🏛️ Credit Union Review · Ontario
Alterna Savings Review 2026
Ottawa's credit union with a genuinely free eChequing account — rates, fees, and Ontario banking comparison.
About Alterna Savings
Alterna Savings is one of Ontario's leading credit unions, serving 160,000+ members with $10 billion in assets. As a member-owned financial co-operative, Alterna Savings returns profits to members through better rates, lower fees, and community investment rather than paying bank shareholders.
Founded 1908, Alterna Savings has grown to serve communities across Ontario with a full suite of personal banking, mortgages, investments, and business services. Member satisfaction consistently outpaces the big banks in independent surveys.
Rates & Products (2026)
| Product | Rate / Fee |
|---|
| Free/Basic Chequing | $0/month (eChequing) |
| Unlimited Chequing | $10.95/month |
| TFSA Savings | Up to 4.1% |
| 5-Year Fixed Mortgage | ~5.29% |
| RRSP/TFSA GICs | Up to 4.7% (1-year) |
Pros & Cons
Pros
- Free eChequing account — $0/month with e-Transfer included
- Ottawa and Eastern Ontario branch network
- Online account opening — no branch visit required
- FSRA deposit insurance: unlimited Ontario coverage
- Good TFSA and GIC rates competitive with Meridian
- Newcomer banking programs available
Cons
- Ontario-focused — limited national reach
- Fewer branches than Meridian in Toronto area
- Business banking offerings less comprehensive than big banks
Who Should Join Alterna Savings?
Alterna Savings is excellent for Ottawa-area residents and Ontarians who want a digital-first credit union experience. Their eChequing account is genuinely free with Interac e-Transfer included. Strong for newcomers, students, and anyone looking to escape big-bank fees.
Deposit Insurance at Alterna Savings
Deposit Insurance (CUDIC): Credit union deposits are protected by provincial deposit insurance — not CDIC. Ontario (FSRA): 100% unlimited. BC (CUCC): 100% unlimited. Alberta (DGCM): 100% unlimited. Saskatchewan (CUDIC): 100% unlimited. Manitoba (DGCM): 100% unlimited. Quebec (AMF): up to $100,000 per account type. Atlantic provinces have individual schemes. Provincial coverage often exceeds CDIC's $100K per-category limit.
Alterna's Free eChequing Account
Alterna's eChequing account stands out in Ontario: $0/month, unlimited Interac e-Transfers, unlimited electronic transactions, and no minimum balance. This puts Alterna among the very few credit unions offering a no-conditions free account with e-Transfer included. Compare to Simplii (requires direct deposit) or PC Financial (limited credit union service area).
Is Alterna Savings safe?
Alterna Savings is regulated by provincial financial services regulators and deposits are protected by the applicable provincial deposit insurance scheme. In most provinces this provides 100% unlimited coverage — stronger than CDIC's $100K per category cap.
How do I join Alterna Savings?
Most credit unions require proof of provincial residency, a government-issued ID, and a small membership share purchase (typically $5–$25, fully refundable). Many now offer online account opening in 10–15 minutes.
Does Alterna Savings have a mobile app?
Yes. Most major Canadian credit unions offer iOS and Android apps with mobile cheque deposit, e-Transfer, bill pay, and account management. Quality varies — check App Store ratings for the most current feedback.
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