Alterna's New GIC Rates | Alterna Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Alterna's New GIC Rates
October 26, 2018
8:05 am
GR
Member
Members
Forum Posts: 113
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

Alterna Bank and Alterna Savings/C.U. increased their 1 yr term deposit rate to 3.00% p.a. annual interest or 2.96% monthly interest. BUT their rates for on-line e-term deposit purchases are much less, showing 2.05% for 1 yr. - which doesn't make sense! It is questionable whether or not they can be convinced to pay the higher rate as well for on-line purchases.

October 26, 2018
4:09 pm
mechone
Member
Members
Forum Posts: 14
Member Since:
January 28, 2015
sp_UserOfflineSmall Offline

How did you get 2.96% monthly? I called them and they told me they only pay yearly and it's 3%sf-confused

October 26, 2018
4:16 pm
Loonie
Member
Members
Forum Posts: 4246
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

AlternaBank site now shows the 3% 1 yr rate. There is another rate listed too at 2.05, but that one is for online only. I agree, it's confusing. However, the 3% rate does not say it's restricted to non-online, and it is identified as a promo rate in the fine print.
There is yet another 1 yr rate even further down the page at 2.0%!
Caveat emptor!

https://www.alternabank.ca/Rates/

October 26, 2018
8:19 pm
GR
Member
Members
Forum Posts: 113
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

mechone said
How did you get 2.96% monthly? I called them and they told me they only pay yearly and it's 3%sf-confused  

While I can't vouch for the accuracy, the source is the Globe and Mail comparative rate chart.

http://www.globeinvestor.com/s.....ndicator=N

October 26, 2018
9:21 pm
Norman1
Member
Members
Forum Posts: 1926
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said
AlternaBank site now shows the 3% 1 yr rate. There is another rate listed too at 2.05, but that one is for online only. I agree, it's confusing. However, the 3% rate does not say it's restricted to non-online, and it is identified as a promo rate in the fine print.
There is yet another 1 yr rate even further down the page at 2.0%!
Caveat emptor!

https://www.alternabank.ca/Rates/

Alterna Bank seems to have split their customers into Branch customers and Digital Bank customers.

I suspect that the Branch customers only have access to the "Term Deposit" offerings. In contrast, the Digital Bank customers only have access to the "eTerm Deposit" offerings.

That is suggested by the fine print for the 13, 19, and 33 month "Term Deposit" rates, that extend the availability of those particular rates to their "Digital Bank" customers:

13, 19 and 33 Month Term Deposit: Special promotional rate may be changed or withdrawn at any time without notice. …. Digital Bank customers must call the Contact Centre at 1.866.560.0120 to complete a purchase.

I signed onto Alterna Bank online banking. There, I can only add "eTerm deposits" and not "term deposits".

October 26, 2018
10:14 pm
Loonie
Member
Members
Forum Posts: 4246
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Now that I think about it, Norman has reminded me that I think we unearthed a similar problem with Alterna a while back - maybe a year or two ago.

In any event, it ought to be obvious to them that customers don't like being treated this way. But I guess it isn't.

October 27, 2018
4:21 am
Bill
Member
Members
Forum Posts: 1219
Member Since:
September 11, 2013
sp_UserOnlineSmall Online

The link provided above shows eTerm Deposit rate of 3% for 1-year term, effective yesterday, if you scroll down far enough.

October 27, 2018
6:22 am
GR
Member
Members
Forum Posts: 113
Member Since:
September 15, 2017
sp_UserOfflineSmall Offline

Alterna's confusing website shows two different rates in two different places for the 1 yr e-term deposit for on-line purchases. The hidden promo rate of 3% on the e-term deposit is shown if you scroll to "Term Deposits" and click "see more term deposits". They also indicate here that interest can be paid monthly.

eTerm Deposit Annual Interest (Rates effective 2018-10-26)
Rates
1 Year 3.00%
2 Year 2.10%
3 Year 2.15%
4 Year 2.25%
5 Year 2.50%
1 Year: 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. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.

Minimum deposit is $500
1-5 Year eTerm Deposits: Annual compound interest paid monthly or annually
eTerm Deposits and rates are only available for purchase online.

October 27, 2018
7:42 am
Norman1
Member
Members
Forum Posts: 1926
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said
Now that I think about it, Norman has reminded me that I think we unearthed a similar problem with Alterna a while back - maybe a year or two ago.

In any event, it ought to be obvious to them that customers don't like being treated this way. But I guess it isn't.  

Saver-Mom reported a similar issue with Alterna Bank earlier this year in discussion 18 Month Term Deposit 2.75%.

Alterna Bank seemed to have a product wall or two divisions. Those who have their eSavings account seem to be "Digital Bank" customers. In contrast, those who have one of Alterna Bank's in-branch accounts are "Branch" customers.

October 27, 2018
7:58 am
Norman1
Member
Members
Forum Posts: 1926
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Looks like Alterna Bank has yet to update their online banking site. No sign of the 3% one-year rate there when one tries to add a new eTerm deposit:
Term-Deposit.PNG

October 27, 2018
9:43 am
Bill
Member
Members
Forum Posts: 1219
Member Since:
September 11, 2013
sp_UserOnlineSmall Online

They'll give you the 3% if you do it by phone.

October 27, 2018
8:03 pm
Norman1
Member
Members
Forum Posts: 1926
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Thanks, Bill.

Alterna Bank really should get their online act together. Technology is there to show 3% for a GIC on a rates page and then show the same 3% rate when someone signs into his/her online banking to see what GIC rates are available. sf-embarassed

October 31, 2018
9:23 pm
Norman1
Member
Members
Forum Posts: 1926
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Alterna Bank has updated the eTerm deposit information in the online banking for their Digital Bank customers. 3% one-year rate is now there and higher rates for other terms:
Alterna Bank eTerm Deposits

December 1, 2018
7:37 pm
Vatox
Member
Members
Forum Posts: 179
Member Since:
October 29, 2017
sp_UserOfflineSmall Offline

Alterna busts a move on GICs and moves up 5 spots on the chart.
Although, the 1 year dropped from 3.0% to 2.75%

December 1, 2018
9:06 pm
Loonie
Member
Members
Forum Posts: 4246
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

There's a limited selection of "promo" rates:

Term Deposit Promo (Rates effective 2018-12-01) Rates
85 Day Term Deposit 2.20%
1 Year Term Deposit 2.75%
18 Month Term Deposit 3.05%
30 Month Term Deposit 3.15%
5 year Term Deposit 3.40%

https://www.alternabank.ca/Rates/

Please write your comments in the forum.