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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO and monitors his credit score for free using Borrowell.

5 thoughts on “Alterna Bank Review: Online Banks in Canada”

  1. Alterna is my bank and it has several advantages to Tangerine :

    Free of charge ATM at all National Banks outlets or The EXCHANGE® Network
    (Tangerine has the same arrangement with Scotia Bank)

    Interac e-transfers are free with Alterna, not with Tangerine, which costs 1$. Tangerine does have a free transfer system, but it’s complicated and takes it takes up to 2 business days to process.

    With Alterna I can linkup my debit card with my high interest e-savings account, that can’t be done with Tangrine. Why a fuss here you may ask? With Tangerine, if you want access to cash money thru your debit card, that money must be kept in your chequing account, an account with almost no interest. With Alterna, the debit card gives direct access to your savings and great interest. With Tangerine, many transactions must go thru the checking account; there hoping you may leave it there.

    Alterna has a much better regular interest rate (2.25% vs 1.10%)

    Paying bills is terrible with Tangerine, unpractical. The transaction isn’t immediately processed (it’s queued) screwing up your indicated balance until it is processed.

    Tangerine has specials (refer a friend, better conditional rates)

    Tangerine has a much better user-friendly e-bank presentation. Alterna is old school, it works, doesn’t look nice, but it’s functional, everything is there.

    Tangerine is owed by a big bank, the Scotia.

    Alterna is owned by the second largest credit union in Ontario; I like that.

    Alterna has better service (my opinion dealing with both)

    I started out with Tangerine, I still have an account there, but I’ve switched over to Alterna after weighting in my needs.

    For me, Alterna has more to offer.

    Reply
  2. The Alterna Bank rates appear to be very good, however their incompetence and lack of concern for customer service outweighs any seemingly “good deals”. They completely wasted my time with no regard for my concerns and there was no consistency with the responses and information I received from their employees!
    NEVER will I deal with this Bank or recommend them to others! There’s many more institutions that my money is better invested in, and that care enough to be professional and consistent.

    Reply
    • Been smooth sailing with alterna, therefore, have not had a need to contact for personal account. Set up a business account and changed my mind about something and got direct answers to my questions and requests. Would be cool if they adopted the chewing interest rate that motusbank has. That would have me completely sold. Hope they keep it real and stay true to the no fee aspect. Nothing worse than bank fees. Nothing.

      Reply
  3. I had a terrible experience working with some of Alterna Bank representatives recently. Here is the long story short. I opened a TFSA account a few years ago with Alterna and decided to transfer my money to my TD Direct Investing (TDDI) TFSA account a few months ago. The TDDI submitted my request simultaneously to Alterna and BMO (another TFSA account that I hold) to transfer the fund. After 1 week, my BMO money was transferred to TDDI without any problem. However, no news on the Alterna side. I called them a couple of times and each time they said it could take up to 30 days for the fund to be transferred, with no offer of checking the status of my request. I waited 30 days and obviously no news. So, I called them back. They said they will check and after a few days, they got back to me and said they never received the request. After following up with TDDI, they assured me that they had submitted my request. Alterna, however, denied receiving it. After a few back and forth, Alterna gave me another fax number and told me to ask TDDI to send the request to that number instead. I did. At this point, I was tired of calling Alterna and explaining the situation to different representatives each time. So, next time, I asked one person from Alterna to handle my case, if possible. He agreed; he was very slow though, but he did follow up. After few days, he reached out and said Alterna still did not receive my request. TDDI, on the other hand, said they received a message from an Alterna representative, and that Alterna rep. said that the account information was not correct. I checked the account info with my Alterna rep. and he confirmed that all seemed to be correct. Finally, with a suggestion from TDDI, we decided to re-submit my request with my latest bank statement from Alterna attached to it. My Alterna rep. still claimed that they did not receive it after a week. They asked us to mail the request to them!!! As that point, I was exasperated. On a call with TDDI to find a solution, they offered that they could give me the name of the person on Alterna side who responded to the first round of requests. Finally, I was able to get a hold of her and connect her with my Alterna rep. to resolve the situation. This process took a total of more than 7 weeks, more that 10 calls to Alterna bank, and waisted 20+ hours of my time. This was an awful experience and I am very disappointed with the service that I received from Alterna. I believe the level of incompetency and disorganization of Alterna bank staff to handle a simple situation played a major role in this painful and stressful experience that I had. I will never go back to Alterna bank and I highly recommend anyone who is considering Alterna to think twice, especially if you may need your money urgently in future!

    Reply
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EQ Bank Savings
  • Earn up to 30x more than other banks!
  • Get a 2.30% interest rate* on your TFSA.
  • Free withdrawals and no monthly fees.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
EQ Bank Savings
Earn up to 30x more than other banks! Get a 2.30% interest rate* on your TFSA (tax-free)
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
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