Alterna Savings
This Page's Content Was Last Updated: July 21, 2026
Important Information
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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
Number of Members (as of 2025): ~230,000
Alterna Savings Mortgage Rates
The mortgage rates on this page were last updated on August 25, 2026 at 6:09 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. | |||
Alterna Savings GIC Rates
The GIC rates on this page were last updated on August 25, 2026 at 11:26 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.
- Alterna Savings Basic is a $4-per-month chequing package with 20 included day-to-day transactions per month, including Interac e-Transfers. The monthly fee is waived for RDSP beneficiaries and members age 60 or older, or by maintaining a minimum daily closing balance of $1,000 throughout the month. Additional transactions are charged individually.
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.
- Alterna Savings Student Life is a no-monthly-fee chequing package for post-secondary students, with no minimum balance requirement and unlimited day-to-day transactions, including Interac e-Transfers. Proof of continued enrolment must be provided by the account anniversary each year to retain eligibility; otherwise, the account may be switched to the Basic package.
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.
- Alterna Savings Unlimited is a $14-per-month chequing package with unlimited day-to-day transactions, including Interac e-Transfers. It also includes 1 free official cheque per month and 1 free order of 25 personalized cheques per calendar year. Members age 60 and older receive a reduced monthly fee of $7.
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.
- Alterna Savings Value is a $10-per-month chequing package with 35 included day-to-day transactions per month, including Interac e-Transfers. It also includes 1 free order of 25 personalized cheques per calendar year. Members age 60 and older receive a reduced monthly fee of $5.
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% - Alterna Savings Daily Interest Savings is a no-monthly-fee savings account with no minimum balance requirement and 2 included day-to-day transactions per month. Interest is calculated daily and paid monthly. Deposits and certain transfers are free and do not count toward the monthly limit, while additional day-to-day transactions cost $1.20 each.
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% - Alterna Savings Investment Savings is a no-monthly-fee savings account with no minimum balance requirement. Interest is calculated on the daily closing balance and paid monthly. The account includes 1 free debit transaction per month, with additional debit transactions costing $2.50 each.
Deposit Insurance
Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA), via the Deposit Insurance Reserve Fund (DIRF).
Key Financial Metrics and Trends
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $9,333M | +15.6% | +39.3% |
| Loans | $8,256M | +17.7% | +69.9% |
| Deposits | $6,696M | +17.6% | +28.7% |
| Loan-to-Deposit Ratio | 123.3% | — | — |
| Mortgages + HELOCs | $6,122M | +16.3% | +128.7% |
| Securities | $495M | -1.6% | -32.0% |
| Revenue | $163M | +15.6% | +56.7% |
| Efficiency Ratio | 82.5% | — | — |
| Target Members / Region | Greater Toronto Area (GTA) and Ottawa | — | — |
Alterna Savings Deposits, Loans and Revenue in the Past 5 Years
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