Alterna Bank
Digital banking with no hidden fees for all Canadians.
Overview
Alterna Bank is a federally regulated Canadian digital bank headquartered in Ottawa, Ontario, and a wholly owned subsidiary of Alterna Savings (formerly the Civil Service Loan Corporation, 1992-2000).
No-Fee Chequing Accounts
Free
Available with no minimum balance or monthly usage limits.
Current Rates
GIC Rate Ladder
| Term | Rate |
|---|---|
| 1-Year GIC | 2.65% |
| 3-Year GIC | 3.10% |
| 5-Year GIC | 3.30% |
Pros
- • Deposit insurance up to $250,000 per category through FSRA
- • Membership open to Canadians outside Quebec, no provincial residency required
- • No-fee chequing with no minimum balance or monthly transaction cap
Cons
- • Small branch network limits in-person banking options outside the home region
Best For
Products & Accounts
Membership Eligibility
Typically excludes Quebec residents. Verify directly with this credit union.
Ontario residents
Deposit Protection
FSRA
Unlimited in registered accounts. $250,000 per category in non-registered.
Financial Services Regulatory Authority of Ontario (FSRA) provides unlimited protection in registered accounts and up to $250,000 per category in non-registered accounts at Ontario credit unions.
Digital & Access
- Mobile App
- Online Banking
- Interac e-Transfer
- ATM NetworkTHE EXCHANGE Network
- Digital Ratingexcellent
Rate and eligibility data is gathered from official credit union websites and verified comparison sources. Last researched Mar 28, 2026. Always verify rates directly on the official website before making financial decisions.
Official WebsiteRelated reading
