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Agency Branch Rates

 

Chequing and Savings

List of rates for Investment Savings Account
Investment Savings Account Rate
$0.01 - $4,999.99
0.05
$5,000.00 and Over
0.15
List of rates for Investment Savings Account (Tax-Free Savings Account)
Investment Savings Account (Tax-Free Savings Account) Rate
All Balances
0.15
List of rates for DAILY INTEREST SAVINGS ACCOUNT
DAILY INTEREST SAVINGS ACCOUNT Rate
$5,000.01 - $10,000
0.05
$10,000.01 - $25,000
0.05
Over $25,000
0.05
List of rates for Business Investment Savings Account
Business Investment Savings Account Rate
$0.01 - $4,999.99
0.05
$5,000.00 and Over
0.15
List of rates for US Chequing
US Chequing Rate
$200 - $5,000
0.05
$5,000.01 - $25,000
0.05
Over $25,000
0.05

Chequing Account

  • Best rate from first dollar on total closing balance.

Personal & Business Investment Savings Account

  • Interest is calculated on daily closing balance and paid monthly. Rates subject to change at any time.

Daily Interest Savings Account

  • Tier rate paid on the portion of the balance within each tier. Annualized interest rate calculated on the daily closing balance and paid monthly.

US Chequing

  • Tier rate paid on the portion of the balance within each tier. Annualized interest rate calculated on the daily closing balance and paid monthly. Interest paid in US funds. Not covered by CDIC.
  • Rates are subject to change without notice and are for information only. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. 
  • Only eligible deposits held in Canadian currency, having a term of five years or less and payable in Canada are insurable under the Canada Deposit Insurance Corporation Act.
 

Line of Credit

List of rates for Prime Rate
Prime Rate Rate
Alterna Prime Rate
2.45
List of rates for Secured Line of Credit
Secured Line of Credit Rate
Secure Line of Credit
3.45

Prime Rate

  • Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. As a valued client of Alterna Bank, we would like to keep you informed about changes that may affect you. On March 31, 2020 the Bank of Canada key interest rate decreased by 0.50% - which in turn has decreased Alterna Bank’s Prime Interest Rate to 2.45% from 2.95%. 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.

As a valued member of Alterna Bank, we would like to keep you informed about changes that may affect you. On March 31, 2020 the Bank of Canada key interest rate decreased by 0.50% - which in turn has decreased Alterna Bank’ Prime Interest Rate to 2.45% from 2.95%. 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. Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. 

Secure Line of Credit - Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. Subject to credit approval. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 2.45% + 1.00%. Rates calculated semi-annually, not in advance. Other conditions may apply. Due to local and proxy caching on the internet, please ensure that you are viewing rates as at the current day's date.

 

Mortgage Rates

Promotional Rates*

List of rates for Promotional Mortgage Rates
Promotional Mortgage Rates Rate
5-Year Variable Rate Closed - High Ratio Only
1.20
5-Year Fixed Rate Closed- High Ratio Only
2.39
3-Year Fixed Rate Closed - High Ratio Only
2.29
5-Year Fixed Closed – Conventional
2.54
5-Year Variable Closed - Conventional
1.55


Special Rates - Special*

List of rates for Special Fixed Rate Mortgages Closed
Special Fixed Rate Mortgages Closed Rate
1-Year Fixed Closed
2.69
2-Year Fixed Closed
2.69
3-Year Fixed Closed
2.79
4-Year Fixed Closed
2.79
5-Year Fixed Closed
2.89
List of rates for Special Variable Rate Mortgages Closed
Special Variable Rate Mortgages Closed Rate
3 Year Variable Closed
1.80
5 Year Variable Closed
1.70

 

Posted Rates - Posted

List of rates for Fixed Rate Mortgages - Closed
Fixed Rate Mortgages - Closed Rate
1-Year Fixed Closed
2.89
6-Month Fixed Closed
3.35
2-Year Fixed Closed
2.84
3-Year Fixed Closed
2.99
4-Year Fixed Closed
2.99
5-Year Fixed Closed
4.59
7-Year Fixed Closed
5.65
10-Year Fixed Closed
6.05
List of rates for Fixed Rate Mortgages - Open
Fixed Rate Mortgages - Open Rate
6-Month Fixed Open
7.25
1-Year Fixed Open
6.35
1-Year Fixed Open - Second Mortgage
7.00
List of rates for Variable Rate Mortgages - Closed
Variable Rate Mortgages - Closed Rate
3-Year Variable Closed
3.55
5-Year Variable Closed
2.95
List of rates for Variable Rate Mortgage - Open
Variable Rate Mortgage - Open Rate
3-Year Variable Open
4.15

Special Rates

*Fixed high ratio promo and fixed special rates are discounted rates from the posted rates. If a mortgage product is not listed with high ratio promo or special rates, the posted rate will apply.

Promotional High Ratio Fixed Mortgage Rates 

3 Year Fixed Rate Closed Mortgage - High Ratio Only - 2.29%

Special promotional rate may be changed or withdrawn at any time without notice. Applicable for a High Ratio Mortgage with 25 year amortization period for members with less than 20% down payment, purchasing a residential property valued at under $1,000,000 or subsequent renewing of such a loan, who are eligible for and purchase mortgage default insurance and meet other conditions. This promotional rate is also available for members switching their existing High-Ratio Mortgage, which has the lesser of 25 year amortization period or the remaining amortization of the mortgage to be switched, with less than 20% down payment from another financial institution with a mortgage default insurance to Alterna, for a residential property with an original purchase price under $1,000,000  who also meet other conditions. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 2.29%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000. Blends and refinances are not eligible. Applies to owner-occupied primary residential properties only.

5 Year Fixed Rate Closed Mortgage - High Ratio Only – 2.39%

Special promotional rate may be changed or withdrawn at any time without notice. Applicable for a High Ratio Mortgage with 25 year amortization period for members with less than 20% down payment, purchasing a residential property valued at under $1,000,000 or subsequent renewing of such a loan, who are eligible for and purchase mortgage default insurance and meet other conditions. This promotional rate is also available for members switching their existing High-Ratio Mortgage, which has the lesser of 25 year amortization period or the remaining amortization of the mortgage to be switched, with less than 20% down payment from another financial institution with a mortgage default insurance to Alterna, for a residential property with an original purchase price under $1,000,000  who also meet other conditions. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 2.39%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000. Blends and refinances are not eligible. Applies to owner-occupied primary residential properties only.

5 Year Variable Rate Closed Mortgage High Ratio Only - 1.20% (Prime-1.25%)

Special promotional rate may be changed or withdrawn at any time without notice. Applicable for a High Ratio Mortgage with 25 year amortization period for members with less than 20% down payment, purchasing a residential property valued at under $1,000,000 or subsequent renewing of such a loan, who are eligible for and purchase mortgage default insurance and meet other conditions. This promotional rate is also available for members switching their existing High-Ratio Mortgage , which has the lesser of 25 year amortization period or the remaining amortization of the mortgage to be switched, with less than 20% down payment from another financial institution with a mortgage default insurance to Alterna, for a residential property with an original purchase price under $1,000,000  who also meet other conditions. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 1.20% (Prime -1.25%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of January 7, 2022. Your interest rate will change whenever the Alterna Prime rate changes.  Rates calculated monthly not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000. Blends and refinances are not eligible. Applies to owner-occupied primary residential properties only.

5 Year Fixed Rate Closed Mortgage – Conventional - 2.54%

*Fixed high ratio promo and fixed special rates are discounted rates from the posted rates. If a mortgage product is not listed with high ratio promo or special rates, the posted rate will apply.Special promotional rate may be changed or withdrawn at any time without notice. Applicable for new purchases and switches from other financial institutions only. Purchase price less than $1,000,000 and a loan to value under 80%. The amortization must be 25 years, or less. The mortgage to be switched is to have an amortization based on the lesser of 25 years or the same remaining amortization of the mortgage being switched and have an original purchase price under $1,000,000. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 2.54%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000. Blends and refinances are not eligible. Applies to owner-occupied primary residential properties only.

5 Year Variable Rate Closed Mortgage Conventional - 1.55% - (Prime-0.90%)

Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 1.55% (Prime -0.90%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of January 7, 2022. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated monthly not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000

3 Year Variable Rate Closed Mortgage Conventional - 1.80% - (Prime-0.65%)

Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 1.80% (Prime -0.65%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of January 7, 2022. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated monthly not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000. 

5 Year Variable Rate Closed Mortgage Conventional - 1.70% - (Prime-0.75%)

Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 1.70% (Prime -0.75%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of January 7, 2022. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated monthly not in advance. Funds must be advanced within 120 days of application. Subject to credit approval based on Alterna’s lending guidelines. Mortgage incentives of up to $1,000.

Posted Rates

Fixed Rate Mortgages – Closed: Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate posted. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Some conditions apply. Subject to credit approval.

Fixed Rate Mortgages – Open: Rates calculated semi-annually not in advance. Open mortgages are open to prepayment. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. These interest rates and terms are subject to change without notice. Posted mortgage rates. 

Variable Rate Mortgages – Closed: Rates calculated monthly not in advance. These interest rates and terms are subject to change without notice. Posted mortgage rates. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. Rates are discounted from Alterna’s Prime Rate, which is 2.45% as of January 7, 2022.

Variable Rate Mortgage – Open: Rates calculated monthly not in advance. Posted mortgage rates. Rates are subject to change without notice and are for information only. For details please contact us.  Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. Posted mortgage rates.

 

Registered Plans

Special promotional rate may be changed or withdrawn at any time without notice. Existing term deposits cannot be broken to receive this offer. Rate shown for annual interest.Minimum investment/deposit $500 ($100 for Student Life and Youth Start accounts); Maximum investment $500,000. Cashable upon maturity only. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. 
 
  • 120 Days: Available for new deposits only or new registered contributions which can include existing funds on deposit. Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity (principal x rate x number of days / 365 days). Available to personal accounts only. 
  • 18 and 32 Months: Available to personal and non-personal accounts. 
  • Term Deposits of 364 days or less: Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity. (principal x rate x number of days / 365 days).
  • 1 – 5 Year Term Deposits: Annual compound interest paid monthly or annually.
  • 1 Year Redeemable: Annual compound interest paid at redemption or at maturity
  • 18-23 Month Term Deposit: Annual compound interest paid annually and at maturity
  • Flexi Term Deposit: Minimum $2500. Annual compound interest paid annually and at maturity.
  • Nest egg Term Deposit: $10 minimum per month. non-registered, RRSP & TFSA eligible.
  • RateBuilder Term Deposits:  Minimum deposit $500. Annual compound interest paid annually or at maturity.
  • US Dollar Term Deposits of 364 days or less: Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity. (principal x rate x number of days / 365 days).
  • US Dollar Term Deposits of 1 to 5 years: Annual compound interest paid monthly or annually.  US Dollar Term Deposits are not DICO eligible.

Term Deposit Rates

List of rates for Promotional Term Deposits
Promotional Term Deposits Rate
60 Day Term Deposit
0.20
14 Month Term Deposit
0.75
30 Month Term Deposit
0.85
List of rates for Short Term Deposits
Short Term Deposits Rate
30 - 59 Days
0.10
60 - 89 Days
0.15
90 - 119 Days
0.25
120 - 179 Days
0.35
180 - 269 Days
0.40
270 - 364 Days
0.45
List of rates for Long Term Deposits
Long Term Deposits Rate
1 Year Redeemable
0.15
1 Year
0.55
18 - 23 Months
0.60
2 Years
0.65
3 Years
0.75
4 Years
0.85
5 Years
0.95
List of rates for Flexi Term Deposit
Flexi Term Deposit Rate
3 Year Flexi Term
1.00
5 Year Flexi Term
1.10
List of rates for Nest Egg Term Deposits
Nest Egg Term Deposits Rate
1 Year Nest Egg
0.30
3 Year Nest Egg
0.50
5 Year Nest Egg
0.85
List of rates for 3 Year RateBuilder - Effective Yield 1.15%
3 Year RateBuilder - Effective Yield 1.15% Rate
Year 1
0.70
Year 2
0.95
Year 3
1.80
List of rates for 5 Year RateBuilder - Effective Yield 1.20%
5 Year RateBuilder - Effective Yield 1.20% Rate
Year 1
0.85
Year 2
0.95
Year 3
1.05
Year 4
1.65
Year 5
1.75
List of rates for US Dollar Short Term Deposit
US Dollar Short Term Deposit Rate
30 - 59 Days
0.05
60 - 89 Days
0.10
90 - 119 Days
0.15
120 - 179 Days
0.20
180 - 269 Days
0.25
270 - 364 Days
0.30
List of rates for US Dollar Long Term Deposit
US Dollar Long Term Deposit Rate
1 Year
0.35
2 Year
0.40
3 Year
0.45
4 Year
0.50
5 Year
0.55
60 Day Term Deposit
Special promotional rate may be changed or withdrawn at any time without notice. Available for new deposits only or new registered contributions which can include existing funds on deposit. Existing term deposits cannot be broken to receive this offer. Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity (principal x rate x number of days / 365 days). Rate shown for annual interest. Minimum investment $500; Maximum investment $500,000. Cashable upon maturity only. Available to personal accounts only. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. 
 
14 Month Term Deposit, 30 Month Term Deposit
Special promotional rate may be changed or withdrawn at any time without notice. Existing term deposits cannot be broken to receive this offer. Rate shown for annual interest. Annual compound interest paid monthly or annually. Minimum investment $500; Maximum investment $500,000. Cashable upon maturity only. Available to personal and non-personal accounts. Cashable upon maturity only. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. 
 
  • Term Deposits of 364 days or less: Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity. (principal x rate x number of days / 365 days).
  • 1 – 5 Year Term Deposits: Annual compound interest paid monthly or annually.
  • 1 Year Redeemable: Annual compound interest paid at redemption or at maturity
  • 18-23 Month Term Deposit: Annual compound interest paid annually and at maturity
  • Flexi Term Deposit: Minimum $2500. Annual compound interest paid annually and at maturity.
  • Nest egg Term Deposit: $10 minimum per month. non-registered, RRSP & TFSA eligible.
  • RateBuilder Term Deposits:  Minimum deposit $500. Annual compound interest paid annually or at maturity.
  • US Dollar Term Deposits of 364 days or less: Simple interest calculated on the principal amount for the number of days in the term deposit and paid at maturity. (principal x rate x number of days / 365 days).
  • US Dollar Term Deposits of 1 to 5 years: Annual compound interest paid monthly or annually.  US Dollar Term Deposits are not DICO eligible. 

Foreign Exchange

List of rates for Foreign Exchange Rates
Foreign Exchange Rates Buy Rate Sell Rate
United States (Dollar)
1.3052
1.2241
United Kingdom (Pound)
1.8075
1.5901
European Union (Euro)
1.5156
1.3359

 

Please note that the Buying column is the rate that members will buy from Alterna and the Selling column is the rate that members will sell to Alterna.

 

  • All currencies are quoted in Canadian Dollars
  • These foreign exchange rates are for reference only and are subject to change, as currency prices fluctuate throughout the day.
  • Please note that when planning on visiting a branch to buy foreign currency, we require two days notice. These currencies are only available at branches with tellers, ABMs are unable to dispense foreign currency. Please call your branch ahead to make arrangements.Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
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CS Alterna Bank is a member of Canada Deposit Insurance Corporation (CDIC). For more information, watch video.