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    REGISTERED VARIABLE SAVINGS ACCOUNT

    Benefit from the contribution while deciding on long-term plans for your funds.

     

    Is this savings account right for you?

     Right for you if:

    • You want your funds to be fully accessible
    • You want to earn interest on your registered deposits

     It might not be right for you if:

    • You make regular transactions, bill payments and transfers
    • You are looking for a savings account for non-registered funds


    Registered Variable Savings Account Details

    $0 monthly fee

    $0 - $4,999 balance will earn 0.75%*
    $5,000 - $19,999 balance will earn 0.75%*
    $20,000 - $49,999 balance will earn 0.75%*
    $50,000+ balances will earn 0.75%*

    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.
     

    This account calculates interest based on the tier to which the entire daily closing balance corresponds. The interest calculates daily and is paid semi-annually. Interest rates and balance tiers are subject to change at any time without advance notice. Refer to islandsavings.ca/tools-calculators/rates for our current rates.

    For illustrative purposes only:

    Tier 1 $0 - $4,999 1.50%
    Tier 2 $5,000 1.60%


    Daily Closing Balance = $5,100
    This account will calculate interest based on an interest rate of 1.60% on the entire $5,100 closing balance.

    Yes, eligible contributions to this account will generate a contribution receipt for tax purposes where applicable.

    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.