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Email this8:38 pm
December 12, 2009
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Down to 1.65%; will be at 1.00-1.15% in the next 12 months.
This one honestly should be dropped from the HISA chart, too, but I have a bit of a soft spot for Alterna Bank, so happy to give them a pass also. But, if others agree they're no longer competitive on demand deposit rates, then happy to drop them, too. 🙂
Cheers,
Doug
4:48 am
March 30, 2017
Online
They have not been competitive for a long time, and I cancelled my account like 2+ years ago.
7:38 am
December 20, 2016
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savemoresaveoften said
They have not been competitive for a long time, and I cancelled my account like 2+ years ago. Â
Same here.
Stephen
7:45 am
May 18, 2016
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Agree. I moved all money out of it this Sep.
9:01 am
January 12, 2019
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.
See my comment in Post #2 ⬇
.
I would say 'Ditto' for here too.
- Dean
" Live Long, Healthy ... And Prosper! "
9:46 am
October 27, 2013
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I agree these two entries are extraneous baggage but no real harm beyond unnecessary clutter.
2:14 pm
October 27, 2013
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AltaRed said
I agree these two entries are extraneous baggage but no real harm beyond unnecessary clutter. Â
That said, EQ is dropping their HISA rate to 1.75% on Dec 17th so where is an appropriate cut off?
5:41 pm
December 12, 2009
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AltaRed said
That said, EQ is dropping their HISA rate to 1.75% on Dec 17th so where is an appropriate cut off? Â
I'd say 1.50% for now. Of course, EQ Bank has become more of a day-to-day banking no paper cheque chequing account than a savings account, which just happens to pay you interest. So in terms of interest-bearing chequing accounts, it's a rate leader. 
Many years ago, I proposed defining what is "competitive." Perhaps we could start with something tied to the BoC's Policy Interest Rate, like 200 bps below the Policy Interest Rate? It may need to be a sliding scale, though, as the BoC Policy Interest Rate continues to come down.
Could also tie to the average of the Big 5 banks' highest posted demand deposit savings rate plus a 25-75 bps premium?
Cheers,
Doug
7:49 am
October 27, 2013
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I wouldn't over complicate it. It is a judgement call that I would defer to the owner of this site to make, protests by membership to be ignored.
My main criteria would be to treat all institutions on a somewhat equal footing without residual favourtism due to historical effects. IOW, let's not get into Chevy vs Ford vs Ram pickup type bias debates.
8:26 am
December 29, 2018
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Alterna has a better rate than any major canadian bank (the big 5). Yes, it does have the lowest rate of premium financial institutions, but someone must be in last place. Keep them in the list.
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