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Email this8:40 pm
December 22, 2016
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Hi all, I'm new to posting but have lurked for a while. I had just setup a couple of accounts for my wife and I with Alterna after doing some research on here. However I just see their term deposit rates have been reduced (1.50% from 1.95% for 1 year) . Is this a sign of things to come for their savings and TFSA accounts? Going to be a shame to start looking elsewhere already if that's the case.
11:18 pm
November 19, 2014
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Welcome.
Wouldn't surprise me. I like Alterna but there is little incentive for them to keep higher rates. Especially if they are CDIC insured instead of DICO. That usually draws in the punters who are scared of provincial deposit insurance.
I hope EQ Bank keeps their rates until early January. I need a home for some high 5 figure funds then.
12:35 am
October 21, 2013
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Welcome, exxczyk.
If you want to get the best rates fairly consistently, you are going to have to move your funds periodically. I don't see any way around that, as they do fluctuate. There are other considerations, of course: insurance, customer service, ease of access, other features offered, and many more. Everyone has to decide, based on their priorities, where to keep their money and when they need to move it.
Nobody can say what will happen next with rates at any particular financial institution, or when. AlternaBank is still in its first year of operation. It is common for rates to drop sometime in that first year, sometimes more than once. So far, Alterna has held its rates better than most.
Please write your comments in the forum.