Alterna Savings
This Page's Content Was Last Updated: July 21, 2026
Credit Union
Alterna Savings
Alterna Savings is a credit union located in Ontario. It was founded in 2005 through the merger of CS CO-OP (Civil Service Cooperative Credit Society) and Metro Credit Union. It primarily 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.
Provinces served
Mortgage Rates
The mortgage rates on this page were last updated on August 5, 2026 at 5:46 PM ET.
| Lender | Term | Rate | |
|---|---|---|---|
| 6-Month Fixed | 6.79% | ||
| 1-Year Fixed | 5.69% | ||
| 2-Year Fixed | 5.39% | ||
| 3-Year Fixed | 3.99% | ||
| 4-Year Fixed | 5.04% | ||
| 5-Year Fixed | 4.14% | ||
| 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
The GIC rates on this page were last updated on August 5, 2026 at 11:14 AM ET.
| 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. | |
Chequing and Savings Accounts
The account-related data on this page was last updated on July 20, 2026.
Chequing Accounts
Chequing Account
1. Account: Basic
- Standard Fee
- $4.00/mo
- Free Transactions
- 20
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- The monthly account fee is waived if you maintain a minimum balance of $1,000 in your account.
- The account fee might be waived for seniors.
- This account allows 20 free transactions.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
2. Account: Student Life
- Standard Fee
- Free*
- Free Transactions
- Unlimited
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows Unlimited free transactions.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
- *This account is available for youth and students only.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
3. Account: Unlimited
- Standard Fee
- $14.00/mo
- Free Transactions
- Unlimited
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows Unlimited free transactions.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Chequing Account
4. Account: Value
- Standard Fee
- $10.00/mo
- Free Transactions
- 35
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 35 free transactions.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Accounts
Savings Account
Account: Daily Interest Savings
- Interest Rate
- 0.00%*
- Standard Fee
- Free
- Free Transactions
- 2
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 2 free transactions.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
*Interest Rate Breakdown by Balance
Balance amount Interest rate $0.01 to $5,000 0.00% $5,000.01 or over 0.05% Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Savings Account
Account: Investment Savings
- Interest Rate
- 0.05%*
- Standard Fee
- Free
- Free Transactions
- 1
- Max e-Transfer / Day
- $3,000
- Insurance Limit (Non-Registered)
- $250,000 per depositor
- Insurance Limit (Registered)
- Unlimited
Account details
- This account allows 1 free transaction.
- Maximum Interac e-Transfer per day: $3,000
- Maximum Interac e-Transfer per week: $10,000
- This limit may vary depending on the client profile.
*Interest Rate Breakdown by Balance
Balance amount Interest rate $0.01 to $5,000 0.05% $5,000.01 and over 0.35% Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Credit Union Overview
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $9.33B | +15.6% | +39.3% |
| Loans | $8.26B | +17.7% | +69.9% |
| Deposits | $6.7B | +17.6% | +28.7% |
| Mortgages + HELOCs | $6.12B | +16.3% | +128.7% |
| Revenue | $163M | +15.6% | +56.7% |
| Efficiency Ratio | 82.5% | — | — |
| Members | ~230,000 | — | — |
| Branches | 39 | — | — |
| Target Members / Region | Greater Toronto Area (GTA) and Ottawa | — | — |
Alterna Savings Deposits, Loans and Revenue in the Past 5 Years
For deeper insights into all Canadian lenders, subscribe to our comprehensive Lenders Report, with plans starting at just $100 per month.
Contact
If you're from Alterna Savings and would like to add or update information on this page, please fill out the form.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.