Question 1

What are Alterna Bank’s GIC rates?

Accepted Answer

1 year: 2.65%; 2 years: 2.85%; 3 years: 3.10%; 4 years: 3.25%; 5 years: 3.30%. Read from Alterna Bank’s own rate page.

Question 2

Are Alterna Bank GICs insured?

Accepted Answer

CDIC member: eligible deposits are insured up to $100,000 per insured category (for example, separately for TFSAs and RRSPs). Deposits held by: Alterna Bank.

Question 3

What is the minimum deposit for a Alterna Bank GIC?

Accepted Answer

Alterna Bank’s rate page doesn’t state a minimum. Check with Alterna Bank before you buy.

Question 4

How do Alterna Bank’s GIC rates compare with the big banks?

Accepted Answer

1 year: 0.13 points less than the big five banks’ average (2.78%); 2 years: 0.08 points less than the big five banks’ average (2.93%); 3 years: 0.09 points more than the big five banks’ average (3.01%); 4 years: 0.15 points more than the big five banks’ average (3.10%); 5 years: 0.06 points more than the big five banks’ average (3.24%).

Term	Rate	Rank	Best rate we track	$10,000 at maturity
1-year	2.65%	#13 of 14	4.05% (WealthONE Bank)	$10,265
2-year	2.85%	#13 of 14	4.30% (WealthONE Bank)	$10,578
3-year	3.10%	#11 of 13	4.40% (WealthONE Bank)	$10,959
4-year	3.25%	#11 of 13	4.45% (WealthONE Bank)	$11,365
5-year	3.30%	#14 of 15	4.55% (WealthONE Bank)	$11,763

Alterna Bank GIC rates

GIC products

Rates by term

Compared with the big five banks

At a glance