Alterna Savings
Alterna Savings is a credit union located in ON. It was founded in 2005 through the merger of CS CO-OP (Civil Service Cooperative Credit Society) and Metro Credit Union. It serves Greater Toronto Area (GTA) and Ottawa.
Alterna Savings traces its roots to the Civil Service Savings and Loan Society, founded in Ottawa in 1908 by federal civil servants seeking a cooperative alternative to high cost moneylenders. Alphonse Desjardins helped support its creation, and the institution became the first full service, member owned cooperative financial institution in Canada outside Quebec.
Alterna took its current name in 2005 after the merger of CS CO-OP Credit Union and Toronto’s Metro Credit Union. It has since expanded through additional mergers with Ontario credit unions while continuing to operate as a bilingual, member owned financial cooperative.
Alterna also owns Alterna Bank, a direct banking subsidiary that serves Canadians nationally. Together, Alterna Savings and Alterna Bank provide banking, lending, investment, and financial services with a focus on financial inclusion, community lending, and accessibility.
| Metric | 2025 | YoY Change |
|---|---|---|
| Assets | $9.3B | +15.6% |
| Loans | $8.3B | +17.7% |
| Deposits | $6.7B | +17.6% |
| Mortgages + HELOCs | $6.1B | +16.3% |
| Efficiency Ratio | 82.5% | — |
| Members | 230,000 | — |
| Branches | 39 | — |
| Target Members | Greater Toronto Area (GTA) and Ottawa | — |
Mortgage Rates
| Lender | Term | Rate | |
|---|---|---|---|
| 6-Month Fixed | 6.79% | ||
| 1-Year Fixed | 5.69% | ||
| 2-Year Fixed | 5.39% | ||
| 3-Year Fixed | 4.19% | ||
| 4-Year Fixed | 5.04% | ||
| 5-Year Fixed | 4.24% | ||
| 3-Year Variable | 4.25% | ||
| 5-Year Variable | 3.70% | ||
* Rates are for informational purposes only and reflect the lowest rates available. Rates may change at any time and may be applicable only to certain borrowers. Terms and conditions apply. | |||
GIC Rates
| Term | Rate |
|---|---|
| 1-Year | 2.65% |
| 2-Year | 2.85% |
| 3-Year | 3.10% |
| 4-Year | 3.25% |
| 5-Year | 3.30% |
* Rates are for informational purposes only and reflect the highest rates available. Rates may change at any time and may be applicable only to certain depositors. Terms and conditions apply. | |
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