Prime Rate

As a valued member of Alterna Savings, we would like to keep you informed about changes that may affect you. On July 13th, 2023 the Bank of Canada key interest rate increased by 0.25% - which in turn has increased Alterna Savings’ Prime Interest Rate to 7.20% from 6.95%. 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.

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