Alterna vs EQ vs Oaken | General comparisons | 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

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Alterna vs EQ vs Oaken
March 12, 2017
6:21 am
xup6.yc
Member
Members
Forum Posts: 18
Member Since:
September 9, 2016
sp_UserOfflineSmall Offline

The 2.4% Promotion on my Tangerine account just ended, so now I'm back to 0.8%.
I'm looking into a bank that'll offer me decent rates without jumping thru too many hoops.
I've came up with Alterna, EQ Bank, and Oaken, just wondering what your opinions on them are.

I should note that I mostly live abroad, but occasionally I do go back to Vancouver.
From what I've gathered, it's something like this:

Alterna
Pros

  • 1.95% on both saving and TFSA
  • Have 2 FREE Interac transfers per month
  • Have different deposit methods (ME-to-ME transfer, cheque capture, and ATM?)
  • No monthly fees (but have Inactive fees)
  • Have ATM's near where I live in Vancouver

Cons

  • Deposit methods seems to be hit or miss at times?
  • Their App seems to be barely functional
  • $20~40 fee on inactive accounts (how do they define inactive?)
  • No email to contact them
  • Ugly online interface
  • $50 charge to transfer TSFA funds to another bank

EQ Bank
Pros

  • Highest interest rate @2% (tho their rates seems to fluctuate more often?)
  • 5 FREE Interact transfers per month
  • Clean and simple web UI
  • Have different deposit methods (EFT and cheque capture*)
  • No monthly fees
  • No inactive fee

Cons

  • No TFSA
  • Linked accounts disappears randomly? (Seeing how this is the main method of getting money in and out, it's a big problem)
  • No ATM/Branch access
  • *A basically none functional App
  • Lower Interact Limit Maximums

Oaken
Pro

  • Decent rates across the board regardless of what account type you use
  • Have cashable/redeemable GIC
  • Have TFSA
  • Apparently completely fee free?(including transferring out TFSA?)
  • Clean and simple web UI
  • Have an office in Vancouver
  • Their reputation seems reliable with no one having major issues with them

Cons

  • No mentions of fees on their website(possibly hiding fees somewhere?)
  • No mentions of how funds are transfered
  • Only method of deposit to seems to be mailing in a cheque (cost of post) OR in person at an office?
  • No App

This is what I've concluded:
Oaken is an all rounder, but inconvenient for me.
EQ "appears" to be the best option, but completely unreliable.
Leaving Alterna as the best option?
(I really like what EQ is offering, too bad they're not reliable)

Is there anything wrong with what I've concluded? or is there someone with a different opinion?
(Canadian Direct Financial also seems like a nice option, but I don't see too much benefit/difference compared to Alterna)

March 12, 2017
10:30 am
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I think these are all good options, and I have had money in all of them.
I prefer the one that gives the best interest, plain and simple, and have not had any technical issues with EQ, so I can't speak to deficiencies which I've not experienced.

In addition, I would say the following:

Alterna email is available: https://www.alternabank.ca/AboutUs/ContactUs/ComplimentsConcerns/

EQ has 24/7 phone coverage. Alterna does not, and I think Oaken does not. This could be important if you are frequently on different time zones.

Of the 3 of them, I find Alterna and Oaken much easier to deal with than EQ on the phone. Their staff are friendlier.

I find EQ rather rigid in attitude and I find it annoying that they lock you out after a relatively short time online. They also don't offer joint accounts. I don't find their rates to be unstable per se. They had better rates when they first opened, were sleazy in claims about rate stability in the initial months, but rates have stabilized since then and are now likely to just go with the flow.

Alterna has daily and weekly withdrawal limits which can be inconvenient. If I remember correctly, EQ does not have those limits but you may need to make more than one transaction to complete your transfer.

I think Alterna has shown the most commitment to full service banking for the future. For instance, they offer a chequing account, which the others do not.

March 12, 2017
11:31 am
Norman1
Member
Members
Forum Posts: 1222
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

xup6.yc said

EQ Bank
Pros

  • Highest interest rate @2% (tho their rates seems to fluctuate more often?)

Cons

  • Linked accounts disappears randomly? (Seeing how this is the main method of getting money in and out, it's a big problem)

Rates have been quite stable with EQ Bank. Intially, it was 3%. Dropped to 2.25% and then to 2%. Been at 2% for a while.

Linked accounts don't actually disappear randomly. They sometimes disappear after they upgrade their online banking web site with new features. Happened three or four times last year. See previous thread Transfers broken.

Last time it happened to me, I wasn't stuck. I could still do Interac e-Transfers to transfer modest amounts (up to $2,500) out. Looks like it was an issue with their web site. Called EQ Bank and they said my linked accounts were still in the system the CSR's are using.

March 12, 2017
12:51 pm
Koogie
Member
Members
Forum Posts: 122
Member Since:
November 19, 2014
sp_UserOfflineSmall Offline

I currently have accounts with all three. I wouldn't hesitate to use any of them again. They are all in the upper levels of CU/online bank services levels.

Oaken has by far the best staff. By far. Alterna is acceptable and EQ is acceptable.

EQ generally has the best technology, baring upgrade hiccups. Oaken isn't far behind and Alterna is last.

All of them will not hesitate to change their rates in a heartbeat if that is what is best for their situation and requirements. Oaken tends to give the most notice of changes, for whatever good that does.

I personally like Oaken the best and they seem the most robust in terms of offerings and support.

YMMV.

March 12, 2017
2:11 pm
Doug
Member
Members
Forum Posts: 1082
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Although I deal with none of those, I'm increasingly warming to Alterna Bank (the "knock" I always had against them was uncompelling interest rates and the lack of a free chequing account - I'm also loving the new colours in the revamped logo!), although that may change once Meridian Bank forms its own bank subsidiary (or changes its plans and re-incorporates as a federal credit union) and here's why:

- They pay a highly competitive, "no strings attached" posted interest rate of 1.95% and are an established player, actually having been in business as long as Tangerine (previously, ING DIRECT Canada)
- They've since added an eChequing account with no monthly fees but no access to their credit union branches, which includes 2-3 free Interac e-Transfers (similar to or the same as EQ Bank) per month
- For those in Ontario, it appears as though CS Alterna Bank and Caisse Populaire Alterna Savings customers/members can transact in their credit union branches (except the aforementioned eChequing), which they call "centres," presumably since they afford access to both bank and credit union clients
- They have a no fee USD chequing account with several free transactions per month or unlimited with $1000 USD minimum monthly balance that, I believe, pays interest
- They use the MemberDirect online banking platform from Central 1 (which allows for Me-to-Me Transfers for credit unions/partners that have it enabled in their core banking system) and, presumably, either Celero Systems' Temenos core banking system or a similar superior banking system such as Wealthview (used by First West's "brands") or Fiserv's DNA so their eStatement and transaction histories online will be superior in terms of detailed transaction narratives/descriptions. MemberDirect isn't "perfect" but it's the best online banking system and most detailed of any major financial institution and better than any custom banking system, save for maybe Tangerine's, which is pretty darn awesome

Oaken Financial uses their own banking and online banking system, both of which require VOID cheques or other paper-based verification methods for external bank accounts but they do have certain financial centres with which to transact/open accounts/have coffee & read a book in the major cities like Tangerine. Their rate is only slightly less competitive than Alterna Bank and they've been pretty consistent, being backed by Home Trust and now, Home Bank, previously known as CFF Bank & RedBrick Bank prior to those two's amalgamation. The banking system being somewhat of an "unknown," I've ranked it #2.

I rank EQ Bank "tops" in terms of its mobile app and its "speed of launch" and the paperless, electronic method of linking external bank accounts. The "knock" against them is the: (a) lack of a debit card (it's not that costly but likely has more to do with their custom core banking system that isn't "legacy" in nature), (b) the apparent lack of customer service staff in their contact centre as Loonie mentioned above and (c) their "maximum balance" of $500,000 limitation. If barriers (a) and (c) were to be eliminated, I could rank them as #1. 🙂

In 4th, I'd probably go with the soon-to-be-renamed Motive Financial but hold them back, namely, because: (a) they're not owned by a credit union and (b) the lack of any free Interac e-Transfers, though the 1 free chequebook is nice. If they changed either (b) or added paperless, electronic linking of bank accounts, they'd likely be moved to #1.sf-cool

Cheers,
Doug

March 12, 2017
2:24 pm
Doug
Member
Members
Forum Posts: 1082
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Loonie said
Alterna has daily and weekly withdrawal limits which can be inconvenient. If I remember correctly, EQ does not have those limits but you may need to make more than one transaction to complete your transfer.

I think Alterna has shown the most commitment to full service banking for the future. For instance, they offer a chequing account, which the others do not.  

Great post, Loonie. On the daily/weekly withdrawal limits, in terms of ABM, yes but all financial institutions have this.

In terms of EFT withdrawals, these are only withdrawals initiated from within Alterna Bank, of which most FIs have (including the others mentioned except for possibly Oaken, haven't looked into it specifically). Banks and CUs can't limit EFT withdrawals sourced externally from another FI's online banking interface as that'd be like...them limiting what amount for which you can write a cheque! 😉

Cheers,
Doug

March 12, 2017
4:12 pm
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I meant me-2-me withdrawals. Sorry for the confusion. Alterna has dollar limits on these. EQ only has limit per transfer, I think 30K but not sure, but you can do more than one transfer. They make you sign in all over again for an additional transfer. I don't know about Oaken as I don't use it for this purpose.

March 12, 2017
9:07 pm
xup6.yc
Member
Members
Forum Posts: 18
Member Since:
September 9, 2016
sp_UserOfflineSmall Offline

Doug said
Although I deal with none of those, I'm increasingly warming to Alterna Bank...
...
- They use the MemberDirect online banking platform from Central 1 (which allows for Me-to-Me Transfers for credit unions/partners that have it enabled in their core banking system)   

That's something i wasn't aware of, I thought me-to-me is just their fancy way of calling EFT and works with every bank. If i were to transfer out to another bank that didn't enable me-to-me, how would that be accomplished (other than interact)?

---
Thanks for all the information, it was really helpful.
after reading all the posts, I'm starting to think EQ isn't as unreliable as I thought it is, maybe I'll give EQ a try and see what happens.

sidenote: can any one explain to me the process of transferring money into EQ from Tangerine and vice-versa? and how well it works?
long transfer period? any holds? or any quirks I should be aware of?

March 13, 2017
1:31 am
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Doug:
I must admit to some confusion about exactly what you can do at AlternaCU branches ("AlternaSavings") in regard to AlternaBank accounts. I was under the impression that you could not do any AlternaBank business at a CU storefront, but something has changed with the new website. AlternaBank per se only has a couple of branches around Ottawa as I recall. It doesn't seem to make sense that they would offer both Bank and CU rates, which are widely divergent, at the same CU store with the same staff support.

Alterna has actually been around much longer than Tang/ING, but it went under a different name before. The branch I am familiar with (CU) is the same as under the previous banner. I can't remember the previous name now but think it had to do with municipal employees.

I don't know about the underlying technology but Alterna's statements are satisfactory.

I'm not sure what you didn't like about AlternaBank's rates earlier. They opened with 1.85 and quite quickly increased it to 1.95 on the savings account, where it has remained. Perhaps you meant the CU's rates, which are unremarkable. https://www.alterna.ca/Rates/ Why wouldn't they at least say, "for additional rate offers, go to alternabank.ca or something like that?

I believe EQ's limit is now 100K for new customers. Those who got on board early will still be allowed 500K. You can, however, add interest to your 100k. I don't think they will lift that ceiling until and unless they become a much bigger player. In this phase, it appears they want to build their book, as it were, no doubt hoping at some later date to get your "wealth management" business. That's what they're all after these days. I always put it in quotes because it seems like such a dubious enterprise. My "wealth' is not likely to need them to "manage" it, and this feeling is confirmed every time one of them (from any FI) tries to give me advice!
What I want from EQ is joint accounts, but they seem in no hurry to offer them. This will ultimately be a deal-breaker for me. I'm not waiting forever.

Oaken used to be quite competitive, especially o GiCs, but no longer. I Their current savings account rate is 1.5, which, in my opinion, is more then "slightly" lower than AlternaBank's. You can get 1.5 at Meridian for that matter, and more services.

xup:
I can't comment on Tang-EQ transfers. I prefer not to let Tang know where I have other accounts so I only have set up transfers to Big Bank. Tang does have a limit of 3 external linked accounts, so you might want to be aware of that. Generally, Tang and EQ are very efficient on the tech side, so I wouldn't anticipate a problem. It's usually easiest to "pull" the money by arranging the transfer through the receiving institution, as a general principle, although you should be able to do it either way with these two.

March 13, 2017
5:50 pm
Norman1
Member
Members
Forum Posts: 1222
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said

Alterna has actually been around much longer than Tang/ING, but it went under a different name before. The branch I am familiar with (CU) is the same as under the previous banner. I can't remember the previous name now but think it had to do with municipal employees.

It was either CS CO-OP or Metro Credit Union. This is from CS CO-OP and Metro Credit Union members approve merger to create Alterna Savings:

Ontario 's newest financial institution, Alterna Savings, became a reality on Feb. 8, 2005 as members of Metro Credit Union joined the members of CS CO-OP by voting overwhelmingly in favour of a merger between the two institutions.

Alterna Savings will officially open its doors on April 1, 2005 .…

March 13, 2017
6:08 pm
Norman1
Member
Members
Forum Posts: 1222
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said

I must admit to some confusion about exactly what you can do at AlternaCU branches ("AlternaSavings") in regard to AlternaBank accounts. I was under the impression that you could not do any AlternaBank business at a CU storefront, but something has changed with the new website.…

I don't think there has been a change. It has always depended on the Alterna Bank account that one has.

The High Interest eSavings Account (with 1.95% rate) and the No Fee eChequing Account do not include in-branch withdrawals, bill payments, and transfers.

Their other chequing and savings account do include full in-branch access at Alterna Savings branches and at their Alterna Bank branches.

March 13, 2017
7:27 pm
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Yes, it was Metro CU whose name I couldn't remember. That one was (or perhaps under an even earlier name) the CU for the municipal employees, as I recall. Then at some point it went open bond but I don't remember when that was. Quite a while ago now.

the confusion with Alterna's two entities and 2 websites arises when you look at the (very) new website for the Bank. At the bottom of this page, https://www.alternabank.ca/AboutUs/ContactUs/ there is a list of phone numbers for the Alterna CU branches and you are advised to call them. It's not clear what you might get out of this phone call though. Further, the "bank" website has a link to the CU, but doesn't explain why you might want to go there; but the CU website does not have a link to the bank - where you actually might want to go for better rates. AlternaBank does not have any other chequing or savings accounts (as you suggested it might, Norman); it is only AlternaCU that has them.

It would be much better if they gave their new "Bank" operation another name, to avoid confusion, and made the websites clear and distinct.

I think I do understand how it operates, but I still think it's confusing.

March 13, 2017
10:56 pm
Norman1
Member
Members
Forum Posts: 1222
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said

the confusion with Alterna's two entities and 2 websites arises when you look at the (very) new website for the Bank. At the bottom of this page, https://www.alternabank.ca/AboutUs/ContactUs/ there is a list of phone numbers for the Alterna CU branches and you are advised to call them. It's not clear what you might get out of this phone call though. Further, the "bank" website has a link to the CU, but doesn't explain why you might want to go there; but the CU website does not have a link to the bank - where you actually might want to go for better rates.

I don't think Alterna Bank customers are to call an Alterna CU branch first. I think the main phone contact for such customers is the Alterna Bank Contact Centre mentioned in the Phone Us section above that.

No link from Alterna CU site to Alterna Bank site. Not sure Alterna CU would direct their Alterna CU members to their Alterna Bank subsidiary to pay less fees to and get more interest out of them! sf-laugh

… AlternaBank does not have any other chequing or savings accounts (as you suggested it might, Norman); it is only AlternaCU that has them.

In addition to the High Interest eSavings Account and the No Fee eChequing Account, I see

  1. Chequing Account,
  2. US Chequing Account,
  3. Investment Savings Account, and
  4. Daily Interest Savings Account

on their Chequing, Savings and US Chequing rates page.

Alterna Bank's service fees sheet also shows the additional accounts and the seven different plans for a chequing account that is not their eChequing account.

March 14, 2017
4:28 am
Saver-Mom
Member
Members
Forum Posts: 142
Member Since:
December 12, 2015
sp_UserOfflineSmall Offline

Loonie, why do you not want Tang to know about other accounts? The people I know who have no links were offered 1.6% by Tang in December, while I was offered 2% and have a link in place. Made me think they offer more when they know you have an exit strategy.
Also, my big bank does not allow me to initiate transfers from them.

March 14, 2017
5:29 am
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Norman1 said

Loonie said

the confusion with Alterna's two entities and 2 websites arises when you look at the (very) new website for the Bank. At the bottom of this page, https://www.alternabank.ca/AboutUs/ContactUs/ there is a list of phone numbers for the Alterna CU branches and you are advised to call them. It's not clear what you might get out of this phone call though. Further, the "bank" website has a link to the CU, but doesn't explain why you might want to go there; but the CU website does not have a link to the bank - where you actually might want to go for better rates.

I don't think Alterna Bank customers are to call an Alterna CU branch first. I think the main phone contact for such customers is the Alterna Bank Contact Centre mentioned in the Phone Us section above that.

No link from Alterna CU site to Alterna Bank site. Not sure Alterna CU would direct their Alterna CU members to their Alterna Bank subsidiary to pay less fees to and get more interest out of them! sf-laugh

… AlternaBank does not have any other chequing or savings accounts (as you suggested it might, Norman); it is only AlternaCU that has them.

In addition to the High Interest eSavings Account and the No Fee eChequing Account, I see

  1. Chequing Account,
  2. US Chequing Account,
  3. Investment Savings Account, and
  4. Daily Interest Savings Account

on their Chequing, Savings and US Chequing rates page.

Alterna Bank's service fees sheet also shows the additional accounts and the seven different plans for a chequing account that is not their eChequing account.  

I think you've proven my case, Norman! It shouldn't be this hard to figure out what they offer - e.g. going to the fees page etc. You are correct though that they do seem to offer more accounts than I'd noticed before. I had gone to this page, https://www.alternabank.ca/Personal/EverydayBanking/Accounts/ where, on the left, it itemizes 4 e-accounts. I'd assumed that was all they offered as it's all they mention, and I think that was a logical inference in terms of "accounts". There are definitely reasons for not profiling the others, but it is still confusing.

March 14, 2017
5:45 am
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Saver-Mom said
Loonie, why do you not want Tang to know about other accounts? The people I know who have no links were offered 1.6% by Tang in December, while I was offered 2% and have a link in place. Made me think they offer more when they know you have an exit strategy.
Also, my big bank does not allow me to initiate transfers from them.  

I do have a link to my 2 BigBanks. I always initiate from Tang.

I don't think we can project too far as to what their strategy is. I was getting at least 2% steadily on the strength of telling them where I could go UNTIL I proved that i had somewhere else to go by removing all the money, at which point I got nothing. I have now gotten back to 2% after a bit of a kerfuffle in January. So, my conclusion, on that evidence, was that stability of deposit was more important to them than where else I might go. but who knows?

We know they use some form of profiling and algorithms. I just prefer not to give them any more data than necessary as I resent the whole process and tend to think they will use whatever they know in a way that is not to my advantage. Their job is to give me as little interest as they can get away with and still keep the money, to the extent that they may want to keep it. Wanna bet credit scores enter into it too? People with low credit scores are likely to have lower deposits, volatile accounts, and more trouble than they're worth.
It may be just as well that they only allow 3 links. I've already used up two and need them both for complicated reasons.
I'll bet though that they'd really like to know where else my money is - and how much!sf-wink

For the same reason, I usually don't go over the 100K CDIC limit. It's not that I think they're about to go belly up. I just don't want to tell them how much money is at play as I figure they'll use that against me somehow. Some people who deposited very large amounts when the going was good later reported that they couldn't get a decent rate from them. The basic rule of thumb for me is to remember that we are never on the same team as them.

Mind you, BigBank used to know more or less how much money I had because they had most of it, but that did not result in better rates. It only resulted in more phone calls about "investments" and so on. But BigBank is too big and cumbersome to respond to the real needs of people like me anyway.

I also eschew facebook and twitter, FWIW.

March 14, 2017
11:29 am
Doug
Member
Members
Forum Posts: 1082
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

xup6.yc said

That's something i wasn't aware of, I thought me-to-me is just their fancy way of calling EFT and works with every bank. If i were to transfer out to another bank that didn't enable me-to-me, how would that be accomplished (other than interact)?

---
Thanks for all the information, it was really helpful.
after reading all the posts, I'm starting to think EQ isn't as unreliable as I thought it is, maybe I'll give EQ a try and see what happens.

sidenote: can any one explain to me the process of transferring money into EQ from Tangerine and vice-versa? and how well it works?
long transfer period? any holds? or any quirks I should be aware of?  

To your first question, yes Me-to-Me Transfers are basically just a "fancy way" of what EFT transfers are called except that it's a registered trademark, or unregistered but copyrighted service mark, term that Central 1 Credit Union owns to call its "add-on" functionality that is part of MemberDirect. It's available to any service partner of Central 1 that uses MemberDirect for online banking, which includes many credit unions (not all, though, you can usually tell by the "login format" and URL structure of their online banking system(s)) as well as certain banks and/or federal trust companies (i.e., Canadian Western Bank including its Canadian Direct Financial/Motive Financial virtual bank "branch" and Alterna Bank) that can integrate it with their proprietary or third-party core banking systems. However, behind the scenes, it does use the EFT system of Payments Canada, which is part of the Automated Clearing Settlement System that also clears our paper-based cheques and bank drafts/money orders. 🙂

To your other question, in terms of "transfers" to/from Tangerine. You can either "push" money out from Tangerine or from EQ Bank, provided you've linked accounts on both ends using whatever their process is and subject to applicable daily/weekly transfer out limits. These would then appear as "direct deposits" and not subject to holds, but it may take 1-2 business days for the funds to appear in your external account. Or, you can "pull" money in from your linked external account, but may be subject to all or partial hold, depending on the institution's "hold policy" and your creditworthiness, generally. However, because the funds are in "two places at once" for 1-2 business days, effectively, you would earn 1-2 day's "double interest" on the same funds. For transfers out of Tangerine, it actually makes more sense to "pull" funds in from the external bank account, i.e. EQ Bank, as Tangerine doesn't do "same day" transfers out (i.e., if you submit a request Wednesday, it won't be processed till Thursday). Similarly, if transferring in to Tangerine, I'd actually "push" funds out to Tangerine, if the institution does same-day transfers (not sure about EQ Bank and how that works) as, with most credit unions or service partners of MemberDirect, they do and the funds will be transferred out and then in to Tangerine same-day, provided you do the transfer prior to around 2 pm PDT/5 pm EDT. sf-cool

Hope that helps,
Doug

March 14, 2017
6:48 pm
Norman1
Member
Members
Forum Posts: 1222
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said

I think you've proven my case, Norman! It shouldn't be this hard to figure out what they offer - e.g. going to the fees page etc. You are correct though that they do seem to offer more accounts than I'd noticed before. I had gone to this page, https://www.alternabank.ca/Personal/EverydayBanking/Accounts/ where, on the left, it itemizes 4 e-accounts. I'd assumed that was all they offered as it's all they mention, and I think that was a logical inference in terms of "accounts". There are definitely reasons for not profiling the others, but it is still confusing.  

Alterna Bank does have a complex offering of products. They seem to be a hybrid institution offering a combination of online-only and full-service accounts.

One person found that their High Interest eSavings Account actually had partial in-branch access. See earlier discussion.

One could open the eSavings in an Alterna Savings CU branch and make in-branch deposits to the account! Looked like a really good deal: 1.95% per annum interest plus in-branch teller access to the money.

Unfortunately, the person was unpleasantly surprised when an in-branch withdrawal was attempted. In-branch withdrawals were not included with the account. sf-frown

March 14, 2017
7:15 pm
Loonie
Member
Members
Forum Posts: 2874
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

i hope they'll sort out which business they're actually in soon. I don't think it's good for them to be so unfocused.
In the meanwhile, I'll stick with the simple stuff - anything that starts with "e-".sf-smile

March 15, 2017
7:23 pm
Doug
Member
Members
Forum Posts: 1082
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

Norman1 said

Alterna Bank does have a complex offering of products. They seem to be a hybrid institution offering a combination of online-only and full-service accounts.

One person found that their High Interest eSavings Account actually had partial in-branch access. See earlier discussion.

One could open the eSavings in an Alterna Savings CU branch and make in-branch deposits to the account! Looked like a really good deal: 1.95% per annum interest plus in-branch teller access to the money.

Unfortunately, the person was unpleasantly surprised when an in-branch withdrawal was attempted. In-branch withdrawals were not included with the account. sf-frown  

Well, that confirms that I thought about Alterna Bank and CS Alterna Savings (the credit union) sharing common core banking and online platform systems that permits Alterna Bank customers to have in-branch access.

However, I'm pleasantly surprised in-branch deposits are permitted to the High Interest eSavings Account from Alterna Bank. That's still really decent, as that would permit cash+coin deposits as well as, potentially, USD cash or cheque deposits. The restriction on in-branch withdrawals makes sense, though, with it being an electronic account.

Still, to Loonie's earlier comment, I could've sworn Alterna Bank used to not have that compelling or a product (i.e., no free eChequing account) and their savings account rates were also not that remarkable previously. They were sort of like a Pacific and Western Bank of Canada (now VersaBank) in terms of their direct banking model but uncompelling rates or products. That's changed, and to answer your earlier suggestion in an unrelated thread on the "free chequing account" chart, I'll definitely be including Alterna Bank in a forthcoming update. 🙂

Cheers,
Doug

No permission to create posts

Please write your comments in the forum.