1:19 pm
July 25, 2016
I was just visiting this website, and discovered Alterna Bank. Thank you!
I thought I'd just give a little back by letting you know that it looks like Alterna Bank now has a TSFA at 1.95%: https://www.alternabank.ca/Rates/
The account is called: TFSA eSavings Account
Thanks again for keeping this website up-to-date, and relevant for us from Québec.
Thanks for the tip! That makes it the highest TFSA on our comparison chart.
11:00 am
April 15, 2015
11:13 am
November 19, 2014
1:15 pm
October 21, 2013
It's probably not worth a transfer fee at this point in the year. At best, it would be a break-even. You could ask if Alterna would reimburse it but they might not unless you get a GIC. Alterna does charge a transfer out fee, although I could not figure out how much it is online, so that increases the odds that they would reimburse.
I was thinking of Peoples, where there is none.
4:31 am
July 25, 2016
Here's a list of all their fees: https://www.alternabank.ca/SharedContent/documents/Alterna_ServFee-Retail-EN_11-12.pdf second page, right hand column lists the TFSA transfer as well as RRSP.
I found it on this page, but the link of broken so I deduced it: https://www.alternabank.ca/AboutUs/ContactUs/FAQs/FAQ/
CIBC has a transfer fee of 100$, but I think I'm going to do it anyway. My TFSA is currently on a GIC that was renewed in May, for 0,55%. They told me it was going to be at 1,3% after some negotiation, so I'm not happy. I'll lose my interest at 0,55% for 3 months + 100$ transfer fee, so max 200$ loss, but it should be worth it unless Alterna's rates plummet.
12:52 pm
October 21, 2013
Thanks for the link.
It's worth asking Alterna about reimbursement. They might be willing to give you $50, since that's what they charge. You've nothing to lose by asking, except your time.
You could go up the complaints ladder at CIBC in regards to the rate you negotiated, but you might not succeed and you would be losing interest at Alterna in the meanwhile. You probably already figured this out!
Chances are pretty good that you will recoup your loss, I think. If you have maxed out your TFSA, it should only take about 3 months until you are ahead again. Even if Alterna drops their rate, it should still be significantly higher than CIBC's for a while.
8:30 am
September 11, 2013
10:04 am
October 21, 2013
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