Anyone Have Experience With Them? | Alterna Bank | Discussion forum

FWIW, we have a GIC with Alterna (their CU, not the bank div.) Their customer service is good and their branch network is one of the better ones. Depending on their rates I would re-up with them when it expires.

I see that there is an Alterna branch down at College and Bay in Toronto--my kids live across the street so i've noticed it--good to learn a bit about it here on the forum.

At this point in time, as far as I can determine, 1.85 is as good as it gets for a savings account--the next highest that i've seen is scotia at 1.5 (if you dont touch the money for 3 months);

Still haven't heard a thing from Tanga or PC re: promotional rates. Has anyone else received an email from them now that there last promotion ended march 31??

Don't know where to park the money!
Maxing out with EQ(3%), ZAG(2.5%), and now started with Oaken (2.1% for 2 yrs); so next best thing seems to be Alterna--unless someone recommends something else that's higher! (oh yeah--i did get a quote of 1.9% for 2 yrs at a new scotia branch recently)

If one is willing to commit for two years, Peoples Trust is currently offering 2-year GIC's for 2.2%:

90 day - 1.450
120 day - 1.450
180 day - 1.450
270 day - 1.500
1 year - 1.950
15 month - 2.050
2 year - 2.200
3 year - 2.250
4 year - 2.300
5 year - 2.450

Created a joint account on-line, easy process. However I have just learned that me to me transfers will not be available till May. As I have no branch near me the option of push and pull from another institution is a must. I will keep the account open and see what happens in May.

Brian, Bill didn't say that, dougjp did. I, Bill, consider it unmanly to complain, so I don't.

I tried about 4 times, thought it was a problem with my computer so I phoned Alterna. The girl on the phone was surprised, looked into it, and later got back to me and said that the Equifax flag was the reason it wasn't going through. I have my doubts that in the split second it took for the "Oops, it didn't work" message to appear that Alterna's system would have had time to check my credit background but that's what she said. All they need is a couple of more documents via snail mail, she said, and the account can be opened. I'm in no hurry, I'll think about it and get around to it if and when I feel like it.

Hi everyone,

Your friendly neighbourhood Alterna marketing rep here again! I'd just like to jump in and help clear up some info:

Loonie said
this one is also likely a promo rate of some sort, even though they don't say so. However, take it while you can!

Not a promo rate! It's our posted rate and applies to all money deposited, with no specified deadline attached. That said, rates at all financial institutions (ours included) are subject to change without notice, but we're confident that our rates will continue to be a very compelling offer.

Keith1 said
Created a joint account on-line, easy process. However I have just learned that me to me transfers will not be available till May. As I have no branch near me the option of push and pull from another institution is a must. I will keep the account open and see what happens in May.

We are indeed targeting May to release this feature! Getting our Me to Me online funds transfers up and running is just as important to us as it is to you. In the meantime, you can still transfer money into your No Fee eChequing and High Interest eSavings accounts by using Interac eTransfers or using the DepositAnywhere feature on our mobile app. You can also call us and we'll help you set up a one-time or recurring pull from another institution.

dougjp said
I wish someone from Alterna could chime in about this, as with many new customers will have/had dealings with (now less than competitive) People's Trust in terms of savings accounts. It could really affect Alterna's business, as only a minority will put up with what I'm going through.

We have indeed seen this issue crop up over the past few days. We are taking steps to ensure that anyone who might be affected by this (or any other) data breach will have little to no impact in getting your Alterna Bank account(s) open. If you have been impacted by this issue, you should be able to open your account online with hassle within the next day or two.

Norman1 said
That is a significant limitation!

According to their Personal Service Fee Listing, cheques and point-of-sale debits are not permitted on the High Interest eSavings Account (with the 1.85% rate).

Sounds like one also needs to open an eChequing account for moving money in and out by direct deposit and pre-authorized debits (pushes and pulls) initiated from an external account.

The info in the service fee listing covers outgoing money only. If you’re looking to transfer money in, the easiest way to do so at the moment is is to deposit cheques to your High Interest eSavings account by using the DepositAnywhere feature on our mobile app. As mentioned earlier, you can also call us and we'll help you set up a one-time or recurring pull from another institution.