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Rate different than table
April 28, 2017
6:08 am
Heddie
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The Alterna web site shows the rate for the High Interest eSavings Account is 1.90% while the comparison table shows 1.95%.

(apologies if this is not the correct place for this information)

April 28, 2017
6:22 am
Norman1
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Thanks for letting us know.

Alterna Bank just dropped their rate!

April 28, 2017
7:20 am
Peter
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Thanks! I've updated the chart. And yes, this is the best way and place to let us all know about a rate change or discrepancy 🙂

April 29, 2017
12:28 pm
Doug
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Was this is a recent change in their HISA deposit interest rate or just a change that might've been missed? Deposit rate changes are easily missed given how many FIs we monitor and that's why the "comparison chart" has certain minimum criteria. 🙂

But yeah, thanks, and creating a new thread within the specific FI's sub-forum is a great way to post updates to rates! sf-cool

Cheers,
Doug

April 29, 2017
1:23 pm
Nehpets
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Doug said
Was this is a recent change in their HISA deposit interest rate  

The rate changed either the day of the post or a day or two earlier. I was making some transfers earlier in the week, and it was still 1.95; I noticed the change the same day Heddie brought it to the Forum's attention on April 28.

May 2, 2017
11:38 am
meghan88
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And I didn't even get an email about the rate drop. At least Hubert sends emails.

May 2, 2017
3:06 pm
Nehpets
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meghan88 said
And I didn't even get an email about the rate drop. At least Hubert sends emails.  

Accelerate dropped their rate as well...no email advising either

It's every one for themself

May 3, 2017
1:25 pm
Doug
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meghan88 said
And I didn't even get an email about the rate drop. At least Hubert sends emails.  

I like Hubert. 🙂

May 4, 2017
4:49 am
dougjp
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Talk about bad timing and a big mistake, their main non-Manitoba competitor EQ just raised their rate to 2.3%.

I agree it is somewhat slimy business to try and just "slide a small decrease in there" without upfront communication of a rate change to their customers, hoping nobody will notice.

Interesting times coming up for secondary banks seeking low cost funding (ie; savings accounts). I expect some increased rates/competition in the near future and the smart thing for Alterna to do would be just as quietly reverse their decision before a flood of money leaves.

May 8, 2017
7:24 am
meghan88
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Doug said

I like Hubert. 🙂  

I like Hubert too, but 1.70% is not competitive. I opened an account with EQ yesterday and it took no time to do so. Once the account is active (7-10 days), I'll add it to my Hubert linked accounts and use Hubert as a hub to get my funds from Alterna over to EQ. On 80K, I'd be getting an extra $320/year at EQ over Alterna's rate or $480/year over Hubert's rate. If I have to chase around best rates for a while, so be it.

May 8, 2017
11:10 am
Loonie
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This could create the feared domino effect. First, HCG gets in trouble; then EQ gets into a little bit of trouble because of HCG and has to offer a better rate; then people move their money from elsewhere into EQ, creating problems elsewhere. Where is this headed? Competition is one thing, but a cascade is another.
Spouse just opened an account at EQ.

One thing we can count on with EQ though, is that they won't keep that high interest rate one second longer than they have to. We have history to guide us on that one.

I predict more institutions putting limits on HISA balances. They'd be stupid not to in this environment. And there may also be limits on withdrawals - a la Alterna.

May 9, 2017
9:05 am
meghan88
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All this because Poloz is destroying seniors' wealth with his monetary policy. If we had more normal interest rates, the housing bubble may not have happened, and people like me wouldn't be chasing fractions of a % all over the place.

Anyway ... does anyone know if I can directly link my Alterna HISA with my EQ HISA? Any ideas for doing efficient fund transfers, without going through my other accounts at Hubert or TD?

May 9, 2017
9:24 am
Cranston
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meghan88 said
All this because Poloz is destroying seniors' wealth with his monetary policy. If we had more normal interest rates, the housing bubble may not have happened, and people like me wouldn't be chasing fractions of a % all over the place

Right on!!!! No protection for us with our 18% mortgage. Only if we were protected then, I could have a new car, swimming pool installed, and had $200 per month mobile phone contract.
We were burned so hard.......that's we we are savers, not spenders.

May 9, 2017
5:17 pm
Norman1
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meghan88 said

Anyway ... does anyone know if I can directly link my Alterna HISA with my EQ HISA? Any ideas for doing efficient fund transfers, without going through my other accounts at Hubert or TD?  

I think one can do it from the EQ Bank side.

RicksBank reported that EQ Bank now has automated linking of external bank accounts which doesn't require a void cheque.

The Alterna Bank eSavings account supports direct deposits and pre-authorized payments.

May 18, 2017
10:17 am
meghan88
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It worked - so far, so good with the transfers.

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