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Email this12:35 pm
July 5, 2016
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Good afternoon!
I have been investigating Alterna Bank as an alternative for ordinary every day banking that I currently do with Tangerine, basically the checking and savings accounts (except the Tangerine Mastercard that I plan to keep using). This is based on the fact that they have a free checking account and a much better savings account interest rate. I'm currently getting a decent promotional rate with Tangerine until the end of September so this would be after that, but I have a few concerns.
How good is the online interface?
How good are the transfers, including internal transfers between checking/savings? Tangerine executes these instantly but PC Financial makes you wait a day as far as I know.
How safe is that interest rate? I understand this is an issue at any bank but that's the reason I would like to move away from Tangerine if possible.
Anything else I should know about? Bill payments, wire transfers (I sometimes have to receive money from overseas, currently using PC Financial for this since Tangerine can't do it), hidden fees and other things?
Cheers, and thanks!
4:46 pm
October 21, 2013
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I think their interest rate should be as reliable as any. When they first started a few months back, it was only 1.85, then the INCREASED it, which is unusual.
I too was thinking it might be a good alternative to Tangerine, but haven't signed up yet. I am so sick of the grovelling that Tang makes us do every 3 to 6 months, and don't think I would mind giving up .05% in order to never have to do it again. I absolutely hate doing it, and so I tend to put it off, which means I am losing out a bit every time anyway.
If Tang wants our money, let them come after us for a change instead of us having to pursue them.
12:21 pm
May 30, 2016
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I opened up an eSavings account with Alterna Bank in early June, and just opened up a TFSA eSavings account a few days ago. So far, all is good with them. I like the fact that they have an interest rate of 1.95%, higher than Tangerine's current interest rate of 0.8%. I didn't get any summer promotion so I transferred my savings money to Alterna Bank. It will stay there until I get a better interest rate with Tangerine.
With respect to transfers, so far I do not have any issues. My internal transfer from my eSavings account to my TFSA eSavings account was instant. And all my external transfers between my eSavings account and my external chequing account I have with TD bank has been executed promptly.....pretty much like my experience with Tangerine. You have a 5 day holding period (like Tangerine) for incoming transfers to your Alterna eSavings account....which is fine as I am aware of this. You still earned interest (like Tangerine) during the holding period.
I do not have a chequing account with either Tangerine or Alterna Bank, so I can't comment on this. I use TD bank for that, as I do not pay any fees as long as my account balance remains at $2,000 or above. I wish I didn't have this restriction, but I decided I'll accept it, as I can still do unlimited transactions without no fees, and have access to other services, like going to an actual TD branch if I needed to.
7:48 pm
October 21, 2013
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Alterna has branches too, if you're in Toronto, as they have been a regular credit union for some time.
However, I don't know how much crossover there is between the credit union and the online bank divisions.
You probably already noticed this, but Tangerine chequing pays 0.25% interest, whereas Alterna pays only .05%. This is probably not a big deal as you may not keep a lot of money in chequing., but it is a difference between them.
2:17 pm
July 5, 2016
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I live out in Alberta. Having access to branches is pretty unimportant for me, as I've pretty much banked exclusively with Tangerine since they were ING Direct and have never really needed to use branches.
The interest rate difference with checking is pretty unimportant - I tend to keep a zero balance in checking except when making transfers or payments. It seems Alterna allows for pre-authorized debit directly from the savings account anyway so that'll reduce the need for checking at all. If I could take money out of savings at an ABM without fees, there might be no need for a checking account, honestly.
10:03 pm
October 21, 2013
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It doesn't hurt to keep a chequing account open, I suppose, as it's free anyway. You never know when it might come in handy.
I'm planning on opening an esavings account at Alterna as soon as I get around to it. I have finally sorted out my differences with EQ, which I don't especially like, but it does have the best savings rate for now, so I will put up with them for now. I am just so fed up with rate roulette at Tangerine. Chequing is not important to me, and EQ doesn't offer it. I have free chequing at 2 of the Big Banks, and don't want to be bothered changing that around as I do find face-to-face useful at times.
2:06 pm
August 17, 2010
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Opened my Alterna account. Heads up about withdrawal limits, doesn't matter if you call and do it, it's still the same.
25,000 daily. 50,000 weekly. 100,000 monthly
4:01 pm
September 11, 2013
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If you time it right you could withdraw $100K over about 9 days, I guess.
9:59 am
July 5, 2016
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Yeah I knew about the withdraw limits, but that's fine. I never hold enough cash in a savings account for this to be an issue - everything beyond a 6-month emergency fund is invested.
5:15 pm
August 27, 2016
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A little unpleasant thing happened. At the time opening the account, I was told by the Toronto Bay Street associate that the client card has a very low limit on cash withdraw, and I can withdraw as much over the counter.
However yesterday as I tried, they told me this account is online and is not entitled for cash withdraw at branch. I asked for a draft and was rejected as well. I then asked for a cashier cheque and they told me to obtain a CASHIER cheque ONLINE.
I was previously thinking about parking around 100k in this account for the next year. Now I have to review my plan.
7:13 pm
October 21, 2013
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What was the cash withdrawal limit at the ATM, Andreas?
9:27 pm
April 6, 2013
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Andreas, I think that Toronto Bay Street associate did not know what he/she was talking about.
According to note #7 of the Alterna Bank personal service fee listing, neither the eChequing nor the High Interest eSavings account includes in-branch transactions:
7In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
I suspect one of their other chequing or savings accounts would need to be opened for in-branch transactions.
2:58 am
October 21, 2013
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I think there is a lot of room for confusion as some previously-only-bricks-and-mortar institutions have started to open online-only divisions. In Alterna's case, this was compounded by their decision to advertise the online bank with posters IN the bricks-and-mortar branches - where it can't be accessed.
It would be best if they gave them totally separate names, but Alterna has chosen to use the same name for both of them.
I have actually complained in writing to Alterna about this but received no reply.
8:23 am
August 27, 2016
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Loonie said
What was the cash withdrawal limit at the ATM, Andreas?
I think it was a laughable amount like $200, so I did not pay any attention...
8:24 am
August 27, 2016
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Norman1 said
Andreas, I think that Toronto Bay Street associate did not know what he/she was talking about.
According to note #7 of the Alterna Bank personal service fee listing, neither the eChequing nor the High Interest eSavings account includes in-branch transactions:
7In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
I suspect one of their other chequing or savings accounts would need to be opened for in-branch transactions.
I actually deposited $$$$ cash and two cheques over the Bay Street branch counter at the time of account opening...
9:02 am
April 6, 2013
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Norman1 said
…
According to note #7 of the Alterna Bank personal service fee listing, neither the eChequing nor the High Interest eSavings account includes in-branch transactions:7In-branch transactions are not available on eChequing or eSavings accounts. Cheques and POS are not permitted on eSavings.
I suspect one of their other chequing or savings accounts would need to be opened for in-branch transactions.
AndreasChen said
I actually deposited $$$$ cash and two cheques over the Bay Street branch counter at the time of account opening...
No in-branch transactions, except deposits at account opening?
Another possibility was the associate didn't know note #7 and did the in-branch deposit into the online-only account for you!
9:26 am
April 6, 2013
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Loonie said
I think there is a lot of room for confusion as some previously-only-bricks-and-mortar institutions have started to open online-only divisions. In Alterna's case, this was compounded by their decision to advertise the online bank with posters IN the bricks-and-mortar branches - where it can't be accessed.
It would be best if they gave them totally separate names, but Alterna has chosen to use the same name for both of them.
I have actually complained in writing to Alterna about this but received no reply.
Alterna Bank is not online only.
Most of their products can be accessed through brick-and-mortar branches. They have their own two branches in Quebec and some arrangement with the Ontario branches of their credit union parent, Alterna Savings. This is from Alterna Bank: About Us:
Still prefer a smiling face or a traditional bank account? We get that! For our non e-banking clients, Alterna Bank also operates two branch locations in Hull and Gatineau, Quebec and 23 branch locations in Ontario through Alterna Savings
I think its only the eSavings and eChequing accounts that are online only.
However, AndreasChen reported being able to open one of those online-only Alterna Bank accounts, and make initial deposits to the account, at a Toronto Alterna Savings branch!
12:16 pm
October 21, 2013
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Yup! Confusing.
6:13 pm
August 27, 2016
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Norman1 said
No in-branch transactions, except deposits at account opening?
Another possibility was the associate didn't know note #7 and did the in-branch deposit into the online-only account for you!
Those were not even my initial deposits. 3rd and 4th deposits actually.
7:22 pm
April 6, 2013
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AndreasChen said
Norman1 said
No in-branch transactions, except deposits at account opening?
Another possibility was the associate didn't know note #7 and did the in-branch deposit into the online-only account for you!
Those were not even my initial deposits. 3rd and 4th deposits actually.
In that case, it looks like "in-branch transactions" in note #7 means just the three types of day-to-day transactions that have the "in-branch" adjective. That does not include deposits:
• Deposits
• Cheques
• Pre-authorized payments
• Debit card payments (point of sale)
• Alterna and THE EXCHANGE® Network ATM withdrawals and transfers
• Withdrawals (In-branch, Online, Mobile and Telephone Banking)
• Bill payments (In-branch, Online, Mobile and Telephone Banking)
• Transfers (In-branch, Online, Mobile and Telephone banking)
Please write your comments in the forum.