Alterna Bank - Savings & TFSA Rates both at 2.25% as of October 30, 2018 | Alterna Bank | Discussion forum

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Alterna Bank - Savings & TFSA Rates both at 2.25% as of October 30, 2018
October 30, 2018
3:37 am
SG
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Alterna Bank is raising the Savings Rate from 2.05% to 2.25% and the TFSA savings rates from 2.10% to 2.25% as of October 30, 2018.

Looks like they are going back to having the same savings rates and TFSA savings rates again after about a year of having the TFSA savings rate usually 0.05% higher.

If you log into your account you will see the new rates. I assume the website will be updated later today.

October 30, 2018
3:47 am
Loonie
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thanks, SG!
It's about time.

November 2, 2018
7:15 am
meghan88
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Not enough. I am keeping a couple of bucks in my Alterna account just to keep it open, just in case things change. I've got all my savings with Hubert. Too bad that Alterna doesn't want to stay competitive.

November 12, 2018
1:03 pm
Londonguy
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meghan88 said
Not enough. I am keeping a couple of bucks in my Alterna account just to keep it open, just in case things change. I've got all my savings with Hubert. Too bad that Alterna doesn't want to stay competitive.  

Amen. Will be moving a $40K TFSA out of there for greener pastures at year end

December 19, 2018
9:05 am
Londonguy
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Just a quick FYI about something I just discovered -- if you're planning any year-end moves to another institution, you can't simply move funds out of your Alterna TFSA into your savings account for subsequent movement using their online platform -- you have to phone in and get an Alterna human to do it, so be prepared to leave them a message for a callback or be able to hang in there for a bit of a wait on hold.

My own experience took 15 minutes because I'm dealing with my transfer way ahead of the rush, but if you were planning on making a move and think you're going to put the ball in motion with just a few clicks, consider yourself warned.

Not sure if all FIs require this for TFSAs -- I've never encountered the situation before

December 23, 2018
5:46 am
dougjp
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I also moved $ 40k out due to lack of rate competitiveness, but left some there.

Of greater concern than the current rate to me was how they didn't act for such a long time when rates progressively increased. Suggests a money grab as long as they could accomplish it. To raise rates in the late fall of a year was the same thing CT Financial did to grab TFSA funds in the early days of TFSA, then drop rates in the new year. In other words, just watch what happens to their rate around March/April compared to what other banks do.

I was lucky getting through to them and found the transfer to their normal savings account for ongoing external transfer happened fast without any hassle.

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