Compound Interest Calculator
CD 1-year Account from BMO Alto, a division of Bank of Montreal Harris with 5.05% APY and $0 minimum deposit



Use or Change These Amounts and Rates

The product CD 1-year Account from BMO Alto, a division of Bank of Montreal Harris with 5.05% 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 $32,733. The interest earned would be $12,733 and the tax amount on the interest earned would be approximately $3,820.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for BMO Alto, a division of Bank of Montreal Harris

Savings Boost of
$8,109 over 10 years
Cash Savings $20,000
Average Interest Earned $804

 
BMO Alto, a division of Bank of Montreal Harris Interest Earned $8,913

 

 

See comparison detail table

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.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.56%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 112 78
2 20,112 113 79
3 20,225 113 79
4 20,338 114 80
5 20,452 115 80
6 20,566 115 81
7 20,681 116 81
8 20,797 116 82
9 20,914 117 82
10 21,031 118 82
TOTAL: $1,149 $804

BMO Alto, a division of Bank of Montreal Harris Scenario

Rate:
5.05%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 1,010 707
2 21,010 1,061 743
3 22,071 1,115 780
4 23,186 1,171 820
5 24,356 1,230 861
6 25,586 1,292 904
7 26,879 1,357 950
8 28,236 1,426 998
9 29,662 1,498 1,049
10 31,160 1,574 1,101
TOTAL: $12,733 $8,913

Take Action

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.


Recent Rate Changes



Date APY
March 15, 2024 5.05%
February 20, 2024 5.15%
January 25, 2024 5.30%
January 5, 2024 5.50%
December 22, 2023 5.55%
November 7, 2023 5.65%
October 25, 2023 5.50%


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Customer Reviews for BMO Alto, a division of Bank of Montreal Harris


  • June 10, 2024 |

    Online Savings Rates

    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.

  • April 20, 2024 |

    Online CDs 60 Month Rates

    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.

  • March 2, 2024 |

    Online Savings Rates

    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.

  • February 15, 2024 |

    Online Savings Rates

    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.

  • November 15, 2023

    Online CDs 12 Month Rates

    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.


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