REFERRAL PERKS®
For a limited time, earn $200* for you and your friend for every successful referral.
For a limited time, earn $200* for you and your friend for every successful referral.
Learn how an FHSA helps you save for a mortgage faster.
Learn which savings option is the best for your financial goals.
Explore this step-by-step complete guide to starting a business in British Columbia.
Let us get you a step closer to owning your dream home.
No monthly account fee
Earn interest on your savings
Get up to $1,000† bonus
Ready to open?
Book an appointment to open or contact us to speak with an advisor about your personal account needs.
No monthly account fee
Earn interest on your savings
Get up to $1,000† bonus
Book an appointment to open or contact us to speak with an advisor about your personal account needs.
Is this savings account right for you?
Right for you if:
It might not be right for you if:
$0 monthly fee |
0.30%* interest rate |
Electronic transfers between your Island Savings accounts are free & unlimited. No other transactions are included in the monthly package. Free monthly eStatement available in online banking. |
Additional fees Transactions over what the monthly package allows and any additional banking services you use may incur a fee. View Personal Service Fees to see our account & service fees. |
Stay informed on account activity with instant account alerts.
From November 1, 2021, to November 21, 2021, the members of First West Credit Union voted on special resolutions that, among other things, authorize First West to apply to become a federal credit union under the Bank Act. If First West becomes a federal credit union, it will automatically become a member of the Canada Deposit Insurance Corporation (CDIC) and Credit Union Deposit Insurance Corporation of British Columbia deposit insurance will no longer apply. See attached Notice for further detail on what this change means to your deposits with First West.
How it works
†The Home Sweet Bonus® account provides the opportunity to receive up to a $1,000 credit (the “Credit”) upon the purchase of a mortgage from Island Savings, a division of First West Credit Union (“Island Savings”) by meeting monthly savings requirements.
Schedule of the minimum required balance and qualified Credit if mortgage taken out.
Month | Minimum Required Balance | Eligible Credit Amount |
---|---|---|
1 | $100 | $0 |
6 | $500 | $0 |
12 | $1,100 | $250 |
24 | $2,200 | $500 |
36 | $3,300 | $1,000 |
The minimum required balance is calculated each month by taking $100 multiplied by (A )the number of calendar months the account has been opened minus (B) the number of full annual periods (12 consecutive months including month of account opening) that the account has been opened, plus (C) 1 if it is month 12, 24 or 36 otherwise 0, minus 1. This calculation takes into account an allowable one missed payment per annual period.
$100 X {A - B + C - 1}
This account calculates interest on the entire daily closing balance at the specified interest rate. The interest calculates daily and is paid at month end. Interest rate is subject to change at any time without advance notice. Refer to islandsavings.ca/tools-calculators/rates for our current rates.
For illustrative purposes only:
$0 - $4,999 | 1.00% |
Daily Closing Balance = $100,000
This account will calculate interest based on an interest rate of 1.00% on the entire $100,000 closing balance.
Not sure if this account is right for you?
We can help. Visit a branch or call us at 1-888-597-1083, and let's find the right solution together.
*The interest rate is subject to change without notice at any time.
†The Home Sweet Bonus® account provides the opportunity to receive up to a $1,000 credit (the “Credit”) upon the purchase of a mortgage from Island Savings, a division of First West Credit Union (“Island Savings”) by meeting monthly savings requirements.
Schedule of the minimum required balance and qualified Credit if mortgage taken out.
Month | Minimum Required Balance | Eligible Credit Amount |
---|---|---|
1 | $100 | $0 |
6 | $500 | $0 |
12 | $1,100 | $250 |
24 | $2,200 | $500 |
36 | $3,300 | $1,000 |
The minimum required balance is calculated each month by taking $100 multiplied by (A )the number of calendar months the account has been opened minus (B) the number of full annual periods (12 consecutive months including month of account opening) that the account has been opened, plus (C) 1 if it is month 12, 24 or 36 otherwise 0, minus 1. This calculation takes into account an allowable one missed payment per annual period.
$100 X {A - B + C - 1}
We acknowledge that we have the privilege of doing business on the traditional and unceded territory of First Nations communities.
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