Name

Alterna Savings

Legal name

Alterna Savings and Credit Union Limited

Website

https://alterna.ca

Company type

Private

Founded year

1908

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Savings Institutions and Other Depository Credit Intermediation (522180), Commercial Banking (52211)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industries

Financial Inclusion & Basic Banking (Unbanked/Underbanked, Low-Fee Accounts) (FSABAAAL), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Credit union services
• Commercial lending
• Microfinance programs
• Wealth management

Headquarters

HQ city

Ottawa

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on mortgage loans, personal loans, lines of credit, and business loans. The credit union offers competitive rates including 3-year high ratio fixed mortgages at 4.19% (4.25% APR) and variable rate products.
2. Banking Service Fees: Monthly account package fees ranging from $0 for pay-as-you-go to $14 for unlimited transactions, plus overdraft protection fees at $2.50 monthly. Senior discounts available for members 60+.
3. Payment Processing Services: Revenue from merchant payment processing services through Global Payments partnership, including card present and card not present transaction fees.
4. Investment Products: Revenue from term deposits, registered plans (TFSA, RRSP, RRIF), and investment management services through Wealth division.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Alterna Savings is a member-owned credit union operating in Ontario, Canada, offering a full suite of retail and commercial banking products. Core offerings include personal chequing and savings accounts, mortgages, personal loans and lines of credit, credit cards, registered plans (TFSA, RRSP, RRIF), term deposits, and insurance. Business banking services include commercial mortgages, cannabis industry banking, cash management, and a flagship microfinance program for underserved entrepreneurs. Wealth management and community grant/education programs round out the offering.

Product overview

Alterna Savings and Credit Union Limited operates as a full-service credit union offering personal, business, and wealth banking products. The product portfolio includes core chequing and savings accounts (with BASIC, VALUE, UNLIMITED, PAY AS YOU GO, STUDENT LIFE packages), mortgages (including promotional 3-Year High Ratio Fixed at 4.19%), credit cards through Collabria, digital loans, lines of credit, registered plans (TFSA, RRSP, RRIF), term deposits including MarketTracer® products, and insurance. Business banking encompasses commercial mortgages, specialized cannabis banking, microfinance program (over $10M invested since 2000), cash management with Global Payments partnership, BDC-backed business loans ($25K-$500K), and community programs including resiliency and grants. Wealth services provide personalized investment management. Mobile and online banking enable 24/7 access with cheque deposit and Interac transfers. Specialty segments include student banking (free chequing, Qtrade investing), new-to-Canada (up to $900 value), and seniors banking. The company acquired PACE Credit Union in 2022 and operates a digital bank subsidiary called Alterna Bank.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Chequing Accounts

Quantifiable outcome

• Average savings of $7,400 per year for co-operative housing organizations through CHIP accounts
• +5 more outcomes

Named customers5 records

Segments9 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Global PaymentscoreTechnology or IntegrationStrategic partnership with Global Payments, a leading global payment technology provider, enabling Alterna to offer comprehensive payment processing solutions for merchants including POS terminals, e-commerce payment acceptance, and card processing services. Small business bundle includes 0$ terminal rental for first 3 months and discounted installation fees.
• Business Development Bank of Canada (BDC)coreStrategic or Co-development PartnerJoint microfinance lending program with BDC allowing combined financing of up to $50,000 ($25,000 from each institution) for underserved entrepreneurs. Program supports entrepreneurs from diverse backgrounds including Black entrepreneurs, entrepreneurs with disabilities, racialized entrepreneurs, women entrepreneurs, youth entrepreneurs, and 2SLGBTQ+ entrepreneurs.
• WagepointsupportingTechnology or IntegrationPayroll services partnership through Wagepoint offering comprehensive payroll solutions designed to streamline payroll processes for small businesses, enabling entrepreneurs to focus on business growth.
• QtradesupportingGTM or Marketing PartnerSelf-directed investment partnership offering up to 5% cash back for young investors aged 18-30, with access to 100 commission-free ETFs, no quarterly administration fees, and reduced trading commissions.
• Collabria Credit CardscoreGTM or Marketing PartnerCredit card issuance partnership offering Visa credit cards including cash back, classic low-rate, and Infinite variants. Joint promotions include 0% balance transfer offers and bonus reward points for new cardholders.
• Brink'ssupportingTechnology or IntegrationCash logistics partnership offering Brink's Cash Transit services including cash deposits, float delivery, ATM replenishment, and secure cash management solutions for businesses.
• Community Partners (ACBN, OCLF, Access, BITS, PARO)coreStrategic or Co-development PartnerMicrofinance ecosystem partnerships with African Canadian Black Network, Ontario Center for Liberal Arts, Access Community Services, Black Innovation Fellowship, and PARO Project providing referral networks, mentorship, and support services for microfinance borrowers.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Libro Credit Union: Ontario-based credit union with strong owner-focused (small business) banking emphasis and a community-impact brand; comparable to Alterna on cooperative values, SME lending, and regional presence.
• Meridian Credit Union: Largest Ontario-based credit union offering comparable full-service personal, business, and wealth banking; directly comparable to Alterna on cooperative structure, geographic footprint, and product breadth.
• Coast Capital Savings: Canadian credit union with full retail, business, and wealth banking; comparable cooperative model and community-anchored brand, though primarily serving British Columbia rather than Ontario.
• DUCA Credit Union: Ontario credit union with a strong community-impact mandate and SME focus; closely comparable to Alterna on cooperative ownership, member-first value proposition, and community development programs.
• First Ontario Credit Union: Ontario-focused credit union operating a similar full-service retail and business banking model; serves comparable member base and overlaps with Alterna on mortgage, deposit, and community products.

Emerging players

• Simplii Financial: Canadian direct bank from CIBC offering no-fee chequing, savings, and investment products; overlaps with Alterna's self-serve digital offering through Alterna Bank.
• Tangerine: Canadian direct bank (Scotiabank subsidiary) targeting digitally native retail customers; competes with Alterna Bank and Alterna's digital retail franchise for the same self-serve consumer segment.

Broad incumbents

• TD Canada Trust: Major Canadian retail bank and deposit/lending incumbent; directly competes with Alterna on mortgages, deposits, and small business banking while operating at national scale.
• Vancity: Canadian credit union with a pronounced social-enterprise and community-impact mission, similar in values and product breadth to Alterna; broader West Coast footprint makes it a broader incumbent rather than direct competitor.
• Desjardins Group: Largest Canadian cooperative financial group; offers the same member-owned, community-focused banking model as Alterna but at materially greater scale and geographic reach across Quebec and beyond.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/alternasavings
• YouTubeyoutube.com/user/AlternaSavings
• Facebookfacebook.com/alternasavings
• LinkedInlinkedin.com/company/alterna-savings
• Instagraminstagram.com/alternasavingscu

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alterna Savings