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Email this8:05 am
September 15, 2017
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Alterna Bank and Alterna Savings/C.U. increased their 1 yr term deposit rate to 3.00% p.a. annual interest or 2.96% monthly interest. BUT their rates for on-line e-term deposit purchases are much less, showing 2.05% for 1 yr. - which doesn't make sense! It is questionable whether or not they can be convinced to pay the higher rate as well for on-line purchases.
4:09 pm
January 28, 2015
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How did you get 2.96% monthly? I called them and they told me they only pay yearly and it's 3%
4:16 pm
October 21, 2013
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AlternaBank site now shows the 3% 1 yr rate. There is another rate listed too at 2.05, but that one is for online only. I agree, it's confusing. However, the 3% rate does not say it's restricted to non-online, and it is identified as a promo rate in the fine print.
There is yet another 1 yr rate even further down the page at 2.0%!
Caveat emptor!
8:19 pm
September 15, 2017
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mechone said
How did you get 2.96% monthly? I called them and they told me they only pay yearly and it's 3%
While I can't vouch for the accuracy, the source is the Globe and Mail comparative rate chart.
9:21 pm
April 6, 2013
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Loonie said
AlternaBank site now shows the 3% 1 yr rate. There is another rate listed too at 2.05, but that one is for online only. I agree, it's confusing. However, the 3% rate does not say it's restricted to non-online, and it is identified as a promo rate in the fine print.
There is yet another 1 yr rate even further down the page at 2.0%!
Caveat emptor!
Alterna Bank seems to have split their customers into Branch customers and Digital Bank customers.
I suspect that the Branch customers only have access to the "Term Deposit" offerings. In contrast, the Digital Bank customers only have access to the "eTerm Deposit" offerings.
That is suggested by the fine print for the 13, 19, and 33 month "Term Deposit" rates, that extend the availability of those particular rates to their "Digital Bank" customers:
13, 19 and 33 Month Term Deposit: Special promotional rate may be changed or withdrawn at any time without notice. …. Digital Bank customers must call the Contact Centre at 1.866.560.0120 to complete a purchase.
I signed onto Alterna Bank online banking. There, I can only add "eTerm deposits" and not "term deposits".
10:14 pm
October 21, 2013
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Now that I think about it, Norman has reminded me that I think we unearthed a similar problem with Alterna a while back - maybe a year or two ago.
In any event, it ought to be obvious to them that customers don't like being treated this way. But I guess it isn't.
4:21 am
September 11, 2013
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The link provided above shows eTerm Deposit rate of 3% for 1-year term, effective yesterday, if you scroll down far enough.
6:22 am
September 15, 2017
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Alterna's confusing website shows two different rates in two different places for the 1 yr e-term deposit for on-line purchases. The hidden promo rate of 3% on the e-term deposit is shown if you scroll to "Term Deposits" and click "see more term deposits". They also indicate here that interest can be paid monthly.
eTerm Deposit Annual Interest (Rates effective 2018-10-26)
Rates
1 Year 3.00%
2 Year 2.10%
3 Year 2.15%
4 Year 2.25%
5 Year 2.50%
1 Year: Special promotional rate may be changed or withdrawn at any time without notice. Existing term deposits cannot be broken to receive this offer. Rate shown for annual interest. Annual compound interest paid monthly or annually. Minimum investment $500 ; Maximum investment $500,000. Cashable upon maturity only. Available to personal and non-personal accounts. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
Minimum deposit is $500
1-5 Year eTerm Deposits: Annual compound interest paid monthly or annually
eTerm Deposits and rates are only available for purchase online.
7:42 am
April 6, 2013
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Loonie said
Now that I think about it, Norman has reminded me that I think we unearthed a similar problem with Alterna a while back - maybe a year or two ago.In any event, it ought to be obvious to them that customers don't like being treated this way. But I guess it isn't.
Saver-Mom reported a similar issue with Alterna Bank earlier this year in discussion 18 Month Term Deposit 2.75%.
Alterna Bank seemed to have a product wall or two divisions. Those who have their eSavings account seem to be "Digital Bank" customers. In contrast, those who have one of Alterna Bank's in-branch accounts are "Branch" customers.
7:58 am
April 6, 2013
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Looks like Alterna Bank has yet to update their online banking site. No sign of the 3% one-year rate there when one tries to add a new eTerm deposit:
9:43 am
September 11, 2013
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They'll give you the 3% if you do it by phone.
8:03 pm
April 6, 2013
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Thanks, Bill.
Alterna Bank really should get their online act together. Technology is there to show 3% for a GIC on a rates page and then show the same 3% rate when someone signs into his/her online banking to see what GIC rates are available. 
9:23 pm
April 6, 2013
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Alterna Bank has updated the eTerm deposit information in the online banking for their Digital Bank customers. 3% one-year rate is now there and higher rates for other terms:
7:37 pm
October 29, 2017
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Alterna busts a move on GICs and moves up 5 spots on the chart.
Although, the 1 year dropped from 3.0% to 2.75%
9:06 pm
October 21, 2013
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There's a limited selection of "promo" rates:
Term Deposit Promo (Rates effective 2018-12-01) Rates
85 Day Term Deposit 2.20%
1 Year Term Deposit 2.75%
18 Month Term Deposit 3.05%
30 Month Term Deposit 3.15%
5 year Term Deposit 3.40%
11:21 am
October 29, 2017
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GIC rate for 1year and 5year are the same at 2.55%
1:13 am
October 21, 2013
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I must say, I am annoyed with the way AlternaBank deals with GIC rates. I won't be buying any of them, not that the rates are particularly exemplary anyway.
Earlier this week, I checked their rates and this is what I found (cut and pasted):
eTerm Deposit Annual Interest (Rates effective 2019-03-01)
1 Year 2.55%
2 Year 2.15%
3 Year 2.20%
4 Year 2.30%
5 Year 3.40%
Term Deposit Promo (Rates effective 2019-03-01)
1 Year Term Deposit 2.50%
18 Month Term Deposit 2.80%
32 Month Term Deposit 3.00%
4 Year Term Deposit 3.05%
Now, March 9, it says:
eTerm Deposit Annual Interest (Rates effective 2019-03-01)
1 Year 2.55%
2 Year 3.00%
3 Year 2.20%
4 Year 3.10%
5 Year 2.55%
Term Deposit Promo (Rates effective 2019-03-01)
1 Year Term Deposit 2.50%
18 Month Term Deposit 2.80%
32 Month Term Deposit 3.00%
4 Year Term Deposit 3.05%
What is wrong with this picture?
In addition to the usual problem with AlternaBank of their being two completely different sets of rates advertised on their online banking website, one of which is not available to online clients as I understand it, they now claim that the rates changed several days before they in fact did, making it much harder for anyone who happened to buy a GIC a few days ago to prove their rate if need be. Sorry, but I did not take a screenshot earlier; didn't know it would matter. Moral of story: ALWAYS take a screen shot if you are buying.
This is ridiculous. They really should have cleaned up this act before they spent all the money they are currently spending on advertising. They ought to be 
5:56 am
February 20, 2018
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Alterna Bank digital
18mth@1.85%
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