Personal Finance

Alterna Bank High Interest eSavings Account

  • Last Updated:
  • Sep 13th, 2017 5:11 pm
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346 replies
Deal Addict
User avatar
Feb 25, 2014
2151 posts
314 upvotes
Mississauga
Amazing account...good job man

Edit:
- In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
Edit:
-eChequing account available too!
Interest Rate: 0.05%*

Free, unlimited day-to-day transactions**
No monthly fee; No minimum balance required
2 Free Interac® e-Transfers (only $0.95 after)
Surcharge-Free access to over 3,300 ATMs in THE EXCHANGE® Network - Canada's 2nd largest ATM network
Easy access with Online and Mobile Banking, Android and iPhone App
Deposit cheques using your smartphone or tablet with Deposit Anywhere™
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
[OP]
Member
Aug 9, 2014
468 posts
93 upvotes
Toronto, ON
MehtabS wrote:
Apr 2nd, 2016 8:05 am
Amazing account...good job man

Edit:
- In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
Edit:
-eChequing account available too!
Interest Rate: 0.05%*

Free, unlimited day-to-day transactions**
No monthly fee; No minimum balance required
2 Free Interac® e-Transfers (only $0.95 after)
Surcharge-Free access to over 3,300 ATMs in THE EXCHANGE® Network - Canada's 2nd largest ATM network
Easy access with Online and Mobile Banking, Android and iPhone App
Deposit cheques using your smartphone or tablet with Deposit Anywhere™
Where did you find the additional information? Specifically, the echequing account and that cheques are not allowed.
Newbie
Mar 13, 2016
39 posts
7 upvotes
To get to the information, you have to click "Becoming a Client" and then "Becoming a Client" again on the middle of the page.

Or click on the link below and choose the product you're interested in. Once you choose the product, you have to scroll to the bottom of the page to see the details.


https://apply.alternabank.ca/
Deal Addict
User avatar
Jan 14, 2012
1226 posts
269 upvotes
Woodbridge
angel_wing0 wrote:
Apr 2nd, 2016 12:25 pm
Not bad, but EQ is much better atm.
This will probably be the main contender after EQ cuts the rate though. Thanks OP!
Deal Addict
Aug 5, 2006
2026 posts
496 upvotes
Global Village
So they have taken the eq idea of a savings account that will allow you to pay bills from it and added ATM access which eq doesn't provide. But you can't do direct deposits in the e-savings account, if you could this it would be a serious alternative to my tangerine chequing account.
Deal Addict
Aug 29, 2012
3856 posts
962 upvotes
And... it's available to Quebec residents too, for once! Will miracles never cease?

A free and unlimited checking account too. And it supports the Exchange, making it ideal for Quebec residents due to National Bank outlets being everywhere. Unlike a certain rotten fruit.

With one of the best savings rate on the market, even better than the likes of Accelerate Financial now.

The only thing is I'm not sure if it features bill payments to the MRQ, the SAAQ and a handful of others. But anyway I tried to open an account so I'll see.
As we all know, the Greater Toronto Area is the center of the universe!
[OP]
Member
Aug 9, 2014
468 posts
93 upvotes
Toronto, ON
scoper wrote:
Apr 2nd, 2016 1:05 pm
So they have taken the eq idea of a savings account that will allow you to pay bills from it and added ATM access which eq doesn't provide. But you can't do direct deposits in the e-savings account, if you could this it would be a serious alternative to my tangerine chequing account.
I spoke with Alterna and there appears to be conflicting information. I was advised direct deposits can be conducted as well as cheque withdrawals (cost of cheques will apply). You can also utilize teller services to conduct deposits for no fee.
Deal Addict
Aug 29, 2012
3856 posts
962 upvotes
https://en.wikipedia.org/wiki/Alterna_Savings

Looking at their Wikipedia page, they actually go way back:
The Civil Service Savings and Loan Society, launched in 1908 with the assistance of Alphonse Desjardins, was the first credit union in Canada outside Quebec. Federal civil servants were prompted by an article in their magazine The Civilian, when it reported on loan sharks charging civil servants up to 200% for payday loans. After the Government of Ontario passed a credit union law in 1928, the Ottawa-based institution was re-chartered as the Civil Service Co-operative Credit Society (CS CO-OP). Although it has always been one of the largest credit unions in Ontario, it never joined Credit Union Central of Ontario.
Nearly 100 years old and launched with Alphonse Desjardins himself, I certainly didn't know that.
It had 24 branches in Ottawa, Kingston, North Bay, Pembroke and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau, Quebec.
Even two branches in Gatineau, I certainly didn't know that either.

And it certainly is an infinitely better deal than the pathetic rates you get at Desjardins nowadays.
As we all know, the Greater Toronto Area is the center of the universe!
Newbie
Mar 13, 2016
39 posts
7 upvotes
Poutinesauce wrote:
Apr 2nd, 2016 1:10 pm
The only thing is I'm not sure if it features bill payments to the MRQ, the SAAQ and a handful of others. But anyway I tried to open an account so I'll see.
I just opened up their eChequing and eSavings account this week. When my account was opened, not only did they email me, but they actually called and notified me of that fact. I also asked them to add a missing "biller". The CSR got on it and emailed me to let me know that she had put in the request to "Central 1"......she says they run their online banking platform. By the end of this past Thursday, the missing "biller" showed up in their database and I was able to add it. So far I'm quite pleased with the customer service. They've been very helpful.

The only thing I find missing is "me-to-me" transfers, but the CSR says it is coming sometime in May......take it for what it's worth. But you do get 2 free Interac eTransfers a month so that makes up for it somewhat.
[OP]
Member
Aug 9, 2014
468 posts
93 upvotes
Toronto, ON
banknerd wrote:
Apr 2nd, 2016 2:35 pm
I just opened up their eChequing and eSavings account this week. When my account was opened, not only did they email me, but they actually called and notified me of that fact. I also asked them to add a missing "biller". The CSR got on it and emailed me to let me know that she had put in the request to "Central 1"......she says they run their online banking platform. By the end of this past Thursday, the missing "biller" showed up in their database and I was able to add it. So far I'm quite pleased with the customer service. They've been very helpful.

The only thing I find missing is "me-to-me" transfers, but the CSR says it is coming sometime in May......take it for what it's worth. But you do get 2 free Interac eTransfers a month so that makes up for it somewhat.
Good to hear. Did you open under the Credit Union or Bank? I didn't notice their echequing until I went to the sign up page.
Newbie
Mar 13, 2016
39 posts
7 upvotes
here2day wrote:
Apr 2nd, 2016 2:45 pm
Good to hear. Did you open under the Credit Union or Bank? I didn't notice their echequing until I went to the sign up page.
I opened with Alterna Bank as the bank subsidiary is offering the eChequing and the 1.85% eSavings accounts......the credit union do not offer these products. I live in western Canada so I can't be a member of their credit union even if I wanted to (only for Ontario residents).
[OP]
Member
Aug 9, 2014
468 posts
93 upvotes
Toronto, ON
banknerd wrote:
Apr 2nd, 2016 2:52 pm
I opened with Alterna Bank as the bank subsidiary is offering the eChequing and the 1.85% eSavings accounts......the credit union do not offer these products. I live in western Canada so I can't be a member of their credit union even if I wanted to (only for Ontario residents).
Are the debt card limits reasonable? I.e. Do they hold an entire deposit or do they give you access to more than the $100 release.
Newbie
Mar 13, 2016
39 posts
7 upvotes
One thing I forgot to mention is that they do not offer free cheques. Not even for the first set to 50 like Tangerine. They cost roughly $40 to $43 for 50 cheques. But I believe there is a thread on here that has information on where to go to get cheques at reasonable costs if I'm not mistaken.

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