Personal Finance

Alterna Bank High Interest eSavings Account

  • Last Updated:
  • Jun 7th, 2019 2:33 pm
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Deal Addict
Dec 16, 2017
2102 posts
824 upvotes
Raincouver
@U08052018 Well cheque deposit from C1CU system sucks anyway. I only use Tangerine for cheque deposit - best.
And why not masking transaction through a chequing? it's no fee.

We're talking about fund holding - typically you are only entitled for $100 access, the rest might be held for over 5 business days! - common practice by Ontario FIs.
So the more flexibility and better fund holding policy by Motive Financial or Tangerine itself make a lot more sense (cleared the moment it's cleared immediately)
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Member
Aug 1, 2006
413 posts
210 upvotes
Toronto
U08052018 wrote:
Jan 12th, 2019 11:59 pm

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?
Like your detailed comparison between Alterna and Motive. As you mentioned, you are limited to 2 free transactions with Motive in the Savvy Savings account,but free unlimited transfers between Motive accounts, so you are forced to play a game with switching money between Savvy Savings to chequing or Savvy Savings to a regular savings account. I think for the small 0.45% boost in interest I would stick with Alterna unless I had a lot of money, and then I would keep some in Alterna for day to day banking and most in Motive for the high interest.
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Jul 25, 2008
1026 posts
132 upvotes
Ottawa
Simplii now offer 3% GIC. for one year. compare to Alterna,s ..which is better.
Deal Addict
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Jul 25, 2008
1026 posts
132 upvotes
Ottawa
Update

Turns out Simplii 3% is not really 3% compound.
Their certificate now say it is 2.96%

I would be taking my business elsewhere when mine matured.
Deal Addict
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Dec 17, 2008
2401 posts
1282 upvotes
Winnipeg
cf7777 wrote:
Jan 31st, 2019 8:43 am
Update

Turns out Simplii 3% is not really 3% compound.
Their certificate now say it is 2.96%

I would be taking my business elsewhere when mine matured.
Simplii is 3% if you take interest payment annually.... 2.96% if you take interest monthly
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Deal Addict
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Jul 25, 2008
1026 posts
132 upvotes
Ottawa
it is lock in. so you can't take interest minthly.. why bother showing this way? only to confuse client ir use it in legal cases.
Newbie
Dec 23, 2014
53 posts
3 upvotes
Montreal, QC
One question - I didn't find any limit regarding checks.
Like, assuming I have, e.g., 500k in Alterna Bank, can I use a single check to get all that money?
(both in the case where I want to move the money, and in that case I will write the check to myself, or, e.g., to pay for something)

Asking this cause I know there are limits on wiring money, but not sure about checks.
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Dec 17, 2008
2401 posts
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Winnipeg
I believe the limit for cheques anywhere in Canada is 25 million. You should be ok.
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Newbie
Dec 23, 2014
53 posts
3 upvotes
Montreal, QC
I am definitely going to be ok..

I am just slightly worried about some comments I found on the web regarding how easy it is to do stuff like create an account (and link external account).
Did you see any problem in this direction?

I am actually happy with tangerine, but at the end of the promo the interests are just too low.
(and being from Quebec, it seems AlternaBank is the only solution)
Deal Addict
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Jan 4, 2009
3665 posts
1311 upvotes
on the links
Alterna dropped their esavings rate from 2.35% back to 2.3%, where is was 3 months ago. TFSA and RRSP remain at 2.35%.
Jr. Member
User avatar
Sep 20, 2015
121 posts
85 upvotes
Ottawa, ON
Sauerkraut wrote:
Apr 12th, 2019 2:10 pm
Alterna dropped their esavings rate from 2.35% back to 2.3%, where is was 3 months ago. TFSA and RRSP remain at 2.35%.
I also just learned about it.
If there anyone using AlternaBank debit card to make debit purchases from eSavings account in a store ?
I was told by CSR that it is allowed to use debit card on eSavings account. It would be better if someone can confirm it. I am planning to get one if it works.
Member
Dec 12, 2016
238 posts
174 upvotes
OttawaGuy2 wrote:
Apr 12th, 2019 5:36 pm
I also just learned about it.
If there anyone using AlternaBank debit card to make debit purchases from eSavings account in a store ?
I was told by CSR that it is allowed to use debit card on eSavings account. It would be better if someone can confirm it. I am planning to get one if it works.
Yes, you can.
Newbie
Apr 10, 2015
4 posts
2 upvotes
Ottawa, ON
OttawaGuy2 wrote:
Apr 12th, 2019 5:36 pm
I also just learned about it.
If there anyone using AlternaBank debit card to make debit purchases from eSavings account in a store ?
I was told by CSR that it is allowed to use debit card on eSavings account. It would be better if someone can confirm it. I am planning to get one if it works.
I was told that I needed an eChequing account to get a debit card, so I set one up. But of course at ATMs and many in-store terminals I can still manually request withdrawal from Savings, instead of Chequing. This doesn't work for Interac Flash (i.e. tap), of course.

That said, I also called in to have "coverdraft" setup to automatically send funds to the eChequing from the eSavings when the balance threatens to go negative. It's free. I then maintain a $0 balance in my eChequing. Tap to buy something for $10? $10 is instantly pulled from eSavings to cover the charge. Done.

Since all my PADs and PAPs are to/from the eSavings, the effective result is a simple all-in-one do-almost-everything account earning 2+% interest on all my money (with Alterna), with no daily/monthly fees. Not bad.
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Feb 1, 2006
2472 posts
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Ontario
OttawaGuy2 wrote:
Apr 12th, 2019 5:36 pm
I also just learned about it.
If there anyone using AlternaBank debit card to make debit purchases from eSavings account in a store ?
I was told by CSR that it is allowed to use debit card on eSavings account. It would be better if someone can confirm it. I am planning to get one if it works.
yes, I can
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery, 3.54% CTC, RA, billpay
Bank: Alterna (2%+, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Deal Addict
User avatar
Jul 25, 2008
1026 posts
132 upvotes
Ottawa
My first withdrawal from eSaving using M2M.
Overall ok But,

Their App does not do M2M is a great Pain.
Using browser also took me a while to find the correct login page. I login into one page but no access to transfer feature.

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