New To Canada

We know it is difficult to move to another country. All the work, a new language, a new culture. So when it comes to taking care of your banking needs, we try to make you feel at home. We make the process fast and easy. We offer you special rates and free services. Welcome to Alterna. We deliver the Good in Banking. Ask us about our Good Start package. 

Free Chequing Account

When you become a member of Alterna Savings, you get an Alterna’s Unlimited Banking Package on your chequing account. This is our all inclusive package for your everyday banking needs FREE for one year. A savings of $168!

Unlimited Money Transfers

Transferring money is easy and free with Interac e-Transfers®. It’s all part of the Unlimited Banking Package that you will receive FREE for one year.

Credit Card

To start you off, we offer an unsecured credit card with a limit of up to $1500*. 

Safety Deposit Box

For your valuables and special documents, we offer a small safety deposit box FREE for one year, subject to availability.

Special Rate Term Deposits

We offer special interest rates1 over the posted rates when you invest your money with us.

  • 1 Year Redeemable + 0.10% bonus rate
  • 1 to 5 Year Non-Redeemable + 0.10% bonus rate

Special Rate Mortgages

We know how important setting up a new home is, especially when you are in a new homeland. That’s why we offer special rates2 lower than our posted rates when you get a mortgage with us.

  • 0.10% lower on mortgages larger than $150,000
  • 0.05% lower on mortgages smaller than $150,000
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Annual fee Expand/Collapse

Some credit cards charge an annual fee that you must pay once a year. Credit cards with an annual fee usually offer special benefits.

ATM Expand/Collapse

Automated Teller Machine. You can access your money from over 3,700 ATMs in our network.

Chequing Account Expand/Collapse

This account is used for everyday spending and is where income is deposited. You can access these funds through a debit card in retail stores and ATM’s.

Credit rating/score Expand/Collapse

Credit scores show how likely you are to repay debt. The higher your score, the more likely you are to be approved for borrowing money.

Debit card (or bank card) Expand/Collapse

When you open a Canadian bank account, you receive a debit card and a Personal Identification Number. When you pay with a debit card, the money will immediately be taken from your chequing account to pay for goods.

Email money transfer (Interac e-Transfer) Expand/Collapse

Interac e-Transfer is a convenient way to send, request and receive money directly from one bank account to another All you need is access to online or mobile banking.

Minimum payment Expand/Collapse

The lowest amount you are allowed to pay back to the bank when you get your account bill. You can pay more than the minimum payment, but you must not pay less. If you pay less, it will damage your credit rating.

Term Deposit Expand/Collapse

A term deposit is a cash investment held at a financial institution for an agreed rate of interest over a fixed amount of time. It is considered a very safe investment.

For more information, please visit an Alterna Savings branch or

To be eligible for Alterna Good Start Banking, you must be a Permanent or Temporary Resident of 10 years or less and/or meet the Conventional Refugees status 1Available on posted rates only. Only available in the first year of membership. 2Only available in the first year of membership. Applicants must be 18 or older, be a resident of Ontario, and comply with other eligibility requirements described in the credit application.

*Subject to credit approval. Minimum income requirement applies