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TERM DEPOSITS / GICs

 

WHAT ARE TERM DEPOSITS?

Term deposits, also known as GICs, are low risk investments that are well suited for short-term savings goals and can also fit in your long-term investment plans.


Redeemable

Earn a guaranteed rate of return with the flexibility to access your money at any time after 30 days.

Non-Redeemable

Lock your savings in for a set length of time. Your interest rate is fixed for the term, no matter what the market is doing.

Market-Linked

Get a guaranteed minimum return with the potential to earn higher returns based on the stock-market . 

 

Benefits of Term Deposits

 

 

Safe and Secure

Your original deposit and interest rate are guaranteed†, just like they would be in a regular savings account.

Flexible

Choose the term length you want and whether to lock in your money or have easy access to it anytime.

Low Minimum Deposit

$500 is all it takes to get you started and there are no maximum deposit limits.

Convenient

Term deposits are ideal when you don't have immediate plans for your money, but want to start earning a return nonetheless.

Tax-Friendly

Most of our term deposits can be held within a registered plan, like an RRSP or a TFSA.

Higher Return

Term deposits have higher interests than most savings accounts. And with a fixed rate, you'll know exactly how much you'll earn.

TALK TO AN EXPERT

Book an appointment with one of our advisors and let us help take your financial plan to the next level.

TERM DEPOSIT OPTIONS

Purchase Term Deposits Online

You can purchase 12-month non-registered cashable term deposits as well as all 1 to 5 year non-registered non-redeemable terms online. It's simple, just log in to online banking and select 'Open an Account'. Contact us to purchase any of our registered term deposit products.

 
 


​SHORT TERM OPTIONS


Short Term Non-Redeemable

This type of term deposit is ideal if you don’t have immediate plans for your money but want to earn some interest on it.

Key features & benefits:

  • Available for periods up to 364 days
  • $500 minimum deposit with no maximum limit
  • Tax sheltered growth: RSP, TFSA, RESP, RIF & LIF eligible
  • Interest rate is expressed as an annual rate and is paid at maturity 
  • Choice of maturity options
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.†

U.S. Dollar Short Term Non-Redeemable

U.S. dollar term deposits are available for terms of up to 364 days. This is a great option if you want to make short-term investments in U.S. dollars. Since your money is kept in U.S. dollars, you save money on foreign currency exchange fees, making it easier to budget and pay for U.S. dollar expenditures.

Key features & benefits: 

  • Interest rate is expressed as an annual rate, is paid at maturity and calculated in US dollars
  • $500 minimum deposit with no maximum limit
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.†

 

 

 

LONG TERM OPTIONS

Long Term Non-Redeemable

This type of term deposit is the best way to maximize your guaranteed return. The longer you choose to invest, the greater your interest rate will be.

Key features & benefits:

  • Period of one to five years
  • $500 minimum deposit with no maximum limit
  • Available as a registered product so you can tax shelter the interest you earn
  • Interest rate is expressed as an annual rate. For terms of one year or longer, interest is paid annually and at maturity. Interest compounds annually if registered; interest paid annually or monthly if non-registered.
  • Choice of maturity options
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.†

Purchase Term Deposits Online

You can purchase 12-month non-registered cashable term deposits as well as all 1 to 5 year non-registered non-redeemable terms online. It's simple, just log in to online banking and select 'Open an Account'. Contact us to purchase any of our registered term deposit products.

 
 


​SHORT TERM OPTIONS


12-Month Cashable

Our 12-Month Cashable term deposit allows you to invest your money for a short period of time and still earn a decent interest rate.

Key features & benefits:

  • Fully cashable after the first 30 days so that you can access your money at any time for unexpected emergencies or other investment opportunities
  • $500 minimum deposit with no maximum limit
  • Available as a registered product so you can tax shelter the interest you earn
  • Automatic renewal
  • Interest is expressed as an annual rate and is paid at maturity 
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.†

 

 

 

LONG TERM OPTIONS


StepUp® 6Plus6  /  StepUp® 9Plus9  /  StepUp® 18Plus18 

StepUp® term deposits offer guaranteed growth with a two-tiered escalating interest rate.

Key features & benefits: 

  • Two-tiered interest rate with an increase halfway through the term
  • For terms of one year or longer, interest is paid annually and at maturity. Terms and conditions apply.
  • Fully cashable
  • $500 minimum deposit with no maximum limit
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia†


PRIMECONNECT® Term Deposit

Get the security of a guaranteed deposit with 3-year variable rate term linked to our prime rate. Meaning, the interest rate of this term deposit will automatically adjust if and when our prime rate changes.

Key features & benefits:

  • Low minimum deposit of $500 with no maximum limit. 
  • Term is fully or partially redeemable only at each anniversary date and at no other time (minimum redemption of $500).
  • If the term value after the partial withdrawal(s) becomes less than the minimum deposit amount of $500, the term will be closed out. 
  • Tax sheltered growth: TFSA, RRSP, RRIF and LIF eligible
  • Interest rate is expressed as an annual rate and is paid annually and at maturity. The PRIMECONNECT® interest rate is linked to the First West Credit Union prime rate. The interest rate is subject to change without notice. 
  • Should our Prime Rate change throughout the year, the annualized interest rate will be a weighted average of the rates.
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia†
  • This term deposit is different from traditional fixed-rate investments because it does not guarantee a return determined in advance. If you have any questions regarding redemption or whether this term deposit is suitable for you, please speak to your advisor or one of our representatives. 

Bank of Canada overnight / policy interest rate

Please visit the Bank of Canada website to view historical changes to the overnight rate. The overnight rate often directly influences changes to prime rate. 

 

 

StepUp® and PRIMECONNECT® are trademarks of First West Credit Union.

winwin® TERM DEPOSIT / GIC

Invest in the market with peace of mind. winwin® is a market-linked term deposit/GIC ideal for those seeking higher returns than a traditional term deposit without risking their principal investment in the stock market.

 

All of our market-linked term deposits offer:

  • Term lengths of 3 or 5 years
  • 100% principal guarantee – at minimum, your initial investment will be returned to you at the end of the term
  • Low $500 minimum deposit with no maximum limit
  • Guaranteed minimum return
  • RRSP/TFSA eligible
  • No commission or management fees
  • Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.†



Choose your market-linked GIC:


An investment linked to 8 equally weighted major Canadian financial & insurance institutions.

Investment linked to 20 international companies, carefully screened for demonstrated commitment to reducing the environmental impact of their operations. 

 

winwin® Financial Services and winwin EarthLink™ are trademarks of First West Credit Union.

Purchase Term Deposits Online

You can purchase 12-month non-registered cashable term deposits as well as all 1 to 5 year non-registered non-redeemable terms online. It's simple, just log in to online banking and select 'Open an Account'. Contact us to purchase any of our registered term deposit products.

 
List of rates for FEATURED TERM DEPOSIT RATES
FEATURED TERM DEPOSIT RATES Rate
3-year PRIMECONNECT® Redeemable Term Deposit
1.80
2-year Non-Redeemable Term Deposit
3.10
StepUp® 9Plus9 - first 9 months
0.40
StepUp® 9Plus9 - second 9 months
5.30
StepUp® 9Plus9 - average rate
2.85
 


Registered Term Deposit Rates

 

List of rates for Cashable Term Deposits (Registered)
Cashable Term Deposits (Registered) Rate
12-month cashable (redeemable after 30 days)
1.80
StepUp® 6Plus6 - first 6 months
0.40
StepUp® 6Plus6 - second 6 months
4.00
StepUp® 6Plus6 - average rate
2.20
StepUp® 9Plus9 - first 9 months
0.40
StepUp® 9Plus9 - second 9 months
5.30
StepUp® 9Plus9 - average rate
2.85
StepUp® 18Plus18 - first 18 months
0.40
StepUp® 18Plus18 - second 18 months
5.70
StepUp® 18Plus18 - average rate
3.05
 
List of rates for Short-term Non-Redeemable Term Deposits (Registered)
Short-term Non-Redeemable Term Deposits (Registered) Rate
30-59 days
0.25
60-89 days
0.30
90-119 days
0.35
120-179 days
0.40
180-269 days
1.00
270-364 days
1.75
 
List of rates for Long-term Non-Redeemable Term Deposits (Registered)
Long-term Non-Redeemable Term Deposits (Registered) Rate
1 year
2.75
2 year
3.10
3 year
3.15
4 year
3.20
5 year
3.30


​Non-Registered Term Deposit Rates

 

List of rates for Cashable Term Deposits (Non-Registered)
Cashable Term Deposits (Non-Registered) Rate
12-month cashable (redeemable after 30 days)
1.80
StepUp® 6Plus6 - first 6 months
0.40
StepUp® 6Plus6 - second 6 months
4.00
StepUp® 6Plus6 - average rate
2.20
StepUp® 9Plus9 - first 9 months
0.40
StepUp® 9Plus9 - second 9 months
5.30
StepUp® 9Plus9 - average rate
2.85
StepUp® 18Plus18 - first 18 months
0.40
StepUp® 18Plus18 - second 18 months
5.70
StepUp® 18Plus18 - second 18 months
3.05
 
List of rates for Redeemable Term Deposits (Registered/Non-Registered)
Redeemable Term Deposits (Registered/Non-Registered) Rate
3-year PRIMECONNECT®
1.80
 
List of rates for Short-Term Non-Redeemable Term Deposits (Non-Registered)
Short-Term Non-Redeemable Term Deposits (Non-Registered) Rate
30-59 days
0.25
60-89 days
0.30
90-119 days
0.35
120-179 days
0.40
180-269 days
1.00
270-364 days
1.75
 
List of rates for Long-Term Non-Redeemable Term Deposits (Non-Registered)
Long-Term Non-Redeemable Term Deposits (Non-Registered) Rate
1 year
2.75
2 year
3.10
3 year
3.15
4 year
3.20
5 year
3.30
 
market-linked term deposits (REGISTERED/NON-REGISTERED) rate
winwin EarthLink™  35.00%*
winwin® Financial Services  25.00%*


*Maximum potential cumulative 5-year rate. 

 
List of rates for Non-Redeemable US Term Deposits (Non-Registered)
Non-Redeemable US Term Deposits (Non-Registered) Rate
30-59 days
0.05
60-89 days
0.10
90-119 days
0.15
120-179 days
0.20
180-269 days
0.25
270-364 days
0.30

 

Term rates are subject to change without notice. Interest rates are per annum. Interest compounds annually. Terms and conditions apply.

winwin EarthLink™ terms and conditions / winwin® Financial Services terms and conditions

PRIMECONNECT® interest rate is per annum and is linked to the First West Credit Union prime rate.


†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.

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TAKE CHARGE OF YOUR FUTURE

Plug in to investments aligned with your values. 25.00%* 3-year maximum potential return with the winwin EarthLink™ GIC.