FirstOntario Investment Savings Account

The FirstOntario Investment Savings Account is a true savings account. It is not designed for everyday transactions. It is an account designed for Members holding larger balances. It's the perfect account to save for a car or your first home.

FirstOntario Investment Savings Account is now IMPROVED and still has a number of great features including:

• Interest based on the daily closing balance, paid monthly. Now, the improved Investment Savings Account will calculate your interest on the daily closing balance instead of the previous minimum monthly interest calculation. 
• No minimum balance required to earn a great interest rate

• 1 Free debit per month (with any balance)

 

FirstOntario Investment Savings is meant to separate savings from everyday banking. It is meant for saving and/or investing. It is not meant for frequent use.

FirstOntario Investment Savings Account vs. a Term Deposit

Do you sometimes wonder whether you should put your money in a term deposit or a savings account? Here is a brief comparison between the two products.

FirstOntario Investment Savings Account	Term Deposit
Funds accessible at any time. This is great if you are not sure when you will need the money.	With non-cashable terms, funds must be held until maturity. This is great if you prefer "out of sight, out of mind" for your savings. With cashable terms, the interest rate is generally lower.
Withdraw just the amount of funds you need, as you need them.	Generally, the full amount of funds are unavailable until maturity date.
Better interest rate than term deposit.	Good interest rate.
Ability to access funds via branch, ATM, Internet and Telephone banking.	With non-cashable terms, funds must be held until maturity.
Fully insured.*	Fully insured.*

*coverage up to $100,000 under DICO.

 

Full Details and Pricing

Click here for current interest rates.

Pricing Effective October 1, 2007

*Interest is paid monthly at the rates per annum.

FirstOntario Investment Savings
Interest Paid	Daily closing balance, paid monthly
Interest Tiers	One interest rate; paid right from the first penny
Cheques	No cheques No cheque return
Debit POS (Point of Sale), Direct Debit, ATM or In-Branch Withdrawal, Bill Payment, Internet & Telephone Debits and Pre-Authorized Payments	1 FREE per month, then $5.00 per item after
In-branch Bill Payment Handling Fee	$1.25
ATM - FirstOntario Credit Union	FREE (plus $5.00 debit charge)
Interac ATM charges	$1.45 (plus $5.00 debit charge)
ATM - Outside Canada	$3.00 (plus $5.00 debit charge)
Monthly Account Fee	No Fee
Record Keeping	Statement only