Overview
Alterna Savings and Credit Union is one of Ontario's oldest and most progressive credit unions, serving over 185,000 members. Based in Ottawa, Alterna offers competitive rates, strong digital tools including Alterna Bank (its digital subsidiary), and great service.
Current Rates
GIC Rate Ladder
| Term | Rate |
|---|---|
| 1-Year GIC | 2.75% |
| 3-Year GIC | 3.15% |
| 5-Year GIC | 3.40% |
Pros
- • Full-featured digital banking — app, online, e-Transfer and broad ATM access
- • Surcharge-free ATM access through THE EXCHANGE Network
- • Extensive branch network with 33+ locations
- • Large membership base (185,000+ members) — financially stable and well-resourced
Cons
- • Below-average GIC rates (1.75% on 1-year terms)
Best For
Products & Accounts
Membership Eligibility
Open to all Ontario residents
Alterna is open to Ontario residents. They also operate Alterna Bank, a digital bank open to all Canadians.
Deposit Protection
FSRA
$250,000 per category
Financial Services Regulatory Authority of Ontario (FSRA) insures eligible deposits up to $250,000 per category at Ontario credit unions.
Digital & Access
- Mobile App
- Online Banking
- Interac e-Transfer
- ATM NetworkTHE EXCHANGE Network
- Digital Ratingexcellent
Rate and eligibility data is gathered from official credit union websites and verified comparison sources. Last researched Mar 23, 2026. Always verify rates directly on the official website before making financial decisions.
Official Website