Personal Finance

Alterna Bank High Interest eSavings Account

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  • May 5th, 2021 1:20 pm
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Deal Addict
User avatar
Feb 25, 2014
2170 posts
340 upvotes
Mississauga
Amazing account...good job man

Edit:
- In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
Edit:
-eChequing account available too!
Interest Rate: 0.05%*

Free, unlimited day-to-day transactions**
No monthly fee; No minimum balance required
2 Free Interac® e-Transfers (only $0.95 after)
Surcharge-Free access to over 3,300 ATMs in THE EXCHANGE® Network - Canada's 2nd largest ATM network
Easy access with Online and Mobile Banking, Android and iPhone App
Deposit cheques using your smartphone or tablet with Deposit Anywhere™
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
[OP]
Member
Aug 9, 2014
468 posts
106 upvotes
Toronto, ON
MehtabS wrote: Amazing account...good job man

Edit:
- In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
Edit:
-eChequing account available too!
Interest Rate: 0.05%*

Free, unlimited day-to-day transactions**
No monthly fee; No minimum balance required
2 Free Interac® e-Transfers (only $0.95 after)
Surcharge-Free access to over 3,300 ATMs in THE EXCHANGE® Network - Canada's 2nd largest ATM network
Easy access with Online and Mobile Banking, Android and iPhone App
Deposit cheques using your smartphone or tablet with Deposit Anywhere™
Where did you find the additional information? Specifically, the echequing account and that cheques are not allowed.
Newbie
Mar 13, 2016
39 posts
9 upvotes
To get to the information, you have to click "Becoming a Client" and then "Becoming a Client" again on the middle of the page.

Or click on the link below and choose the product you're interested in. Once you choose the product, you have to scroll to the bottom of the page to see the details.


https://apply.alternabank.ca/
Deal Addict
User avatar
Jan 14, 2012
1259 posts
286 upvotes
Woodbridge
angel_wing0 wrote: Not bad, but EQ is much better atm.
This will probably be the main contender after EQ cuts the rate though. Thanks OP!
Deal Fanatic
Aug 5, 2006
6027 posts
2941 upvotes
Global Village
So they have taken the eq idea of a savings account that will allow you to pay bills from it and added ATM access which eq doesn't provide. But you can't do direct deposits in the e-savings account, if you could this it would be a serious alternative to my tangerine chequing account.
Deal Fanatic
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Aug 29, 2012
7164 posts
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And... it's available to Quebec residents too, for once! Will miracles never cease?

A free and unlimited checking account too. And it supports the Exchange, making it ideal for Quebec residents due to National Bank outlets being everywhere. Unlike a certain rotten fruit.

With one of the best savings rate on the market, even better than the likes of Accelerate Financial now.

The only thing is I'm not sure if it features bill payments to the MRQ, the SAAQ and a handful of others. But anyway I tried to open an account so I'll see.
[OP]
Member
Aug 9, 2014
468 posts
106 upvotes
Toronto, ON
scoper wrote: So they have taken the eq idea of a savings account that will allow you to pay bills from it and added ATM access which eq doesn't provide. But you can't do direct deposits in the e-savings account, if you could this it would be a serious alternative to my tangerine chequing account.
I spoke with Alterna and there appears to be conflicting information. I was advised direct deposits can be conducted as well as cheque withdrawals (cost of cheques will apply). You can also utilize teller services to conduct deposits for no fee.
Deal Fanatic
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Aug 29, 2012
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https://en.wikipedia.org/wiki/Alterna_Savings

Looking at their Wikipedia page, they actually go way back:
The Civil Service Savings and Loan Society, launched in 1908 with the assistance of Alphonse Desjardins, was the first credit union in Canada outside Quebec. Federal civil servants were prompted by an article in their magazine The Civilian, when it reported on loan sharks charging civil servants up to 200% for payday loans. After the Government of Ontario passed a credit union law in 1928, the Ottawa-based institution was re-chartered as the Civil Service Co-operative Credit Society (CS CO-OP). Although it has always been one of the largest credit unions in Ontario, it never joined Credit Union Central of Ontario.
Nearly 100 years old and launched with Alphonse Desjardins himself, I certainly didn't know that.
It had 24 branches in Ottawa, Kingston, North Bay, Pembroke and Toronto. It also provides service across Canada through its subsidiary, Alterna Bank, which has two branches in Gatineau, Quebec.
Even two branches in Gatineau, I certainly didn't know that either.

And it certainly is an infinitely better deal than the pathetic rates you get at Desjardins nowadays.
Newbie
Mar 13, 2016
39 posts
9 upvotes
Poutinesauce wrote: The only thing is I'm not sure if it features bill payments to the MRQ, the SAAQ and a handful of others. But anyway I tried to open an account so I'll see.
I just opened up their eChequing and eSavings account this week. When my account was opened, not only did they email me, but they actually called and notified me of that fact. I also asked them to add a missing "biller". The CSR got on it and emailed me to let me know that she had put in the request to "Central 1"......she says they run their online banking platform. By the end of this past Thursday, the missing "biller" showed up in their database and I was able to add it. So far I'm quite pleased with the customer service. They've been very helpful.

The only thing I find missing is "me-to-me" transfers, but the CSR says it is coming sometime in May......take it for what it's worth. But you do get 2 free Interac eTransfers a month so that makes up for it somewhat.
[OP]
Member
Aug 9, 2014
468 posts
106 upvotes
Toronto, ON
banknerd wrote: I just opened up their eChequing and eSavings account this week. When my account was opened, not only did they email me, but they actually called and notified me of that fact. I also asked them to add a missing "biller". The CSR got on it and emailed me to let me know that she had put in the request to "Central 1"......she says they run their online banking platform. By the end of this past Thursday, the missing "biller" showed up in their database and I was able to add it. So far I'm quite pleased with the customer service. They've been very helpful.

The only thing I find missing is "me-to-me" transfers, but the CSR says it is coming sometime in May......take it for what it's worth. But you do get 2 free Interac eTransfers a month so that makes up for it somewhat.
Good to hear. Did you open under the Credit Union or Bank? I didn't notice their echequing until I went to the sign up page.
Newbie
Mar 13, 2016
39 posts
9 upvotes
here2day wrote: Good to hear. Did you open under the Credit Union or Bank? I didn't notice their echequing until I went to the sign up page.
I opened with Alterna Bank as the bank subsidiary is offering the eChequing and the 1.85% eSavings accounts......the credit union do not offer these products. I live in western Canada so I can't be a member of their credit union even if I wanted to (only for Ontario residents).
[OP]
Member
Aug 9, 2014
468 posts
106 upvotes
Toronto, ON
banknerd wrote: I opened with Alterna Bank as the bank subsidiary is offering the eChequing and the 1.85% eSavings accounts......the credit union do not offer these products. I live in western Canada so I can't be a member of their credit union even if I wanted to (only for Ontario residents).
Are the debt card limits reasonable? I.e. Do they hold an entire deposit or do they give you access to more than the $100 release.
Newbie
Mar 13, 2016
39 posts
9 upvotes
One thing I forgot to mention is that they do not offer free cheques. Not even for the first set to 50 like Tangerine. They cost roughly $40 to $43 for 50 cheques. But I believe there is a thread on here that has information on where to go to get cheques at reasonable costs if I'm not mistaken.
Newbie
Mar 13, 2016
39 posts
9 upvotes
here2day wrote: Are the debt card limits reasonable? I.e. Do they hold an entire deposit or do they give you access to more than the $100 release.
I've only deposited 2 cheques (mobile deposit) so far. Deposited $300 to the eChequing with a hold of $200 on the 28th of March, and it was cleared this past Friday. Deposited a $10000 cheque the same day (March 28th) to the eSavings with a hold of $7000. It is still on hold (but I believe the standard is 5 business days for most banks on holds). The first cheque is much smaller in amount so I'm guessing that probably has something to do with the shorter hold times. Other than that, I made a payment to my Tangerine MasterCard and it went thru fine. Will move my payroll deposit over as well this coming week.

I received the debit card, but cannot use it yet. Still waiting for the PIN to arrive before I can call in to activate. I will have to ask what the debit card limit is at that time.
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Aug 29, 2012
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banknerd wrote: One thing I forgot to mention is that they do not offer free cheques. Not even for the first set to 50 like Tangerine. They cost roughly $40 to $43 for 50 cheques. But I believe there is a thread on here that has information on where to go to get cheques at reasonable costs if I'm not mistaken.
Or you can keep a PC Financial account with free cheques for the rare occasions where you have to make one.
Newbie
Mar 13, 2016
39 posts
9 upvotes
Poutinesauce wrote: Or you can keep a PC Financial account with free cheques for the rare occasions where you have to make one.
Way ahead of you ;) . My primary chequing is currently PCF, but decided to move my payroll deposit to this eChequing due to the 2 free interac e-transfers per month...which I can use one of them to transfer to PCF if/when for that rare occasion I need to write a cheque.
Deal Fanatic
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Aug 29, 2012
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banknerd wrote: Way ahead of you ;) . My primary chequing is currently PCF, but decided to move my payroll deposit to this eChequing due to the 2 free interac e-transfers per month...which I can use one of them to transfer to PCF if/when for that rare occasion I need to write a cheque.
Mine is with PCF too. I think I will keep it as primary, because my payroll deposit is there and my rent PAD is there too and I don't feel like changing them. I'll just deposit PCF cheques to myself though a National Bank ATM every now and then.
Newbie
Mar 13, 2016
39 posts
9 upvotes
Poutinesauce wrote: Mine is with PCF too. I think I will keep it as primary, because my payroll deposit is there and my rent PAD is there too and I don't feel like changing them. I'll just deposit PCF cheques to myself though a National Bank ATM every now and then.
Yeah PCF has been good to me too. Been with them since the year 2000. Will give Alterna Bank a try because of the flexibility of the Interac e-transfers. I can always switch back to PCF if I don't like it as I don't have anything else going in and out other than the payroll.

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