BMO Alto vs. Openbank
BMO Alto's Savings Account pays 3.00% APY while Openbank's High-Yield Savings Account pays 3.80% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $80 more than BMO Alto annually ($380 vs $300).
Choose Openbank 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 Sep 9, 2026 | OpenbankHigh-Yield Savings Account Sep 11, 2026 |
|---|---|---|
| APY | 3.00% | 3.80% |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$190 $10,000+$380 $25,000+$950 |
Min. Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsDaily Compounding | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppStable Rate |
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 4.01% APY.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 3.80%, making it the more attractive option compared to BMO Alto's Savings Account, which has an APY of 3.00%. Openbank's account does not require direct deposit and has no maintenance fees, while also providing a better mobile app experience. Additionally, Openbank's account is beneficial for larger deposits, yielding higher returns at various balance levels. Both accounts are online-only and nationally available, with no minimum balance requirements. For those seeking a straightforward savings option, BMO Alto's account remains a viable alternative.
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 Openbank.
Why Openbank?
- Higher potential APY (3.80% vs 3.00%) on all balances
- Higher rated iOS app (4.7 vs 0.0)
- Higher rated Android app (4.4 vs 0.0)
Key Feature Differences
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $380 vs $300/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $950 vs $750/yr).
Better for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Better Mobile App Experience
OpenbankOpenbank offers an iOS app rated 4.7 (vs. 0.0) and Android app rated 4.4 (vs. 0.0)
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $80 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. Openbank Savings Calculator
You earn $80 more with Openbank 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
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
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 Openbank advertise far more than that typical branch-bank rate.
| Feature | BMO Alto | Openbank |
|---|---|---|
| APY | 3.00% Observed: 9/9/2026 Stable over 90 days | 3.80% Observed: 9/11/2026 Stable over 90 days |
| Product Name | Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Monthly |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | Not reported |
| 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+ | Not Rated |
| Next Steps | Visit SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Openbank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Openbank |
|---|---|
| High-Yield Savings Account | |
Current APY | 3.80% |
Trend | Stable |
Speed of change | -0.04 |
Days Since Change | 100 |
8-Month High | 4.09% |
8-Month Low | 3.80% |
Changes per month | 0.26 |
Steadiness | 0.032 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 230-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
Compare Similar High-Yield Accounts
Compare BMO Alto vs...
Comparing against Standard Savings
Compare Openbank vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.
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 Newtek Bank | 4.20% | $100 |
| 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 |