ACCOUNT DETAILS

 

• $0 monthly fee
• High interest savings account rate paid on the entire balance*
• FREE monthly eStatement including cheque images
• 1 FREE withdrawal per month
• Rest easy knowing that your deposits are 100% guaranteed†
• Plus, you can access and manage your business accounts 24/7 with our Business Online Banking services.

​*The interest rate is subject to change without notice. Interest is expressed as an annual rate and calculated on the applicable portion of the closing daily balance in the account and paid at month end.

†The Credit Union Deposit Insurance Corporation of British Columbia, a statutory corporation, fully guarantees all BC credit union deposits. Credit Union equity shares and investments such as mutual funds or RSP equity plans are not covered by deposit insurance.

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 DOES IT WORK?

 

As an agricultural producer, you're able to make an annual contribution for up to 100% of your allowable net sales to your AgriInvest account.  When you do so, you’ll receive 1% of the deposit amount from the Government of Canada. Then, when you are short on cash, simply withdraw these funds at any time without penalty.

What you need to know

• Each year, Agricultural producers receive their AgriInvest deposit notices which specify the eligible amount producers are able to deposit to their AgriInvest account to receive matching government contributions.
• You'll need to open your AgriInvest account with Island Savings by the date specified on your AgriInvest Deposit Notice, in order to receive your fully matched government contribution.
• Any late application submissions will be penalized by a 5 per cent reduction in government contribution per month (or part of the month) up to the final submission deadline specified on your AgriInvest deposit notice.
  
  

Account opening process

• Complete the account application form available on the Agriculture and Agri-Food Canada site and bring it to your Island Savings branch.
• We'll notify Agriculture and Agri-Food Canada (AAFC) once you've opened your account so that AAFC will have the necessary information for contribution matching.
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For more information about AgriInvest, visit the program website at www.agriculture.canada.ca or contact Agriculture & Agri-Food Canada toll free at 1.866.367.8506.

 

LOOKING FOR THE FINE PRINT?

 

Here is everything you need to know about the term and conditions for this account.

Business Member Application—Unincorporated Association (PDF) 
Business Member Application—Sole Ownership, Partnership, Corporation (PDF)
Business Member Application—Joint Venture (PDF)
Business Trust Account Application (PDF)