You’ve probably never heard of Alterna Bank, even though their parent company has been in business for over 100 years. They started as a credit union in Eastern Ontario, and now they’re mostly an online bank. Like other Canadian banks, they’re members of the Canada Deposit Insurance Corporation (CDIC), meaning your money is protected if the bank goes under.
Their no fee eChequing account is one of the best no fee chequing accounts you can get in Canada, offering you free Interac e-Transfers, free daily transactions, and no monthly fee. You’ll also get surcharge-free access to THE EXCHANGE network of over 3,300 ATMs in Canada, plus over 40,000 ATMs in the U.S.
Alterna No Fee eChequing Account features
Here’s a basic summary of what the Alterna No Fee eChequing Account gives you.
Why You Want It
Get unlimited transactions for no monthly fee + Over 3,300 ATMs in network.
Eligibility
- You must be a Canadian resident
- You must have reached the age of majority in your province or territory
- Have an account at another major Canadian Financial Institution
Provinces
ALL
Features
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0.05%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Alterna No Fee eChequing Account product rating: 3.0 stars
A no fee chequing account can potentially save you hundreds of dollars a year. The Alterna Bank option is a basic no fee account with unlimited transactions and no minimum balance requirement.
One downside is that their non-affiliated ATM fees are higher than some of the other banks, so you might want to use their ATM locator to see if there are any ATMs near you.
Rating Methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of Alterna No Fee eChequing Account
What does the Alterna No Fee eChequing Account have going for it?
Pros
Unlimited transactions, no fee
No monthly fee and no transaction fees on withdrawals, transfers, debit card payments, Interac e-Transfers, bill payments, cheques and pre-authorized payments.
A large ATM network
Alterna Bank customers have access to THE EXCHANGE Network’s ATMs. There are over 3,300 ATMs across Canada, mostly through credit unions and some smaller banks. In the United States, surcharge-free access is available through the over 40,000 ATMs in the Accel Network.
Some physical bank branches
Although primarily an online bank, customers living in Ontario and Quebec can visit an Alterna Savings branch for in-person service.
The cons of Alterna No Fee eChequing Account
It seems pretty good, but there are a few negatives.
Cons
Low interest rate
The interest paid on the Alterna Bank eChequing account (0.05%) is not great compared to some other no fee chequing accounts. Alterna Bank does have a really good high interest savings account though, so you can always stash your extra money there.
Monthly charge for overdraft protection
If you add overdraft protection, the Alterna Bank eChequing account charges you $2.50 per month, even in months where you don’t have an overdraft.
The mobile app might have some issues
Considering they’re primarily an online bank, it’s surprising that their app is only rated 2.4 on Google Play, while the iOS version is rated 2.9. Some users complain of difficulty logging in.
Alterna No Fee eChequing Account alternatives
Here’s a comparison of the Alterna No Fee eChequing account to some other no-fee accounts, plus a more full-service option from a big bank.
 |  |  | |
|---|---|---|---|
| Account | Coast Capital Free Chequing, Free Debit, and More Account | Simplii No Fee Chequing Account | Tangerine Chequing Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
| Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. | Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest. |
| Minimum Balance To Waive Fee | N/A | $0 | $0 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | 0 | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $0.00 | $0.00 |
| Excess Transaction Fee | N/A | N/A | $0.00 |
Show More | |||
| I Want This Deal See more Coast Capital Savings products Compare | Open an account See more Simplii Financial products Compare | Open an account See more Tangerine products Compare |
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FAQ
What are the features of the Alterna No Fee eChequing Account?
It’s a basic online chequing account, providing you with unlimited transactions (withdrawals, transfers, debit card payments, Interac e-Transfers, bill payments, cheques, and pre-authorized payments) with no transaction fees and no monthly fee. Click here to see more.
Is the Alterna No Fee eChequing Account really free?
For the most part, yes. There are the usual charges for out of network ATM use, ordering physical cheques, stop payments, etc. Note that if you add overdraft protection to your account, it costs $2.50 per month whether you use it that month or not.
Are Interac e-Transfers free with the Alterna No Fee eChequing Account?
Yes, your Alterna No Fee eChequing Account lets you do unlimited Interac e-Transfers each month for free.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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