New Money FAQ

New deposits are any source of funds that’s not currently held at Alterna. Deposits must be made on or after the Promotional Start Dates to qualify, as follows:

  • 100 Day Term Deposit - For funds to qualify as new money and be considered for promotional rates, the funds need to be deposited on or after January 2, 2019.

  • 5 Year Term Deposit – For funds to qualify as new money and be considered for promotional rates, the funds need to be deposited on or after September 4, 2018.

Funds cannot be withdrawn and re-deposited nor can they be transferred from an existing deposit account to another. Only new deposits that raise a member’s overall deposit balance with Alterna from what it was on the Promotional Start Date will be considered for promotional rates.

What is the cut-off for new money on the promotional new money term deposits?

  • 100 Day Term Deposit - For funds to qualify as new money and be considered for promotional rates, the funds need to be deposited on or after January 2, 2019.

  • 5 Year Term Deposit - For funds to quality as new money and be considered for promotional rates, the funds need to be deposited on or after September 4, 2018.

How long is money considered to be new?

  • There is no specific number of days; it is dependent on the Promotional Start Date. If a member has deposited money for the purpose of purchasing an investment with Alterna, then those funds would be considered new as long as the deposit was made on or after the corresponding promotional start date.

What if I deposit money for the purpose of investing but can’t meet with a banker until a few weeks later, would this money count as new money?

  • Yes, if you’re depositing funds with Alterna for the purpose of investing but for whatever reason you’re unavailable to meet right away, these funds would be eligible. Again, as long as the funds are deposited on or after the Promotional Start Date. On a best effort you should be making an appointment with one of our bankers at the time of the deposit to indicate that the deposit was for investment purposes.

What are sources of new money?

  • Deposit such as cash, cheque, PAD, Interac e-Transfer etc.
  • Payroll
  • Pension
  • Severance funds
  • Funds from another FI

What if I use a loan or line of credit to fund my investment, would this count as new money?

  • Yes, funds advanced from an Alterna loan or line of credit for the purpose of investing are eligible for the new money promotional term deposits. 

What if I take money out of my account and then redeposit it, does that count as a new deposit?

  • No, money withdrawn and re-deposited will not count as a new deposit. Only new deposits that raise your overall deposit balance with Alterna above what it was on the Promotional Start Date will be eligible to receive the promotional interest rates.

How long do we guarantee rate for?

  • Promotional rates are subject to change without notice and are valid for the campaign period only starting March 5, 2018 and are only guaranteed for a period of 30 days for investments transferred to Alterna (T2033).