Updated September 29, 2026 · BorrowCue Editorial Team
Alterna Bank vs AIB
Where Alterna Bank and AIB differ
| Compare |  Alterna Bank |  AIB |
|---|---|---|
| Initial rate | 3.7% | 3%Lower |
| APRC | 3.74% | 3.6%Lower |
| Fixed period | 5 yearsHigher | 3 years |
| Purpose | Purchase, Remortgage, Home equity | Purchase, Remortgage, First time buyer, Buy to let, Home equityCovers more |
| Maximum loan to value | Not confirmed | 90% |
Same on both: Lender type (Direct lender).
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Key differences
- Initial rate is lower at AIB: 3% vs 3.7%.
- APRC is lower at AIB: 3.6% vs 3.74%.
- Fixed period is higher at Alterna Bank: 5 years vs 3 years.
- Support channels: only Alterna Bank offers Email.
- Purpose: only AIB offers First time buyer, Buy to let.
Our verdict on each
Alterna Bank
Alterna Bank lends directly to Canadian borrowers outside Quebec across home purchase, remortgage and home equity, with a credit line offered alongside personal loans. Its APRC of 3.74% sits under the site median of 4.9%, which makes it worth weighing for anyone shopping on cost.
AIB
Irish retail banks suit borrowers who want a single established bank for home and personal borrowing rather than the widest choice. A home loan initial rate of 3%, an APRC of 3.6% and a personal loan APR of 8.95% keep the cost picture competitive, with a fixed period of 3.
Score breakdown
| Area | Alterna Bank | AIB |
|---|---|---|
| Cost | 9.5 | 9.7Higher |
| Offer | 9.4Higher | 9.0 |
| Trust | 9.2 | 9.3Higher |
Where each is licensed and available
| Country | Alterna Bank | AIB |
|---|---|---|
| Canada | Not confirmed | |
| Ireland | Not confirmed |
Additional countries for Alterna Bank: 1. Additional countries for AIB: 1.
Which one suits you
Pick Alterna Bank if offer and fixed period matter most.
Pick AIB if initial rate, aprc, and purpose matter most.
How they place
| Ranking | Alterna Bank | AIB |
|---|---|---|
| Personal loans | 250 of 1932 | 265 of 1932 |
| Lines of credit | 45 of 328 | 46 of 328 |
| Mortgages | 38 of 719 | 48 of 719 |
| Remortgage deals | 22 of 351 | 32 of 351 |
| Home equity loans and HELOCs | 9 of 110 | 13 of 110 |
| Home improvement loans | 71 of 562 | 79 of 562 |
Every fact side by side
| Fact | Alterna Bank | AIB |
|---|---|---|
| Legal entity | Alterna Bank | Allied Irish Banks, p.l.c. |
| Headquarters | Canada | Ireland |
| Founded | Not confirmed | 1966 |
| Support channels | Email, Chat, Phone, Help centreCovers more | Phone, Chat, Help centre |
Loans
| Fact | Alterna Bank | AIB |
|---|---|---|
| APR | Not confirmed | 8.95% |
| Loan amount | Not confirmed | €1,000 to €75,000 |
| Term | 12 to 60 months | 12 to 60 months |
| Credit check | Not confirmed | Hard |
| Funding time | Not confirmed | Decision within 3 hours; money paid into your Current Account |
| Representative example | Not confirmed | AIB standard personal loan: €1,500 over 1 year at 8.65% variable interest rate and 8.95% APR, 12 monthly instalments of €130.48, total cost of credit €65.76, total repayable €1,565.76 |
| Pricing model | Fixed rate | Not confirmed |
| Features | Credit line | Credit line |
| Rate type | Fixed | Variable |
| Free early repayment | Not confirmed | Yes |
| Eligibility | Not currently available in Quebec; Canadian residents outside Quebec | Over 18s only, subject to approval; Irish residents need a PPSN, residents outside Ireland a PPSN or non-Irish TRN |
| Loan types | Personal, Credit line | Personal, Car, Student, Credit lineCovers more |
| Use cases | Home improvement | Home improvement |
Where each stands against the rest
| Fact | Alterna Bank | AIB | Median |
|---|---|---|---|
| Initial rate | 3.7%below the median | 3%lowest quarter | 4.425% |
| APRC | 3.74%lowest quarter | 3.6%lowest quarter | 5.04% |
| Fixed period | 5 yearsbelow the median | 3 yearslowest quarter | 10 years |
| Maximum loan to value | Not confirmed | 90%at the median | 90% |
Median across 238 listed lenders.
Pros and cons
Alterna Bank
Pros
- Its initial rate of 3.7% undercuts the site median of 4.35%, and the APRC of 3.74% is below the site median of 4.9%.
- A credit line sits with the personal loans, a feature carried by 34.4% of lenders on the site, so borrowing can flex as projects change.
- You apply to the lender itself, and support runs on email, chat and phone, which covers phone, chat, email and a help centre.
Cons
- The fixed period of 5 is shorter than the site median of 6.5, so the certainty lasts less time.
- The offer score of 4.6 sits well under the cost score of 7.3, with home improvement the only use named for the credit line.
AIB
Pros
- Home loan cost sits inside the site range: initial rate 3% against a site median of 4.35%, and APRC 3.6% against 4.9%.
- A single lender covers personal, car and student, and mortgage purposes run to purchase, remortgage and first time buyer.
- Early repayment on the personal loan is free, so borrowing can be cleared ahead of schedule.
Cons
- The fixed period of 3 is short beside a site median of 6.5.
- The credit check is hard, and with the Central Bank of Ireland as regulator an application is recorded.
- Home equity lending is offered, but home loans are capped at a 90% loan to value.
Who each suits
Alterna Bank
Who it suits
- Canadian borrowers outside Quebec buying, remortgaging or taking home equity, which are the purposes it serves.
- People who want a credit line next to the loan, since credit lines sit in its feature list alongside personal loans.
- Applicants who prefer to deal with the lender itself, with support by email, chat and phone rather than a broker.
Who should look elsewhere
- Prestalo, whose initial rate of 2.36% sits below Alterna Bank's 3.7%.
- Sofkredit, whose initial rate of 8% to 14% is a far higher band than Alterna Bank's 3.7%.
- Creditilia ES, whose initial rate of 4% is a shade above Alterna Bank's 3.7%.
AIB
Who it suits
- Buyers and movers in Ireland who want a mainstream bank for the home loan and a personal loan alongside it.
- Borrowers planning home improvement work, which the personal loan is aimed at.
- People who prefer a long established direct lender over a broker or marketplace.
Who should look elsewhere
- Borrowers chasing the longest rate fix, since the fixed period of 3 falls well below the site median of 6.5.
- Applicants with thin files, because the credit check is hard.
- Those wanting a credit line option wider than the single credit line listed, though Sofkredit and Creditilia ES quote lower headline rates.
Current offers
Alterna Bank
Current offer
Bonus
Mortgage incentives up to $1,000 for eligible borrowers: up to $1,000 CAD toward switching or legal fees
Eligible borrowers; does not include prepayment penalties from a member's current financial institution; 120-day rate guarantee on new mortgages and 30-day on renewals
Source, checked September 26, 2026
Bonus
Qtrade Direct Investing cash back offer: up to 5% cash back
For a limited time, via the Qtrade Direct Investing platform
Source, checked September 26, 2026
AIB
Current offer
Bonus
AIB switcher cash offer: 3000
Switchers availing of the Higher Value 4 year fixed rate can benefit of the EUR3,000 switcher cash offer; available for Private Dwelling House (PDH) mortgages only, switching to Fixed or Variable rates, borrowing at least EUR250,000
Source, checked September 26, 2026
Country by country
| Country | Alterna Bank | AIB |
|---|---|---|
| Canada | Yes | No |
| Ireland | No | Yes |
Questions about each
Alterna Bank
What rate does Alterna Bank charge on a mortgage?+
Alterna Bank's published initial rate is 3.7% and its APRC is 3.74%. Both sit under the site medians of 4.35% and 4.9%, which puts its cost position ahead of most of the field on the two numbers that matter for a mortgage.
How long is the rate fixed for?+
The fixed period is 5, against a site median of 6.5. The model is fixed-rate only, so the rate holds for that stretch and no longer, a shorter run of certainty than the median lender in the field.
AIB
What does a home loan from these banks cost?+
The initial rate is 3% and the APRC is 3.6%, which sits below the site median of 4.9% for that measure. Loans are arranged at a maximum loan to value of 90%, and the rate is held for 3.
What does a personal loan cost?+
The APR is 8.95% on a variable rate, with borrowing running from €1,000 to €75,000 over terms of 12 to 60. The published example shows monthly instalments and a total cost of credit, and early repayment is free.