Skip to main content

Benefits of a HISA  |  Offer details  |  Eligible accounts  |  Open a HISA  


Benefits of a HISA

graph showing a growing columns and an arrow pointing up

Faster growth

No monthly fee and a higher interest rate helping your money grow faster.

two arrows completing a circle pattern

Easy access

No fees for withdrawing money from your non-registered or TFSA HISA when you need it.

finger pointing to a checkmark icon

Freedom of choice

Choose an RRSP, TFSA or a non-registered HISA and match the account to your savings goals.


The sooner you start, the longer your money will be earning bonus interest.

How the Savings Bonus works:
Any eligible new money you deposit to a High Interest Savings Account starting November 1, 2023, will earn a 3.75% Bonus Rate. Regular interest rates will apply after March 31, 2024. See Terms and Conditions (PDF) for full details.

 

1.50%
(Regular Rate)

+

3.75%
(Bonus Rate)

=

5.25%*
(Promotional Rate)

 

The Regular Rate is subject to change at any time without notice. Rates are expressed as an annual rate and calculated on the daily account closing balance and paid monthly.

Bonus Amount earned will vary based on transaction(s) for example, deposits and withdrawals, the starting deposit balance(s), and new amount deposited into the Eligible Account(s).

Get the bonus rate

Open your High Interest Savings Account to take advantage of this limited time offer.

 

Grow your savings with a HISA

Nobody saves money for just one reason. There are expected reasons — like retirement, a wedding or a family trip — and there are unexpected reasons — like a car repair or a surprise visit to the vet.

Grow your savings no matter your reason.

middle-aged male hugging a very large golden retriever

Use our calculator and see the difference this bonus rate could make to your savings.

Enter your deposit below to estimate your bonus amount and total balance.


Choose one account, or choose more.

Save for your retirement with an RRSP while you save for everything else with a non-registered or a TFSA HISA. This offer is available until March 31, 2024, so you can make additional deposits or open another new account as long as you have contribution room in your TFSA or RRSP accounts.

Non-registered High Interest Savings Account


Earn 5.25%*


  • No monthly fee or minimum balance
  • Includes 1 free transaction a month
  • For new personal deposits only
  • For sole-owned, non-registered High Interest Savings Account only
  • The sooner you start the longer your money will be earning interest at the bonus rate. After March 31, 2024, regular interest rate will apply.


TFSA or RRSP High Interest Savings Account


Earn 5.25%*


  • No monthly fee or minimum balance
  • Includes 1 free transaction a month
  • For new personal deposits only
  • Earn tax-free interest with a TFSA or defer your taxes with an RRSP
  • The sooner you start the longer your money will be earning interest at the bonus rate. After March 31, 2024, regular interest rate will apply.


Contact us to transfer or open a new account, or to make a contribution to an existing TFSA or RRSP account.

 
 


Open a High Interest Savings Account


Any eligible new money you deposit to a High Interest Savings Account starting November 1, 2023, will earn a 3.75% Bonus Rate. Regular interest rates will apply after March 31, 2024. *View full terms and conditions here (PDF).

a desktop monitor in a blue outline

Already a member?

Log in to online banking to open a new non-registered sole-owned High Interest Savings Account (HISA).

To open a TFSA or an RRSP HISA, contact an advisor today.

If you're not a member.

Open your new non-registered High Interest Savings Account (HISA) online and become a member in only a few minutes.

To open a TFSA or an RRSP HISA, contact an advisor today.

 


Have questions or looking for other way to take advantage of this offer? Get in touch.

Call us at 1-888-597-1083, visit us in branch, or fill in the form below and an advisor will reach out to you to answer your questions and help pick the right account for you.
 


Learn more about the benefits of these accounts



Offer FAQs

Eligible new funds are:

  1. Any new deposits you don't already hold with us prior to November 1, 2023 and deposited into your eligible HISA before March 31, 2024, and
  2. Funds determined by total value increase of your deposit accounts held with us (chequing, savings, term deposits) and deposited in the eligible HISA.

View our full terms and conditions and refer to 'Total Deposit Balance', or contact us to speak to an advisor for more details on eligible new funds.

Yes! If you already have an eligible High Interest Savings Account, you will automatically earn the bonus for any eligible new money you add to your account. View our full terms and conditions and refer to 'Total Deposit Balance' or contact us to speak to an advisor for more details on eligible new money.

Please refer to the full terms and conditions for the Bonus Rate in effect for the duration of the Depositing Period and applicable to Eligible New Money.

When the New Money HISA Bonus Depositing Period ends, all funds deposited in the eligible High Interest Savings Account will only earn the regular interest rate in effect at such time.

Your total bonus is based on any new deposits you don’t already hold with us prior to November 1, 2023 and deposited into your eligible HISA (non-registered, sole owned, TFSA HISA or RRSP HISA) by March 31 2024. The new money is determined by the increased total value in your deposit accounts that you hold with us (chequing, savings, term deposits) along with the funds being deposited into the eligible HISA. Please refer to the full terms and conditions and details under ‘Interest Calculation & Payment.’

If you wish to transfer your current TFSA or RRSP from a different financial institution to us, a fee will generally apply. We will cover the cost of this fee up to $100.00 for any transfers totalling $10,000 or more.

The contribution room for a TFSA carries forward year after year, which means that if you do not max out your contribution one year, it is not forfeited but is cumulative year after year.  Your total contributions since the introduction of the Tax Free Savings Account in 2009 through to 2023 should not exceed $88,000. To find out what your total available contribution room is, refer to your last notice of assessment.

Please ensure your TFSA contributions are within your allowable limit set by Canada Revenue Agency (CRA) and you are solely responsible for confirming that any such contributions are within your allowable limits. All rules and contribution limits for TFSAs as set out by CRA and applicable legislation apply. Information about TFSAs is based on what is currently available from the Canadian government and can be subject to change.

Your annual RRSP contribution room is the lesser of:

  • 18% of your earned income for the previous tax year or;
  • The maximum contribution amount set by the CRA for the current tax year ($30,780 for 2022).

Please ensure your RRSP contributions are within your allowable limit set by Canada Revenue Agency (CRA) and you are solely responsible for confirming that any such contributions are within your allowable limits. All rules and contribution limits for RRSPs as set out by CRA and applicable legislation apply. Information about RRSPs is based on what is currently available from the Canadian government and can be subject to change.

 

† Rate is subject to change without notice.

* Interest rate is the combination of the Regular Rate in effect at such time and posted on our Personal Account Rates website page plus the 3.75% Bonus Rate payable on Eligible New Money received between November 1, 2023 – March 31, 2024 from sources other than any account you hold with First West Credit Union. The Regular Rate is subject to change at any time without notice. Rates are expressed as an annual rate and calculated on the daily account closing balance and paid monthly. Bonus Amount earned will vary based on transaction(s) for example, deposits and withdrawals, the starting deposit balance(s), and new amount deposited into the Eligible Account(s). Please refer to the full Terms and Conditions.