Alto Review: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Alto is the online-only banking option that’s part of the BMO Financial Group. Alto’s offering is limited without a checking account or access to branches and ATMs, but rates are solid and the bank doesn’t charge any fees.
No monthly fees.
No minimum opening deposits.
No cash deposit.
No branch access.
Must already have another bank account to fund your account.
No mobile apps.
Product reviews
Savings
The Alto Online Savings Account doesn’t have a monthly fee, a minimum opening deposit or a minimum balance requirement. On top of that, the high-yield savings account pays a solid 3.15% annual percentage yield — many times higher than the national average rate of 0.38%.
There’s no limit to the number of transfers and withdrawals you make, which not all banks offer. Without access to ATMs or bank branches, the Alto savings account requires an external bank account to transfer your money to — but that could be a plus if you’re trying to build up your savings.
Alto Online Savings Account
Certificates of deposit
Alto offers a simple choice of standard-term certificates of deposit. CDs are available in terms ranging from six months to five years. Rates are solid, and there are no fees and no minimum opening deposit requirements, though you must fund your account within 10 days of opening.
CDs are automatically renewed, so it’s important to withdraw your funds when your CD matures. You’ll have a grace period of 10 days to take action before the bank puts the money in a CD with the same term length as the one that matured.
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 6 months | 2.50% | $0 |
| 1 year | 2.50% | $0 |
| 2 years | 2.50% | $0 |
| 3 years | 2.50% | $0 |
| 4 years | 2.50% | $0 |
| 5 years | 2.50% | $0 |
Alto Certificate of Deposit
Customer experience & overdraft fees
Customer experience
As an online-only bank, Alto doesn’t have any branches. There’s also no mobile app. The bank offers account alerts by email and FAQs on the website.
The bank also doesn’t offer a checking account or ATM access. The only option for depositing funds is to transfer from another bank, so you must have an external bank account to both fund your account and withdraw from the account. Alto doesn’t limit the number of transfers and withdrawals, which isn’t something all banks allow.
» Also check out BMO Review: Checking, Savings and CDs
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.