Free Interac e-Transfers | Alterna Bank | Discussion forum

Interesting. I was just perusing the GIC chart and noticed that Alterna "Bank" offers much lower GIC rates than Alterna "CU"

Are CDIC premiums that much more expensive to financial institutions than DICO premiums ?

Alterna Bank 5 yr - 2.10%
Alterna CU 5 yr - 3.10%

Thanks, Peter. I noticed this a couple months ago, but didn't get a chance to post it as I was finishing up with my spring 2018 semester for my library technician program. To that list, I would add, Coast Capital Savings, are you listening?

I think it's incumbent upon the virtual banks and credit unions to offer at least one (1) of: (a) unlimited free cheque books or one free book of 100 cheques per year or (b) unlimited Interac e-Transfers. It's really the only downside to Coast Capital Savings, well that and the lack of bank-to-bank transfers.

Banks and credit unions now offering unlimited free Interac e-Transfers and a free chequing or chequing-like (i.e., no cheques but free debits) account:
- Simplii Financial, a division of CIBC
- Alterna Bank
- EQ Bank* (*no debit card transactions and a limit of five (5) free Interac e-Transfers per month, though I suspect this may change in light of this)
- HSBC Bank Canada** (**requires a minimum of $25,000 in investment assets or deposits or $150,000+ mortgage value, as part of HSBC Advance banking and wealth proposition)

Let me know if I'm missing any.

The "Big 5" banks all offer some variation of unlimited free Interac e-Transfers, but their chequing accounts either require a minimum monthly balance to waive the monthly fee or holding multiple banking products (i.e., mortgage and a credit card). Also, Tangerine, to its credit, offers free Email Money Transfers that use the EFT system. They aren't instant, but usually deposit next day and within 1-2 business days.

Cheers,
Doug