Is Alterna bank safe?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
We believe that depositing your funds in Alterna bank is safe. Upto $100,000 of your total deposits with Alterna bank is guaranteed.
Detailed Answer
What is Alterna Bank?
Alterna Bank is a digital bank that provides all its products and services online, avoiding paperwork. It is fully owned by an Ontario-based credit union, Alterna savings and credit union limited. By being fully online, it is cheap, accessible to all and is convenient to use. However, let us find out if it is safe to use.
Products offered by Alterna Bank
- You can open a day-to-day e-checking account that is completely online and free. You can make unlimited transactions and it mandates no minimum balance. The account is offered at a 0.05% interest rate.
- E-Savings account with a competitive interest rate at 2% and this account does not mandate any minimum balance.
- Electronic Tax-free savings account.
- Registered Retirement Savings Plan e-savings account.
- Term Deposits with a minimum of $500 and a maximum of $500,000 at 3.90% for 1 year, 4.15% for 2 years and 4.25% for 3 years.
- Online direct investing in association with QTrade.
- Guided default investments including socially responsible investments.
- Wealth management and investment planning
- Debit card
- Mortgage and lending services
Safety of funds held with Alterna Bank
Alterna Bank comes under the same rules and regulations as are other Canadian banks and financial institutions, which is FINTRAC. FINTRAC is an abbreviation of The Financial Transactions and Reports Analysis Centre of Canada.
Alterna Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Your deposits, held with Alterna Bank, are protected for up to $100,000. It is combined with deposits held at Alterna Savings and Credit Union.
Online security infrastructure of Alterna Bank
- The bank uses Secure Socket Layer (SSL) Encryption for protecting your data.
- The bank website is protected using a powerful firewall.
- The bank uses anti-virus and anti-hacking protection.
- The bank has a separate IT team to keep monitoring its security.
Is Alterna bank safe?
Yes, based on the above points, we believe that using Alterna bank is safe. It is important that you do not share your bank login passwords, one-time passwords, stay aware of scams and not login to your account on public devices.
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Discussion (0)
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