Alto Bank High Yield Savings Account
Savers who want competitive HYSA rates backed by a major bank without monthly fees.
BMO Alto is the online-only high-yield savings arm of BMO Bank. Competitive APY with no monthly fees, no minimum balance, and FDIC insurance. Fully digital account opening with standard ACH transfers.
Confirm the current APY on the bank's website — it changes frequently. Check whether the rate requires a direct deposit or minimum balance.
Jun 13, 2026
SwitchWize Research Desk · methodology
- No monthly maintenance fee
- FDIC insured up to $250,000
Is a high-yield savings account FDIC insured?
Yes. High-yield savings accounts at FDIC-member banks are insured up to $250,000 per depositor. Your principal cannot decrease due to market movements — a key difference from money market funds, which are not FDIC insured.
Does the advertised APY require a minimum balance?
It depends on the institution. Some high-yield savings accounts pay the same rate on all balances (no tiers), while others require a minimum daily balance to earn the top rate. Check the bank's disclosure page before opening.
How often does a savings APY change?
High-yield savings rates are variable — they move in response to Federal Reserve policy. Rates typically adjust within weeks of a Fed decision. SwitchWize tracks rates daily; the figure on this page reflects the most recently observed rate.
Can I lose money in a high-yield savings account?
No. Your deposited principal is protected by FDIC insurance up to $250,000. The APY is variable and will change over time, but that only affects future interest earned — never your principal.
How does a high-yield savings account differ from a money market account?
Both pay competitive variable rates and are FDIC insured, but money market accounts sometimes include check-writing or a debit card. High-yield savings accounts typically offer fewer transaction features but often pay a higher APY. Compare current rates for both before deciding.
Is the interest taxable?
Yes. Interest earned in a high-yield savings account is fully taxable at both federal and state levels. You'll receive a 1099-INT for any year you earn $10 or more. Unlike Treasury money market fund income, savings interest has no state-tax exemption.
Rates are sourced from Bankrate and verified by SwitchWize. SwitchWize may earn a referral fee when you click through to a partner. Content is for informational purposes only and does not constitute financial advice. Verify current rates directly with the institution before opening an account.