Personal Finance

Alterna Bank High Interest eSavings Account

  • Last Updated:
  • May 22nd, 2017 2:10 pm
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Deal Fanatic
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Apr 16, 2006
5817 posts
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jfmartel wrote:
Apr 18th, 2017 3:39 pm
Can't find the information to get a debit card. Is there one?
You have to call in to ask for it. They'll send it and the PIN to you about two weeks later.
Jr. Member
Jan 13, 2016
123 posts
35 upvotes
Vancouver, BC
Just a note that alterna bank doesn't accept power of attorneys. I called and asked.
Deal Addict
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Dec 17, 2008
1553 posts
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Winnipeg
I did a bank to bank transfer out from Alterna today around noon CST and it showed up at my other bank at 5pm CST. That was super quick! Not the norm, and a first for it happening on the same day for me. I must have just got the transfer in before some cut off. lol
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Sr. Member
Feb 1, 2006
721 posts
98 upvotes
Although it is clearly stated that cheques are not allowed on eSavings it also says that POS is not allowed and it has been confirmed to work. (Also been told POS is possible by customer service).

Had a few situations where a cheque would have come in handy for my eSavings account.

I wonder what would happen if you tried to have some cheques printed by a third party supplier and tried to use them.
Deal Addict
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Dec 17, 2008
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Winnipeg
minimalist wrote:
Apr 25th, 2017 6:53 pm
Although it is clearly stated that cheques are not allowed on eSavings it also says that POS is not allowed and it has been confirmed to work. (Also been told POS is possible by customer service).

Had a few situations where a cheque would have come in handy for my eSavings account.

I wonder what would happen if you tried to have some cheques printed by a third party supplier and tried to use them.
I have wondered this as well as when you click on view cheque images... It gives the esavings accounts as options...

But I'm afraid to try.. I don't want my account frozen or shut down but if you want to try and report back... Let us know.
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Newbie
Feb 24, 2017
8 posts
When I called in to order cheques for Alterna Bank, the rep asked if I wanted them for my eSavings account... o_O... I ended up getting them for the eChequing account so I don't know if this was just a misundertanding.. This rep also gave me the wrong bank and transit numbers..
Sr. Member
Feb 1, 2006
721 posts
98 upvotes
wadesj wrote:
Apr 25th, 2017 10:49 pm
When I called in to order cheques for Alterna Bank, the rep asked if I wanted them for my eSavings account... o_O... I ended up getting them for the eChequing account so I don't know if this was just a misundertanding.. This rep also gave me the wrong bank and transit numbers..
Hmm, interesting...I wonder if you can actually order cheques on your eSavings account or if the rep made a mistake. Might try calling them today to try to order cheques.
Sr. Member
Feb 1, 2006
721 posts
98 upvotes
minimalist wrote:
Apr 26th, 2017 3:38 pm
Hmm, interesting...I wonder if you can actually order cheques on your eSavings account or if the rep made a mistake. Might try calling them today to try to order cheques.
I contacted Alterna and they confirmed that cheques cannot be ordered on the eSavings account. They recommended the eChequing account instead.
Jr. Member
Jul 8, 2013
152 posts
27 upvotes
Montreal
Oh crap, Alterna just lowered the interest rate of everything from 1.95% to 1.90%...
Sr. Member
Jul 22, 2015
930 posts
268 upvotes
Saint-Hubert, QC
dbzkid777 wrote:
Apr 28th, 2017 6:39 pm
Oh crap, Alterna just lowered the interest rate of everything from 1.95% to 1.90%...
Interesting and they added this:
For accounts opened before April 28, 2017, the maximum balance per customer is $1,000,000. For accounts opened on or after April 28, 2017 the maximum balance per customer is $500,000.
Sr. Member
Nov 29, 2014
680 posts
77 upvotes
That isn't a good sign. I was thinking of this bank a while back. I didn't understand how they could offer 1.95% so I didn't apply.

I thought EQ was more bare bones and didn't have all the offerings as well so could sustain a higher rate. EQ isn't doing so great though.... But I still think they can keep a 2% rate. Not sure though.

I also thought that Motive Financial was good, until I tried transferring money and they kind of messed that up a bit... But fixed it but I lost some accruing interest.... Which is annoying.

Overall I'm happy I didn't go with the fee based bank of Alterna.
I play the video games H2, WC3. I bank with low fee or no fee banks like Implicity. If you got questions ask.
Jr. Member
Jul 8, 2013
152 posts
27 upvotes
Montreal
User230 wrote:
Apr 28th, 2017 8:23 pm
Overall I'm happy I didn't go with the fee based bank of Alterna.
Huh? Their savings accounts are free?
Deal Addict
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Dec 17, 2008
1553 posts
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Winnipeg
User230 wrote:
Apr 28th, 2017 8:23 pm
That isn't a good sign. I was thinking of this bank a while back. I didn't understand how they could offer 1.95% so I didn't apply.

Overall I'm happy I didn't go with the fee based bank of Alterna.
To each their own. I've been with Alterna a few months now and I have no problems with them. I'm very happy with them and I pay no fees.

What fees are are you referring to?
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Deal Addict
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Dec 17, 2008
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Winnipeg
MoneyHypeMike wrote:
Apr 28th, 2017 7:37 pm
Interesting and they added this:

For accounts opened before April 28, 2017, the maximum balance per customer is $1,000,000. For accounts opened on or after April 28, 2017 the maximum balance per customer is $500,000.
That wouldn't have been a problem for me anyways. Lol

However didn't EQ Bank do the same thing about a year ago but it was 500k to 100k?
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Aug 8, 2012
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BC
MoneyHypeMike wrote:
Apr 28th, 2017 7:37 pm
Interesting and they added this:

"For accounts opened before April 28, 2017, the maximum balance per customer is $1,000,000. For accounts opened on or after April 28, 2017 the maximum balance per customer is $500,000."
I'm guessing the exodus of worried customers from Home (Oaken) and spillover to EQ is making them uncomfortable in taking on way too much new deposits that they can't lend out fast enough.

Oaken is raising rates to attract more money / slow leaking ... and Alterna is lowering rates to push away new money. Very interesting to watch.
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