Savings account · Alterna Savings
Daily Interest Savings: fees and true cost
Alterna Savings’s Daily Interest Savings lists 0.05% interest and no monthly fee. On $10,000 that’s about $5 a year before tax, at the posted rate.
Provincial insurerOffered in ON
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 | 2 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) | Not available |
| Mailed monthly statement | $2.25 |
| 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
Get easy access to your savings while earning interest. Interest is calculated on the daily closing balance, based on tiers and paid monthly.
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.
Other savings accounts at Alterna Savings
- Daily Interest Savings (Youth Start Package) — 0.05% 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 Savings’s product page
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