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HIGH INTEREST SAVINGS ACCOUNT (HISA)

Account details   |   Ways to bank   |   FAQ

Is this savings account right for you?

Right for you if:

  • You want to earn interest
  • You want a low-risk savings option
  • You make infrequent withdrawals or transactions
 It might not be right for you if:

  • You use this account for day-to-day transactions, bill payments, transfers and withdrawals

Want to speak to an advisor on the phone or at a branch? Book an appointment today or call us at 1-888-597-6083.

  • High Interest Savings account includes 1 free debit transaction* per month
  • It is free to move money between your First West Credit Union accounts using our online banking services and mobile apps.
  • A fee may also apply for any additional banking services you use. View Personal Service Fees to see our full list of account & service fees.
View Account Terms and Conditions (PDF)
 
Transaction Fee
ATM withdrawal
(via THE EXCHANGE® and ACCULINK® networks)†		 $5.00
ATM deposit
(via THE EXCHANGE® and ACCULINK® networks)		 Included
Cheque clearing $5.00
In-branch withdrawal $5.00
In-branch transfer out $5.00
In-branch utility bill payment / manual bill payment $5.00
In-branch deposit Included
Electronic transfer between First West Credit Union accounts Included
Electronic utility bill $5.00
Cheque deposit via mobile app Included
Interac e-Transfer® incoming (CAD currency only) Included
Interac e-Transfer® Autodeposit (CAD currency only) Included
Interac e-Transfer® outgoing (CAD currency only) $5.00
Interac e-Transfer® Request Money $5.00
Point of sale purchase $5.00
Point of sale return Included
Me-to-Me transfer incoming Included
Me-to-Me transfer outgoing $5.00
Pre-authorized debit (payment) $5.00
Pre-authorized credit Included

†Does not include Interac® ATM withdrawals or International (including US) Cirrus® network ATM withdrawals. Withdrawals outside of THE EXCHANGE® and ACCULINK® networks will incur a fee - view those service fees here.

Achieve your financial goals with free personalized advice for your life 

Our experts provide personalized solutions with genuine care. Whether you’re saving for today, building for the future, or paying down debt, our advisors can create a customized plan to help you achieve your financial goals.

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Convenience when you need it

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Pay your bills, check your balance, transfer money and more.

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Pay with your debit or credit card, Apple Pay, Google Pay or Samsung Pay.

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A convenient and reliable way to access your money sooner.​

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Put your savings on auto pilot with BIGChange®, our rounding up tool.

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Deposit a cheque on the go and save valuable time.

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Stay informed on account activity with instant account alerts.

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Automate the switch to Envision Financial

Transfer all your pre-authorized payments and deposits from other financial institutions to your Envision Financial account automatically with ClickSWITCH®.

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Frequently Asked Questions

There is no monthly account fee, and the account includes one free debit transaction* per month. Transactions over what the monthly package allows and any additional banking services you use may incur a fee. View Personal Service Fees to learn more.

Any funds in the High Interest Savings Account (HISA) are redeemable. Please note that there may be a withholding period if the funds are in a registered account like a TFSA or RRSP.

The HISA interest rate is generally higher than a regular savings interest rate, however it is variable which means it may change due to various factors, including market conditions.

Yes, our HISA can be opened as either a registered account (TFSA, RRSP) or an non-registered account.

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

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 totaling $10,000 or more.

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.

 

*Debit transactions involve money leaving your account, and they can include point-of-sale purchases with your debit card, outgoing Interac e-Transfer®, Interac e-Transfer® fulfil requests, outgoing Me-to-Me transfers, in-branch withdrawals, ATM withdrawals via THE EXCHANGE® & ACCULINK® networks, bill payments, cheque clearing, preauthorized debits (PADI) and more. Envision Financial credit card and CUMIS pre-authorized debits or bill payments are free using online banking services and mobile apps.

**This 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. Refer to envisionfinancial.ca/tools-calculators/rates for our current rates.

For illustrative purposes only:
Tier 1 $0 - $4,999 1.50%
Tier 2 $5,000 1.60%

Daily Closing Balance = $5,100
This account will calculate interest based on an interest rate of 1.60% on the entire $5,100 closing balance.

Product terms, features and fees are subject to change, and we will provide appropriate notice as applicable and as may be required. Debit transactions over what the monthly package allows and any additional banking services you use may incur a fee. View Personal Service Fees to see our account & service fees.

 

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