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Soak Up the Summer Savings by Opening a New High-Interest Savings Account!


Make this summer a season of smart saving! Open a new High-Interest Savings Account, or deposit funds in an RRSP, TFSA, or FHSA, and earn 5.55%* interest over the next four months.

Whether you’re saving for a rainy day, a dream vacation, or your future home, our high-interest savings account is designed to help you reach your financial goals faster.

Why Open a New High-Interest Savings Account This Summer?

Exceptional Interest Rate

Short-Term Commitment

Easy Access to Funds

View More Rates

Get This Rate!

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High Interest Savings Account Inquiry
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Designed for your life stage and situation

Benefit from a series of investment vehicles designed to support your family’s future that are registered with the government and enjoy tax-deferral or tax-sheltered status.

Registered Retirement Savings Plan (RRSP)

An RRSP is an investment in your future, with benefits you can enjoy today. When you contribute to an RRSP, you take advantage of substantial tax savings and enjoy peace of mind in knowing that at WFCU, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Plus, your RRSP contributions are completely tax-sheltered as long as they remain in your RRSP.

Everyone with ‘earned income’ subject to Canadian tax may contribute to an RRSP. Each year, you can contribute your maximum personal contribution limit prior to the RRSP deadline. To find out what this amount is, review the ‘Notice of Assessment’ that you received from the Canada Revenue Agency from your previous year’s tax return. This will also include any unused RRSP contribution limit from past years.

Contributions made during the first 60 days of the year may be deducted for the current or the immediately preceding taxation year. Let us show you why it makes good sense to make regular RRSP contributions throughout the year!

Maximize your unused RRSP contributions.

Carry unused RRSP contributions forward

If you haven’t always taken advantage of your annual RRSP contribution room since 1991, you can carry forward any unused portion indefinitely.

Take advantage of our RRSP Loan

To maximize your RRSP contribution and to take advantage of any allowable unused contributions, we offer the Maximum RRSP Loan.

Compare your registered investment options

Fixed-Term GICHigh-Interest Savings AccountMutual Fund
Our highest interest rateVariable rate of interestProfessionally managed
Guaranteed principal and interestImmediate accessPotential for diversification
One-month to five-year termsNo minimum investmentInvest in the family of Ethical Funds®
-RRSP by payroll-
Easy to manageAllows you to begin now!Choose a goal-aligned fund
Guaranteed returnAll funds reinvested into our communityRedeemable at any time
All funds reinvested into our community--
One month to five yearsShort-termShort-term or long-term
$500No minimum$50 or $50 per month
At maturityCan be re-invested into a fixed-term RRSP after achieving a $500 balanceRedeemable anytime (fees may apply)
Current Investment Rates

First Home Savings Account (FHSA)

Saving for a down payment on your first home is no small feat, and in our current economic landscape, prospective home buyers need to be savvy and take advantage of opportunities to maximize their savings goals.

The First Home Savings Account (FHSA) is the newest registered plan allowing Canadians to save for their first home tax-free (up to certain limits). Similar to a Registered Retirement Savings Plan (RRSP), every dollar you contribute to your FHSA reduces your taxable income for the year. Unlike an RRSP however, when you withdraw funds from your FHSA to purchase a qualifying home, you do not need to pay them back to avoid penalties.

The FHSA is a great investment tool for new home buyers with annual contributions capped at $8,000 and a lifetime contribution limit of $40,000. For added flexibility, you can carry forward a maximum of $8,000 unused contribution room to the following year.

Each spouse or common-law partner can open an individual FHSA and both can use their accounts towards the purchase of the same home. Together, they have a combined annual contribution limit of $16,000 ($8,000 per person) and a lifetime limit of $80,000 ($40,000 per person). However, they are not allowed to contribute to each other’s FHSAs.

Other things to know about the FHSA:

  • It is eligible to Canadian residents aged 18-71 who have a valid Social Insurance Number (SIN) and are considered a first-time home buyer.
  • Applicants cannot own or jointly own a qualifying home (nor can their spouse or common-law partner) being used as their principal residence in the calendar year before the account is opened or the preceding four years.
  • Applicants must not have withdrawn funds from their RRSP under the Home Buyers’ Plan (HBP) or must have repaid any HBP withdrawals to their RRSP before the year they plan to open an FHSA.
  • Parents/guardians and grandparents can contribute to their child’s/grandchild’s FHSA but only the FHSA holder is eligible for tax deductions.
  • When a qualifying withdrawal is made, the amount withdrawn is not taxable. For a withdrawal to qualify, the applicant must intend to occupy the qualifying home as their principal place of residence within one year after buying or building it.

Withholding tax schedule of rates:

$0 – $5,000
$5,001 – $15,000
  • Your FHSA can remain open for a maximum of 15 years or until the end of the year you turn 71.
  • Any unused FHSA contributions can be transferred, without being taxed, to another registered account, such as your RRSP or RRIF.
  • Your FHSA can hold a variety of qualified investments, including cash, GICs, and mutual funds.
  • At WFCU, eligible deposits in your FHSA are fully insured.

Tax deduction

The account holder is eligible to claim a deduction for their FHSA contributions.

Contributions to an FHSA function similarly to RRSP contributions. They can be claimed as a tax deduction either in the year they are made or carried forward to be deducted in a future year.

The FHSA contribution period runs from January 1 to December 31. Unlike RRSPs, contributions made within the first 60 days of the year cannot be deducted for the previous tax year.

Transfers from an RRSP to an FHSA are not deductible. Contributions made after a qualifying withdrawal cannot be deducted at any time.

Talk to Us About an FHSACurrent Investment Rates

Variable FHSAs

  • No minimum investment required
  • Use regularly scheduled automatic transfers to build your FHSA investments
  • Interest is calculated on the minimum daily balance and paid quarterly
  • Can be invested into a fixed-term FHSA after reaching a $500 balance

Fixed FHSAs

  • Minimum investment of $500
  • Select from terms of one month up to five years
  • Competitive interest rates offered
  • Interest is compounded annually back to the FHSA


FHSA elsewhere?
Switch to WFCU and we will refund up to $75 of any transfer-out fee

Tax-Free Savings Account (TFSA)

couple going for a run outside

With a TFSA, your investments can flourish without being burdened by taxes. You can contribute up to your yearly limit, and the income you earn within the account is entirely tax-free. Additionally, there is no limit on the number of years of unused contribution room that can be carried forward.

Whether you’re saving for short-term goals or long-term dreams, the flexibility of a TFSA allows you to access your funds when you need them, and your contribution room continues to grow year after year. Our Avanti Investment Services team is here to assist you in maximizing your TFSA, to ensure it aligns with your unique financial goals and aspirations.

Talk to Us About a TFSACurrent Investment Rates

Registered Education Savings Plan (RESP)

students walking up to college

A RESP is a government-approved plan for the purpose of providing post-secondary education funding for a beneficiary. A great vehicle to save for your child’s education, income earned under the plan is not taxed until it’s withdrawn. As an additional benefit, the federal government will contribute 20% on the first $2,500 of annual RESP contributions, up to a maximum of $500 per year. This represents a potential lifetime contribution of $7,200 in grant funds through the Canada Education Savings Grant (CESG). Other provincial grants are also available to support your child’s education. A RESP can hold a variety of qualified investments, including cash, GICs, and mutual funds.

Visit Youth and Student Accounts to learn about other financial products available to our student members.

Talk to Us About an RESPCurrent Investment Rates

Registered Disability Savings Plan (RDSP)*

An RDSP is a savings plan designed to help parents and other caregivers save for the long-term financial security of a person who is eligible for the disability tax credit (DTC). Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59, up to a lifetime contribution limit of $200,000. Contributions that are withdrawn are not included as income to the beneficiary when paid out of an RDSP.

*Available through Avanti Investment Services, in partnership with Aviso Financial Inc.

Talk to Us About an RDSP

Registered Retirement Income Fund (RRIF)

A RRIF is designed to provide an income stream during retirement. Funded through the plan holder’s RRSP deposits, it can be purchased any time prior to the end of the year the member turns 71. Interest accumulates tax free in a RRIF deposit until the funds are paid out.

Moreover, a RRIF provides retirees with the flexibility to tailor their income stream to their unique retirement lifestyle. The plan holder has the discretion to choose the frequency and amount of withdrawals, allowing for a personalized approach to financial management.

Talk to Us About a RRIF

Life Income Fund (LIF)

Designed to provide income during retirement, a LIF is a savings plan available to members who contributed to a workplace pension plan and have now reached retirement age. Locked-in plans must be administered according to the member’s individual plan/jurisdiction, and unlike an RRSP, these funds can only be used for retirement income.

Unlike a Registered retirement savings plan this money can be used only for retirement income.

Talk to Us About a LIF

Mutual funds are offered through Aviso Wealth, a division of Aviso Financial Inc.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing.  Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.  Using borrowed money to finance the purchase of securities involves greater risk than purchasing using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. *The High-Interest Savings Account Offer (“Offer”) is available between July 8 to September 9, 2024 on Eligible Savings Accounts. The Offer is subject to change and may be withdrawn without notice at any time. The Offer cannot be combined with any other promotional offers. Standard and additional terms and conditions apply.
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