Skip to main content
High-Yield Savings Account Comparison

BMO Alto vs. Varo Bank

BMO Alto's Savings Account pays 3.00% APY while Varo Bank's High-Yield Savings Account pays 3.75% APY.

Note: Varo Bank requires a checking account.

See how they compare on rate stability, mobile app ratings, and more below.

Analysis by Aviel Fahl
Updated August 19, 2026

The Bottom Line

Who pays more interest on $10,000? Varo Bank pays $75 more than BMO Alto annually ($375 vs $300).

Choose BMO Alto if you want a no-strings-attached account. Choose Varo Bank if getting the best rate matters most, you're an iPhone user (no iOS app for BMO Alto), you're an Android user (no Android app for BMO Alto), or you want Zelle for quick transfers.

Important Considerations

Varo Bank requires a checking account to unlock its top savings rate, while BMO Alto offers its savings account standalone.

Comparison of BMO Alto vs Varo Bank savings accounts
Metric

BMO Alto

Savings Account

Aug 19, 2026

Varo Bank

High-Yield Savings Account

Aug 19, 2026
APY3.00%3.75%
Est. Earnings
$5,000+$150
$10,000+$300
$25,000+$750
$5,000+$187
$10,000+$375
$25,000+$937
Min Deposit
$0$0

Snapshot view. Rates subject to change.

Terms
-Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required.
Features
FDIC InsuredNo MinimumsDaily Compounding
FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often

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.

See Top Rates

Comparison Analysis

Comparing BMO Alto vs. Varo Bank

Updated: Invalid Date

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 checking account or direct deposit required

Why Varo Bank?

  • ✓Higher potential APY (3.75% vs 3.00%) on all balances
  • ✓Higher rated iOS app (4.9 vs 0.0)
  • ✓Higher rated Android app (4.6 vs 0.0)
  • ✓Fast transfers via Zelle®

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 $300/yr).

Better Returns at $25,000
Varo Bank

Varo Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $937 vs $750/yr).

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 $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.

BMO AltoVaro Bank
Verify At
BMO Alto

Non-sponsored link to official site

Verify At
Varo Bank

Non-sponsored link to official site

Top Market Contenders

Axos Bank
4.21% APY
vs. BMO Altovs. Varo Bank
EverBank
3.90% APY
vs. BMO Altovs. Varo Bank
SoFi Bank
3.80% APY
vs. BMO Altovs. Varo Bank
Popular Peer Comparisons
Capital One vs ChimeAlly Bank vs Capital OneAxos Bank vs SoFi BankChase Bank vs ChimeEverBank vs Marcus by Goldman SachsAlly Bank vs American Express

BMO Alto vs. Varo Bank Savings Calculator

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

You earn $75 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

3.00% APY

Savings Breakdown

  • Interest Earned
    +$300.00(2.9%)
  • Total Contributions
    $0
  • Initial Deposit
    $10,000

Projected Balance

$10,300.00

Effective APY
3.00%

Varo Bank

High-Yield Savings Account

3.75% APY
ℹ️3.75% on first $50, 3.75% on amounts above $50.

Savings Breakdown

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

Projected Balance

$10,375.00

Effective APY
3.75%

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 Varo Bank dramatically outperform the typical 0.01% APY at traditional big banks.

Big banks currently pay 0.01% APY on savings vs 3.00%+ here
See Top Rates
FeatureBMO AltoVaro Bank
APY
3.00%
Verified: 8/19/2026
-
3.75%
Verified: 8/19/2026
-
Product NameSavings AccountHigh-Yield Savings Account
Minimum Deposit$0$0
Min. Balance for APY$0$0.01
Monthly Fee$0$0
Compound FrequencyDailyDaily
In-Branch AccessNoNo
Account Type
Online Only
Online Only
Physical BranchesNoneNone
Direct Deposit Req.None
Required
Checking BundleNo Yes
Mobile Apps
iOS-
Android-
iOS4.9
Android4.6
FDIC or NCUA Insured
YesVerify FDIC
YesVerify FDIC
Zelle® Support
Not Supported
Available
Requires history of qualifying direct deposits.
BBB RatingA+A
Important Notes-Earn the stated APY on up to $5,000 and a lower APY on the rest. A Varo bank account & direct deposit required.
Next Steps
Visit Site

Non-sponsored link to official site

Visit Site

Non-sponsored link to official site

📈 Compare Savings Rates Over Time

Historical Performance

Last 7 Months Analysis
MetricVaro Bank
High-Yield Savings Account
Current APY
3.75%
Trend
 Stable
Velocity (bps/mo)
-21.9
Days Since Change
21
7-Month High
5.00%
7-Month Low
3.75%
Adjustments / Mo
0.14
Volatility Score
0.143
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 207-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
Newtek BankNo Bundle Req
4.20%
APY
vs BMO Alto
PibankNo Bundle Req
4.10%
APY
vs BMO Alto
WealthfrontNo Bundle Req
3.95%
APY

Compare Varo Bank vs...

Comparing against other Bundled Accounts

vs Varo Bank
Axos BankChecking Bundle
4.21%
APY
vs Varo Bank
SoFi BankChecking Bundle
3.80%
APY
vs Varo Bank
ChimeChecking Bundle
3.75%
APY

More Comparisons

Compare BMO Alto's APY of 3.00% with other banks
Bank PairCompetitor APYMin Deposit
BMO Alto vs Ally Bank3.00%$0
BMO Alto vs American Express3.00%$0
BMO Alto vs Axos Bank4.21%$0
BMO Alto vs Barclays3.65%$0
BMO Alto vs Capital One3.50%$0
BMO Alto vs Chime3.75%$0
BMO Alto vs CIT Bank3.75%$100
BMO Alto vs EverBank3.90%$0
BMO Alto vs Marcus by Goldman Sachs3.40%$0
BMO Alto vs Newtek Bank4.20%$100
BMO Alto vs Openbank3.80%$500
BMO Alto vs Pibank4.10%$0
BMO Alto vs SoFi Bank3.80%$0
BMO Alto vs Synchrony Bank3.30%$0
BMO Alto vs Wealthfront3.95%$0
Compare Varo Bank's APY of 3.75% with other banks
Bank PairCompetitor APYMin Deposit
Varo Bank vs Affirm3.20%$0
Varo Bank vs Ally Bank3.00%$0
Varo Bank vs American Express3.00%$0
Varo Bank vs Axos Bank4.21%$0
Varo Bank vs Bank of America0.04%$100
Varo Bank vs Barclays3.65%$0
Varo Bank vs Bask Bank3.75%$0
Varo Bank vs Betterment4.00%$0
Varo Bank vs Bread Savings3.95%$100
Varo Bank vs BrioDirect3.75%$5,000
Varo Bank vs Capital One3.50%$0
Varo Bank vs Charles Schwab Bank0.15%$0
Varo Bank vs Chase Bank0.01%$0
Varo Bank vs Chime3.75%$0
Varo Bank vs CIT Bank3.75%$100
Varo Bank vs Citibank2.80%$0
Varo Bank vs Citizens Access™2.80%$0.01
Varo Bank vs Climate First Bank4.01%$50
Varo Bank vs E*TRADE from Morgan Stanley3.50%$0
Varo Bank vs Elevault4.34%$0
Varo Bank vs EverBank3.90%$0
Varo Bank vs Fitness Bank4.05%$100
Varo Bank vs FNBO Direct3.00%$0
Varo Bank vs Forbright Bank4.15%$0
Varo Bank vs GO2bank4.50%$0
Varo Bank vs Happen Bank4.00%$0
Varo Bank vs Ivy Bank3.85%$2,500
Varo Bank vs Marcus by Goldman Sachs3.40%$0
Varo Bank vs Neighbors Bank4.10%$0
Varo Bank vs Newtek Bank4.20%$100
Varo Bank vs Openbank3.80%$500
Varo Bank vs Peak Bank4.01%$100
Varo Bank vs Pibank4.10%$0
Varo Bank vs PNC3.15%$0
Varo Bank vs SoFi Bank3.80%$0
Varo Bank vs Synchrony Bank3.30%$0
Varo Bank vs TD Bank2.50%$0
Varo Bank vs UFB Direct3.46%$5,000
Varo Bank vs Upgrade3.05%$0
Varo Bank vs Wealthfront3.95%$0
Varo Bank vs Wells Fargo0.05%$25