Chequing account · Alterna Savings
Chequing (Basic Package): fees and true cost
Alterna Savings’s Chequing (Basic Package) charges $4.00/mo, or $0 with a $1,000 minimum balance, with 20 a month transactions. For our “Everyday” example that comes to $355 a year, #64 of 106 chequing accounts offered in Ontario.
Provincial insurerOffered in ON
Fees retrieved November 1, 2026
What it would cost you in a year
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $48 | Monthly fee $4.00 | 15 of 106 |
| Everyday Household account, a few e-Transfers | $355 | Fee waived by the balance; extra transactions $27.60/mo | 64 of 106 |
| Heavy Lots of card, bill and e-Transfer payments | $898 | Fee waived by the balance; extra transactions $70.80/mo | 77 of 106 |
| Branch and cheques Teller visits, cheques, paper statement | $85 | Fee waived by the balance; extra transactions $4.80/mo | 10 of 94 |
Try your own numbers in the true-cost finder. Is keeping $1,000 in the account worth it? Run it in the account-fee calculator.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | $4.00/mo, or $0 with a $1,000 minimum balance |
| Included transactions | 20 a month |
| Debit purchase in Canada (beyond included) | $1.20 |
| Online or mobile bill payment | $1.20 |
| Interac e-Transfer | $1.20 |
| Online transfer between your accounts | $1.20 |
| Own-bank ATM withdrawal | $1.20 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $5.00 |
| Debit purchase in the United States | $1.20 |
| In-branch withdrawal | $1.20 |
| Bill payment in branch | $1.20 |
| Cheque (as a payment) | $1.20 |
| Mailed monthly statement | $2.25 |
| Non-sufficient funds (NSF) | $50.00 |
| Overdraft protection, monthly | $5.00 |
| Overdraft protection, per use | $5.00 |
| Overdraft interest | 19.99% a year |
Notes from the institution
An economical choice if you make a low but consistent number of transactions every month.
Is the money protected?
FSRA (Ontario credit union). Credit union deposits are insured by the province, with limits that vary — see credit union insurance by province.
Cheaper for everyday use, at other institutions
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Personal Account (EQ Bank) — $0 a year
- 1Q Chequing Account (KEB Hana Bank Canada) — $0 a year
Other chequing accounts at Alterna Savings
- Chequing (Pay As You Go Package) — No monthly fee
- Chequing (Student Life Package) — No monthly fee
- Chequing (Unlimited Package) — $14.00/mo, no balance waiver
- Chequing (Value Package) — $10.00/mo, no balance waiver
- Simply Chequing — No monthly fee
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Alterna Savings’s product page
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