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Special Offers

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Available for a limited time

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4.95%*
1 Year
Non-redeemable
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5.25%*
3-year PRIMECONNECT®
Redeemable

What is a term deposit/GIC?

Term deposits, also known as Guaranteed Investment Certificates (GICs), are low risk investments that are well suited for both short-term savings goals and long-term investment plans.

Most of our term deposits can be held within a registered plan, like an RRSP or a TFSA. Learn more about registered plans and their tax advantages.

Benefits of a term deposit/GIC

Enjoy a guaranteed minimum return regardless of changes to market rates.
Feel at ease knowing your principal investment is 100% guaranteed.
Benefit from the variety of options like short- or long term, redeemable or non-redeemable, registered or non-registered and even fixed or variable rate term deposits.

What should you consider when choosing a term deposit/GIC?


Access to money

Understanding if you need access during your term will help you decide between a redeemable or non-redeemable investment.

Financial Goals

Select a term deposit length that aligns with your short term (30-364 days) or long-term (1-5 years) financial goals.

Risk Tolerance

Decide if you prefer the predictability of a fixed-rate term or the potential for higher, variable returns with prime-linked or market-linked terms.


Explore our term deposits

Earn a competitive interest rate with easy access to your funds.


  • Fully cashable after the first 30 days
  • Available as registered or non-registered
  • 12-month term1 / View rate
  • $500 minimum investment, with no maximum limit
  • Renews automatically

green check mark icon  Might be right for you if:

  • you prefer a low-risk short-term investment with the principal and interest rate guaranteed
  • you want the option to access your money after 30 days without penalty

red x icon  Might not be right for you if:

  • you need access to your money within the first 30 days
  • you want a better interest rate and don't need access to your money for the duration of the term
 

Guaranteed growth with an escalating rate.


  • Fully cashable at any time
  • 123, 184 and 364 months terms / View rates
  • Available as registered or non-registered
  • $500 minimum investment, with no maximum limit

green check mark icon  Might be right for you if:

  • you plan to keep your money invested for the full term to maximize interest earned
  • you want the option to access your money at any time

green check mark icon  Might not be right for you if:

  • you want a better interest rate and don’t need access to your money for the duration of the term
 

Competitive interest rates and flexibility in term lengths.


  • Non-redeemable
  • Available as short term (30 to 364 days)1 and long term (1 to 5 years)2 / View rates
  • Available as registered or non-registered
  • $500 minimum investment, with no maximum limit

green check mark icon  Might be right for you if:

  • you want a predictable return on your investment
  • you don't need to access your money for the entire duration of your term

red x icon  Might not be right for you if:

  • you need access to your money before your term matures

Take advantage of potential increases in the Prime Rate.


  • Fully or partially redeemable only at each annual anniversary date and at no other time.
  • 3 year term5 / View rates
  • Available as registered or non-registered
  • $500 minimum investment, with no maximum limit
  • Visit us in branch or contact one of our advisors to open this term deposit

  Might be right for you if:

  • you want to take advantage of potential increases in the Prime Rate
  • you may want to access your funds on the term annual anniversary

  Might not be right for you if:

  • You may need access to your money before your term matures or before its annual anniversary
 

Invest in the market with peace of mind.


  • Non-redeemable
  • 3 or 5 year terms6
  • Available as registered or non-registered
  • No commission or management fees
  • $500 minimum investment, with no maximum limit

Choose from these two sector options to learn more about each market-linked investment:

 

Earn interest on your U.S. Dollar funds at a guaranteed rate.


  • Non-redeemable
  • Terms up to 364 days1 / View rates
  • Non-registered only
  • $500 minimum investment, with no maximum limit
  • Visit us in branch or contact one of our advisors to open this term deposit.

  Might be right for you if:

  • you want to make short-term investments in U.S. Dollars
  • you want a predictable return on your investment
  • you do not need to access your money for the entire duration of the term

  Might not be right for you if:

  • you need access to your money before your term matures
 

How to open your term deposit/GIC

Members can open most non-registered and registered (RRSP, TFSA) accounts via online banking or the mobile app.

Already a Member?

Not a Member? Become a member online


Prefer to open with an advisor?

Not sure which investment is right for you or have more questions? We can help.


Learn more about term deposits/GICs
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Frequently Asked Questions
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A term deposit, commonly known as a Guaranteed Investment Certificate (GIC), is an investment product that provides a guaranteed return while protecting your initial principal amount. They are generally offered at a fixed interest rate over a fixed period, otherwise known as a term. Other types of term deposits offer a rate linked to performance of underlying securities or Prime rate. 

Term deposits are very flexible as they offer options for an investor like a short- or long-term length, redeemable or non-redeemable, and registered or non-registered. They are considered a safe investment as you are guaranteed a minimum return, even if you choose to invest in a market-linked product. They are also secure as your principal amount is always guaranteed.

Every investor will have their own unique financial plan so it's important to consider how access to money, financial goals, and risk tolerance affect which term deposit to choose. Here are a few things you should consider:


Access to money:
If you think you might need access to your money during the term, then choosing a redeemable term deposit is the right option for you. If you don’t expect to access your funds during the term, a non-redeemable term deposit might be right for you and will tend to offer a higher rate in comparison. 

Financial goals: If you anticipate that you’ll need access to your investment funds in the short term, a term length of 30-365 days might be the right option for you. Otherwise, a 1-5 year term might be right for you. A longer term will typically offer a higher rate. 

Risk tolerance: If you're risk averse and would like peace of mind knowing exactly how much you will earn at the end of the term, consider a fixed rate. If your risk tolerance is a little bit higher and you want to benefit from the potential upswing of the market while still enjoying a guaranteed return, then a prime-linked or market-linked term might be a good alternative for you.  

To get a better idea of how a term deposit can help you reach your savings goals, meet with one of our financial experts.

A redeemable term deposit will give you the ability to withdraw your investment funds before the end of the term. It's important to note that some term deposits only allow withdrawals on the anniversary date. A non-redeemable term deposit is locked in, and you can only withdraw money at the end of your term.

Fixed rate: This rate type will provide a predetermined return on your investment. The rate will remain the same until the term maturity date. Ask about our fixed-rate products; 12-month Cashable, StepUp®, Non-redeemable and US Dollar Non-redeemable. 

Market-linked rate: This variable rate type provides a guaranteed minimum return and the potential to earn more based on the market performance of pre-selected securities in industries such as financial, healthcare or insurance services. To take advantage of this rate type, ask about the WINWIN® Market-Linked term deposit.   

Prime-linked rate: This variable rate type fluctuates along with our prime rate. If the prime rate goes up, so does the rate of return. To take advantage of a prime-linked product, ask about the PRIMECONNECT® term deposit.  

To open a term deposit/GIC you must be a member. Once you become a member you can open a wide selection of GICs online, on our app or with an advisor.

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.
 

*Advertised interest rates are subject to change at any time without notice
1. Interest rate is expressed as an annual rate and is paid at maturity. Term deposit rates are subject to change at any time without notice.
2. Interest rate is expressed as an annual rate and is paid annually and at maturity. Term deposit rates are subject to change at any time without notice.
Note: Some term deposits can be set up to pay interest during their term. You may arrange to have this interim interest paid to your deposit account. This option may impact your interest rate.
 3. Interest rate is expressed as an annual rate per step rate and is paid at maturity. Term deposit rates are subject to change at any time without notice.

For illustrative purposes only:

StepUp®6Plus6

First 6 months
Second 6 months
1.25%
6.25%

Daily Closing Balance = $100,000
This account will calculate interest based on an annualized interest rate of 1.25% on the entire $100,000 closing balance for the first 6 months and 6.25% on the entire $100,000 closing balance for the next 6 months.

 4. Interest rate is expressed as an annual rate per step rate and is paid at maturity. Term deposit rates are subject to change at any time without notice.

For illustrative purposes only:

StepUp®9Plus9

First 9 months 
Second 9 months
1.25%
6.25%

Daily Closing Balance = $100,000
This account will calculate interest based on an annualized interest rate of 1.25% on the entire $100,000 closing balance for the first 9 months and 6.25% on the entire $100,000 closing balance for the next 9 months.

5. This term deposit is different from traditional fixed-rate investments because it does not guarantee a return determined in advance. The rate of interest on the PRIMECONNECT® term deposit is calculated based on a fixed spread or fixed discount from the First West Credit Union Prime Rate. Interest is paid annually and at maturity. This term deposit is fully or partially redeemable only at each annual anniversary date and at no other time. Term deposit rates are subject to change at any time without notice.

(for illustrative purposes only):

Rate: First West Prime + 1.00%.
At the time the term deposit was purchased, First West’s Prime Rate was 2.00%, resulting in a rate of 3.00%
30 days after the term deposit was purchased, First West’s Prime Rate changes to 2.50%. As of the date of the change, the rate is now 3.50%.
6. Rates as of the start date communicated in the disclosed promotion period.

The minimum guaranteed annual interest rate is paid out annually and does not compound. This product has a ceiling that determines the maximum return that you may receive at maturity. Terms and conditions apply.
The return of a winwin® term deposit depends on the performance of the index return that it is linked to over a certain time period, the Minimum Guaranteed Return and the Maximum Potential Cumulative Return.

  • If the index return is between the Minimum Guaranteed Return and the Maximum Potential Cumulative Return, you will receive the principal plus the index return.
  • If the index return is below the Minimum Guaranteed Return, you will receive the principal plus the Minimum Guaranteed Return.
  • If the index return is above the Maximum Potential Cumulative Return, you will receive the principal plus the Maximum Potential Cumulative Return.