Rates

Prime Lending Rate

Prime Lending 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.

Promotional Rates

Promotional High Ratio Fixed Mortgage Rates (Rates effective 2020-10-21) Rates
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3 Year Fixed Closed - High Ratio Only 1.74%
5 Year Fixed Closed - High Ratio Only 1.79%
1.74% APR and 1.79% APR on 3 and 5 Year High Ratio Fixed Closed Mortgage: Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. Maximum property value of $1,000,000. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. 
To be eligible, applicants must purchase and qualify for mortgage default insurance. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.
Special promotional rates may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.74% APR and 1.79% APR respectively. Rates calculated semi-annually not in advance. Maximum amortization of 25 years. Funds must be advanced within 120 days of application. Some conditions apply. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day’s date.
Note: The cost of default insurance is subject to change if the purchase price or appraised value, the amount of down payment or the amortization changes. The final premium and the cost of your mortgage default insurance will be disclosed in your mortgage commitment/loan document.  
Promotional Variable Rate Mortgages (Rates effective 2020-10-21) Rates
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5-Year Variable Closed 2.95%
Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Rate guaranteed for a maximum of 60 days. Rate guarantee does not apply to the Alterna prime rate. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 2.95%. Prime Refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime Rate changes. Rates calculated monthly not in advance. Maximum Amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 60 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Some conditions apply.
Term Deposit Promo (Rates effective 2020-10-21) Rates
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90 Day Term Deposit 0.35%
20 Month Term Deposit 1.20%
5YR Term Deposit 1.40%
90 Day, 20 Month and 5 Year: Special promotional rate may be changed or withdrawn at any time without notice. Existing term deposits cannot be broken to receive this offer. Rate shown for annual interest. Annual compound interest paid monthly or annually. Minimum investment $500 ; Maximum investment $500,000. Cashable upon maturity only. 90 Day available to personal accounts only. 20 Month and 5 Year available to personal and non-personal accounts. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
Alterna Prime Lending Rate Rates
Alterna Prime Rate 2.45%
Investment Savings Account** (non-Registered & RRSP) Rates
$0.01 - $4,999.99 0.05%
$5,000.00 and Over 0.35%
Business Investment Savings Account** Rates
$0.01 - $4,999.99 0.05%
$5,000.00 and Over 0.35%
Investment Savings Account** (Tax-Free Savings Account) Rates
All Balances 0.35%
Term Deposits (Rates effective 2020-10-21) Rates
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1 Year Redeemable 0.35%
3 Year Flexi Term 1.00%
Note: The 1, 2, 3, 4 and 5-year annual interest term deposits, 3 and 5-year rate builder and 18-month fixed term deposits are also available as TFSAs. 1 Year Redeemable: Annual compound interest paid at redemption or at maturity. 1 – 5 Year Term Deposits: Annual compound interest paid monthly or annually . 18-23 Month Term Deposit: Annual compound interest paid annually and at maturity. Flexi Term Deposit: Annual compound interest paid annually and at maturity. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. These interest rates and terms are subject to change without notice.