Alterna Bank Review 2022: Features and Alternatives

Alterna Bank is an online subsidiary of Alterna Savings and Credit Union, a credit union based in Ontario. Saving the cost of having a physical branch allows us to pass this on to our Canadian customers through lower fees and higher savings rates.

Although they are completely online, they offer a full menu of financial services like those offered by the big banks, including investment options such as savings accounts, mortgages, and mutual funds. As part of THE EXCHANGE network, you can access the ATM network of over 3,300 ATMs in Canada.

Advantages of Alterna Bank

Consider some of the top reasons to use Alterna.

Low fee

Alterna Bank emphasizes that paying fees is not part of its business model. Their bank account supports unlimited Interac e-Transfers and unlimited transactions with no monthly fees, and can be used with a commission-free eCheking account or a high-interest savings account.

Fee-free checking account and high-interest savings account

Alterna Bank has a commission-free checking account, an account with no minimum balance. Account holders get unlimited daily transactions, unlimited his Interac e-Transfers, and access to over 3,000 ATMs for free. In addition, customers can access overdraft protection for as little as $2.50 per month and all deposits are insured up to the maximum through the Canadian Deposit Insurance Corporation (CDIC).

At the same time, they offer a high-interest Alterna savings account that grows at an interest rate of 2.0%. Similar to a checking account, this account is commission-free and supports unlimited bill payments, Interac e-Transfers, and debit transactions. There is no minimum balance required and deposits are guaranteed up to a certain amount through his CDIC.

Online Banking and Mobile Banking

Alterna Bank is completely online, so all customers can view their accounts online, manage their money, set up debit card payments, and more, all within the mobile application. increase. This is very convenient for customers who want a digital banking experience.

Related Topics: Top 5 Free Bank Accounts Canada

Alterna bank account

Here are some of the bank account details provided by Alterna.

Alterna Fee-Free eChequiing Account

Alterna Bank offers a fee-free checking account perfect for depositing checks, making daily payments, and more. Plus, with overdraft protection for $2.50 per month, you get the extra cushion and support you need, regardless of your balance. Plus, you’ll have access to over 3,000 ATMs as part of THE EXCHANGE network across Canada.

Alterna High Interest Savings Account

For customers who really want to save money, Alterna Bank offers a high-interest savings account that allows you to earn 2.0% on every dollar you deposit. With this Alterna savings account, you can make unlimited money transfers, debit transactions, and more, and earn high interest rates.

Alterna TFSA and RRSP Accounts

These are two types of savings accounts offered by Alterna Bank. Tax Free Savings Accounts (TFSAs) and Registered Retirement Savings Accounts (RRSPs) are both great investment tools for Alterna customers. Each account earns high interest rates on every dollar you spend and can be conveniently transferred to your account online. There are no minimum deposit or balance requirements, making it an excellent registered savings account option for everyone.

alternative mortgage

Alterna Bank also offers mortgages. Competitive when compared to other institutions such as large banks, especially for fixed rate mortgages, but less so for variable rate options. is.

Overview of Alterna Bank

best overall value

• Fee-free e-checking account
• High interest savings account
• good investment choice

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Alterna Bank Customer Reviews

Alterna Bank has a pretty good rating on Trustpilot, but not many. Either way, let’s take a look at some of what customers have to say about this online bank.

It’s a friendly and cheap bank, but there’s a lot it can’t do easily. I just said “oh, it will take 2-3 days to get the foreign currency” and hung up. Really? I only wanted 200 euros! They’ve also made me wait for US funds in the past.

Pole

From my personal experience I have to say that this bank can catch up on things now, but I would say that customer service is usually a bit lacking?

Tim

Alterna Bank Service Review

Let’s finally see if Alterna Bank is the right choice for you compared to other online-only banks.

Is this brand right for you?

Alterna Bank is ideal for those who don’t need access to digital banking services, competitive savings rates, and physical branches. Considering savings options such as registered savings accounts, mutual funds, and guaranteed investment certificates, Alterna Bank’s rates are among the best in Canada, rivaling credit unions and eliminating the need to pay personal finances. help customers reach their financial goals without Expert.

cost value

Alterna Bank checking and savings accounts are free to use and have no minimum requirements to open, making them extremely cost-effective. This, like many other financial institutions that now operate entirely online, makes their services highly accessible to customers of all financial situations. In addition, high interest rates on savings deposits are also a big attraction.

customer service

Alterna Bank offers excellent customer service available via telephone service during business hours. Some customers have noted a lack of customer service experience, but it seems to be widely used, not just chat support like other digital banks.

ease of use

Alterna Bank is a digital bank, so it’s very easy to access all your account details and open new accounts online. This is especially useful for young customers who are used to digital services and are currently looking for online banking.

In addition, me-to-me money transfer allows you to link all your accounts at different institutions to easily transfer money between them and set up pre-approved payments as needed.

Features included

Alterna Bank offers so many services that whatever your personal finance needs, Alterna Bank solutions can meet them. The checking and savings account features are great and completely free, allowing you to move funds, perform transactions, set up online bill payments and much more without limits. All accounts are accessible online, so you can see all the features in this digital bank in one place.

Additionally, the fact that they offer investment accounts and mortgages as a digital bank is quite impressive, while many others do not. makes online accounts one of the top choices for Canadians today.

whole

Alterna Bank offers customers who want superior service in their online banking services. Like other financial institutions that operate entirely online, Alterna passes the savings of not operating physical branches to its customers, with higher savings rates and no fees. In addition, fixed-rate mortgages, investment services, and more are available through banks.

If you need access to a physical branch, you can always access a branch of Alterna Savings, the credit union of which Alterna Bank is a subsidiary.

How to open an alternative bank account

Customers can easily open an Alterna bank account online. Opening an account can be completed in just 5 minutes with an online application.

Top 2 Alterna Bank Alternatives

PC money

A PC Money account is simple banking for Canadians. This account combines the functionality of a checking account, prepaid credit card, and rewards program into one. It is therefore a great alternative to traditional banking services. This offers many great perks, but may not be the best choice for those accustomed to the traditional banking experience.

EQ bank

EQ Bank aims to provide more value than traditional banking. They embrace new ways of doing things and are always finding new ways to serve their customers. They charge no hidden fees, provide complete protection and security through CDIC insurance, and ensure that customers never pay for services they do not use.

Conclusion

Digital banking solutions offered by Alterna Financial Group are a great option for many Canadians. If you want to earn a high savings rate, get a home loan completely online, or have access to other great investment accounts, Alterna Bank is for you. Opening an account can be done completely online in minutes, so be sure to check it out and see all the benefits it can offer. However, if you’re looking for a traditional banking experience where you can visit a branch and meet support staff face-to-face, this isn’t the bank for you.

Frequently Asked Questions (FAQ)