Savings account · Alterna Bank
Daily Interest Savings (Youth Start Package): fees and true cost
Alterna Bank’s Daily Interest Savings (Youth Start Package) lists 0.05% interest and no monthly fee. On $10,000 that’s about $5 a year before tax, at the posted rate.
CDICYouth (18 and under)Offered in ON, QC
Fees retrieved November 1, 2026
Interest at different balances
| Balance | Rate | Interest a year |
|---|---|---|
| $1,000 | 0% | $0 |
| $10,000 | 0.05% | $5 |
| $50,000 | 0.05% | $25 |
| Balance | Rate (annual) |
|---|---|
| $5,000 and up | 0.05% |
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | No monthly fee |
| Included transactions | 30 a month |
| Debit purchase in Canada (beyond included) | $0.80 |
| Online or mobile bill payment | $0.80 |
| Interac e-Transfer | $0.80 |
| Online transfer between your accounts | $0.80 |
| Own-bank ATM withdrawal | $0.80 |
| Withdrawal at another institution’s ATM | $1.90 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $5.00 |
| Debit purchase in the United States | $0.80 |
| In-branch withdrawal | $0.80 |
| Bill payment in branch | $0.80 |
| Cheque (as a payment) | Not available |
| Mailed monthly statement | No extra fee |
| Non-sufficient funds (NSF) | Not stated |
| Overdraft protection, monthly | Not stated |
| Overdraft protection, per use | Not stated |
| Overdraft interest | Not stated |
Notes from the institution
A free banking package for those youth under 18 years of age
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Other savings accounts at Alterna Bank
- Daily Interest Savings — 0.05% interest
- High Interest eSavings Account — 1.05% interest
- Investment Savings Account — 0.05%–0.35% (tiered) interest
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Alterna Bank’s product page
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.