Best High-Yield Savings Accounts for College Students – CNET

BMO Alto Online Savings Account

  • No minimum deposit or balance requirement 
  • Unlimited transfers and withdrawals
  • No cash or check deposits 
  • No branch or ATM deposit access 

Depending on where you go to school, you might have seen a BMO Harris bank branch. However, the Alto savings account is an online-only option. It currently has a competitive 4.50% APY that’s on par with a number of the best savings rates right now. 

While some banks limit you to six withdrawals or transfers per month for savings accounts, and charge you an excessive transfer fee each time you go over this threshold, BMO’s Alto account doesn’t. There aren’t any other fees to worry about, either. However, you won’t be able to deposit checks, cash or handle deposits at an ATM or BMO branch. You’ll need to arrange transfers from another account, instead. But BMO allows unlimited withdrawals and transfers.