If you’re looking for a good place to stash an emergency fund where it will earn a bit of interest while still being easily accessible, the Alterna High Interest eSavings Account might be just the ticket.
With a 1.15% interest rate and free, unlimited Interac e-Transfers, bill payments, debits, and other transactions, this high interest savings account has a lot going for it.
Alterna High Interest eSavings Account features
Here’s what the Alterna High Interest eSavings Account has to offer.
Why You Want It
Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest.
Special Features
- Free and unlimited transactions
- No minimum balance requirements
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
Interest Rates
Any balance
1.15%
Features
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Alterna High Interest eSavings Account rating: 3.8 stars
The Alterna High Interest eSavings Account is extremely simple, but really, it’s hard to argue with its solid interest rate and free, unlimited transactions.
It lost a few fractions of a point for it being a bit inconvenient to get your money out, and because its interest rate isn’t currently the highest available for a regular HISA.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of the Alterna High Interest eSavings Account
Here’s what Alterna High Interest eSavings has going for it.
Pros
Relatively high interest rate
With an interest rate of 1.15%, Alterna’s High Interest eSavings Account is one of the better savings accounts available for an emergency fund that you need to keep relatively liquid. You can get better rates of return (with similarly higher risk) through other investments, but it can be tricky to get at your money in those if you need it for a rainy day.
Free and unlimited transactions, bill payments, and debits
Once you stash your cash in an Alterna High Interest eSavings Account, you can get at it pretty easily, with free and unlimited Interac e-Transfers, bill payments, debits, and other transactions. The only limitation we found is that there aren't any cheques available (which isn’t unusual for a savings account).
No fees of any kind
There are no fees associated with the Alterna High Interest eSavings account, so there’s nothing getting in the way of earning the stated interest rate on every dollar in your account.
No minimum balance requirements
You won't find any minimum balance requirements of any sort on the Alterna High Interest eSavings Account, so you’ll earn interest on every dollar you deposit, so long as it remains in the account. At no point will you be surprised by any minimum balance fees or by your account suddenly no longer earning interest because it has dropped below some arbitrary threshold.
The cons of the Alterna High Interest eSavings Account
While the Alterna High Interest eSavings Account has lots going for it, there are a couple of things you should be aware of.
Cons
Higher interest rates available elsewhere
While the 1.15% is nothing to sneeze at, it's still less than half of the interest offered by the top HISA in Canada. The Wealthsimple Chequing, CIBC eAdvantage Savings Account, and MAXA Financial High Interest Savings Account all have higher rates, just to name a few.
Maximum $250,000 balance per customer
And, while it’s hardly an issue for the vast majority of us, if you happen to have more than $250,000 lying around doing nothing, you’re not going to be able to put it all in an Alterna High Interest eSavings Account.
Alterna High Interest eSavings Account alternatives
Let’s see how this high interest savings account stacks up when compared to some other Canadian offerings.
 |  | |  | |
|---|---|---|---|---|
| Account | Alterna High Interest eSavings Account | Scotiabank Money Master Savings Account | Scotiabank MomentumPLUS Savings Account | BMO Premium Rate Savings Account |
| Genius Rating | ||||
| Why You Want It | Unlimited $0 transactions, bill payments, & debits + Max 1.15% interest. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Get up to 4.75%* interest on your money + No monthly fees. | Earn 0.01% interest + Access your money whenever you need it . |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | Unlimited | 0 | 0 | Unlimited |
| # Of Free Interac E-Transfers | Unlimited | 0 | 0 | Unlimited |
| Max Promotion Rate | N/A | N/A | 4.75% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | See Issuer for Details | N/A |
| Open an account See more Alterna products Compare | I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Learn More See more BMO products Compare |
* Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
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FAQ
Which Canadian Bank has the best savings interest rate?
Interest rates change relatively often, so it’s impossible to be certain from day to day, but in recent months, the Motive Savvy Savings Account had one of the higher interest rates we’ve seen. Alterna Bank’s High Interest eSavings Account is no slouch, either, and you can read more about it here.
Is Alterna Bank a credit union?
Alterna Bank is the digital banking arm of Alterna Savings, which is the second-largest credit union in Ontario. Alterna Bank offers everyday banking services, including a High Interest eSavings Account, as well as investment and borrowing services.
Is Alterna Bank legit?
Alterna Bank is absolutely a legitimate bank. They are the direct (aka: online) banking arm of Alterna Savings, which is a federally regulated institution under the Bank Act. It is also a member of the Canada Deposit Insurance Corporation (CDIC), ensuring that any money held by them is insured up to a certain maximum.
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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