Rates subject to change without notice.

First Home Savings Account (FHSA)

Available for new customers and existing personal members who meet the following requirements:

• Must be Canadian residents with a Social Insurance Number (SIN) who are at least age 18 (and no less than the age of majority in their province) and under age 71.
• Applicant and/or spouse or common-law partner must not have owned a home where they lived in the current calendar year or at any time in the preceding four calendar years..
• Newcomers, permanent residents, and certain temporary residents who meet the residency requirements for income tax purposes can open an FHSA. Typically, temporary residents, including work permit holders and international students, must reside in Canada for at least 183 days in a tax year to qualify as Canadian residents.
• Must be an Innovation member with a No-Fee Bank Account.

Additional FHSA details:

• There are no monthly FHSA account fees. 
• Interest is calculated daily and paid at month end. 
• Interest rates are as per rate sheet. 
• Funds are redeemable
• There is no minimum deposit balance required.
• The maximum balance is $40,000.00 (i.e. maximum allowable contribution).  Over contribution penalties apply.
• Pre-authorized transfers can be set up at any frequency and amount.
• There are no redemption/withdrawal fees; Deposits, withdrawals, transfers always permitted without penalty
• The default statement cycle is monthly.  No-charge e-statement available (requires email address and online/mobile banking access).