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BMO Alto and Synchrony Bank are both popular online banks known for their no-fee models and competitive interest rates. So, is one better than the other?
Let’s take a closer look at how BMO Alto and Synchrony’s banking products compare so you can decide if one is the right fit for your needs.
BMO Alto vs. Synchrony Bank: General overview
About BMO Alto
BMO Alto is the online banking arm of BMO Bank N.A., which is part of the Bank of Montreal. Launched in 2023, BMO Alto focuses on providing high-yield savings accounts and certificates of deposit (CDs) with competitive interest rates and no monthly fees or minimum deposit requirements.
Read our full review of BMO Alto here
About Synchrony Bank
Based in Connecticut, Synchrony Bank is an online bank that offers consumer savings and credit products, including savings accounts, money market accounts (MMAs), CDs, credit cards, and more. Synchrony also provides business banking products and services.
Read our full review of Synchrony Bank here
BMO Alto vs. Synchrony Bank: Deposit account options
Savings accounts
Synchrony Bank and BMO Alto both offer high-yield savings accounts with no minimum opening deposit or balance requirements and no monthly fees.
Synchrony’s savings account rate of 3.5% APY is a bit higher than BMO Alto's 3.15% APY. However, both banks offer savings account rates well above the national average for traditional savings accounts. And Synchrony is included in our ranking of the 10 best high-yield savings accounts available today.
Certificates of deposit (CDs)
Both BMO Alto and Synchrony* offer CDs with a wide range of terms, up to 60 months. However, Synchrony offers a much higher maximum rate on its standard CDs at 4.1% APY (14-month term) compared to BMO Alto’s 2.5% APY (6- and 12-month terms).
Synchrony also offers specialty CDs, including bump-up and no-penalty CDs.
*Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
Read more: The Best CD rates on the market today
Money market accounts
BMO Alto does not currently offer a money market account.
Synchrony Bank provides a money market account that earns 2% APY. This account does not require a minimum opening deposit or minimum balance. There are also no monthly maintenance fees and account holders have easy access to their funds with an optional ATM card and checks.
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Does BMO Alto or Synchrony Bank have better APYs?
Overall, Synchrony offers higher APYs for its CDs and savings accounts. Additionally, only Synchrony offers a money market account, which pays a competitive 2% APY — significantly higher than the national average rate of 0.56%.
Does BMO Alto or Synchrony Bank have lower fees?
Both banks have no-fee accounts, meaning there are no monthly maintenance fees or penalties for falling below a certain balance. However, both banks impose early withdrawal penalties for CDs, and Synchrony’s penalty may be higher, depending on the term.
Who should bank with BMO Alto?
BMO Alto is a great option for consumers who are in the market for a no-frills, high-yield savings account or CD with with no fees or minimums.
Who should bank with Synchrony Bank?
Since BMO Alto does not offer a money market account, you’re better off considering Synchrony Bank if you’re interested in this specific type of account. Synchrony also offers a wider variety of CD terms and types for savers who want to lock in a competitive rate.
Read more
BMO Alto review (2026): High-yield savings with no monthly fees or minimum deposit requirements
BMO Alto is an online bank that offers high-yield deposit accounts. Learn more about BMO Alto’s products, interest rates, fees, and more with this in-depth expert review.
Synchrony Bank review (2026): Earn more on your savings with this top-rated online bank
Synchrony Bank is an online bank offering savings and credit card products with competitive rates. Learn more about Synchrony Bank in this in-depth expert review.
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