Alterna Savings Reduces Five-Year Fixed Rate Mortgage to 2.98 per cent, Lower than Big Banks

TORONTO, March 28, 2014 /CNW/ - Ontario-based credit union Alterna Savings announced the introduction of a 5-year fixed rate mortgage at 2.98* per cent, making it one of the lowest 5-year fixed mortgage rates in Ontario, and lower than any offered by the Big Banks. This rate change is effective March 28, 2014.

"As a credit union, our top priority is to focus on our members' needs, rather than on analysts' expectations," explains Rob Paterson, President and CEO, Alterna Savings. "By offering Ontarians the lowest retail mortgage rate in Canada, we want to clearly state our goal of helping our members pay off their mortgages faster and with less interest, while giving them financial peace of mind along the way."

*The interest rate for this 5-year fixed rate mortgage is calculated semi-annually, not in advance.

About Alterna Savings
Alterna Savings is an Ontario credit union with more than 100,000 members, and over a century of putting people and communities first. From trustworthy financial advice to local investment and support, Alterna offers a fresh alternative to the 'Big Banks'. Learn about the Alterna Savings difference at www.alterna.ca, or follow us on Twitter and like us on Facebook.

SOURCE: Alterna Savings

Terance Brouse, Senior Associate, Broad Reach Communications, 647-274-5249, [email protected]