Personal Finance

Alterna Bank High Interest eSavings Account

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  • Dec 30th, 2023 12:09 pm
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Deal Fanatic
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Feb 1, 2006
6494 posts
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Ontario
Can anyone confirm that you can do unlimited The Exchange ATM withdrawals and deposits with the eSavings account for free?
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, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Sr. Member
Jan 21, 2012
662 posts
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Does anyone know once you set up the account with Alterna, how easy is it to create the external link to other bank within Alterna? Can we just create the link ourselves online or we need to send in a check to Alterna? Thanks.
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Apr 7, 2013
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Deux-Montagnes, QC
lingecw wrote: Does anyone know once you set up the account with Alterna, how easy is it to create the external link to other bank within Alterna? Can we just create the link ourselves online or we need to send in a check to Alterna? Thanks.
You need to fill a form (pdf available online) and attach a check.
I just scanned the form to pdf and sent it via email to the address mention in the form

They made the link the following business day
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Feb 1, 2006
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Does anyone here have a debit card for the eSavings account?
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, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
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Apr 16, 2006
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Tried opening up an account online a few days ago but was told "further info needed, we will contact you shortly".

Anyone else get this?
Sr. Member
Jan 21, 2012
662 posts
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darthcloud wrote: You need to fill a form (pdf available online) and attach a check.
I just scanned the form to pdf and sent it via email to the address mention in the form

They made the link the following business day
Thanks for sharing the info.
Deal Addict
May 28, 2009
1811 posts
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Toronto
What is the best/lazy way to open a new account with Alterna with the least amount of hassles and printing out papers yourself (I rather them send me all the paperwork to sign) ?

Answer : just checked with them. have to open online but no mailing necessary.
Sr. Member
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Jun 6, 2009
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Heads up to anyone who plans on opening an online account with Alterna.

I opened one last month planing to transfer my money at the end of the month when my Tangerine promo ends. Well, received the unpleasant news today without a warning that the account was closed because no initial deposit was made within 45 days of opening the account. Given that opening the account wasn't exactly a smooth process, I have no desire whatsoever to open a new one. I guess Alterna can sit on their fat rate.
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May 11, 2014
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minimalist wrote: Does anyone here have a debit card for the eSavings account?
I do. Works just like any bank debit card. I can access my eChequing on the chequing and eSavings on the savings.
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Feb 1, 2006
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Ontario
xgbsSS wrote: I do. Works just like any bank debit card. I can access my eChequing on the chequing and eSavings on the savings.
Thanks. Can you use the eSavings for Interac purchases?
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, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Sr. Member
Jan 21, 2012
662 posts
363 upvotes
Is Alterna Bank really a member under CDIC? I looked into CDIC website, only see "CS Alterna Bank" in the member list, but not "Alterna Bank", and there is no way to tell if "CS Alterna Bank" is the same as "Alterna Bank".
Sr. Member
Dec 12, 2016
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lingecw wrote: Is Alterna Bank really a member under CDIC? I looked into CDIC website, only see "CS Alterna Bank" in the member list, but not "Alterna Bank", and there is no way to tell if "CS Alterna Bank" is the same as "Alterna Bank".
It's the same. CS Alterna Bank is their legal name, but they operate as Alterna Bank. Similar to TD Canada Trust, they're legally known as Toronto Dominion Bank.
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Aug 8, 2012
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BC
lingecw wrote: Is Alterna Bank really a member under CDIC? I looked into CDIC website, only see "CS Alterna Bank" in the member list, but not "Alterna Bank", and there is no way to tell if "CS Alterna Bank" is the same as "Alterna Bank".
Says the exact same info on Alterna's website:
https://www.alternabank.ca/OnlinePolici ... Insurance/

"CS Alterna Bank - Member of the Canada Deposit Insurance Corporation"
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Deal Addict
May 28, 2009
1811 posts
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Toronto
seems to be limits on their "me-to-me" transfers from and to the esavings account : 50k per 7 days or 125k per 30 days.
its basically a form of tying down the money with them although a lite one.


but one of the rep on the phone told me not on the echequing ? dont know if he just dont know better and just want me to open a chequing account as well. Just dont make sense since I would think even the chequing will use their same "me-to-me" transfer system to move money to other banks.

anyone with an echequing account with them can confirm if any limits to sending money out of the chequing account to another bank ?

update : talked to another rep and this one is saying limits apply to both esaving and echequing accounts.

But then again how can they restrict you from transferring 126k from the savings to your chequing and making a cheque of 126k to yourself to deposit on a chequing account in another bank ? of course there is going to be a 5-7 days hold period for the cheque balance but its still better than their 7 days limit of 50k.
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Feb 25, 2014
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Yea there is nothing stopping your from making cheque on your name but you have to buy their cheques.
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Deal Fanatic
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Feb 1, 2006
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Joint accounts, debit card and Direct Deposit/PAD all along make Alterna Bank better than EQ Bank, in my opinion.
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, AF $0
MBNA RWE 5.4% grocery/resto
Bank: EQ (1.5%)
Deal Guru
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Aug 8, 2012
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minimalist wrote: Joint accounts, debit card and Direct Deposit/PAD all along make Alterna Bank better than EQ Bank, in my opinion.
EQ had direct deposit and PAD now.

So your list is down to: joint accounts and debit cards.

They are adding EQ-to-EQ transfers next month and although not as good as joint accounts it can make up for the lack of them in some use cases. Will definitely be better once they add joint accounts.

For me don't really care about the debit card. If I need to use it (very rarely) to pay somewhere that doesn't take credit then I Interac e-Transfer myself the money for free from EQ to Tangerine (after the fact since TNG has free overdraft).

Does Alterna offer free Interac e-Transfers?
EDIT: Looks like you get 2 per month? Not bad. EQ gives you 5. 2 is probably enough for a lot of people. I'm guessing 5 is enough for almost anyone except someone practically "in business" paying for privately purchased goods by e-Transfer all the time.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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Nov 10, 2005
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ace604 wrote: EQ had direct deposit and PAD now.

So your list is down to: joint accounts and debit cards.

They are adding EQ-to-EQ transfers next month and although not as good as joint accounts it can make up for the lack of them in some use cases. Will definitely be better once they add joint accounts.

For me don't really care about the debit card. If I need to use it (very rarely) to pay somewhere that doesn't take credit then I Interac e-Transfer myself the money for free from EQ to Tangerine (after the fact since TNG has free overdraft).

Does Alterna offer free Interac e-Transfers?
EDIT: Looks like you get 2 per month? Not bad. EQ gives you 5. 2 is probably enough for a lot of people. I'm guessing 5 is enough for almost anyone except someone practically "in business" paying for privately purchased goods by e-Transfer all the time.
2 free e-transfers a month, per account.
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Jul 22, 2015
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Can you add other bank account if you don't have cheque (example: ZenBanx) via the M2M thing?
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