Last Updated: 04/18/2025
BMO Alto Online Certificates of Deposit
Unaffiliated
in CD Accounts from BMO Alto
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
3.80% - 4.30%(Verified 12/10/2024)
Minimum Opening Deposit
$0
Certificate Term
- 6 months
- 12 months
- 2 years
- 3 years
- 4 years
- 5 years
BMO Alto Online Certificates of Deposit Review
BMO Alto Online Certificates of Deposit are offered by BMO Alto, a bank founded in 2023 and based in Chicago, IL. BMO Alto Online Certificates of Deposit are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Only one CD type available. BMO Alto Online Certificates of Deposit only offers traditional CD accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.30%, which is much higher than the national average for a CD account.
- No minimum initial deposit. There is no minimum balance required to open an account.
- Wide selection of CD terms. BMO Alto Online Certificates of Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of BMO Alto Online Certificates of Deposit
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BMO Alto Online Certificates of Deposit FAQ
Are CD from BMO Alto federally insured?
Yes, your BMO Alto CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does BMO Alto offer?
BMO Alto Online Certificates of Deposit provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
What rates does BMO Alto offer on its CDs?
BMO Alto Online Certificates of Deposit offers an APY starting at 3.80% and ranging up to 4.30%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does BMO Alto Online Certificates of Deposit offer?
BMO Alto offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12-Month APY | 4.20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 3.80% - 4.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Month APY | 4.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 3.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 3.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 3.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 3.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with BMO Alto?
BMO Alto Online Certificates of Deposit does not require a minimum deposit.
What is the grace period for BMO Alto Online Certificates of Deposit?
BMO Alto Online Certificates of Deposit does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does BMO Alto charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
BMO Alto charges an early withdrawal fee.
BMO Alto does charge any of the fees we track.
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