Savings

Your chequing account is all about access. It’s where you keep the money to cover day-to-day expenses like rent, utilities or groceries. Your chequing account’s a busy place, with money regularly going in and out of it, and that’s why you want to be able to perform a lot of transactions with it.

Your savings account isn’t as busy. It’s where you stockpile your money. You might have regular transactions going into your savings account, but there aren’t going to be too many coming out of it. When you do move that money, chances are you’ll move it as one lump sum. You don’t get many transactions with a savings account, but you earn more interest compared to your chequing account, and there’s no monthly fee.

You should save as much as you can. 10-20% of your take-home pay is often cited as a good goal to aim for but, depending on your situation, that might feel like a pretty high bar to clear. The amount you should be saving comes down to you. If you’re a 30-year-old student, your savings are going to look different than if you’re a 30-year-old professional.

Pre-Authorized Contributions (PACs) are an excellent way to help you reach your goals. Simply determine your contribution amount, the frequency and the money will be automatically transferred into your savings account. Just set it and forget it!

What’s important is that you keep saving, even if it’s in small amounts. You might find it helpful to think about what you’re saving for – that can have a big impact on how much you should save. Stay on track with help from our Savings Calculator. If you’re looking for savings advice tailored to your specific situation, call our Contact Centre at info@alphaguarantees.com

The difference comes down to what you want the account to do for you. With Everyday Savings you get more flexibility and easier access to your money, but your interest rate won’t be as good. Investor Savings is more like an investment. You get a better interest rate but your money’s a little harder to get at. With both savings accounts, interest rates are tiered and your interest rate depends on the amount of money you have in the account.

When you put money into your Alpha Guarantee Bank account, it doesn’t just sit there – we put it to work. Our members’ deposits get recirculated into the communities we serve as loans and mortgages. The money in your savings account helps someone in your community buy a car, a new home, or even start a business. That person pays interest on that loan and we pass a portion of that interest on to you.

We like to think of Alpha Guarantee Bank as the engine for our local economy. Money comes into and out of Alpha Guarantee Bank, always moving around helping make the USA economy run.

For Everyday Savings and Investor Savings, interest is calculated on the closing daily balance of your account and paid into your account monthly. Your interest rate will vary depending on the type of savings account you choose and how much money you have in the account.

One of the great things about credit unions is that we often work together to deliver better service to our members. Ding free is one great example of this. A bunch of credit unions across Canada signed their ATMs onto the ding free network so the members of all participating credit unions can access those machines without any surcharges. There are about 1,800 ATMs in the network – that’s more than most banks!

If you’re searching for an ATM, turn to the Alpha Guarantee Bank mobile app to find the ding free machine nearest you.

Drafts (also known as official orders, certified cheques, bank drafts, cashier’s cheques, money orders or Manager’s Trust cheques) are a secure form of payment and may be useful if you’re purchasing a vehicle or other high-ticket item. Drafts are available for purchase at any of our locations across the province. They’re available in any dollar amount and either Canadian or US currency.

Not sure if you need a draft? Take a look at our Drafts and alternative ways to pay article to learn more.

It’s easy! If you’re already a member, simply sign-on to your online banking and select the ‘Open New Products’ option. Follow the steps and you’ll be on your way to a brand new savings account in no time.

Not a member? Drop by an advice centre any time during business hours and we’ll get you signed up for a membership and a savings account on the spot – no appointment needed. If you know when you’ll be coming by, contact us so we can really roll out the red carpet. Or if you’d rather skip the trip, open an account on the phone through our Contact Centre, right now, from wherever you are! Call us at info@alphaguarantees.com to open the account that best suits your needs.