The product CD 3-year Account from BMO Alto, a division of Bank of Montreal Harris with 3.80% APY and $0 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $29,040. The interest earned would be $9,040 and the tax amount on the interest earned would be approximately $2,712.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.75% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 150 | 105 |
| 2 | 20,150 | 151 | 106 |
| 3 | 20,302 | 152 | 107 |
| 4 | 20,454 | 154 | 108 |
| 5 | 20,608 | 155 | 108 |
| 6 | 20,762 | 156 | 109 |
| 7 | 20,918 | 157 | 110 |
| 8 | 21,075 | 158 | 111 |
| 9 | 21,234 | 159 | 112 |
| 10 | 21,393 | 161 | 112 |
| TOTAL: | $1,554 | $1,088 |
| Rate: 3.80% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 760 | 532 |
| 2 | 20,760 | 789 | 552 |
| 3 | 21,549 | 819 | 573 |
| 4 | 22,368 | 850 | 595 |
| 5 | 23,218 | 882 | 618 |
| 6 | 24,100 | 916 | 641 |
| 7 | 25,016 | 951 | 665 |
| 8 | 25,966 | 987 | 691 |
| 9 | 26,953 | 1,024 | 717 |
| 10 | 27,977 | 1,063 | 744 |
| TOTAL: | $9,040 | $6,328 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| December 18, 2024 | 3.80% |
| September 20, 2024 | 3.90% |
| August 8, 2024 | 4.00% |
| August 1, 2024 | 4.30% |
| March 15, 2024 | 4.50% |
| January 5, 2024 | 4.60% |
| December 22, 2023 | 4.75% |
| December 19, 2023 | 4.90% |
| December 6, 2023 | 5.00% |
| November 7, 2023 | 5.10% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↓0.09% on December 7. |
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|
|
4.75% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on November 25. |
||||
|
|
4.70% |
$1,000 |
Learn More | |
|
Last change: ↑0.70% on December 7. |
||||
Customer Reviews for BMO Alto, a division of Bank of Montreal Harris
Jenny Kingston
June 10, 2024 |
I guess customer service is in the US (not sure). I'd rather that someone in the Philippines answered though. These people are so poorly trained and ill informed that I do not trust them with my personal info. #1 worst customer service of any online bank.
Is this review helpful? Yes:0 / No: 0
smithy1968
April 20, 2024 |
You really cannot prepare for how bad the customer service is on this one until you try to try to open and account and then need to call to find out why it wasn't funded promptly with your ACh bank instructions. I spoke to two people and neither was trained to answer the most simple questions.
Is this review helpful? Yes:0 / No: 0
tjgarnett
March 2, 2024 |
I opened a CD here. They withdrew the money and the account didn't show up for days. In the meantime, they lowered the rate. I called to be sure that I got the higher rate and the CSR said "you'll have to wait and see - this can go either way, sometimes you win, sometimes you lose." I ended up getting the rate on the day that I signed up. As far as I am concerned, this is a contract, and if the CSR is so poorly informed that they will make statements like this, then I will not be opening any further accounts.
Is this review helpful? Yes:0 / No: 0
A Terkowitz
February 15, 2024 |
If a 4.60% rate is the best 5-year CD rate, then you are better off with a 5-year US Treasury at 4.30% if you live in a higher tax state like IL, NY, MA or me in CA. That having been said, BMO is worth keeping an eye on as they were offering 5.25% on the 5-year a couple months ago.
Is this review helpful? Yes:0 / No: 0
GrantA
November 15, 2023
The 5-year is very tempting @5.25% with 5 year Treasurys under 4.50% now. I am in a high tax bracket and this is the first time in 18 months that CDs have become interesting. Too bad that this bank's reviews are just so damn bad.
Is this review helpful? Yes:0 / No: 0
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