Lines of Credit

Prime Rate (Rates effective 2020-03-31) Rates
Alterna Prime Rate 2.45%
As a valued member of Alterna Savings, we would like to keep you informed about changes that may affect you. On March 31, 2020 the Bank of Canada key interest rate decreased by 0.50% - which in turn has decreased Alterna Savings’ Prime Interest Rate to 2.45% from 2.95%. If you hold a variable rate lending product with Alterna Savings such as a mortgage, line of credit or loan your payment amount will not change, however, a higher portion of your payment will be applied towards your principal.
Secured Line of Credit (Rates effective 2022-01-07) Rates
Secured Line of Credit 3.45%
Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of January 7, 2022. Your interest rate will change whenever the Alterna Prime rate changes. Subject to credit approval. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate 2.45% + 1.00%. Rates calculated semi-annually, not in advance. Other conditions may apply. Due to local and proxy caching on the internet, please ensure that you are viewing rates as at the current day's date.