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Prime Rate

As a valued member of Alterna Bank, we would like to keep you informed about changes that may affect you. On July 13, 2023 the Bank of Canada key interest rate increased by 0.25% - which in turn has increased Alterna's Prime Interest Rate to 7.20% from 6.95%. 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.

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