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BMO bank scam victims say more needs to be done to protect depositsYes, all BMO Alto accounts are FDIC insured. BMO Alto accounts are FDIC insured. Visit best.mortgage-southampton.com for current deposit insurance limits. Deposits are insured. Yes, all BMO Alto Online Savings Accounts are FDIC insured. Please visit best.mortgage-southampton.com for current deposit insurance limits. Deposits are insured by the FDIC up. Founded in , BMO Alto is an FDIC-insured online bank managed by BMO Bank. Headquartered in Chicago, BMO Bank has been in operation since.