Alterna Bank Review

Alterna Bank is one of the best full-service digital banks based in Ottawa, Canada. It concentrates more on digital offerings and it is a subsidiary of Alterna Savings under the Alterna Financial Group in Canada.

To some individuals, especially those in Canada, Alterna Bank is one of the best online banks you can find.

However, a few people say otherwise because they haven’t gotten used to the concepts of online banking. Online banks are becoming very popular and these banks are mostly filled with customers within a younger age bracket because of the ease of performing bank transactions.

The Safety of Alterna Bank

Among all online banks that exist in Canada, the Alterna Bank is one of the safest banks that you can use. The deposits and savings put in this Bank are insured by the Canada Deposit Insurance Corporation, making the bank to be considered as a Schedule 1 bank. In this bank, all the deposits and investments are tightly insured so you do not have to worry about the safety of your deposits.

It is a very good bank and several customers all around Canada have commented on the features and services this bank offers. It is the best bank for customers who do not often require the presence of an assistant to get their jobs done.

In Canada, there are no branches designated in several cities but customers may choose to open their own savings bank. You will be charged some commission for this.

alterna bank

Features of the Alterna Bank

The Alterna Bank in Canada has a lot of great features which include.

  • Joint Account Available.

In the Alterna Bank, there are options to open a joint account for people that would love to save together, especially married couples. In regular banks, this is already an available option but the unique thing about this bank is that joint savings are easier and seamless.

  • Mobile App is available.

Of course, this has to be available, especially for an online bank. The cardholders of this bank can easily send and receive funds, pay bills, and do other banking tasks using this app and online banking platform. This is very safe and easy to use.

In the Alterna bank, opening an account and doing basic banking tasks are completely free.

  • E-Cheques are available.

This is one of the most popular features that are present in this bank. The bank comes with a chequing account which is free for all its customers. The chequing account has a lot of features which include;

  • Daily transactions are free.

  • The interest rate of 0.05% annually.

  • Digital transactions are unlimited.

  • Exchange network access.

At this point, you may be wondering what the exchange network is and how it works. The exchange network is used to withdraw money from your Alterna Bank account. This is very fast and easy to use. This is an ATM network based in Canada which allows banks and credit facilities to access ATM’s free.

Alterna Bank has a tax free saving platform which the customers can use at an interest rate of 2.35%. It comes with no fees attached and it is not difficult to open. The Tax-free savings platform is suitable for people who need an account without any restrictions.

There is also the RRSP Savings Account which gives you an interest rate of 2.35% whenever you deposit. In this Savings account, there are no contribution limits, minimum balance or other stringent requirements.

Disadvantages of the Alterna Bank

Although Alterna bank is a very good bank, it does not offer sign-up bonuses to new customers, especially customers that are referred by other customers. A lot of individuals have complained seriously about this particular feature but it seems like the management has paid little or no attention to this.

However, giving people little incentives as they open an account with you is a very good idea and it will also be a medium to attract new customers.

Other competitors also offer signup bonuses to their new customers and customers that have referred others.

Final Words

Apart from this, the Alterna bank is a great platform to use with a lot of benefits and great features. In Canada, there are a lot of great online banks that are used by many but Alterna bank stands out. The bank is great for your savings and if you need to meet any financial goal, this platform is also the best.

 In this article, we have tried our best to give you the most important details of how the Alterna bank works and what it takes to open any kind of account in this bank. If you are based in Canada, you should consider opening an account in this bank and enjoy all its great benefits.

Thanks for reading, please let me know your thoughts and comments below. 

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