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
Mitey files the Alterna Bank index card: cheapest everyday account $23 a year.
Is Alterna Bank a good bank for everyday banking?
Alterna Bank’s cheapest chequing account open to anyone, No Fee eChequing Account, costs $23 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $337 below the national median of $359. It scores 64.5/100, #7 of 13, in our bank review. Eligible deposits are CDIC-insured to $100,000 per category.
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
Is my money safe at Alterna Bank?
CDIC member (CS Alterna Bank, operating as Alterna Bank).
Names CDIC lists for this member: Alterna Bank.
Our assessment: 64.5/100, #7 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 35 · App rating 54 · not scored: service. How the review works.
What do Alterna Bank’s chequing accounts 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 |
- Chequing (Student Life Package) · student only$23
- No Fee eChequing Account$23
- Chequing (Value Package)$208
- Chequing (Unlimited Package)$215
- Chequing (Basic Package)$292
- Chequing (Pay As You Go Package)$436
- Simply Chequing$436
- Cheapest in Canada: Personal Account · EQ Bank$0
- Median nationwide account$359
What would Alterna Bank cost a typical household?
The cheapest Alterna Bank account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Alterna Bank | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | No Fee eChequing Account | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | No Fee eChequing Account | $23 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | No Fee eChequing Account | $46 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | Chequing (Basic Package) | $86 | Basic Bank Account Scotiabank | $134 |
Worked example — No Fee eChequing Account (Alterna Bank), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $22.80 |
| Paper statements × 12 | $0 |
| Fees a year | $22.80 |
What savings rates does Alterna Bank pay?
| 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 |
Is Alterna Bank on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| CS Alterna Bank | OSFI — Schedule I domestic bank | Yes |
What else should you know about Alterna Bank?
- 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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