download and credit union app Alterna Savings Banks 's Cannabis Producers To Meet Market Needs. , Sept. 13, 2016 /CNW/ – While the big banks have started cutting loose, or refusing to bank with federally licensed cannabis- related businesses, a progressive, -based credit union has recognized the need and quietly moved in to help. “Credit unions have a strong history of understanding unmet needs in a market and stepping up to make a difference,” says Rob Paterson , President & CEO, Alterna Savings. “About a year ago we started to be approached by a handful of licensed producers that were struggling to find a banking partner. We analyzed the need, did our due diligence, and realized we could do something to help this emerging industry.” All of the businesses Alterna deals with are operating 100% legally under the existing Health Canada framework for federally licensed producers. “These are businesses that are operating for the benefit of many chronically ill Canadians,” adds Paterson. “Without our support they would find it difficult to pay their bills, manage payroll, and secure real estate with the ultimate goal of supplying medicine to people who need it most.” Paterson says their credit union believes it’s in everyone’s best interest to support these businesses to flourish in Canada . Like any emerging industry, it can sometimes be difficult to find a financial services partner that believes in your vision. He adds that credit unions are known for their “firsts”, and being traditionally more nimble and quick to react to new market needs. At the end of the day, these are like any other federally licensed business operating in our community. There are still a lot of players in this space trying to edge their way in illegally through dispensaries, store-fronts and other set-ups, and we absolutely do not support those. We only work with the handful of licensed producers, who currently can only distribute through the mail. As well we handle the odd industry consultant or advocacy group. Rob Paterson , President & CEO, Alterna Savings. Alterna has strict protocols in place when bringing new businesses on board. “We have a process compliant with all regulatory requirements. We conduct thorough due diligence where they have to provide evidence of their Health Canada licensing status, and everything is triple checked by our compliance team. ” Paterson adds that the due diligence continues long after they come on board as a member. The credit union adds an extra level of assurance, by monitoring trends and patterns of their financial transactions and acting quickly if anything seems suspicious or unusual. “We’re really happy we were able to be creative and flexible in supporting this niche industry when the players started to approach us. Ultimately the work they are doing is supporting thousands of sick patients and doing so entirely above board. We’re proud to partner with them and look forward to what the future brings,” says Paterson. Business Banking. The Alterna Bank mobile app gives you easy and secure banking access anywhere, anytime. You can pay bills, transfer funds, check your balances and more. Simple, convenient and secure – it’s the ideal app for your everyday banking needs. LOG IN • Log in with your Online Banking ID and Password. ACCOUNTS • View your account activity, balances and recent transactions. • Manage multiple accounts – banking, investments and credit. PAY BILLS • Pay bills now or set them up for a future date. • View and edit upcoming scheduled bills and transfers. TRANSFERS • Send money instantly with Interac® eTransfer. • Transfer money between your Alterna Bank accounts. • Transfer money to and from your accounts in another Financial Institution. DEPOSIT • Quickly and securely deposit your cheques by using your smartphone or tablet. Just select ‘Move Money’ and ‘Deposit’, select the account you would like to make your deposit to, take a picture of both sides of your endorsed cheque, enter the dollar amount, and submit it. That’s it. LOCATE ATMs • Search or use your current location to find nearby ATMs. SECURITY • Your security is our top priority, which is why our mobile banking app uses the same level of secure protection as our full Online Banking. • Receive messages about your account on your phone. Or, if you’d rather not log in, you can still: • Check out our rates • Search for nearby ATMs • Display your balances at-a-glance without having to log in (you must enable this feature) To take full advantage of the Alterna Bank app, you must be an Alterna Bank customer, plus already be registered for and have logged into Online Banking. If you’re not an Online Banking user, you can still use the locator feature to find the closest ATM, including THE EXCHANGE® Network ATMs, check our rates or quickly find our contact information. Visit https://www.alternabank.ca for more details. There’s no charge for the Alterna Bank app, but mobile data and/or internet charges may apply. Check with your mobile phone provider for details. Alterna Savings & Credit Union Review. Alterna Savings and Credit Union is one of Canada’s largest credit unions and the first credit union outside of . Following , Alterna Savings is the second-largest credit union in the province of Ontario. This review of Alterna Savings and Credit Union covers the services and products they offer to members as well as the low to no-fee digital banking services available through their direct banking subsidiary, Alterna Bank. Table of Contents. What is Alterna Savings? Alterna Savings was founded in 1908. It has over 160,000 members, 35 branches in Ontario and more than $8 billion in assets under management. In 2000, CS Alterna Bank was launched as a direct banking (online bank) arm of Alterna Savings and is a federally-regulated financial institution. On April 30, 2019, Alterna Savings merged with City Savings and Credit Union. In December 2018, Alterna Savings merged with Toronto Municipal Employees’ Credit Union (TME Savings). In 2016, Alterna Savings merged with Nexus Community Savings. In 2013, Alterna Savings merged with Women’s Credit Union. Members of Alterna Savings and Credit Union have access to over 3,700 surcharge-free ATMs across Canada though The EXCHANGE Network. Alterna Savings Accounts: Personal Banking. Alterna Savings offers a full suite of banking services to its personal and business members. Chequing Accounts. Their chequing account offerings include: Basic package: $4/month (waived with a $1000 minimum balance) with 20 ‘free’ transactions, free e-statement (or $1.50 for a paper statement). Value package: $10/month including 35 transactions, 50 cheques/year, free American Express Traveler’s cheques. Unlimited package: $14/month including unlimited transactions, unlimited Interac e-Transfers and 1 free ATM Interac withdrawal/month (free with a $1,500 minimum monthly balance), free traveller’s cheques, 1 free bank draft or certified cheque/month. Student chequing account: $0 monthly fee, no minimum balance required, unlimited free day-to-day transactions, and unlimited Interac e-Transfers, 2 free ATM Interac withdrawals/month. Youth Start package (for members who are 18 and under): $0 monthly account fee, 30 free transactions/month, free statements. Pay As You Go: No monthly account fee – pay per transaction. 59+ Club: Get a discount on the regular chequing accounts as follows: basic chequing (free), value package ($5), and unlimited package ($7). Savings Accounts. Daily interest savings: Earn up to 0.05%*. Investment savings account: Earn up to 0.40%*. Borrowing. Alterna Savings offers mortgages, personal loans, lines of credit, and credit cards. Their credit card offerings via Collabria Financial Services are: 1) Alterna Savings Cash Back Visa Card : No annual fees, 19.90% interest rate, earn 1 point per $1 spent (double on gas), purchase protection and extended warranty, mobile device insurance. 2) Alterna Savings Centra Visa Gold Card : $0 annual fee, 9.90% interest rate, earn 1 point per $1 spent, auto rental collision loss insurance, purchase protection and extended warranty, accident protection. 3) Alterna Savings Visa Classic Card : $30 annual fee, 11.90% interest rate, purchase protection, extended warranty, and mobile device insurance. 4) Alterna Savings FlexRate Visa Card : $40 annual fee, variable interest rate up to 15.90%, earn 1 point per $1 spent, purchase protection and extended warranty, mobile device insurance. 5) Alterna Savings Visa Infinite Card : $120 annual fee, 19.90% interest rate, comprehensive travel insurance benefits, auto rental collision/loss insurance, purchase protection/extended warranty and earn 2 points per $1 spent. 6) Alterna Savings Student Visa Card : $0 annual fee, 11.90% interest rate, purchase protection/extended warranty, and mobile device insurance. 7) Alterna Savings Travel Rewards Visa Gold Card : $99 annual fee, 19.90% interest rate, extended travel insurance benefits, purchase protection and extended warranty, earn 1 point per $1 spent (double for foreign currency purchases). 8) Alterna Savings US Dollar Visa Card : $50 USD annual fee, 19.90% interest rate, travel insurance, auto rental collision/loss insurance, purchase protection/extended warranty, and earn 1 point per $1 USD spent. Investments : You can invest using a term deposit inside a non-registered or registered account (e.g. RRSP, TFSA, RESP, and RRIF). Insurance : Travel insurance is available through CUMIS and Allianz Global Assistance Canada. Alterna Savings Accounts: Business Banking. Chequing Accounts. Business Basic: $10/month including 15 transactions. Business Value: $28/month and 50 transactions. Business Premium: $55/month and 100 transactions. Business Prestige: $100/month and 200 transactions. Business Pay As You Go: $5 monthly fee and pay per transaction. CHIP chequing account: reduced service fees and this account earns interest. Community Plus chequing account: for incorporated non-profit organizations. US chequing Agricultural chequing US Dollar Lawyer’s Trust account. Savings Accounts. Business Daily Interest Savings: Earn up to 0.05%* and 2 free transactions per month. Business Investment Savings Account: Earn up to 0.40%*. *Rates current as of June 2020. Financing. They provide mortgages, overdraft protection, business credit cards, loans, micro-financing and letters of credit. The line up of business credit cards offered by Alterna Savings are: Alterna Savings Collabria No Fee Cash Back Visa Business Card Alterna Savings Collabria Visa Infinite Business Card Alterna Savings Collabria Low Rate Visa Business Card. Investing : Business members can also access investment assets such as mutual funds (via Qtrade Advisor), term deposits and brokerage services (through Qtrade Investor). How To Open An Alterna Savings Account. New members can apply online, walk into a branch or call Alterna at 1-877-560-0100. The eligibility requirements for membership are that you must: Be a resident of Ontario. Be at least 18 years old. Have a valid social insurance number. Purchase a $15 membership equity share which gives you a stake in the credit union so you can vote and share in the profits. Ways To Bank. You can conduct transactions online, in-branch, and via telephone. Branches : Alterna Savings has a network of 33 branches in Ontario including the Greater Toronto Area, Kingston, Ottawa, Pembroke, and North Bay. Online : Use their website or the Alterna Savings mobile app which is available on iOS and Android. Telephone : Call 416-252-5621 (Toronto), 613-50-0100 (Ottawa) or Toll-free at 1-877-560-0100. The contact centre is open from Monday- Friday (8 am-8 pm) and Saturday (9:30 am to 4 pm). Mail : Alterna Savings, 319 McRae Avenue, 2nd Floor, Ottawa, ON K1Z 0B9. Is Alterna Savings Safe? Alterna Savings is a member of the Deposit Insurance Corporation of Ontario (DICO). This membership means that deposits (savings, chequing, term deposits, and GICs) with the credit union are insured up to a maximum of $250,000 per member (including interests and dividends). Also, deposits held in a registered account (RRSP, TFSA, RESP, or RRIF) are 100% insured with no maximum limit. Note that foreign currency deposits and investments such as mutual funds, stocks, and bonds are not insured by DICO. Related Posts. Conclusion. Alterna Savings Credit Union is one of the largest credit unions in Canada. Other popular credit unions in the province of Ontario are: Meridian Credit Union Limited First Ontario Credit Union Limited Libro Credit Union DUCA Financial Services Credit Union Limited Windsor Family Credit Union. This Alterna Savings review is a part of a series on the best credit unions in Canada . Alterna Savings Review. Summary. Alterna Savings & Credit Union is one of Canada’s largest credit unions. This Alterna Savings review covers all you need to know about their services. Join Our Newsletter! Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. You will also receive our FREE eBooks. Author. Enoch Omololu. Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications. His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank. You may also like. TD Aeroplan Visa Infinite Credit Card Review. PC Insiders Review: Optimizing the PC Optimum Loyalty Program. How To Apply For Employment Insurance and EI Sickness Benefits. Paymi Review: Get Cash Back When You Shop. Recent Posts. Freebies and Deals. Trade stocks for FREE in Canada plus a $25 cash bonus! Earn a top 1.25% interest on your savings today! Get up to 2% cash back, 1.20% savings interest, and a $20 bonus! Read about Bitcoin trading in Canada. Should you invest? Leave a comment Cancel reply. This site uses Akismet to reduce spam. Learn how your comment data is processed. ALTERNA SAVINGS AND CREDIT UNION LTD Ottawa Routing Transit Number, Bank MICR Code. Bank Routing Number: The Bank Routing Transit Number is a 9 digit number assigned to canadian banks by Canadian Payment Association. A routing number identifies the financial institution and the branch to which a payment item is directed. Along with the account number, it is essential for delivering payments through the clearing system. In Canada, there are two formats for routing numbers: Electronic Transactions (EFT) Routing Number: A routing number for electronic payment items contains a zero (called the "leading zero"), a three- digit financial institution number and a five-digit branch number. The electronic routing number is used for electronic payment items, such as direct deposits and pre-authorized debits. For example, if Bank A's institution number is 123, and one of their branches is number 45678, the electronic routing number would look like this: 012345678 . Also, if a cheque has a routing number of XXXXX-YYY, the corresponding EFT code would be 0YYYXXXXX. Paper Transactions Routing Number: A transit number for paper items (or MICR-encoded items) is comprised of a five-digit branch transit number and a three-digit financial institution number. It is encoded using magnetic ink on paper payment items (such as cheques). It is also referred to as MICR Transit Code. It is of the format XXXXX-YYY where XXXXX is a Branch Transit Number, and YYY is a Financial Institution Number. Direct Deposit setup forms usually ask both Branch Transit Number and Institution Number. These routing numbers are sometimes referred to as "Check Routing Numbers" or "Routing Transit Numbers". Alterna Savings Online Banking. The Alterna Savings mobile app gives you easy and secure access for at-your-fingertips banking anywhere, anytime. Quickly view your account balances or even send money when you’re on the move. Take us with you for quick and convenient, secure access! With the Alterna Savings app in your pocket or purse, you can log in with your online banking details to: - View your account activity, balances and recent transactions - Access account activity from QuickView - Manage multiple accounts – banking, investments and credit - Add a bill payee - Pay bills now, or set them for a future date - View and edit upcoming scheduled bills and transfers - Easily transfer money between your accounts - Send money to anyone with a deposit account at a Canadian Credit Union or Bank with Interac® e-Transfer - Import your contacts on your smartphone to easily add an Interac® e-Transfer recipient - Receive messages about your account on your phone. Or, if you’d rather not log in, you can still: - Check out our rates - Display your balances at-a-glance without having to log in (you must enable this feature) - Visit us in person using our branch/ABM locator - Contact us if you have questions - Get some mobile help. To take full advantage of the Alterna Savings app, you must be an Alterna Savings member (sorry, Ontario residents only), plus already be registered for and have logged into Online Banking. If you’re not an Online Banking member, you can still use the locator feature to find the closest branch or ABM, including THE EXCHANGE® Network ABMs, check our rates or quickly find our contact information. Visit https://www.alterna.ca for more details. There’s no charge for the Alterna Savings app, but mobile data and/or internet charges may apply. Check with your mobile phone provider for details. Your security is top priority, which is why our mobile banking app uses the same level of secure protection as our full Online Banking. You log in with the same credentials, and once you log out or close the app your secure session will end. Alterna Savings Mobile. The Alterna Savings mobile app gives you easy and secure access for at-your-fingertips banking anywhere, anytime. Quickly view your account balances or even send money when you’re on the move. App Details. App Store Description. The Alterna Savings mobile app gives you easy and secure access for at-your-fingertips banking anywhere, anytime. Quickly view your account balances or even send money when you’re on the move. Take us with you for quick and convenient, secure access! With the Alterna Savings app in your pocket or purse, you can log in with your online banking details to: • View your account activity, balances and recent transactions • Manage multiple accounts - banking, investments and credits • Pay bills now, or set them for a future date • View and edit upcoming scheduled bills and transfers • Easily transfer money between your accounts • Email money to anyone else with a deposit account at a Canadian Credit Union or Bank with Interac® eTransfer • Receive messages about your account on your phone. Or, if you’d rather not log in, you can still: • Check out our rates • Display your balances at-a-glance without having to log in (you must enable this feature) • Visit us in person using our branch/ABM locator • Contact us if you have questions • Get some mobile help. To take full advantage of the Alterna Savings app, you must be an Alterna Savings member (sorry, Ontario residents only), plus already be registered for and have logged into Online Banking. If you’re not an Online Banking member, you can still use the locator feature to find the closest branch or ABM, including THE EXCHANGE® Network ABMs, check our rates or quickly find our contact information. Visit www.alterna.ca for more details. There’s no charge for the Alterna Savings app, but mobile data and/or internet charges may apply. Check with your mobile phone provider for details. Your security is top priority, which is why our mobile banking app uses the same level of secure protection as our full Online Banking. You log in with the same credentials, and once you log out or close the app your secure session will end. Alterna Savings Merger FAQ's. Yes, MSCU’s team will join the Alterna team on January 1, 2021 and have expanded development and growth opportunities available to them. There will be no job losses resulting from this merger! Also, no team member will have to relocate unless it is their choice to do so. After the merger, you will continue to deal with the same friendly credit union representative that you have always known. How will I be impacted by the merger? The impact on our members will be overwhelmingly positive. We would not have pursued this course of action if that were not the case. Under the Alterna banner, members will keep everything they love about Member Savings and gain access to all of the resources offered by Alterna. Alterna will retain all Members Savings employees and will continue to keep our current location. A merger with Alterna also brings you: Access to a province wide network of 37 branches Full-service brokerage More business account options Access to even more certified financial planners Greater technology and the resources to invest in more A Contact Centre available to our members 7 days a week. How will my account be affected? Initially nothing will change until the completion of the banking system change which will bring us onto Alterna’s system. At that time, your account will be moved into the account package at Alterna that most closely resembles the one you currently have. Alterna offers a wide variety of options tailored to suit individual member needs. We will keep you well informed as we progress through the banking system change. For now, all aspects of your account, payroll deposits, online and mobile banking, debit cards, Interac e-transfers, cheques and bill payments remain the same. You can continue to log in to your account through the membersavings.ca online banking portal, and continue to access your account through our mobile banking app. All Interac e-transfers will continue to be deposited by choosing "Member Savings Credit Union" as your financial institution. Please continue to monitor our dedicated Alterna Savings News page, for updated information on any upcoming changes. How else will members benefit? Access to a province-wide network of branches. Once the banking system change is complete, members will have access to in-person services at branch locations across Ontario including Toronto, Ottawa, Kingston, Quinte Region, Peterborough, Bolton, Brampton, Southwestern Ontario, North Bay, and Northern Ontario. Access to more technology. Alterna is committed to introducing new innovative technology that makes your life easier, including fully digital account openings, a state-of-the-art mobile app and other virtual services. They have the resources to meet that commitment to bring greater digital offerings to our members. More investment options. Membership in Alterna gives you access to a full-service brokerage along with financial experts to provide advice through Alterna Wealth. More account options. Alterna offers a wide variety of both personal and business account options to suit the needs of individuals and families as well as small and medium sized businesses. Alterna also offers broader commercial credit options and is a leader in providing micro-financing to underrepresented groups in Ontario. Competitive rates. Alterna offers excellent rates on a wide variety of investment and lending products. After the merger, members will be able to take advantage of any of Alterna’s interest rate offerings. It will attract younger members. Alterna is a very innovative company that invests heavily in creating and acquiring new technology. Younger members will appreciate their strong online presence and mobile options. A commitment to the community. Alterna is committed to co-operative values and support to the community. Last year they donated more than $1,000,000 to the communities they serve. What does the merger mean to our credit union? Member Savings has identified three major strategic issues that need to be addressed to ensure a bright and viable future. They are: Investment in new technology An aging membership and the need to attract new young members The ability to provide greater development opportunities to continue to attract and retain employees well into the future. A merger with Alterna checks all the boxes and ensures that our members will have access to high quality Credit Union services for many years to come. Will we lose our local management? Absolutely not! The current management team will all be staying with the credit union and will continue to manage the branch. Will we be changing our name? Yes, in time. We think it is important for Member Savings members to realize that they are part of the larger organization and that current Alterna members are aware that a new branch will be available in downtown Toronto. Will we have a voice in the final decision? Absolutely. We are holding a Special Members Vote over the course of five days running from November 9th until November 13th, 2020. We will be following that election period with a virtual meeting, on November 18th, 2020 at 11:00 am, to reveal the vote results. The results will also be published on our website. Credit Unions are democratic organizations and that won’t change. All we ask is that you take the time to learn the facts and if you do, we know that you will whole heartedly support this decision. What happens to my membership shares? Like Member Savings, Alterna’s members also have membership shares in the credit union. Alterna’s membership shares are only $15, therefore our members will see a return deposit of $10 into their daily savings account. Any membership share difference and patronage shares were paid out to members on December 22nd, 2020. Alterna Bank review. Earn high interest and pay no monthly fees when you sign up for a number of financial products with this industry-leading digital bank. Alterna Bank offers a number of financial products and services. These include high-interest chequing and savings accounts and guaranteed investment certificates (GICs). Alterna Bank is a popular online bank in Canada that offers a number of different financial products. These include high-interest chequing accounts, savings accounts and guaranteed investment certificates (GICs). You can sign up for an account in a matter of minutes, and you should be approved in a couple of days. Find out more about the rates and services that Alterna Bank offers, and decide whether this bank is the right fit for your unique set of financial needs. What is Alterna Bank? Alterna Bank was launched in 2000 to act as the digital banking arm of Alterna Savings. Its purpose is to provide customers with a banking experience that takes place exclusively online. That said, any deposits you make with Alterna Bank are housed at Alterna Savings since this institution is accredited with the Canada Deposit Insurance Corporation (CDIC). For its part, Alterna Savings has an excellent track record for providing safe and accessible banking to Canadians. It’s been around since 1908 and is the second-largest credit union in Ontario. This means it brings decades of experience to the forefront of its partnership with Alterna Bank. How does Alterna Bank work? Alterna Bank functions just like any other bank in Canada, except that it does all of its business online. This means you won’t be able to go into a branch to get assistance with your account. However, you will get high interest rates and zero account fees. This is because you won’t be paying for a number of overhead costs that banks typically pass on to their customers. You’ll get the best deal if you sign up for one of Alterna’s bank accounts, which offer a number of benefits and perks. These include no monthly fees, unlimited transactions, free withdrawals on EXCHANGE-network ATMs and free debits on your account. Alterna Bank’s range of GICs is less impressive than its competitors since it offers lower interest rates than the industry average. What financial products does Alterna Bank offer? Alterna Bank offers a number of financial products and services. These include high-interest chequing and savings accounts and guaranteed investment certificates (GICs). Alterna chequing account. The Alterna No-Fee eChequing account is an online chequing account that comes with no monthly fees and an annual interest rate of 0.05%. This account has no minimum balance requirements and lets you make unlimited withdrawals. It also gives you unlimited Interac e-Transfers and ATM withdrawals (on the EXCHANGE network) for no additional fee. As an added bonus, you'll be able to add overdraft protection to your account for only $2.50 a month. Alterna savings accounts. Can I hold my savings in a registered account? You can definitely hold your savings in a registered account like a tax-free savings account (TFSA), a registered retirement savings account (RRSP) or a registered retirement income fund (RRIF). These accounts come with the same 1.90% interest rate, but you won’t have to claim any interest you make on your account when you file your taxes. The only downside is that they don’t allow withdrawals. Guaranteed investment certificates. GICs come with interest rates as high as 1.8% for a 1-year term and go down from there. This is a lower interest rate than you’ll get with many other digital banks. The interest rate you’ll get will also decrease as you go up in term length. This is uncommon given that most banks want to incentivize you to lock your funds in for a longer period of time. For this reason, it probably makes more sense to go with a shorter term GIC. You can also hold your GICs in a registered account like an RRSP or TFSA to avoid paying taxes on the interest you earn. Just be aware that the minimum deposit for any GIC you take out will be $500 (or $100 if you’re under the age of 19). GIC rates (as of April 28, 2020) Is Alterna Bank safe? Alterna Bank is very safe because it’s backed by the financial power of Alterna Savings, which is the second-largest credit union in Ontario. It’s been around for over 100 years and has a long history of protecting its customers’ personal and financial information. Alterna Savings is also insured by the Canada Deposit Insurance Corporation (CDIC), so you can rest assured that any money you deposit with Alterna Bank will be guaranteed up to $100,000 per account type. Pros and cons. Easy application. It’s easy to open an account in less than 10 minutes using Alterna Bank’s simple online application. No monthly fees. You won’t have to spend money out-of-pocket each month to cover account maintenance fees. No minimum balances. You won’t have to keep a minimum balance in your account to qualify for benefits. Many account types. You can sign up for a number of different accounts (with options for registered and cash accounts). Deposit insurance. Any deposit you make will be protected up to $100,000 by the Canada Deposit Insurance Corporation. In-person services. Customers can access face-to-face service through Alterna Savings branch locations in Quebec and Ontario. Mobile app. You can get easy and secure access to your banking at any time with Alterna’s mobile app. Minimum deposit requirement for GICs. You’ll have to make a minimum deposit of $500 if you want to put money into a GIC. Low rates for GICs. You’ll get lower interest rates on GICs with Alterna than you will with other digital banks. Additional fees. There’s a long list of additional fees you’ll have to pay for a number of Alterna Bank’s services. No branches in most provinces. You won’t be able to visit Alterna Bank in person unless you live in Quebec or Ontario. How does the Alterna Bank mobile app work? Alterna Bank offers a comprehensive mobile app that lets you manage your accounts on the move. You can easily download it from Google Play or the Apple Store, and use it to do just about everything that a typical online banking app will let you do. This includes viewing your bank balance, transferring your funds and managing your deposits. How can I open an account? Eligibility requirements. To open an account with Alterna Bank, you’ll need to meet a couple of requirements: Be at least 18 years of age (or 19 in some provinces) Have a bank account at another Canadian financial institution Have a valid Social Insurance Number (SIN) Have a valid email address. How can I apply? You can apply for a savings account with Alterna Bank using its easy online application. Just follow these steps to get started: Go to its website to be directed to your Alterna Bank account application. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date. Verify your ID and deposit funds into your account. How can I get in touch with customer service? Alterna Bank’s customer service team is dedicated to helping you navigate problems with your account. You can contact a customer service representative at 1-866-560-0120. You can also send an email to [email protected] at any time of day or night. Bottom line. Alterna Bank is a popular online bank that offers first-class features for its chequing and savings accounts. That said, its GICs offer less favourable rates than those on offer from several other digital banks. Learn what you need to become a member of this trusted institution, and apply online today to get started. Compare other digital banking products in Canada. Frequently asked questions. Is there an introductory interest rate with Alterna Bank? How can I withdraw money from my account? How do I download the mobile app? You can download the mobile app by searching for Alterna Bank on Google Play or the Apple Store. From there, you can use the app to sign up for an account and manage your savings on the move. What other digital banks are similar to Alterna Bank? There are a number of other digital banks that are similar to Alterna Bank in Canada. These include Tangerine and Wealthsimple. You can check out the full list by comparing digital banks here. Banking Information. We’re dedicated to meeting all of your banking needs during this difficult time and committed to helping. Our branches are eager help. Please call your local branch directly for assistance. Individual branch phone numbers and hours open can be found here. Alternatively, our Contact Centre can also support your banking needs. Click icons below to learn more. *Note: Some municipalities require mandatory Mask or Face Covering. Please search for your branch for additional information. Ready to try mobile banking with Alterna, download the app from the App Store or Google Play . To learn more, check out our short video. see our set-up and tips guide . Ready to try online banking with Alterna, check out our short video. Fore more detailed instructions, see our set-up and tips guide . See our online banking demo to learn how to use this service or refer to our set-up and tips guide . Ready to try telephone banking, call 1.877.560.0100 and press 2. To learn more, see our set-up and tips guide . Alterna Bank 4+ LOG IN • Log in with your Online Banking ID and Password. • For secure and quick access, set-up Fingerprint ID or Facial Recognition. ACCOUNTS • View your account activity, balances and recent transactions. • Manage multiple accounts – banking, investments and credit. PAY BILLS • Pay bills now or set them up for a future date. • View and edit upcoming scheduled bills and transfers. TRANSFERS • Send money instantly with Interac® eTransfer. • Transfer money between your Alterna Bank accounts. • Transfer money to and from your accounts in another Financial Institution (you must be signed up with Me to Me Transfer in online banking). DEPOSIT • Quickly and securely deposit your cheques by using your smartphone or tablet. Just select ‘Move Money’ and ‘Deposit’, select the account you would like to make your deposit to, take a picture of both sides of your endorsed cheque, enter the dollar amount, and submit it. That’s it. LOCATE ATMs • Search or use your current location to find nearby ATMs. SECURITY • Your security is our top priority, which is why our mobile banking app uses the same level of secure protection as our full Online Banking. • Receive messages about your account on your phone. Or, if you’d rather not log in, you can still: • Check out our rates • Search for nearby ATMs • Display your balances at-a-glance without having to log in with QuickView (you must enable this feature) To take full advantage of the Alterna Bank app, you must be an Alterna Bank customer, plus already be registered for and have logged into Online Banking. If you’re not an Online Banking user, you can still use the locator feature to find the closest ATM, including THE EXCHANGE® Network ATMs, check our rates or quickly find our contact information. Visit https://www.alternabank.ca for more details. There’s no charge for the Alterna Bank app, but mobile data and/or internet charges may apply. Check with your mobile phone provider for details.