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Accounts
New to Canada
Welcome to Canada. Welcome to Alterna Savings.
We know it is difficult to move to another country. All the work, a new language, a new culture. So when it comes to taking care of your banking needs, we try to make you feel at home. We make the process fast and easy. We offer you special rates and free services. Welcome to Alterna. We deliver the Good in Banking. Ask us about our Good Start package.
Start strong with up to $900 in savings!*
Enjoy a no monthly fee chequing account with Unlimited Transfers
When you become a member of Alterna Savings, you’ll receive our Unlimited Banking Package, with no monthly fee for three years. This all-inclusive package covers your everyday banking needs, including unlimited Interac e-Transfers® for easy money transfers.
Special Rate Term Deposits
We offer a bonus interest rate1 over our best advertised rate when you invest your money with us.
- 1 Year Redeemable + 0.10% bonus rate
- 1 to 5 Year Non-Redeemable + 0.10% bonus rate
Special Rate Mortgages
We know how important setting up a new home is, especially when you are in a new homeland. That’s why we offer special rates2 lower than our posted rate when you get a mortgage with us.
- 0.10% lower on mortgages larger than $150,000
- 0.05% lower on mortgages smaller than $150,000
Credit Card
To start you off, we offer an unsecured credit card with a limit of up to $10,000*.
Say hello to a new card for your life in Canada and receive $50✝ to get you started.
Safety Deposit Box
For your valuables and special documents, we offer a small safety deposit box for no monthly fee for three years, subject to availability.
Understanding the language of Financial Institutions
Some credit cards charge an annual fee that you must pay once a year. Credit cards with an annual fee usually offer special benefits.
Automated Teller Machine. You can access your money from thousands of ATMs in North America with THE EXCHANGE Network in Canada and the Allpoint Network in the US.
This account is used for everyday spending and is where income is deposited. You can access these funds through a debit card in retail stores and ATM’s.
Credit scores show how likely you are to repay debt. The higher your score, the more likely you are to be approved for borrowing money.
When you open a Canadian bank account, you receive a debit card and a Personal Identification Number. When you pay with a debit card, the money will immediately be taken from your chequing account to pay for goods.
Interac e-Transfer is a convenient way to send, request and receive money directly from one bank account to another All you need is access to online or mobile banking.
The lowest amount you are allowed to pay back to the bank when you get your account bill. You can pay more than the minimum payment, but you must not pay less. If you pay less, it will damage your credit rating.
A term deposit is a cash investment held at a financial institution for an agreed rate of interest over a fixed amount of time. It is considered a very safe investment.
For more information, please visit an Alterna Savings branch.
How can we help?
To be eligible for Alterna Good Start Banking, you must be a Permanent or Temporary Resident of 10 years or less and/or meet the Conventional Refugees status.1 Only available in the first three years of membership.2 Only available in the first three years of membership. Applicants must be 18 or older, be a resident of Ontario, and comply with other eligibility requirements described in the credit application.
*The up to $900 value is mutually exclusive between products, as such receiving one benefit does not guarantee all benefits, and assumes eligibility for bonuses, savings, and benefits under the Alterna Good Start Program and is calculated as follows: $504 in banking savings — Waiver of monthly fees ($14/month) on the Unlimited Chequing Account for 36 months. $105 value — Waived annual fee ($35/year) for a small Safety Deposit Box over 3 years. $50 statement credit — With the selection of an eligible credit card through our Collabria partnership - Choose from the unsecured credit card. $10 estimated interest bonus — When opening a new Term Deposit with a bonus interest rate of 0.10%. Up to $250 mortgage interest savings — On new mortgages over $150,000, based on an interest rate discount of up to 0.10%. +Terms and conditions apply. **Other terms and conditions apply. Subject to credit approval
*Subject to credit approval. Minimum income requirement applies
✝Click here to view the offer Terms and Conditions.
Your financial well-being comes first
Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.
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1.877.560.0100
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getintouch@alterna.ca
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