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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: 2024-02-06

Rate
1-Year Non-Redeemable Registered Term Deposit/GIC
5.00
2-year Non-Redeemable Registered Term Deposit/GIC
4.75
3-year PRIMECONNECT® Redeemable Term Deposit/GIC
5.70
 
 


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
  • Interest is expressed as an annual rate and is paid at maturity. View rate.
  • $500 minimum investment, with no maximum limit
  • Renews automatically


  Right for you if you prefer a low-risk short-term investment with the principal and interest rate guaranteed.

StepUp®


Guaranteed growth with an escalating rate.


  • Fully cashable at any time
  • 12, 18 and 36 months terms
  • Available as registered or non-registered
  • Two-tiered rate with an increase halfway through the term. View rates.
  • For terms of one year or longer, interest is paid annually and at maturity. Terms and conditions apply.
  • $500 minimum investment, with no maximum limit


  Right for you if you plan to keep your money invested for the full term to maximize interest earned.

Non-redeemable


Competitive interest rates and flexibility in term lengths.


  • Non-redeemable
  • Terms from 30 days to 5 years
  • Available as registered or non-registered
  • 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. View rates.
  • $500 minimum investment, with no maximum limit


  Right for you if you want a predictable return on your investment and don't need access to your money for the entire duration of your term.

 

U.S. Dollar Non-redeemable


Earn interest on your U.S. Dollar funds at a guaranteed rate.


  • Non-redeemable
  • Terms up to 364 days
  • Non-registered only
  • Interest rate is expressed as an annual rate, is paid at maturity and calculated in US dollars. View rates.
  • $500 minimum investment, with no maximum limit

  Right for you if you want to make short-term investments in U.S. dollars.

Visit us in branch or contact one of our advisors to open this term deposit.

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 term
  • Available as registered or non-registered
  • The rate of interest on the PRIMECONNECT® term deposit is calculated based on a fixed spread or fixed discount from the First West Prime Rate. Interest is paid annually and at maturity. Terms and conditions apply. View rate.
  • This term deposit is different from traditional fixed-rate investments because it does not guarantee a return determined in advance.
  • $500 minimum investment, with no maximum limit

  Right for you if you want to access your funds on the term anniversary.

Visit us in branch or contact one of our advisors to open this term deposit.

winwin® Market-linked


Invest in the market with peace of mind.


  • Non-redeemable
  • 3 or 5 year terms
  • Available as registered or non-registered
  • No commission or management fees
  • 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.
  • $500 minimum investment, with no maximum limit

  Right for you if you want the potential of higher returns than a traditional term deposit without risking your principal investment in the stock market.


How to open your term deposit/GIC

You can purchase most non-registered term deposits in online banking — just log in and select the right account for you. Call us at 1-888-597-8083 or visit a branch, to open any of our registered term deposits.

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Log in to online banking now to open a non-registered term deposit.

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

Not sure which GIC 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.
 

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

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

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.