Savings account · Alterna Savings
Daily Interest Savings (Youth Start Package): fees and true cost
Alterna Savings’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.
Provincial insurerYouth (18 and under)Offered 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 | 30 a month |
| Debit purchase in Canada (beyond included) | No extra fee |
| Online or mobile bill payment | No extra fee |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | No extra fee |
| 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 | No extra fee |
| In-branch withdrawal | No extra fee |
| Bill payment in branch | No extra fee |
| 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?
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 — 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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