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's 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? BMO Alto pays $63 more than Varo Bank annually ($300 vs $237).
Choose BMO Alto if getting the best rate matters most, or you want a no-strings-attached account. Choose Varo Bank if 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's High-Yield Savings Account pays its top rate only if you also open a checking account with Varo Bank, while BMO Alto's Savings Account stands alone.
| Metric | BMO AltoSavings Account Sep 9, 2026 | Varo BankHigh-Yield Savings Account Sep 11, 2026 |
|---|---|---|
| APY | 3.00% | 1.00% - 3.75% |
Earns in a year | $5,000+$150 $10,000+$300 $25,000+$750 | $5,000+$187 $10,000+$237 $25,000+$387 |
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.
Executive Summary
Varo Bank offers a High-Yield Savings Account with an APY of 3.75%, which is higher than BMO Alto's Savings Account, which has an APY of 3.00%. Varo's account allows users to earn the higher rate on balances up to $5,000, with a lower rate for amounts exceeding that. However, a Varo bank account and direct deposit are required to qualify for the higher APY. In contrast, BMO Alto's account does not have such restrictions and is available without a minimum deposit or balance. Both accounts are online-only and have no maintenance fees.
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 balances up to $5,000 (requires checking bundle & direct deposit)
- Higher rated iOS app (4.9 vs 0.0)
- Higher rated Android app (4.5 vs 0.0)
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
BMO AltoBMO Alto's Savings Account earns more on smaller deposits (approx. $300 vs $237/yr).
Better Returns at $25,000
BMO AltoBMO Alto's Savings Account pulls ahead with larger amounts (approx. $750 vs $387/yr).
Better Mobile App Experience
Varo BankVaro Bank offers an iOS app rated 4.9 (vs. 0.0) and Android app rated 4.5 (vs. 0.0)
Shared Benefits
Over a 1-year period, BMO Alto's Savings Account pays $63 more interest on a $10,000 balance than Varo Bank's High-Yield 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. Varo Bank Savings Calculator
You earn $62.5 more with BMO Alto than Varo Bank 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
Varo Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$237.50(2.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,237.50
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 $232 a year in interest.
Both BMO Alto and Varo Bank advertise far more than that typical branch-bank rate.
| Feature | BMO Alto | Varo Bank |
|---|---|---|
| APY | 3.00% Observed: 9/9/2026 Stable over 90 days | 3.75% Range: 1.00% - 3.75% Observed: 9/11/2026 1.25%90-day change |
| Product Name | Savings Account | 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 | 1 (UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS- Android- | |
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Requires history of qualifying direct deposits. |
| BBB Rating | A+ | 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 SiteVerify at BMO Alto Non-sponsored link to official site | Visit SiteVerify at Varo Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Varo Bank |
|---|---|
| High-Yield Savings Account | |
Current APY | 3.75% |
Trend | Stable |
Speed of change | -0.21 |
Days Since Change | 71 |
8-Month High | 5.00% |
8-Month Low | 3.75% |
Changes per month | 0.13 |
Steadiness | 0.143 |
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.
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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 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 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 Wealthfront | 3.95% | $0 |