BMO Alto vs. Chime
BMO Alto's Savings Account pays 3.00% APY while Chime's Chime High-Yield Savings Account pays 3.75% APY.
Note: Chime's Chime High-Yield Savings Account also needs 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? Chime pays $75 more than BMO Alto annually ($375 vs $300).
Choose BMO Alto if you want a no-strings-attached account. Choose Chime 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).
Important Considerations
Chime's Chime High-Yield Savings Account pays its top rate only if you also open a checking account with Chime, while BMO Alto's Savings Account stands alone.
| Metric | BMO AltoSavings Account Sep 9, 2026 | ChimeChime High-Yield Savings Account Sep 12, 2026 |
|---|---|---|
| APY | 3.00% | 3.75% |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$188 $10,000+$375 $25,000+$938 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsDaily Compounding | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDirect Deposit ReqChecking BundleDaily Compounding |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.20% APY.
Executive Summary
Chime has offered the higher headline APY since April 30, 2026, by 75 basis points today. Chime's High-Yield Savings Account has an APY of 3.75%, while BMO Alto's Savings Account has an APY of 3%. Both banks have a minimum balance of $0. At a balance of $10,000, Chime's rate remains at 3.75%, while BMO Alto's rate is 3%. Chime's last rate change was an increase on April 30, 2026, and BMO Alto's last change was a decrease on June 10, 2026.
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 Chime?
- Higher potential APY (3.75% vs 3.00%) on all balances
- Higher rated iOS app (4.8 vs 0.0)
- Higher rated Android app (4.7 vs 0.0)
Key Feature Differences
Better Returns at $10,000
ChimeChime's Chime High-Yield Savings Account earns more on smaller deposits (approx. $375 vs $300/yr).
Better Returns at $25,000
ChimeChime's Chime High-Yield Savings Account pulls ahead with larger amounts (approx. $938 vs $750/yr).
Better for All-in-One Banking
ChimeChime's Chime High-Yield Savings Account pays a superior APY for customers who also open a checking account.
Better Mobile App Experience
ChimeChime offers an iOS app rated 4.8 (vs. 0.0) and Android app rated 4.7 (vs. 0.0)
Shared Benefits
Over a 1-year period, Chime's Chime High-Yield Savings Account pays $75 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. Chime Savings Calculator
You earn $75 more with Chime 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
Chime
Chime High-Yield Savings Account
Savings Breakdown
- Interest Earned+$375.00(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,375.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $295 a year in interest.
Both BMO Alto and Chime advertise far more than that typical branch-bank rate.
| Feature | BMO Alto | Chime |
|---|---|---|
| APY | 3.00% Observed: 9/9/2026 Stable over 90 days | 3.75% Observed: 9/12/2026 Stable over 90 days |
| Product Name | Savings Account | Chime High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | Not reported |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS- Android- | |
| FDIC or NCUA Insured | YesVerify FDIC | Yes |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Chime Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
BMO Alto
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, BMO Bank paid a higher average rate on savings and money market deposits than 56% of banks that reported a figure (3,938 banks; FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Chime
Chime is not a bank and files no call report. Its deposits are held at partner banks.
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the 3,938 banks that reported a figure for the quarter ending June 30, 2026.
CD rates, term by term
Chime has no CD listed on Banksparency. BMO Alto lists 6 CD terms, from 6 to 60 months. Its highest rate is 3.00% APY on the 60-month CD. Each row below is one term, with the FDIC national average for that term beside it.
| Term | BMO Alto APY | FDIC average (Aug 2026) |
|---|---|---|
| 12 months | 2.50% APYNo minimum | 1.71% |
| 6 months | 2.50% APYNo minimum | 1.41% |
| 24 months | 2.75% APYNo minimum | 1.57% |
| 36 months | 2.80% APYNo minimum | 1.34% |
| 48 months | 2.90% APYNo minimum | 1.27% |
| 60 months | 3.00% APYNo minimum | 1.36% |
Chime: no CD listed on Banksparency.
Compare Savings Rates Over Time
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Compare BMO Alto's APY of 3.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| BMO Alto vs Ally Bank | 3.00% | $0 |
| BMO Alto vs American Express | 3.00% | $0 |
| BMO Alto vs Axos Bank | 4.21% | $0 |
| BMO Alto vs Barclays | 3.65% | $0 |
| BMO Alto vs Capital One | 3.50% | $0 |
| BMO Alto vs CIT Bank | 3.75% | $100 |
| BMO Alto vs EverBank | 3.90% | $0 |
| BMO Alto vs Marcus by Goldman Sachs | 3.40% | $0 |
| BMO Alto vs Newtek Bank | 4.20% | $100 |
| BMO Alto vs Openbank | 3.80% | $500 |
| BMO Alto vs Pibank | 4.10% | $0 |
| BMO Alto vs SoFi Bank | 4.00% | $0 |
| BMO Alto vs Synchrony Bank | 3.30% | $0 |
| BMO Alto vs Varo Bank | 3.75% | $0 |
| BMO Alto vs Wealthfront | 3.95% | $0 |