Banks
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Alterna Bank

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About bank

Alterna Bank is your go-to online banking provider for all your financial needs. With easy online banking access and a user-friendly online banking platform, you can manage your personal or account information securely from anywhere. Whether it's setting up future payments or accessing your online banking account on the move with Alterna's mobile banking app, they've got you covered. Plus, their contact centre is available during convenient contact centre hours to assist with any queries or alternate payment arrangements you may need. And rest assured, Alterna Bank prioritizes your banking safety with secure protection protocols and secure authenticity verification, ensuring a worry-free online banking experience.

Alterna Bank

Key features

  1. No Fee Accounts. Enjoy the convenience of banking without worrying about account maintenance fees. Alterna Bank provides no-fee account options, ensuring you can access essential banking services without any extra charges.

  2. Full Online Banking. With Alterna Bank's comprehensive online banking platform, you have complete control over your finances. Access your accounts, manage transactions, and monitor your balances securely from any device with online banking access.

  3. Products for Individuals and Businesses. Whether you're an individual looking for personal banking solutions or a business owner seeking financial services, Alterna Bank has you covered. From savings accounts to business loans, they offer a diverse range of products to meet the needs of both individuals and businesses alike.

  4. Convenient Mobile App. Stay connected to your finances on the go with Alterna Bank's mobile banking app. With features like mobile banking working seamlessly across various devices, you can conduct transactions, check balances, and make payments conveniently from your mobile device, ensuring banking fits into your busy lifestyle.

Pros and cons

Pros

High Interest Savings Account Rates. Alterna Bank offers competitive interest rates on their savings accounts, allowing customers to earn more on their deposits compared to traditional banks.

All Your Banking Needs Can Be Met Online. With Alterna Bank's comprehensive online banking platform, customers can conveniently manage all aspects of their finances from the comfort of their own home or on the go.

Products for Businesses and Individuals. Whether you're a business owner or an individual, Alterna Bank provides a wide range of products and services tailored to meet your specific financial needs.

Cons

Only Online. As Alterna Bank operates solely online, customers who prefer in-person banking services may find this limitation inconvenient.

No Credit Cards. Unlike some traditional banks, Alterna Bank does not offer credit card products, which may be a drawback for customers looking for this type of financial product.

No Personal Loans. Similarly, Alterna Bank does not provide personal loan options, which may limit borrowing options for customers in need of financing for personal expenses.

Alterna Bank requirements

  1. Residency in Canada. To open an account with Alterna Bank, you must be a resident of Canada, providing proof of your Canadian residency.

  2. Age of Majority. You need to be the age of majority in your province or territory. The age of majority varies across Canada, typically ranging from 18 to 19 years old.

  3. Social Insurance Number (SIN). You must have a valid Social Insurance Number (SIN) issued by the Canadian government. This serves as a primary identification document for opening a bank account and conducting financial transactions in Canada.

  4. Account at Another Canadian Bank. Alterna Bank requires applicants to have an existing account at another Canadian bank. This may involve providing information about your current banking institution, such as account details or statements.

Access on the go

  1. Search Surcharge-free ATMs. Easily locate surcharge-free ATMs near you, ensuring you can access your cash without incurring additional fees.

  2. View Account Activity. Keep track of your account activity in real-time, view your account balances, and review recent transactions to stay informed about your financial status.

  3. Pay Bills. Streamline your bill payments by scheduling and managing them directly through Alterna Bank's online banking platform. Set up recurring payments or make one-time payments hassle-free.

  4. Transfer Money. Move funds between your accounts seamlessly with just a few clicks. Whether you're transferring money between your checking and savings accounts or between accounts held at different financial institutions, Alterna Bank's online banking makes it simple.

  5. Interac e-Transfers. Send money to friends, family, or businesses securely using Interac e-Transfers. Receive funds directly into your account and even request money from others, all within the online banking platform.

  6. Set Up Alerts and Notifications. Stay informed about important account activities and changes by setting up customized alerts and notifications. Receive alerts for low balances, large transactions, upcoming bill payments, and more, helping you stay on top of your finances.

Alterna Bank products

For individuals

  1. High Interest Savings. Earn competitive interest rates on your savings with Alterna Bank's High Interest Savings account, helping your money grow faster.

  2. No Fee eChequing. Enjoy the convenience of unlimited transactions and no monthly fees with Alterna Bank's No Fee eChequing account.

  3. TSA eSavings. Save for your future goals with Alterna Bank's Tax-Free Savings Account (TFSA) eSavings, offering tax-free growth on your investments.

  4. RRSP eSavings. Plan for your retirement and take advantage of tax benefits with Alterna Bank's Registered Retirement Savings Plan (RRSP) eSavings account.

  5. Mortgages. Whether you're buying a new home or refinancing an existing mortgage, Alterna Bank offers flexible mortgage options to suit your needs.

  6. Investing. Explore various investment options, including GICs and mutual funds, to grow your wealth and achieve your financial goals.

For businesses

  1. Small Business eChequing Accounts. Manage your business finances efficiently with Alterna Bank's Small Business eChequing accounts, offering unlimited transactions and no monthly fees.

  2. Small Business Loans. Access financing solutions tailored to the needs of your small business, including term loans and lines of credit, to support growth and expansion.

Alterna Bank services

For individuals

  1. Online Banking. Manage your finances conveniently and securely with Alterna Bank's online banking platform, allowing you to access your accounts, pay bills, transfer funds, and more from anywhere, at any time.

  2. Guided Portfolios. Access professionally managed investment portfolios tailored to your risk tolerance, financial goals, and investment preferences through Alterna Bank's Guided Portfolios service.

  3. Wealth and Investment Planning. Receive personalized wealth and investment planning guidance from Alterna Bank's team of financial experts, helping you make informed decisions to grow and protect your wealth.

  4. Registered Plans. Explore various registered plans, including Registered Retirement Savings Plans (RRSPs), to maximize tax benefits and achieve your long-term financial goals.

  5. Resource Center. Access educational resources, articles, and tools through Alterna Bank's online resource center to enhance your financial literacy and make informed financial decisions.

For businesses

  1. Payment Processing. Streamline your business's payment processing needs with Alterna Bank's payment processing services, allowing you to accept payments securely and efficiently from customers.

  2. Online Banking. Manage your business finances seamlessly with Alterna Bank's online banking platform for businesses, providing access to essential banking services such as account management, payment processing, and more.

  3. Resource Center. Gain access to valuable resources, guides, and tools tailored to the needs of businesses through Alterna Bank's online resource center, helping you navigate complex financial challenges and opportunities.

  4. Cannabis Banking Services. Benefit from specialized banking services tailored to the unique needs of the cannabis industry, including payment processing solutions and financial advisory services.

Which associations does Alterna Bank belong to?

  1. Canada Deposit Insurance Corporation (CDIC). As a member of CDIC, Alterna Bank provides deposit insurance coverage to its customers, offering protection for eligible deposits in case of a member institution's failure.

  2. Canadian Bankers Association (CBA). Alterna Bank is also a member of the Canadian Bankers Association, a professional industry association representing banks and financial institutions across Canada. Through its membership, Alterna Bank participates in advocacy efforts and collaborates with other industry stakeholders to promote a strong and stable banking sector.

Bank reliability

Alterna Bank is considered reliable. As a federally regulated institution under the Bank Act and a member of the Canada Deposit Insurance Corporation (CDIC), Alterna Bank adheres to strict regulatory standards and provides deposit insurance coverage to its customers, offering protection for eligible deposits in case of a member institution's failure. Additionally, its affiliation with the Canadian Bankers Association (CBA) further underscores its commitment to maintaining a strong and stable banking sector. Overall, Alterna Bank's regulatory oversight and industry affiliations contribute to its reputation for reliability and trustworthiness.

Editorial opinion

Alterna Bank stands out in the financial landscape with its commitment to innovation and convenience. With its own online payment service and seamless access to online banking, customers can effortlessly manage their finances anytime, anywhere. The emphasis on security, evident in features such as secure sessions and same credentials, ensures peace of mind for users. Moreover, the ability to conduct banking transactions on the move underscores Alterna Bank's dedication to facilitating banking on the go. As a trusted institution, CS Alterna Bank continues to prioritize customer satisfaction and financial well-being, making it a reliable choice for those seeking efficient and accessible banking solutions.

Additional resources

Sources

FAQ

Is Alterna Bank a good bank?

Alterna Bank is considered a reputable and reliable bank, offering a range of financial products and services to meet the needs of its customers.

Does Alterna Bank have a mobile app?

Yes, Alterna Bank offers a mobile banking app that allows customers to conveniently manage their finances on the go.

Does Alterna Bank have bank accounts?

Yes, Alterna Bank offers various types of bank accounts, including savings accounts, chequing accounts, and registered accounts, to meet the diverse needs of its customers.

Is Alterna Bank hard to get approved for?

The approval process for banking products at Alterna Bank may vary depending on individual circumstances and the specific product being applied for. However, Alterna Bank strives to provide accessible banking solutions to its customers.

Company documents

Alterna Bank's policy regarding Access to Funds

We put banking in the palm of your hand. As a digital bank for the 21st century, we champion our customer's financial well-being and help them navigate a self-serve, rapidly changing world when and where it’s convenient for you.

© Alterna Bank
Financial products
Alterna Bank
Closed mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4,84% - 7,85%
Term
i

Loan term for the financial product

6 months to 10 years
Alterna Bank
Open mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

7,05% - 8,00%
Term
i

Loan term for the financial product

6 months to 3 years
Alterna Bank
Variable rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,95% - 6,55%
Term
i

Loan term for the financial product

3 - 5 years
Alterna Bank
Fixed rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,85% - 7,85%
Term
i

Loan term for the financial product

1 to 10 years
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