BMO Alto vs. Newtek Bank
BMO Alto's Savings Account pays 3.00% APY while Newtek Bank's Personal High Yield Savings pays 4.20% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Newtek Bank pays $120 more than BMO Alto annually ($420 vs $300).
Choose Newtek Bank 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).
| Metric | BMO AltoSavings Account Aug 19, 2026 | Newtek BankPersonal High Yield Savings Aug 21, 2026 |
|---|---|---|
| APY | 3.00% | 4.20% |
Est. Earnings | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $100 |
Snapshot view. Rates subject to change. | ||
Terms | - | Newtek Bank has paused new applications for this account. New customers can only join a waitlist. The advertised APY applies to existing accounts. |
| Features | FDIC InsuredNo MinimumsDaily Compounding | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppDaily CompoundingStable Rate |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Comparison Analysis
Comparing BMO Alto vs. Newtek Bank
Executive Summary
A detailed summary for this comparison is being prepared. Check back soon.
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 distinct advantages found vs Newtek Bank.
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 3.00%) on all balances
- ✓Higher rated iOS app (4.5 vs 0.0)
- ✓Higher rated Android app (4.1 vs 0.0)
Key Feature Differences
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $420 vs $300/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $750/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Newtek BankNewtek Bank offers an iOS app rated 4.5 (vs. 0.0) and Android app rated 4.1 (vs. 0.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $120 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. Newtek Bank Savings Calculator
You earn $120 more with Newtek 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+$300.00(2.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,300.00
Newtek Bank
Personal High Yield Savings
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $299 per year in interest.
Both BMO Alto and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | BMO Alto | Newtek Bank |
|---|---|---|
| APY | 3.00% Verified: 8/19/2026 - | 4.20% Verified: 8/21/2026 - |
| Product Name | Savings Account | Personal High Yield Savings |
| Minimum Deposit | $0 | $100 |
| 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 | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS- Android- | |
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | - | Newtek Bank has paused new applications for this account. New customers can only join a waitlist. The advertised APY applies to existing accounts. |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Compare Similar High-Yield Accounts
Compare BMO Alto vs...
Comparing against Standard Savings
Compare Newtek Bank vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
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More Comparisons
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 Chime | 3.75% | $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 Openbank | 3.80% | $500 |
| BMO Alto vs Pibank | 4.10% | $0 |
| BMO Alto vs SoFi Bank | 3.80% | $0 |
| BMO Alto vs Synchrony Bank | 3.30% | $0 |
| BMO Alto vs Varo Bank | 3.75% | $0 |
| BMO Alto vs Wealthfront | 3.95% | $0 |