Institution profile · Domestic bank (Schedule I)
Alterna Bank
ActiveCS Alterna BankCDIC
Alterna Bank is a Schedule I digital bank owned by Ontario’s Alterna Savings credit union. Because it is a bank, its deposits are CDIC-insured rather than covered by Ontario’s credit union insurer.
Profile facts checked October 30, 2026
At a glance
- Legal name
- CS Alterna Bank
- Type
- Domestic bank (Schedule I)
- Owner / parent
- Alterna Savings and Credit Union Limited
- Head office
- Ottawa, ON
- Founded
- 2000 — Received letters patent under the Bank Act on October 2, 2000.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- No Fee eChequing Account — $23 a year for the Everyday example
- Best posted savings rate
- 1.05% on $10,000 (High Interest eSavings Account)
- Website
- www.alternabank.ca
Deposit protection
CDIC member (CS Alterna Bank, operating as Alterna Bank).
Names CDIC lists for this member: Alterna Bank.
Our assessment: 65.1/100, #6 of 13 in our bank review
Strongest on everyday cost. Trails on savings rate and branch and ATM access. Cheapest account for everyday use: $23 a year. No branches; THE EXCHANGE and partner networks.
Cost 92 · Access 40 · Savings rate 38 · App rating 54 · not scored: service. How the review works.
Alterna Bank chequing accounts and what they cost
Alterna Bank lists 7 chequing accounts with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is No Fee eChequing Account at $23 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Chequing (Student Life Package)Students | No monthly fee | Unlimited | $23 |
| No Fee eChequing Account | No monthly fee | Branch: 0 · self-serve: unlimited | $23 |
| Chequing (Value Package) | $9.00/mo, no balance waiver | 35 a month | $208 |
| Chequing (Unlimited Package) | $16.00/mo, no balance waiver | Unlimited | $215 |
| Chequing (Basic Package) | $4.00/mo, no balance waiver | 20 a month | $292 |
| Chequing (Pay As You Go Package) | No monthly fee | None included (each one is charged) | $436 |
| Simply Chequing | No monthly fee | None included (each one is charged) | $436 |
Alterna Bank savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| High Interest eSavings Account | 1.05% | No monthly fee |
| Investment Savings Account | 0.35% | No monthly fee |
| Daily Interest Savings | 0.05% | No monthly fee |
| Daily Interest Savings (Youth Start Package)Youth (18 and under) | 0.05% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| CS Alterna Bank | OSFI — Schedule I domestic bank | Yes |
Facts, with sources
- CS Alterna Bank operates as Alterna Bank and is a wholly owned subsidiary of Alterna Savings and Credit Union Limited.Source: alternabank.ca
- Received letters patent to operate under the Bank Act on October 2, 2000.Source: alternabank.ca
- One of the 14 signatories of the federal low-cost and no-cost account commitment.Source: canada.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Alterna Bank’s accounts against everyone else’s.
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