Alterna Savings
- Company typePrivate
- Founded1908
- HeadquartersOttawa, Canada
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
Alterna Savings firmographics
Firmographics- 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
Alterna Savings industry classification
Industry- 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
Where Alterna Savings is headquartered
LocationHeadquarters
- HQ city
- Ottawa
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Alterna Savings business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- 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.
- 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+.
- Payment Processing Services: Revenue from merchant payment processing services through Global Payments partnership, including card present and card not present transaction fees.
- Investment Products: Revenue from term deposits, registered plans (TFSA, RRSP, RRIF), and investment management services through Wealth division.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | BASIC: $4/month, 20 transactions; VALUE: $10/month, 35 transactions; UNLIMITED: $14/month, unlimited transactions; PAY AS YOU GO: $0, pay per use; STUDENT LIFE: $0, unlimited transactions |
| Subscription | Monthly | 3-Year High Ratio Fixed Mortgage: 4.19% (4.25% APR) |
| Subscription | Monthly | Mortgage rates as low as 2.84% APR |
| Usage-based | Monthly | ExtraRevenu Microfinance Loans: $1,000 - $5,000; TAC 10.09% for $5,000 over 3 years at 8.70% interest plus $100 admin fee |
| Usage-based | Monthly | Business Lending: $25,000 - $500,000 through BDC-backed Accelerated Lending Program |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
Alterna Savings product offering
Product offeringCore 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 $7,400 per year for co-operative housing organizations through CHIP accounts
- +5 more outcomes
Companies that use Alterna Savings
Customer profileNamed customers5 records
Segments9 records
Ideal customer profiles8 records
Alterna Savings technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration12 records
Feature3 records
Alterna Savings partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and supporting.
- Global PaymentscoreStrategic partnership with Global Payments, a leading global payment technology provider, enabling Alterna to offer comprehensive payment processing solutions for merchants including POS terminals, e-commerce payment acceptance, and card processing services. Small business bundle includes 0$ terminal rental for first 3 months and discounted installation fees.
- Business Development Bank of Canada (BDC)coreJoint 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.
- WagepointsupportingPayroll services partnership through Wagepoint offering comprehensive payroll solutions designed to streamline payroll processes for small businesses, enabling entrepreneurs to focus on business growth.
- QtradesupportingSelf-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 CardscoreCredit 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'ssupportingCash 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)coreMicrofinance 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
Alterna Savings competitors and assessment
Company assessmentDirect 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
Alterna Savings social profiles
Digital presenceAlterna Savings compliance and trust
Trust signalCompliance9 records
Alterna Savings financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alterna Savings leadership team
Management profileNumber of profiles
Profiles1 record
Alterna Savings funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alterna Savings M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alterna Savings
What does Alterna Savings do?
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.
Is Alterna Savings a public or private company?
Alterna Savings is a private company. It is classified as unknown and is currently operating.
When was Alterna Savings founded?
Alterna Savings was founded in 1908. It employs 501 to 1,000 people.
Where is Alterna Savings based?
Alterna Savings is headquartered in Ottawa, Canada, in the North America region.
How does Alterna Savings make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are banking Service Fees, payment Processing Services and investment Products.
Who are Alterna Savings's main competitors?
Direct peers on record are Libro Credit Union, Meridian Credit Union, Coast Capital Savings, DUCA Credit Union and First Ontario Credit Union. Emerging players are Simplii Financial and Tangerine. Broad incumbents are TD Canada Trust, Vancity and Desjardins Group.
Does Alterna Savings have an API?
No public API is recorded for Alterna Savings.
What industry is Alterna Savings in?
Alterna Savings's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAD, Mutual Savings Banks & Mutual Thrifts, with a secondary code of FSABAAAL, Financial Inclusion & Basic Banking (Unbanked/Underbanked, Low-Fee Accounts). Its NAICS code is 52213 and its SIC code is 6036.