Alterna Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Alterna Bank suits Canadian savers outside Quebec who want an easy access account with no minimum balance and no monthly fee rather than a competitive rate. The headline rate of 1.05% sits low in the savings field, so the appeal is how the account runs, not what it pays.
Key facts
- Best for
- An easy access savings account in Canada with no minimum balance and no monthly fee.
- Headline rate
- 1.05%↗
- Rate type
- Variable↗
- Term
- 12 to 60 months↗
- Minimum deposit
- CA$0↗
- Access terms
- Interest calculated daily on closing balance and paid monthly; no minimum balance; maximum balance per customer $250,000 (plus accrued interest)↗
- Monthly fee
- CA$0↗
- Account kind
- Easy access↗
- Legal entity
- Alterna Bank↗
- Headquarters
- Canada↗
- Support channels
- Phone, Email, Help-centre, Chat↗
- Pricing model
- No monthly fee
- Official website
- alternabank.ca
Loans
Mortgages
Facts checked September 26, 2026, 6 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
- WikidataWikipediaXinstagram.com
Pros and cons
Pros
- Interest is calculated daily on the closing balance and paid monthly on an easy access account, so savings accrue steadily.
- Support runs on phone, email and help centre, and a credit line is listed under credit line, so saving and borrowing sit with one bank.
- Mortgages run at an initial rate of 3.7% with an APRC of 3.74%, so the same bank covers home and everyday borrowing.
Cons
- The headline rate of 1.05% ranks 382 of 488, so the interest sits near the back of the field.
- Eligibility is limited to Canadian residents outside Quebec, so the account cannot be opened in that province.
- There is a maximum balance per customer, so larger savings need holding elsewhere.
Who it suits
- You want an easy access account you can open without a minimum balance and hold with no monthly fee, and you live in Canada outside Quebec.
- You want one bank for saving and borrowing, since the same lender offers mortgages, a personal loan and a credit line with a term of 12 to 60.
Who should look elsewhere
- Wise, if the rate is what decides it, since its headline rate is 3.29% against 1.05% here.
- bunq, if you want a higher rate rather than an account with no minimum balance, since bunq pays 3.01%.
Where it sits among rivals
On headline rate, Alterna Bank sits at 382 of 488 brands ranked, which puts the interest near the back of the field. On minimum deposit it ranks 1 of 379, the strongest position in the comparison. The terms on the account are the stronger part of what the bank offers.
Who runs it
The account is run by Alterna Bank, a bank headquartered in Canada. Its deposits sit with that named entity, and the regulator listed for the bank is the Canada Deposit Insurance Corporation (CDIC). Support runs on phone, email and help centre, covering phone, email, chat and a help centre, so most questions have a route to an answer.
How Alterna Bank compares
9.2 vs 8.0
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Where Alterna Bank is available
- Available
- Canada
- Licence in Canada
- Canada Deposit Insurance Corporation (CDIC), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What interest rate does the savings account pay?+
The high interest savings account pays a headline rate of 1.05%, and the rate is variable, so it can move with the market. Interest is calculated daily on your closing balance and paid monthly, so the account behaves like a cash account rather than a fixed deposit.
Is there a minimum deposit or a monthly fee?+
The minimum deposit is CAD 0 and the monthly fee is CAD 0, so there is no floor on what you pay in and no charge for keeping it open. On minimum deposit the account ranks 1 of 379, the strongest position in the comparison.
Is my money safe and who regulates the bank?+
Deposits are held with Alterna Bank, a bank headquartered in Canada, and the regulator listed for it is the Canada Deposit Insurance Corporation (CDIC). The bank sets out its deposit insurance arrangements for savers, so read the current terms before committing a large balance.
Who can open the account?+
Eligibility is limited to Canadian residents outside Quebec, and the borrowing side is not currently available in Quebec either. The bank is headquartered in Canada, so this is a Canadian product rather than a UK or European one. Anyone in another country would need a provider in their own market.
Does the bank lend money as well as pay interest?+
The same bank also lends. Mortgages carry an initial rate of 3.7%, an APRC of 3.74% and a fixed period of 5, covering purchase, remortgage and home equity. Borrowing also includes a personal loan and a credit line, with a term of 12 to 60 and home improvement as the stated use.
How does the rate compare with other savings accounts?+
The rate is low next to the alternatives. The headline rate is 1.05%, against 3.01% at bunq, 3.29% at Wise and 0% to 36% at Finteres. On the savings ranking the account sits at 382 of 488 brands, so the interest is not the reason to open it.
Sources
- alternabank.ca/en/legal/deposit-insurance checked September 26, 2026
Backs: Legal entity, Support channels, Licences
“CS Alterna Bank - Member of the Canada Deposit Insurance Corporation”
- alternabank.ca/en/personal/accounts/high-interest-esavings checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type
“Interest is calculated daily on the closing balance and paid monthly. Maximum balance per customer is $250,000 (plus accrued interest).”
- alternabank.ca/en/personal/homebuying checked September 26, 2026
Backs: Purpose
“Buying a home or looking to switch your mortgage? It all starts here.”
- alternabank.ca/en/personal/rates/chequing-savings checked September 26, 2026
Backs: Headquarters
“Only eligible deposits held in Canadian currency, having a term of five years or less and payable in Canada are insurable under the Canada Deposit Insurance Corporation Act.”
- alternabank.ca/en/personal/rates/mortgages checked September 26, 2026
Backs: APRC, Fixed period, Initial rate
“Smart Start 5-Year Variable Closed - High Ratio ... 3.70% APR: 3.74%”
- alternabank.ca/en/personal/borrowing checked September 26, 2026
Backs: Eligibility, Features, Lender type, Loan types, Term, Use cases
“Not currently available in Quebec.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Deposit protection.
Alterna Bank
An easy access savings account in Canada with no minimum balance and no monthly fee.