Prime Rate

As a valued member of Alterna Bank, we would like to keep you informed about changes that may affect you.  On September 19th, 2025 the Bank of Canada key interest rate decreased by 0.25% - which in turn has decreased Alterna's Prime Interest Rate from 4.95% to 4.70%. If you hold a variable rate lending product with Alterna Bank such as a mortgage, line of credit or loan your payment amount will not change, however, a higher portion of your payment will be applied towards your principal.