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HOME SWEET BONUS®

Let us get you a step closer to owning your dream home.

 

Is this savings account right for you?

 Right for you if:

  • You want to earn interest
  • You want to save for your down payment
  • You make infrequent withdrawals or transactions

 It might not be right for you if:

  • You use this account for day-to-day transactions, bill payments, transfers and withdrawals


Home Sweet Bonus® Account Details

$0 monthly fee

0.75%* 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.

View Account Terms and Conditions (PDF)


Included with all personal accounts


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Manage your money anytime and from anywhere.

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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

  • You open a Home Sweet Bonus® Account to save for your down payment with an initial $100 deposit.
  • You make regular recurring monthly payments (min. $100) to your Home Sweet Bonus® Account until you’re ready to get a mortgage with us.
  • We’ll add up to $1,000 bonus to the savings already in your Home Sweet Bonus® Account. You can use your Home Sweet Bonus® in addition to the government's First Time Homebuyer withdrawal plan, and unlike the First Time Homebuyer's plan, your contributions do not need to be paid back.

†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.

TERMS & CONDITIONS

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
  1. To register to receive the Home Sweet Bonus® account Credit a member must:
    1. Open a new Home Sweet Bonus® account.
    2. Deposit an initial $100 to the Home Sweet Bonus® account.
  2. The Credit is for a maximum amount of $1,000 after the account has remained open for 36 consecutive months and the minimum required balance and monthly contributions have been satisfied. After 12 consecutive months an account owner will be eligible for a $250 credit and after 24 consecutive months a $500 credit.
  3. One monthly contribution payment can be skipped per 12 calendar month period beginning the calendar month in which the account was opened.
  4. In order to qualify for the credit the member must:
    1. Set-up a recurring monthly transfer from an Island Savings Chequing account to the Home Sweet Bonus® account.
    2. Deposit at least $100 per month to the Home Sweet Bonus® account and maintain the minimum required balance for a minimum of 12 months.
    3. Maintain the minimum required balance and keep the account in good standing until a mortgage is taken out with Island Savings. A mortgage must be taken out within 96 months of initial account opening.
    4. Apply, qualify and close on a mortgage of a minimum $50,000 with Island Savings.
    5. Not have held a mortgage on the qualifying property with First West Credit Union in the 12 months preceding the qualifying mortgage being funded.
    6. Be at least 19 years of age at the date of mortgage funding.
  5. 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}

  6. If at any time three consecutive monthly deposits have been missed Island Savings reserves the right to close out the Home Sweet Bonus® account. At this time any balance remaining in the Home Sweet Bonus® account will be credited to the Chequing account from which the monthly contribution is scheduled to come from and the Credit will not be paid.
  7. This agreement does not represent a commitment to provide a mortgage loan. Individuals participating in the Home Sweet Bonus® account must meet full underwriting criteria for mortgage qualifying at the time of mortgage funding.
  8. Only one credit will be paid per mortgage charge.
  9. Mortgage financing must be applied and arranged for with Island Savings only. Mortgages that are approved through a third party mortgage broker will not be eligible for the Credit.
  10. At least one name on the Home Sweet Bonus® account must be on the mortgage as a borrower and mortgagor.
  11. Individuals will be wholly responsible for any tax implications that receiving the Credit may incur.
  12. Island Savings reserves the right to discontinue the Home Sweet Bonus® account at any time. If discontinued 180 days notice will be given and individuals will be eligible for a pro rated bonus if they take out a mortgage with Island Savings within the notice period. If no mortgage is taken within the 180 days the funds will be deposited to the account from which the monthly contribution was scheduled to be debited from.
  13. Upon the breach of any term of this Agreement by the account holder, Island Savings reserves the right to close out the Home Sweet Bonus® account. At this time any balance remaining in the Home Sweet Bonus® account will be credited to the Chequing account from which the monthly contribution is scheduled to come from and the Credit will not be paid.
  14. The interpretation of any provision of this Agreement by Island Savings will be final and binding on the account holder.

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.

TERMS & CONDITIONS

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
  1. To register to receive the Home Sweet Bonus® account Credit a member must:
    1. Open a new Home Sweet Bonus® account.
    2. Deposit an initial $100 to the Home Sweet Bonus® account.
  2. The Credit is for a maximum amount of $1,000 after the account has remained open for 36 consecutive months and the minimum required balance and monthly contributions have been satisfied. After 12 consecutive months an account owner will be eligible for a $250 credit and after 24 consecutive months a $500 credit.
  3. One monthly contribution payment can be skipped per 12 calendar month period beginning the calendar month in which the account was opened.
  4. In order to qualify for the credit the member must:
    1. Set-up a recurring monthly transfer from an Island Savings Chequing account to the Home Sweet Bonus® account.
    2. Deposit at least $100 per month to the Home Sweet Bonus® account and maintain the minimum required balance for a minimum of 12 months.
    3. Maintain the minimum required balance and keep the account in good standing until a mortgage is taken out with Island Savings. A mortgage must be taken out within 96 months of initial account opening.
    4. Apply, qualify and close on a mortgage of a minimum $50,000 with Island Savings.
    5. Not have held a mortgage on the qualifying property with First West Credit Union in the 12 months preceding the qualifying mortgage being funded.
    6. Be at least 19 years of age at the date of mortgage funding.
  5. 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}

  6. If at any time three consecutive monthly deposits have been missed Envision Financial reserves the right to close out the Home Sweet Bonus® account. At this time any balance remaining in the Home Sweet Bonus® account will be credited to the Chequing account from which the monthly contribution is scheduled to come from and the Credit will not be paid.
  7. This agreement does not represent a commitment to provide a mortgage loan. Individuals participating in the Home Sweet Bonus® account must meet full underwriting criteria for mortgage qualifying at the time of mortgage funding.
  8. Only one credit will be paid per mortgage charge.
  9. Mortgage financing must be applied and arranged for with Island Savings only. Mortgages that are approved through a third party mortgage broker will not be eligible for the Credit.
  10. At least one name on the Home Sweet Bonus® account must be on the mortgage as a borrower and mortgagor.
  11. Individuals will be wholly responsible for any tax implications that receiving the Credit may incur.
  12. Island Savings reserves the right to discontinue the Home Sweet Bonus® account at any time. If discontinued 180 days notice will be given and individuals will be eligible for a pro rated bonus if they take out a mortgage with Island Savings within the notice period. If no mortgage is taken within the 180 days the funds will be deposited to the account from which the monthly contribution was scheduled to be debited from.
  13. Upon the breach of any term of this Agreement by the account holder, Island Savings reserves the right to close out the Home Sweet Bonus® account. At this time any balance remaining in the Home Sweet Bonus® account will be credited to the Chequing account from which the monthly contribution is scheduled to come from and the Credit will not be paid.
  14. The interpretation of any provision of this Agreement by Island Savings will be final and binding on the account holder.