About Us

Alterna Savings and Credit Union Limited (Alterna) has been the Good in Banking for 112 years!

In 1908, a small group of civil servants, with the help of credit union pioneer Alphonse Desjardins, created a credit union to offer members loans at favourable rates, during a period when many moneylenders were charging over 250 percent interest rates.

Alterna has since grown from its humble beginnings to be the second largest credit union in Ontario, and one of the Top 10 in Canada, with over $9 billion in assets under management and more than 183,000 members and a network of 36 branches across Ontario, that includes partners Toronto Municipal Employees' Savings, City Savings, Quinte First and Peterborough Community Savings, as well as a call centre and digital channels. The impressive growth throughout the years stems not only from merging with other credit unions, but also from significantly gaining new retail, business and not-for-profit members as people recognize Alterna’s philosophy of putting members first.

Known for its fast-paced environment, Alterna is viewed as a trailblazer in the industry. Led by a CEO with a passion for innovation, Alterna was the first credit union to introduce a digital bank and the first to offer a fully digital end-to-end mortgage through its wholly-owned subsidiary, Alterna Bank.

Alterna Bank is a transformative bank for the 21st century while embodying the co-operative values of making profits serve a purpose.

While members love Alterna Savings for its high-touch, personalized services, clients love Alterna Bank for its easy, agile service designed for a digital-first population. It has been endorsed by the Globe & Mail as the best bank for millennials and acclaimed by Ratehub for offering Canada’s Best Personal Chequing, TFSA, and RRSP Savings accounts.

Alterna is also a leader in the cannabis industry. It was the first financial institution to provide services to cannabis producers in Canada. Recognizing that these businesses are legal, licensed, and valued by their communities, Alterna helped the industry provide medicinal relief for hundreds of thousands of Canadians and helped struggling communities bring back jobs.

Alterna is proud of its long history of helping communities thrive. It shared its success in 2018 by donating more than $1 million to the community and, in partnership with employees, contributed 11,300 volunteer hours. Its flagship Community Micro Finance Program also helps underrepresented groups. Since inception, the program has disbursed more than $5 million in impact loans and helped change the lives of more than 1,000 participants and their families.

Alterna is also extremely proud of its corporate culture. With a workforce of more than 600 employees, Alterna is honoured to be recipient of prestigious employer awards, including the National Capital Region’s Top Employers and Aon’s Best Employers (Platinum level) awards.

Vision, Mission and Values

  • Vision: To be the leader of co-operative financial services.
  • Mission: To develop and share an exceptional level of financial expertise that is:
  1. Tailored to member needs
  2. Accessible to all
  3. Supportive of local communities
  4. Delivered by caring, professional employees
  • Values: People above Profits, Excellence, Integrity.

For more information please see Alterna’s Annual Reports by clicking here.