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BMO Alto High Yield Savings Review: Is It Worth It? (2024)Founded in , BMO Alto is an FDIC-insured online bank managed by BMO Bank. Headquartered in Chicago, BMO Bank has been in operation since. Every BMO Alto deposit is backed by the Federal Deposit Insurance Corp. (FDIC). Choose from two types of products: an online savings account or online. Is BMO Alto secure? BMO Alto uses security tools to monitor your account, keeping it safe from hackers. You'll receive alerts in case of suspicious activities.