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Calculate interest   |    Open HISA   |    Explore advice   |    FAQ

Benefits of a HISA

green check mark Grow your money faster
No monthly fee and a competitive interest rate
green check mark Easily access your savings
No fees for withdrawing from your non-registered or TFSA HISA
green check mark The freedom of choice
Open a personal HISA in a registered account like a TFSA or RRSP, non-registered

High Interest Savings Account
Non-registered or Registered (TFSA, RRSP)
4.64%*
  • $0 monthly fee
  • No minimum balance
  • 1 FREE transaction per month

0.89%

(regular rate1)

+

3.75%

(bonus rate2)

=

4.64%*
GET BONUS RATE
Regular interest rates will apply after March 31, 2025. See Terms and Conditions (PDF) for full details.


 

Learn more about savings

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How to reach your financial goals in your 40s, 50s and 60s

Compare Term Deposits, HISAs and Mutual Funds

Frequently Asked Questions

Any new deposits you make into your eligible HISA between November 1, 2024, and March 31, 2025, that you didn't already have with us before November 1, 2024, 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 and refer to 'Total Balance' and 'Eligible New Money' or contact us to 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 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 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 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 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
*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). Please refer to the full Terms and Conditions.

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).
 

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