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Alterna Bank eSaving rate change
June 17, 2022
10:54 am
hwyc
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The dial moved at Alterna finally ! 1.25% (was 0.90%)

July 6, 2022
6:48 am
hwyc
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Move observed today - 1.50% (was 1.25%)

September 8, 2022
3:58 pm
hwyc
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eSavings now 2.00% (was 1.50%)

December 11, 2022
12:15 pm
mechone
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Well I pulled all my money out of Alterna a few years back due to lagging rate. They are now offering 5% for 1-5 years, so I was reading their term deposit eterms and i quote
1 – 5 Year Term Deposits & 1 – 5 Year eTerm Deposits:
1. Minimum deposit of $500. $100 minimum deposit if under 19 years of age (excluding eTerm Deposits)
2. No withdrawal prior to maturity
3. Annual compound interest paid monthly or annually and at maturity

To me it looks like they will pay the interest out monthly as does Motive .I will phone tomorrow to confirm . Getting close to retirement it's nice to have a monthly stream of cash

December 11, 2022
12:30 pm
Norman1
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If interest compounds or is credited annually, how does Alterna Bank pay it out during the months of year #1, before any accrued interest is added to the deposit balance?

They should correct the wording to "Interest (a) paid out monthly, (b) paid out annually, or (c) compounded annually and paid at maturity" if that is what they mean.

December 20, 2022
5:45 am
hwyc
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2.5%

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