FHSA – Savings Account

Get this product - FHSA Savings Account

Enjoy a rate of 4.50% until March 13, 2025.

Promotional rate

  • Rate of 2.75%+ bonus of 1.75% on new deposits1
  • Account type: registered savings account
  • Fees: none
  • Deposit insurance: up to $100,000 per person per caisse
  • Savings growth in the account is not taxed and withdrawals are not taxed if used to purchase a qualifying first home and certain conditions are met

Features

This savings account, designed specifically for first home savings account (FHSA) registered plans, lets you save tax-free to buy your first home. It offers security and flexibility since you can save money and easily access it.

To open an FHSA – Savings Account, you must first register for an FHSA issued and administered by Desjardins Trust. You also need a Desjardins everyday account.

Transactions

Deposits, withdrawals, transfers permitted at all times.

However, if a withdrawal doesn't meet certain eligibility criteria, you'll have to pay taxes on that amount and you'll lose that contribution room. Ineligible withdrawals could reduce government benefits and credits that are based on income.

Overcontributions are subject to a tax of 1% per month.

Automatic transfers

Make automatic transfers into your account. You decide how much and how often (minimum of $25 per transfer).

Interest

Paid monthly and non-taxable.

See current rates.

Account statement

Monthly statement of account included in the everyday account statement you receive by mail or online.

Learn more about account statements.

Other

Eligible for potential member dividends.
Learn more about member dividends.

Calculate

How much will your investment be worth at maturity?

  1. Rate subject to change without notice. Certain conditions apply.
  2. A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in a housing unit located in Canada, also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
  3. To make a non-taxable withdrawal from your FHSA, you must meet the conditions described in form RC725 Request to Make a Qualifying Withdrawal from your FHSA - This link opens in a new tab..

The rates are subject to change without notice.

1. Bonus terms and conditions (“Bonus”)

  • A Bonus is offered by Desjardins to members of a Desjardins caisse in Quebec and of Desjardins Ontario Credit Union in Ontario.
  • A Bonus is offered from January 9 to March 13, 2025 (“Bonus Period”).
  • Desjardins may modify at any time a Bonus during the Bonus Period and change the terms and conditions. Desjardins may terminate the Bonus Period at any time.
  • A Bonus applies to eligible deposits made during the Bonus Period to the following type of accounts:
    • Savings Account
    • TFSA – Savings Account
    • RRSP – Savings Account
    • FHSA – Savings Account
  • The Bonus is added to the current interest rate posted on each eligible account. The rate is fixed annually and interest is calculated daily. Interest is paid out at the end of every month. The Bonus is paid out, once per type of account, into the eligible account at the end of each month and on the day after the promotion ends.
  • Eligible deposits must meet all the terms and conditions specified below:
    • Must be made to an eligible account during the Bonus Period.
    • The total eligible deposits cannot exceed a million dollars ($1,000,000.00).
    • For deposits made to an eligible account that is already active during the Bonus Period, the balance as at January 9, 2025, at 12:00 a.m. will be used to calculate the Bonus. Any amount exceeding the balance at this time will be considered an eligible deposit, subject to the conditions set out herein.
    • For deposits made to an eligible account opened during the Bonus Period, the balance used to calculate the Bonus is set at zero (0). Any amount exceeding the initial balance is considered an eligible deposit, subject to the conditions set out herein.
    • Cannot come from another account in the same category. Account transfers made from an account from the same category are not considered eligible deposits.
  • The Bonus cannot be combined with any other promotion or bonus rate.
  • In the event of a discrepancy between these conditions and the content of any document, brochure or promotional material about the Bonus, the conditions herein shall prevail.
  • Desjardins reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke an account holder's eligibility for the Bonus at any time if it believes that the account holder manipulated or abused the integrity of the process to receive a Bonus.

All deposits made to a TFSA – Savings Account are subject to the contribution limits set by the Canada Revenue Agency (CRA). Members are fully responsible for ensuring that they respect their contribution limits.