoVaro Bank
Automated Data Audit

Executive Summary

Varo Bank's High-Yield Savings Account stands out with a competitive 5.00% APY, significantly higher than BMO Alto's 3.25% APY. However, Varo requires a linked bank account and a minimum direct deposit of $1,000 per month to earn this rate, with a cap of 5.00% on the first $5,000 and a lower rate of 2.50% on amounts above that. In contrast, BMO Alto offers a straightforward savings account with no direct deposit requirement or caps, making it an attractive option for those seeking simplicity. Both accounts are online-only and have no maintenance fees.

Analysis generated based on current Banksparency database records

* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.

ExploreBMO AltoExploreVaro Bank
FeatureBMO AltoVaro Bank
APY
3.25%
Verified: 12/12/2025
↘︎ 0.25%90d Change
5.00%
Range: 2.50% - 5.00%
Verified: 12/12/2025
Stable (90d)
Product NameSavings AccountHigh-Yield Savings Account
Minimum Deposit$0$0
Min. Balance for APY$0$0.01
Monthly Fee$0$0
Branch AccessNoneNone
Account Type
Online Only
Online Only
Direct Deposit Req.None
RequiredMin. $1,000/month
Checking BundleNo Yes
Mobile Apps
iOS-
Android-
iOS4.9
Android4.6
BBB RatingA+A
Important Notes-Earn 5.00% APY on up to $5,000 and 2.50% APY on the rest. A Varo bank account & direct deposit required.
Next Steps
- View Details
- View Details

📈 Compare Savings Rates Over Time

Historical Performance

Last 11 Months Analysis
MetricBMO AltoVaro Bank
Savings AccountHigh-Yield Savings Account
Current APY
3.25%5.00%
Trend
 Stable Stable
Velocity (bps/mo)
-7.00.0
Days Since Change
84324
11-Month High
4.10%5.00%
11-Month Low
3.25%5.00%
Adjustments / Mo
0.460.00
Volatility Score
0.0680.000
How to read these metrics(Click to expand)

Trends & Velocity

  • Trend: The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
  • Velocity (bps/mo): Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
  • Adjustments/Mo: "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.

Risk & Range

  • High/Low: The absolute ceiling and floor of the rate during the 324-day window.
  • Volatility Score: Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
  • Days Since Change: If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.

Compare Similar Alternatives

Compare BMO Alto vs...

Comparing against Standard Savings

vs BMO Alto
PibankNo Bundle Req
4.60%
APY
vs BMO Alto
TIMBRNo Bundle Req
4.40%
APY
vs BMO Alto
Newtek BankNo Bundle Req
4.35%
APY

Compare Varo Bank vs...

Comparing against other Bundled Accounts

vs Varo Bank
Axos BankChecking Bundle
4.31%
APY
vs Varo Bank
SoFi BankChecking Bundle
4.30%
APY
vs Varo Bank
Presidential BankChecking Bundle
4.00%
APY

More Comparisons

Compare BMO Alto's APY of 3.25% with other banks
Bank PairCompetitor APYMin Deposit
BMO Alto vs Affirm3.60%$0
BMO Alto vs Ally Bank3.30%$0
BMO Alto vs American Express3.40%$0
BMO Alto vs Axos Bank4.31%$0
BMO Alto vs Bank of America0.01%$100
BMO Alto vs Barclays4.00%$0
BMO Alto vs Bask Bank3.90%$0
BMO Alto vs Betterment3.50%$10
BMO Alto vs Bread Savings4.10%$100
BMO Alto vs BrioDirect3.75%$5,000
BMO Alto vs Capital One3.40%$0
BMO Alto vs Charles Schwab Bank0.15%$0
BMO Alto vs Chase Bank0.01%$0
BMO Alto vs Chime3.50%$0
BMO Alto vs CIT Bank3.75%$100
BMO Alto vs Citibank3.30%$0
BMO Alto vs Citizens Access™3.15%$0.01
BMO Alto vs Climate First Bank4.21%$50
BMO Alto vs Discover Bank3.40%$0
BMO Alto vs E*TRADE from Morgan Stanley3.75%$0
BMO Alto vs Elevault4.08%$0
BMO Alto vs EverBank4.05%$0
BMO Alto vs Fitness Bank4.75%$100
BMO Alto vs FNBO Direct3.00%$1
BMO Alto vs Forbright Bank4.00%$0
BMO Alto vs FVCbank3.85%$500
BMO Alto vs GO2bank4.50%$0
BMO Alto vs Ivy Bank4.25%$2,500
BMO Alto vs LendingClub4.00%$0
BMO Alto vs Marcus by Goldman Sachs3.65%$0
BMO Alto vs Neighbors Bank4.30%$0
BMO Alto vs Newtek Bank4.35%$0.01
BMO Alto vs Openbank4.20%$500
BMO Alto vs Peak Bank4.20%$100
BMO Alto vs Pibank4.60%$0
BMO Alto vs PNC3.53%$0
BMO Alto vs Presidential Bank4.00%$5,000
BMO Alto vs Quontic Bank3.75%$100
BMO Alto vs Salem Five Direct3.71%$10
BMO Alto vs Sallie Mae Bank3.90%$0
BMO Alto vs Santander Bank0.01%$25
BMO Alto vs SoFi Bank4.30%$0
BMO Alto vs Synchrony Bank3.65%$0
BMO Alto vs TD Bank2.75%$0
BMO Alto vs TIMBR4.40%$1,000
BMO Alto vs UFB Direct3.60%$5000
BMO Alto vs Upgrade3.05%$0
BMO Alto vs Valley Direct4.00%$1,000
BMO Alto vs Vio Bank4.16%$100
BMO Alto vs Wealthfront4.15%$0
BMO Alto vs Wells Fargo0.05%$25
BMO Alto vs Zynlo Bank4.05%$10
Compare Varo Bank's APY of 5.00% with other banks
Bank PairCompetitor APYMin Deposit
Varo Bank vs Affirm3.60%$0
Varo Bank vs Ally Bank3.30%$0
Varo Bank vs American Express3.40%$0
Varo Bank vs Axos Bank4.31%$0
Varo Bank vs Bank of America0.01%$100
Varo Bank vs Barclays4.00%$0
Varo Bank vs Bask Bank3.90%$0
Varo Bank vs Betterment3.50%$10
Varo Bank vs Bread Savings4.10%$100
Varo Bank vs BrioDirect3.75%$5,000
Varo Bank vs Capital One3.40%$0
Varo Bank vs Charles Schwab Bank0.15%$0
Varo Bank vs Chase Bank0.01%$0
Varo Bank vs Chime3.50%$0
Varo Bank vs CIT Bank3.75%$100
Varo Bank vs Citibank3.30%$0
Varo Bank vs Citizens Access™3.15%$0.01
Varo Bank vs Climate First Bank4.21%$50
Varo Bank vs Discover Bank3.40%$0
Varo Bank vs E*TRADE from Morgan Stanley3.75%$0
Varo Bank vs Elevault4.08%$0
Varo Bank vs EverBank4.05%$0
Varo Bank vs Fitness Bank4.75%$100
Varo Bank vs FNBO Direct3.00%$1
Varo Bank vs Forbright Bank4.00%$0
Varo Bank vs FVCbank3.85%$500
Varo Bank vs GO2bank4.50%$0
Varo Bank vs Ivy Bank4.25%$2,500
Varo Bank vs LendingClub4.00%$0
Varo Bank vs Marcus by Goldman Sachs3.65%$0
Varo Bank vs Neighbors Bank4.30%$0
Varo Bank vs Newtek Bank4.35%$0.01
Varo Bank vs Openbank4.20%$500
Varo Bank vs Peak Bank4.20%$100
Varo Bank vs Pibank4.60%$0
Varo Bank vs PNC3.53%$0
Varo Bank vs Presidential Bank4.00%$5,000
Varo Bank vs Quontic Bank3.75%$100
Varo Bank vs Salem Five Direct3.71%$10
Varo Bank vs Sallie Mae Bank3.90%$0
Varo Bank vs Santander Bank0.01%$25
Varo Bank vs SoFi Bank4.30%$0
Varo Bank vs Synchrony Bank3.65%$0
Varo Bank vs TD Bank2.75%$0
Varo Bank vs TIMBR4.40%$1,000
Varo Bank vs UFB Direct3.60%$5000
Varo Bank vs Upgrade3.05%$0
Varo Bank vs Valley Direct4.00%$1,000
Varo Bank vs Vio Bank4.16%$100
Varo Bank vs Wealthfront4.15%$0
Varo Bank vs Wells Fargo0.05%$25
Varo Bank vs Zynlo Bank4.05%$10