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Calculate interest   |    Open HISA   |    Explore advice   |    FAQ

Why a High Interest Savings Account (HISA)?

growth icon Grow your money
No monthly fee and a competitive interest rate
switch icon Access your savings
Any money in your High Interest Savings Account (HISA) is redeemable at any time.
Choose icon Choose your goal
Save for short or long term goals with the option to invest in a non-registered, TFSA, or RRSP HISA.

High Interest Savings Account
4.00%*
green check mark $0 monthly fee
green check mark No minimum balance
green check mark 1 FREE transaction per month
 

Smart savings solutions for every goal

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No matter your goal, a High Interest Savings Account can help you get there. Choose from a non-registered HISA or a registered option (TFSA HISA or RRSP HISA) to help you save faster.

High Interest Savings

Saving for an unexpected vet visit?

Money saved in a HISA is accesbile any time with the benefit of higher returns and no withdrawal penalties.

TFSA High Interest Savings

Saving for a home renovation?

A Tax-Free Savings Account gives you flexibility by avoiding withdrawal penalties and taxes on earned interest. Contribution limits apply. 

RRSP High Interest Savings

Planning for retirement?

A Registered Retirement Savings Plan gives you the flexibility to adjust your savings strategy and postpone income taxes. Contribution limits apply. 

0.70%

(regular rate1)

+

3.30%

(bonus rate2)

=

4.00%*
GET BONUS RATE
The bonus rate is applicable to a maximum of $250,000 of Eligible New Money per account. Regular interest rates will apply after March 2, 2026. See Terms and Conditions (PDF) for full details.


 

Learn more about savings
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Why you should have a High Interest Savings Account

Term deposits vs. HISA

5 steps to start saving

Frequently Asked Questions
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Any new deposits you make into your eligible HISA between October 15, 2025, and March 2, 2026, that you didn't already have with us before October 15, 2025, will be considered as Eligible New Money. This amount is calculated by comparing the total value in all of your deposit accounts (chequing, savings, and term deposits) during the Promotion Period to the balances you had before the promotion started.

View our full Terms and Conditions (PDF) and refer to 'Total Balance' and 'Eligible New Money' or contact us to speak to an advisor for more details.

Yes. The Bonus rate applies to Eligible New Money deposited in your Eligible Account(s) up to a Maximum Deposit of $250,000 per Eligible Account. View our full terms and conditions and refer to 'Maximum Deposit', and 'Eligible Account(s)' or speak to an advisor for more details.

Eligible Account means any personal High Interest Savings Account (HISA) that is non-registered and is held by one owner or has a maximum of two account owners, a Tax-Free Savings Account (TFSA) HISA or Registered Retirement Savings Plan (RRSP) HISA. Please note, Commercial High Interest Savings Account is not eligible for the offer.

Please view the full Terms and Conditions (PDF) and refer to ‘Eligible Account’ or contact us to speak to an advisor for more details.

Yes! If you already have an eligible High Interest Savings Account, you will automatically earn the Bonus Rate for any Eligible New Money you add to your account. View our full Terms and Conditions (PDF) and refer to 'Total Deposit Balance', and 'Eligible New Money' or contact us to speak to an advisor for more details.

Please refer to the full Terms and Conditions (PDF) for the Bonus Rate in effect for the duration of the Promotion Period and applicable to Eligible New Money.

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

Each day during the Promotion Period, you will earn interest on your Eligible New Money at the Bonus Rate. To qualify for this Bonus Rate, you need to deposit money into an Eligible Account from sources outside of First West Credit Union. To continue earning the Bonus Rate, your Total Balance and HISA balance must be higher than the balances you had before the Promotion Period started.

Please refer to the full Terms and Conditions (PDF) and details under 'Eligible New Money' and '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.

A QUICK COMPARISON

TFSA

RRSP
Best for large or one-time purchases, or any other goal  
Best for retirement, a first-home (HBP) or your education (LLP)  
Your money grows tax-free
You can deduct your contributions from taxable income  
You can take money out anytime for anything and your withdrawals are never taxed  
You pay tax on withdrawals  
You can set up automatic contributions

Every year you can put more money into your TFSA. You can invest in a multitude of investments including mutual funds, stocks and more. Your wealth advisor will be able to give investment strategies on how to maximize your returns in your TFSA as part of your overall financial plan.

Year            TFSA Contribution Room            TFSA Cumulative Limit
2025 $7,000 $102,000
2024 $7,000 $95,000
2023 $6,500 $88,000
2022 $6,000 $81,500
2021 $6,000 $75,500
2020 $6,000 $69,500

Every year, you have an assigned amount that you can contribute and that is known as your contribution room. Your annual contribution room is the lesser of: 

  • 18% of your earned income for the previous tax year or; 

You can find out how much contribution room you have by reviewing your last year’s Notice of Assessment or by contacting Canada Revenue. 

 

*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, 2024 – March 31, 2025 from sources other than any account you hold with First West Credit Union. Regular interest rates will apply after March 31, 2025. 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). Offer subject to change at any time without notice. Please refer to the full Terms and Conditions (PDF).

1This account calculates interest based on the tier to which the entire daily closing balance corresponds. The interest calculates daily and is paid at month end. Interest rates and balance tiers are subject to change at any time without advance notice.

2Bonus amount earned will be impacted by day-to-day transactions made by You and/or an additional joint owner (if applicable), such as withdrawals and deposits in comparison to starting Total Balance, starting Eligible Account balance and money deposited into the Eligible Account(s). The bonus rate is applicable to a maximum of $250,000 of Eligible New Money per account.
 

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