Personal Finance

Alterna Bank High Interest eSavings Account

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  • Nov 12th, 2017 5:17 pm
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Member
May 3, 2016
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Anyone tried their USD savings at 0.95% rate? Can you link your USD external bank account with them so it won't take days to clear the USD cheque/bank draft?

It's not covered by CDIC though, my only concern. However, don't know better alternative for USD cash.
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wyho007 wrote:
Mar 26th, 2017 9:33 pm
Anyone tried their USD savings at 0.95% rate? Can you link your USD external bank account with them so it won't take days to clear the USD cheque/bank draft?

It's not covered by CDIC though, my only concern. However, don't know better alternative for USD cash.
Alliant Credit Union (in the US) pays 1% and is insured. Check 'US bank account and credit card for Canadians' thread for details. You can open account by mail.
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Sr. Member
Sep 19, 2009
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Toronto
I am having some issues with a joint eSavings account and I was wondering how other people are dealing with them. My wife is primary and I am secondary on the account.

  • I am not able to do m-2-m deposits into the joint account although it works fine for my wife and I can do in my single account. I had two long calls with the bank troubleshooting the issue and now their IT is investigating.
  • The account number for the joint account is identical with my wife's account number - they do not assign a new account number - and this creates huge problems. When, from a different bank, I initiate an withdrawal on that account number I don't know if the amount is going to be drawn from my wife's savings or from joint savings.

Looking for some ideas about how to deal with these issues. TIA.
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andrew4321 wrote:
Mar 27th, 2017 12:58 pm
I am having some issues with a joint eSavings account and I was wondering how other people are dealing with them. My wife is primary and I am secondary on the account.

  • I am not able to do m-2-m deposits into the joint account although it works fine for my wife and I can do in my single account. I had two long calls with the bank troubleshooting the issue and now their IT is investigating.
  • The account number for the joint account is identical with my wife's account number - they do not assign a new account number - and this creates huge problems. When, from a different bank, I initiate an withdrawal on that account number I don't know if the amount is going to be drawn from my wife's savings or from joint savings.

Looking for some ideas about how to deal with these issues. TIA.
How can the account number for 2 accounts be identical? You mean they are both "1"? Maybe there are some prefix digits they aren't showing you that differ between joint and non-joint.

Isn't that how chequing vs savings works for direct linking from Tangerine/EQ's side?

See:
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
So my theory is if you see two savings with account "001", then the joint one has a different prefix, like "42" or "44".
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ace604 wrote:
Mar 27th, 2017 1:13 pm
So my theory is if you see two savings with account "001", then the joint one has a different prefix, like "42" or "44".
Actually you are almost right. When you have multiple accounts, same type, the fifth digit identifies the account. So, "eSavings 1" is 41001, "eSavings 2" is 41002 and so on. The thing is that you don't see that logged online.

Thanks.
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andrew4321 wrote:
Mar 27th, 2017 1:46 pm
Actually you are almost right. When you have multiple accounts, same type, the fifth digit identifies the account. So, "eSavings 1" is 41001, "eSavings 2" is 41002 and so on. The thing is that you don't see that logged online.

Thanks.
That's exactly what I posted :) (see ShawGuy's quote)
"Savings is 41(xxx)(mmmmmmm)"

Are joint accounts "40xxx" and "41xxx"? Or 4Yxxx with Y being a different prefix digit.

You said two accounts have the same number though:
The account number for the joint account is identical with my wife's account number - they do not assign a new account number - and this creates huge problems.
Which "number" did you mean? The member #??
The ordinal number 001, 002???

If the latter I was attempting to explain two "001" accounts by having different prefixes. If the former, then ... ya, they have the same member # but that's not the same account #.

Is your only joint account of a different type than the individual account ?

Like one individual chequing + one joint savings?
In that case they can both be 001 with different prefixes.

If your wife already had one of each (both 001) and added a 3rd joint of either type you would have noticed a new account number 002.
Last edited by ace604 on Mar 27th, 2017 2:00 pm, edited 1 time in total.
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Sr. Member
Sep 19, 2009
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When you go online, you only see the last 7 digits from the account #. "eSavings 1" which is 41001-1234567 and "eSavings 2" which is 41002-1234567, are both shown only as 1234567.
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andrew4321 wrote:
Mar 27th, 2017 2:08 pm
When you go online, you only see the last 7 digits from the account #. "eSavings 1" which is 41001-1234567 and "eSavings 2" which is 41002-1234567, are both shown only as 1234567.
Ya, credit union member # system with names that have a number in them can be confusing.
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Only now that I know one needs to have 6 months of credit history to open an account.
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andrew4321 wrote:
Mar 27th, 2017 2:08 pm
When you go online, you only see the last 7 digits from the account #. "eSavings 1" which is 41001-1234567 and "eSavings 2" which is 41002-1234567, are both shown only as 1234567.
If you have the mobile app on your cell phone and click on account details it shows you the full account for every account you have with Alterna. Some reason it doesn't show that in online banking when on a computer.

Another way to find out the account is do a mobile cheque deposit to the account and then when it clears in a day or two you can see it on the cheque image at your other bank (if you really don't want to just call them and ask)
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I would be curious to know if Joint accounts have a separate prefix.... I am guessing it is just another sub acccount that the other person has access to, but the account number is in the primary owners member ID.

Example

410011234567 - Individual Savings account
410021234567 - Joint account with 7654321 member

With this scenerio Member 7654321 could see this one account in their profile as well, but that member could have also have 2 savings accounts on their own and those numbers would be 410017654321 and 410027654321, but they would also see the joint account with member 1234567 as the 410021234567 account.

I don't have joint accounts but I am guessing that is how it would work. Perhaps someone can confirm.
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Shawguy wrote:
Mar 22nd, 2017 9:59 pm
Same thing happened to me...don't worry it will all be active and funds released in the morning. Your linked account should appear by mid day tomorrow at the latest. The system auto generates the email a day early for some reason. Happened to me too.
At the end of the day it took 3 more business days to be linked (March 27th) so 2 weeks.
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Does Alterna allow to have several Saving Accounts like Tangerine?
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Jan 23, 2009
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Shawguy wrote:
Mar 19th, 2017 1:26 am
Correct. I deposited 3 cheques from 3 different banks.... They only linked the first one. I had to scan and email them the other two with the me to me form in order to get them linked.
Was your initial deposit "3 cheques from 3 different banks"? interest start immediately? how long did it take for the cheque to clear/taken from the account? and thank you in advance
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iamthebest wrote:
Apr 2nd, 2017 8:16 pm
Does Alterna allow to have several Saving Accounts like Tangerine?
Yes. Once your initial account is opened, you can easily open additional accounts by clicking on "open a new account" on the left hand side menu under My Accounts.
agit wrote:
Apr 2nd, 2017 9:16 pm
Was your initial deposit "3 cheques from 3 different banks"? interest start immediately? how long did it take for the cheque to clear/taken from the account? and thank you in advance
I opened 1 savings account, and then deposited my inital cheque using the mobile app. I then logged in and opened two more savings accounts and made initial deposits into them. I did earn interest from the first day deposited.
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