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TERM DEPOSITS / GICs

 

Benefits of investing in term deposits

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

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Safe and secure

Your principal investment is 100% guaranteed.

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Cashability

Choose between having flexible access to your money, or locking it for a set period of time.

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Flexibility

Choose how long to invest your money for with terms ranging from 30 days to 5 years.

Featured term deposit rates

List of rates for FEATURED TERM DEPOSIT RATES
FEATURED TERM DEPOSIT RATES

Rates Effective: 2024-05-28

Rate
180-269 day Non-Redeemable Term Deposit/GIC
4.50
1-Year Non-Redeemable Term Deposit/GIC
4.95
3-year PRIMECONNECT® Redeemable Term Deposit/GIC
5.50
 
 


Consider this before investing in a term deposit

Term deposits are guaranteed secure investments with very little risk. You set the amount, we set the interest rate and we both decide when you get to cash out your term.

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

Access to money. Understanding whether your term deposit is a redeemable, non-redeemable or a fully cashable term deposit is essential based on your goals. Because of their flexibility, redeemable term deposits will tend to have lower interest rates than non-redeemable term deposits.


Term length. Align the term deposit length to your financial goal timelines by choosing between short term (30 days to 1 year) or long term (1 to 5 years) options. Short-term deposits will tend to have lower interest rates than longer terms.


Rate type. You have more choice than just the fixed rate return. Choose a prime-linked term deposit, where the interest rate changes along with the prime rate. Or choose a market-linked term and get a guaranteed minimum return with the potential to earn higher returns based on the stock-market.


Explore our term deposits

12-Month cashable


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

  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

  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

StepUp®


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

  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

  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

Non-redeemable


Competitive interest rates and flexibility in term lengths.


  • Non-redeemable
  • Available as short terms (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

  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

  Might not be right for you if:

  • you need access to your money before your term matures

U.S. Dollar Non-redeemable


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

PRIMECONNECT®


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

winwin® Market-linked


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:


How to open your term deposit/GIC

You can open most non-registered or TFSA accounts in online banking and the mobile app — just log in and select the right account for you. If you would like to open your new account with an advisor, call us at 1-888-597-8083 or visit a branch.

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Already a Member?

Log in to online banking now or open in the mobile app.

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Become a member

Once you're a member, you can open your term deposit/GIC in online banking or the app in a matter of minutes.

Not sure which investment is right for you?

We can help. Visit a branch or call us at 1-888-597-8083, and let's find the right solution together.


FAQs

A term deposit is a cash investment with a guaranteed return and generally offered at a fixed interest rate over a set period of time, called the term. You’ll also encounter the term Guaranteed Investment Certificates (GICs), which are basically the same thing as term deposits.

Term deposits a very flexible type of investment. There are many term lengths and interest rate options to choose from. You can lock your money in to earn a higher interest rate or choose a cashable term that lets you access your money before the term ends. They are predictable and in general require little monitoring. No matter what is happening in the markets, your GIC investment will earn interest. The amount depends on the term deposit product you choose.

Understanding whether your term deposit is a redeemable, non-redeemable or a fully cashable term deposit is essential based on your goals. If you’re parking your rainy-day fund in term deposits, you'll want them to be liquid (readily available), so you can access your money in case of an emergency. If you're using them to save for a purchase you know is five years away, you can keep your money working for you by locking it in to a longer term deposit with a higher rate. To get a better idea of how a term deposit can help you reach your savings goals, meet with one of our financial experts.


Learn more about GICs (term deposits)

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.
 

®  Registered trademark of First West Credit Union.

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%
7.25%

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 on an annualized interest rate of 7.25% on the entire $100,000 closing balance for the next 3 months. For the remaining 6 months the term deposit will calculate interest on the combined principal and interest paid on an annualized interest of 7.25%.
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.

TAKE CHARGE OF YOUR FUTURE

Plug in to investments aligned with your values. Earn a 3.00%* guaranteed annual rate with the winwin EarthLink™ GIC.