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WHY CHOOSE US

 

It’s worth it, to all of us.​​

We are a financial cooperative.

You may have heard of cooperatives. Some of them sell sporting goods, some of them sell groceries or fuel. All of them are about people achieving more together than they can on their own. As a financial cooperative, we’re like that too. 

​​When you join our credit union you are a member, not a customer, and that makes all the difference. Our members are our owners and have an equal say in how our credit union operates, no matter their balance. ​​

Our members empower us to put people before profits and work in their true interests. By providing world-class banking services, the best financial advice in Canada and an approach that centres around our members, we simplify lives, helping members and communities thrive.​​

 


What does this mean for your financial wellbeing? 

​It’s simple. Your goals are our goals. We grow when you grow. It’s a partnership, not a transaction.

 

 

YOU​

Our expert financial advice focuses on your evolving financial needs, not making short-term profits for faraway shareholders.

 


YOUR MONEY

​Our profits are reinvested into our membership through free day-to-day banking, low-fee business accounts and great rates.

 


YOUR COMMUNITY​

Enjoy competitive returns knowing your deposits help us support organizations that strengthen your local businesses and community.

 

2022 Community Support

How we've supported our communities in 2022

Island Savings Community Partnerships & Donations: $25,300

Support for four organizations creating good things in our communities including:

  • Big Brothers Big Sisters Cowichan Valley
  • Cobble Hill Events Society
  • Cowichan Brain Society


The Full Cupboard Signature Cause: $31,770

Raising food, funds and awareness for food banks serving Island Savings communities.


First West Foundation | Island Savings Community Endowment: $25,000

First West Foundation is the charitable arm of Island Savings, providing grants to organizations which help our communities thrive.

Support to three charities which promote resilient & sustainable Island communities including:

  • Balfour's Friends Society
  • Clements Centre Society
  • Take a Hike Youth at Risk Foundation

Island Savings Community Partnerships & Donations: $44,500

Support to 14 organizations creating good things in our communities including:

  • Big Brothers Big Sisters Greater Victoria
  • Bridges Women's Society
  • Ukrainian Cultural Society of Vancouver Island
  • Victoria Film Festival
  • Victoria Hospitals Foundation
  • Victoria Youth Empowerment Society


The Full Cupboard Signature Cause: $31,770

Raising food, funds and awareness for food banks serving Island Savings communities.


Island Savings Simple Generosity Grants: $1,500

Neighbourhood grants creating a sense of belonging and inclusiveness:

  • Creekside Community Concert
  • Community Music on the Greens
  • International Women's Day


First West Foundation | Island Savings Community Endowment: $113,088

First West Foundation is the charitable arm of Island Savings, providing grants to organizations which help our communities thrive.

Support to 11 charities which promote resilient & sustainable Island communities including:

  • 1000x5 Children's Book Recycling Project Society
  • Burnside Gorge Community Association
  • Growing Chefs Society
  • Life Cycles
  • South Island Centre for Counseling & Training
  • Victoria Native Friendship Society

Island Savings Community Partnerships & Donations: $17,580

Support for four organizations creating good things in our communities.

  • Big Brothers Big Sisters Greater Victoria
  • Pender Island Food Bank
  • Salt Spring Elementary


The Full Cupboard Signature Cause: $31,770

Raising food, funds and awareness for food banks serving Island Savings communities.


First West Foundation | Island Savings Community Endowment: $54,025

First West Foundation is the charitable arm of Island Savings, providing grants to organizations which help our communities thrive.

Support to six charities which promote resilient & sustainable Island communities including:

  • Balfour's Friends Foundation
  • The Circle Salt Spring Education Society
  • Gulf Island Marine Rescue Society
  • Gulf Island School District #64
  • Salt Spring Therapeutic Riding Association
  • Take a Hike Youth at Risk Foundation

Island Savings Community Partnerships & Donations: $25,000

Support to organizations creating good things in our communities.

  • Big Brothers Big Sisters Central Vancouver Island
  • Nanaimo Loaves & Fishes - Food 4 Summer


The Full Cupboard Signature Cause: $31,770

Raising food, funds and awareness for food banks serving Island Savings communities.


Island Savings Simple Generosity Grants: $1,000

Neighbourhood grants creating a sense of belonging and inclusiveness:

  • Amazing Animals - Insects & Pollinators
  • Reconciliation Theatre presents "True West"


First West Foundation | Island Savings Community Endowment: $52,000

First West Foundation is the charitable arm of Island Savings, providing grants to organizations which help our communities thrive.

Support to six charities which promote resilient & sustainable Island communities including:

  • Balfour's Friends Foundation
  • The Men's Resource Society
  • Nanaimo Brain Injury
  • Nanaimo Community Kitchens Society
  • Nanaimo Region John Howard Society
  • Take a Hike Youth at Risk Society
 
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Learn what it means to be a federal credit union including benefits and risks, voting details and the proposed bylaws at keepgrowing.ca.

 

 

THE ADVANTAGES OF BANKING WITH US

 

 
 
 
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Members vote for directors at board elections, giving you a say in how our credit union operates.

Expert financial advice and local decision making to meet your financial needs as they evolve.

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Free day-to-day personal banking including free Interac e-Transfer®.

24/7 secure online and mobile app banking.

We partner with local organizations to create good things in our communities.

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Your deposits are 100% protected up to any amount by the Credit Union Deposit Insurance Corporation of British Columbia.

Become a member

Reach your financial goals and strengthen your community – that’s banking with purpose. Discover the benefits of belonging to a financial cooperative. Open a Simply Free Account® today or call 1-888-597-1083 to get started.

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Become a business member

Whether you’re a small business starting out or a large established operation, we have the right products, services and advice for you. Let us help you reach new levels of success.

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†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.

 

Explore our products and services

 



“Since 1951 the team at Island Savings has been helping local families and businesses succeed through a cooperative approach to banking that keeps resources right here in our communities. We help our members thrive by providing expert financial advice, market-leading digital services and remarkable relationship-based experiences. Our members can bank when, where and how they want. Giving back to our communities is also a key part of who we are—we’re proud partners with many local community organizations and causes, and together we’re making Vancouver Island and the Southern Gulf Islands an even better place to live, work and play.”

 

Kendall Gross, President

 

​Island Savings in the community

Our Make a Difference Days encourage employees to volunteer in their communities with local non-profit agencies.  We're boots on the ground, supporting a wide variety of community projects.  Since 2007, we've taken part in 597 projects and served 10,936 hours.

​Our commitment to equity, inclusion and diversity

Island Savings' foundational values demand that we, as an organization, actively strive for equity, inclusion and diversity. We believe in cultivating an environment in which every employee, member and community partner—both present and future—is valued for their uniqueness and is empowered to thrive.

 

We believe in the power of partnership, working together to achieve social impact and make a difference in our communities.

 

 
 
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Through our partnership with the First West Foundation, ​$1,719,391 has been granted from the foundation’s 16 endowments and charitable giving campaigns in 2021.

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Our employees spent 1,158 hours helping those in need and building our local communities in 2021.

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We are on a mission to raise food, funds and awareness for our local food banks. In 2021 alone, we provided 239,416 meals through our Signature Cause, The Full Cupboard.

 

Island Savings, a division of First West Credit Union, acknowledges that we have privilege of doing business on the traditional and unceded territory of Coast Salish, Snuneymuxw, Semiahmoo, Quw'utsun (Cowichan), MÁLEXEȽ (Malahat), Xwsepsum (Esquimalt) and Lkwungen (Songhees), Pacheedaht, Scia’new, Á,LEṈENEȻ ȽTE W̱SÁNEĆ, Stz'uminus, and sc̓əwaθenaɁɬ təməxʷ (Tsawwassen) Peoples.