Personal Finance

Alterna Bank High Interest eSavings Account

  • Last Updated:
  • Oct 18th, 2019 4:03 pm
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Deal Addict
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Dec 3, 2017
1642 posts
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Guelph, ON
dekvitaly wrote:
Dec 31st, 2018 8:47 pm
Alterna Bank is relatively backward not sure why, I do cash deposit regularly with slight touch over $100 so hopefully over time they'd remove the dumb 5 business day fund holding.
It's an Ontario credit union thing. I'm with DUCA and we too have 5 day holds on everything.
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.
Penalty Box
Dec 16, 2017
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CND Brain & Hear…
jacnel wrote:
Jan 1st, 2019 11:11 pm
It's an Ontario credit union thing. I'm with DUCA and we too have 5 day holds on everything.
:( sucks eh. even if you use NBC Envelopless ATM then?
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Deal Addict
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Dec 3, 2017
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Guelph, ON
dekvitaly wrote:
Jan 1st, 2019 11:43 pm
:( sucks eh. even if you use NBC Envelopless ATM then?
Yep I deposited $800 into a NBC ATM in Ottawa and I still had the 5 day hold.
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.
Newbie
Jan 16, 2018
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As had to remind number two about being the same, e.g., we both like that Alterna eSavings has convenience of unlimited free Interac e-transfers and those ATM accesses all ding-free on Exchange network to do business that CTFS and EQ banks' and other HISAs lack, but we also share dislike that Alterna has those inconvenient holds like EQ and CTFS (especially in contrast to Alterna adding the convenience of photo depositing cheques by their Deposit Anywhere app even before some major banks like old BMO who added theirs just last year August 2018!)
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Jan 10, 2019
4 posts
Yeah, they have MRQ, SAAQ...they even have Western Québec school board.
Sr. Member
Aug 1, 2006
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Toronto
jacnel wrote:
Jan 1st, 2019 11:11 pm
It's an Ontario credit union thing. I'm with DUCA and we too have 5 day holds on everything.
Hubert credit union increased the hold times from 4 to 6 days for funds pulled from an external account. Funds pushed to Hubert from an external bank have no hold. So 5 days is slightly better than 6 !!!
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Dec 16, 2017
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Bull Dog wrote:
Jan 12th, 2019 3:55 pm
Hubert credit union increased the hold times from 4 to 6 days for funds pulled from an external account. Funds pushed to Hubert from an external bank have no hold. So 5 days is slightly better than 6 !!!
Hubert = Manitoba = mosquito bite LOL

Why bothers when we all can get MOTIVE at 2.8% and no fixed holding
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Aug 1, 2006
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Toronto
dekvitaly wrote:
Jan 12th, 2019 4:05 pm
Hubert = Manitoba = mosquito bite LOL

Why bothers when we all can get MOTIVE at 2.8% and no fixed holding
Motive only recently became competitive- in November I think. For years their rates weren't good. Also, they don't offer HISA RIF's,so not good if you are over 71, their GIC rates jump around a lot, and their RSP only pays interest for the year on Dec 31. And their transfer out fee for TFSA and RRSP is 50.00
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Aug 1, 2006
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Toronto
Achieva ,Hubert, and Peoples Trust don't have transfer out fees for RRSP and TFSA. Probably others too but those are the ones I know.
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Dec 16, 2017
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CND Brain & Hear…
Bull Dog wrote:
Jan 12th, 2019 5:43 pm
Motive only recently became competitive- in November I think. For years their rates weren't good. Also, they don't offer HISA RIF's,so not good if you are over 71, their GIC rates jump around a lot, and their RSP only pays interest for the year on Dec 31. And their transfer out fee for TFSA and RRSP is 50.00
In overall for the Canadian market, motive has been the best for The Exchange ATM as day to day acct.

Per se, motive or CWB is AB based and not suffering from ON CU fund holding mindset
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Sr. Member
Aug 1, 2006
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Toronto
dekvitaly wrote:
Jan 12th, 2019 6:17 pm
In overall for the Canadian market, motive has been the best for The Exchange ATM as day to day acct.

Per se, motive or CWB is AB based and not suffering from ON CU fund holding mindset
Besides the 2.8% vs 2.35 % for Alterna, why is it better? I know Alterna is a pain to link accounts, you have to fax or mail in linking forms. Are you basing it on number of days holding funds?
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Dec 3, 2017
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Guelph, ON
Bull Dog wrote:
Jan 12th, 2019 6:36 pm
Besides the 2.8% vs 2.35 % for Alterna, why is it better? I know Alterna is a pain to link accounts, you have to fax or mail in linking forms. Are you basing it on number of days holding funds?
I know dekvitaly he just doesn't like holds on his accounts lol.
I like credit unions.
Member with DUCA Credit Union. Accounts with Tangerine, BMO, and EQ Bank.
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Aug 4, 2018
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dekvitaly wrote:
Jan 12th, 2019 4:05 pm
Hubert = Manitoba = mosquito bite LOL

Why bothers when we all can get MOTIVE at 2.8% and no fixed holding
No - not "all". Motive is unavailable in Quebec unlike Alterna, though 2.8% is better one shop; but so would laddered short-term GICs' better rates.
Bull Dog wrote:
Jan 12th, 2019 5:43 pm
Motive only recently became competitive- in November I think. For years their rates weren't good. Also, they don't offer HISA RIF's,so not good if you are over 71, their GIC rates jump around a lot, and their RSP only pays interest for the year on Dec 31. And their transfer out fee for TFSA and RRSP is 50.00
Agreed - knew them as CDF Key Savings before Motive name change and they only had 1.5% like forever until jump just late last year on newly created Savvy Savings. (Will guess probably due to lower oil price and real estate values in Motive's home province Alberta so you decide like in Motive thread will it be stable like EQ in long term?)
Bull Dog wrote:
Jan 12th, 2019 3:55 pm
Hubert credit union increased the hold times from 4 to 6 days for funds pulled from an external account. Funds pushed to Hubert from an external bank have no hold. So 5 days is slightly better than 6 !!!
Motive has similar Alterna way of linking whereas Hubert, EQ and Tangerine allows more convenient micro-deposit linking.
Motive could be much better if not limited to 5 external account links so if you need to add more saving/chequing accounts you need to remove to add. Alterna allows you to link far more than 5.

While agree with oldie comment on holds, Motive could also be better or more convenient if it allowed to cheque photo deposit like Alterna and others, but then it would be subject to similar cheque holds!

Motive Savings could be better if was not limited to 2 free transactions then steep $5 thereafter per month and instead allowed like Alterna eSavings' conveniences of unlimited free Interac e-Transfers, unlimited free Exchange ABM debits, and unlimited free bill payments like doing PAPs directly from eSavings without having to transfer out each time or pay $5 after two.

As suggested why not e-Transfer in or direct deposit some income to eSavings if you truly need immediate fund access. Do you really need access to all your deposited "savings" money at once?

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