Personal Finance

Alterna Bank High Interest eSavings Account

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  • May 22nd, 2017 2:10 pm
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Dec 17, 2008
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Winnipeg
iamthebest wrote:
Mar 15th, 2017 11:37 pm
For the e-chequing. I'm applying because I want the 1.95% interest...
Oh ok - I thought you were trying to apply on the promo(dot)alternabank(dot)ca page for that account only available through the referral process. My misunderstanding.

I applied for the e-chequing / e-savings a month ago and everything has worked as it is supposed to : )

But also to clarify... The E-chequing is only 0.05% interest, it is the E-Savings that is 1.95%
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Sr. Member
Feb 20, 2011
513 posts
100 upvotes
Considering their HISA but worried about the lack of phone support Many have mentioned. Do they offer in branch support for their "e"savings accounts?
Member
Jan 20, 2007
400 posts
45 upvotes
Niagara
Shawguy wrote:
Mar 13th, 2017 7:49 pm
Chequing is 40(xxx)(mmmmmmm)
Savings is 41(xxx)(mmmmmmm)
TFSA esavings is 43(xxx)(mmmmmmm)

X is the account number...savings 1 is 001, savings 2 is 002, etc

M is your 7 digit member ID.

Bank is 608. Transit is 00016.

So if your member number is 1234567 then your account number for Savings account 1 would be the following: 410011234567
The micro deposits showed up this morning. Thanks for this!
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May 28, 2009
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bobbyg9 wrote:
Mar 16th, 2017 11:24 am
Considering their HISA but worried about the lack of phone support Many have mentioned.
not what I experienced
I had plenty of phone support from them when opening my esavings and linking 2 accounts to transfer money

some of their support rep are really good and knowledgeable others are meh. But its like that at every bank.
The ones who are knowledgeable are quite good though.

also one thing that surprised me is that when they didnt have the answer and told me they will call me back next day with one .... they actually called me back, left me a message and left an actual useful note in my files with the answer i was looking for when i called back. I was impressed with that one.

Never had a bank actually call me back with an answer before.
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Dec 17, 2008
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I agree I've called them about 5 times in the past few weeks with questions and requests and they have been super helpful everytime I've called.

I Also escalated one issue and the representative called me in 20 mins and he looked into it and called me with an answer the next day.
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May 15, 2013
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Montreal
Shawguy wrote:
Mar 15th, 2017 11:44 pm
Oh ok - I thought you were trying to apply on the promo(dot)alternabank(dot)ca page for that account only available through the referral process. My misunderstanding.

I applied for the e-chequing / e-savings a month ago and everything has worked as it is supposed to : )

But also to clarify... The E-chequing is only 0.05% interest, it is the E-Savings that is 1.95%
No, I wanted any promo but it seems there is not.

I applied for 3 (each one was in a different tab) e-chequing, e-saving and TFSA. Now I only see a e-saving account when logging online , don't know if the system only processed e-saving account or after 5 days the 3 accounts will be there with my 2 linked Banks.
Newbie
Dec 5, 2014
23 posts
11 upvotes
Is there a reason to open a chequing account if you can get a debit card with the eSavings account? Also does anyone know if transfer times between their eSavings/eChequing accounts are instant?
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Nov 10, 2005
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12345654321 wrote:
Mar 17th, 2017 1:11 am
Is there a reason to open a chequing account if you can get a debit card with the eSavings account? Also does anyone know if transfer times between their eSavings/eChequing accounts are instant?
I guess it is because you can get cheques for the eChequing account? I am sure someone could tell me I am wrong! But yes, the transfer between eSavings and eChequing is instant in contrast to PC Financial whereas you cannot transfer money from a Savings to another account until the next day.
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12345654321 wrote:
Mar 17th, 2017 1:11 am
Is there a reason to open a chequing account if you can get a debit card with the eSavings account? Also does anyone know if transfer times between their eSavings/eChequing accounts are instant?
matradley wrote:
Mar 17th, 2017 7:32 am
I guess it is because you can get cheques for the eChequing account? I am sure someone could tell me I am wrong! But yes, the transfer between eSavings and eChequing is instant in contrast to PC Financial whereas you cannot transfer money from a Savings to another account until the next day.
As Stated, Transfer times are instant. I have both the e-chequing account and the e-savings account and the only thing I cannot do on the savings account is order cheques.

HOWEVER that being said.... when you click on the side menu to view cheque images...it gives you both the e-chequing and e-savings account as options to select to view cheque images. This has me wondering if in fact you could somehow order cheques through another company and try and use them on the e-savings account. BUT I am not going to be the one to try that because it says in the account documentation that cheques are not allowed on the e-savings account so that might set off some flags if you try to use them. If anyone else wants to try and report back let me know :)

Also while it says on the service fees page that the e-savings is not allowed for cheques and POS purchases...I confirmed with telephone banking that POS is allowed on the e-savings and I have tried it and it does work.

Finally as someone else pointed out a few pages back in this thread it appears you get 2 free Interac E-transfers on the e-chequing, AND 2 free Interac E-Transfers on the e-savings account...so potentially you have 4 if you open both accounts and just transfer between accounts. What I have not tried (and maybe someone else can chime in) is what if you have multiple e-savings accounts...do you get 2 free e-transfers per ACCOUNT or per TYPE of Account. So do you get 2 free e-transfers as part of your savings account group or do you get 2 free e-transfers on each savings account... That I don't know yet and have not tested out.

They can link two accounts to your debit card - one under chequing and one under savings...you pick which two you want linked and under what button.

I only opened the e-chequing account so I could have cheques in case I needed them. I ordered them from ASAP-Cheques and got 200 cheques for $36 (minor cost for convenience if needed - but that was a decision I made and it's not for everyone)

Hope that helps!
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Shawguy wrote:
Mar 17th, 2017 11:42 am
As Stated, Transfer times are instant. I have both the e-chequing account and the e-savings account and the only thing I cannot do on the savings account is order cheques.

HOWEVER that being said.... when you click on the side menu to view cheque images...it gives you both the e-chequing and e-savings account as options to select to view cheque images. This has me wondering if in fact you could somehow order cheques through another company and try and use them on the e-savings account. BUT I am not going to be the one to try that because it says in the account documentation that cheques are not allowed on the e-savings account so that might set off some flags if you try to use them. If anyone else wants to try and report back let me know :)

Also while it says on the service fees page that the e-savings is not allowed for cheques and POS purchases...I confirmed with telephone banking that POS is allowed on the e-savings and I have tried it and it does work.

Finally as someone else pointed out a few pages back in this thread it appears you get 2 free Interac E-transfers on the e-chequing, AND 2 free Interac E-Transfers on the e-savings account...so potentially you have 4 if you open both accounts and just transfer between accounts. What I have not tried (and maybe someone else can chime in) is what if you have multiple e-savings accounts...do you get 2 free e-transfers per ACCOUNT or per TYPE of Account. So do you get 2 free e-transfers as part of your savings account group or do you get 2 free e-transfers on each savings account... That I don't know yet and have not tested out.

They can link two accounts to your debit card - one under chequing and one under savings...you pick which two you want linked and under what button.

I only opened the e-chequing account so I could have cheques in case I needed them. I ordered them from ASAP-Cheques and got 200 cheques for $36 (minor cost for convenience if needed - but that was a decision I made and it's not for everyone)

Hope that helps!
Excellent answer. :)
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Dec 17, 2008
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Called Alterna and asked about Cheque costs for the e-chequing account as they are not listed anywhere on their website. Even when you order it just says a charge will be applied to your account. The representative confirmed that they order their cheques from Davis and Henderson and the costs are the following:

25 cheques for $36.32
50 cheques for $43.93
100 cheques for $46.05

I forgot to ask if that was before taxes and shipping or if those were included. Either way it is still cheaper to order from another cheque supplier like ASAP-Cheques where you can get 100 cheques for about $28 or 200 cheques for about $36.

Just thought I would share this information.
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May 15, 2013
1158 posts
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Montreal
Shawguy wrote:
Mar 17th, 2017 11:42 am
As Stated, Transfer times are instant. I have both the e-chequing account and the e-savings account and the only thing I cannot do on the savings account is order cheques.

HOWEVER that being said.... when you click on the side menu to view cheque images...it gives you both the e-chequing and e-savings account as options to select to view cheque images. This has me wondering if in fact you could somehow order cheques through another company and try and use them on the e-savings account. BUT I am not going to be the one to try that because it says in the account documentation that cheques are not allowed on the e-savings account so that might set off some flags if you try to use them. If anyone else wants to try and report back let me know :)

Also while it says on the service fees page that the e-savings is not allowed for cheques and POS purchases...I confirmed with telephone banking that POS is allowed on the e-savings and I have tried it and it does work.

Finally as someone else pointed out a few pages back in this thread it appears you get 2 free Interac E-transfers on the e-chequing, AND 2 free Interac E-Transfers on the e-savings account...so potentially you have 4 if you open both accounts and just transfer between accounts. What I have not tried (and maybe someone else can chime in) is what if you have multiple e-savings accounts...do you get 2 free e-transfers per ACCOUNT or per TYPE of Account. So do you get 2 free e-transfers as part of your savings account group or do you get 2 free e-transfers on each savings account... That I don't know yet and have not tested out.

They can link two accounts to your debit card - one under chequing and one under savings...you pick which two you want linked and under what button.

I only opened the e-chequing account so I could have cheques in case I needed them. I ordered them from ASAP-Cheques and got 200 cheques for $36 (minor cost for convenience if needed - but that was a decision I made and it's not for everyone)

Hope that helps!
I was going to give the same explanations but Shawguy was faster...
Newbie
Dec 5, 2014
23 posts
11 upvotes
Thanks for the info guys. I setup an eSavings account earlier. I set it up with the me2me transfer, I uploaded my last bank statement + a picture of my signature. After about 6 hours I got an email saying my account was ready. I am probably going to use tangerine email money transfer to make my first deposit as it should be quicker then a me2me transfer. May as well grab the chequing account I guess for the 2 extra interac e-transfers, thanks for the tip.

Is there any way to contact them online regarding my account or is it all through telephone?
Sr. Member
Jul 22, 2015
936 posts
269 upvotes
Saint-Hubert, QC
12345654321 wrote:
Mar 18th, 2017 3:36 am
Thanks for the info guys. I setup an eSavings account earlier. I set it up with the me2me transfer, I uploaded my last bank statement + a picture of my signature. After about 6 hours I got an email saying my account was ready. I am probably going to use tangerine email money transfer to make my first deposit as it should be quicker then a me2me transfer. May as well grab the chequing account I guess for the 2 extra interac e-transfers, thanks for the tip.

Is there any way to contact them online regarding my account or is it all through telephone?
You can send them an e-mail or phone. There is no online chat.
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