Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.
Best FHSA Rates in Canada: Savings & GIC Rates
Compare the best First Home Savings Account (FHSA) rates in Canada, including high-interest FHSA savings accounts, FHSA GICs, term deposits, and promotional FHSA rates.
Current FHSA Savings Rates as of August 29, 2026
Current FHSA GIC Rates as of August 29, 2026
Note: Rates are subject to change without notice. Promotional rates may only apply for a limited period, to new customers, or to new deposits. GIC rates may require funds to remain invested until maturity. Verify current rates and terms with the financial institution before opening an account.
- A First Home Savings Account (FHSA) is an account type, not a specific investment. Your FHSA can hold cash, GICs, stocks, and other eligible investments.
- FHSA savings account rates can change at any time, while fixed-rate FHSA GICs lock in your rate for a specific term.
- The highest advertised rate is not always the best option. Check whether it is promotional, whether your money is locked in, and what rate applies after a promotion ends.
- You can contribute up to $8,000 annually with an FHSA, with a $40,000 lifetime contribution limit. Unused participation room can be carried forward.
- Interest and investment growth inside an FHSA do not use up additional contribution room.
If you're saving for your first home, choosing a competitive First Home Savings Account (FHSA) rate can help your down payment grow while taking advantage of the FHSA's tax benefits.
The important question isn't simply "Which bank has the best FHSA?" It's also how soon you expect to buy a home and when you'll need access to the money.
Someone planning to purchase a home in six months may value a high-interest FHSA with easy access to their money. Someone saving for a purchase three years away may be able to earn more by locking part of their FHSA into an FHSA GIC.
What are the Highest FHSA Rates Available in Canada Today?
- The highest FHSA Savings Account Rate is 4.25%, offered by Innovation Federal Credit Union.
- The highest FHSA GIC Rate is 5.00% for a 1-Year term, offered by Pathwise FHSA.
Best FHSA Savings Rates in Canada
A high-interest FHSA works much like a regular high-interest savings account. Your money earns interest while remaining easy to access. This can make a savings-based FHSA attractive if you're getting close to buying a home and don't want your down payment exposed to stock-market fluctuations or locked into a long-term investment.
Unlike a fixed-rate GIC, however, an FHSA savings rate is variable. A financial institution can increase or decrease the rate at any time after you open the account.
Access Credit Union FHSA Variable
- Interest Rate: 2.30%
Only available in Manitoba.
Steinbach Credit Union FHSA Variable
- Interest Rate: 2.25%
Only available in Manitoba.
Wealthsimple Registered Savings FHSA
- Interest Rate: 2.25%
Innovation Federal Credit Union FHSA Savings Account
- Interest Rate: 4.25%
Affinity Credit Union FHSA Savings Account
- Interest Rate: 4.00%
Only available in Saskatchewan.
FirstOntario Credit Union FHSA Investment Savings Account
- Interest Rate: 3.20%
Only available in Ontario.
Public Service Credit Union FHSA
- Interest Rate: 2.75%
Desjardins FHSA Savings Account
- Interest Rate: 2.00%
Pathwise Credit Union FHSA High Interest Savings
- Interest Rate: 1.75%
Beem Credit Union High Interest Savings
- Interest Rate: 0.70%
Only available in British Columbia.
Meridian First Home Savings Account
- Interest Rate: 2.75%
Only available in Ontario.
Saven Financial FHSA High Interest Savings
- Interest Rate: 2.85%
BMO FHSA Cash Savings
- Interest Rate: 2.00%
CIBC Savings (FHSA)
- Interest Rate: 2.00%
Vancity FHSA Jumpstart High Interest Savings
- Interest Rate: 3.00%
Only available in British Columbia.
Hubert Daily Savings FHSA
- Interest Rate: 2.30%
Regular vs. Promotional FHSA Rates
Pay attention to whether the advertised FHSA rate is a regular rate or a promotional rate.
For example, an account advertising 5% for a few months may sound much better than an account paying 4% on an ongoing basis. But if the promotional account falls to 0.5% afterward, the ongoing 4% account could leave you with more interest over a full year.
Compare:
- the promotional rate;
- how long the promotion lasts;
- the regular rate afterward;
- whether it only applies to new deposits;
- balance requirements; and
- transfer or withdrawal restrictions.
For buyers who expect to keep their FHSA open for several years, the ongoing rate can matter more than the headline promotional rate.
Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.
Best FHSA GIC Rates in Canada
An FHSA GIC lets you lock in a guaranteed interest rate while keeping the investment inside your FHSA.
GICs can make sense when you know you won't need the money before the term expires. Fixed-rate GICs also remove one uncertainty: even if current savings rates on the market fall after you invest, your GIC continues earning its contracted rate until maturity.
The trade-off is flexibility. The highest-paying GICs are non-redeemable GICs, meaning you can't withdraw the money early simply because you found a home sooner than expected. Some financial institutions may allow early redemption in exceptional circumstances, but penalties can apply, such as forfeiting some or all of the interest earned.
Before buying an FHSA GIC, compare its maturity date with your realistic home-buying timeline.
Pathwise FHSA
- 1-Year FHSA GIC Rate: 5.00%
- 2-Year FHSA GIC Rate: 4.50%
- 3-Year FHSA GIC Rate: 4.20%
- 4-Year FHSA GIC Rate: 4.10%
- 5-Year FHSA GIC Rate: 4.00%
Only available in Ontario.
EQ Bank
- 1-Year FHSA GIC Rate: 3.40%
- 2-Year FHSA GIC Rate: 3.65%
- 3-Year FHSA GIC Rate: 3.80%
- 4-Year FHSA GIC Rate: 3.90%
- 5-Year FHSA GIC Rate: 4.00%
- 3-Month FHSA GIC Rate: 2.40%
- 6-Month FHSA GIC Rate: 2.75%
- 9-Month FHSA GIC Rate: 3.10%
WFCU
- 1-Year FHSA GIC Rate: 2.95%
- 2-Year FHSA GIC Rate: 2.95%
- 3-Year FHSA GIC Rate: 2.95%
- 4-Year FHSA GIC Rate: 3.05%
- 5-Year FHSA GIC Rate: 3.05%
- 3-Month FHSA GIC Rate: 0.25%
- 6-Month FHSA GIC Rate: 0.40%
- 9-Month FHSA GIC Rate: 0.40%
Only available in Ontario.
TD
- 1-Year FHSA GIC Rate: 2.70%
- 2-Year FHSA GIC Rate: 2.80%
- 3-Year FHSA GIC Rate: 2.85%
- 4-Year FHSA GIC Rate: 2.90%
- 5-Year FHSA GIC Rate: 3.10%
- 3-Month FHSA GIC Rate: 1.80%
- 6-Month FHSA GIC Rate: 2.05%
- 9-Month FHSA GIC Rate: 2.05%
- 1.5-Year FHSA GIC Rate: 3.35%
Outlook Financial
- 1-Year FHSA GIC Rate: 3.65%
- 2-Year FHSA GIC Rate: 3.70%
- 3-Year FHSA GIC Rate: 3.80%
- 4-Year FHSA GIC Rate: 3.85%
- 5-Year FHSA GIC Rate: 3.95%
Hubert
- 1-Year FHSA GIC Rate: 3.55%
- 2-Year FHSA GIC Rate: 3.80%
- 3-Year FHSA GIC Rate: 3.75%
- 4-Year FHSA GIC Rate: 3.80%
- 5-Year FHSA GIC Rate: 3.90%
Access Credit Union
- 1-Year FHSA GIC Rate: 3.55%
- 2-Year FHSA GIC Rate: 3.80%
- 3-Year FHSA GIC Rate: 3.70%
- 4-Year FHSA GIC Rate: 3.75%
- 5-Year FHSA GIC Rate: 3.85%
- 1.5-Year FHSA GIC Rate: 3.55%
Only available in Manitoba.
Meridian
- 1-Year FHSA GIC Rate: 3.10%
- 2-Year FHSA GIC Rate: 3.50%
- 3-Year FHSA GIC Rate: 3.70%
- 4-Year FHSA GIC Rate: 3.80%
- 5-Year FHSA GIC Rate: 4.00%
- 1.5-Year FHSA GIC Rate: 3.25%
First Ontario
- 1-Year FHSA GIC Rate: 3.00%
- 2-Year FHSA GIC Rate: 3.20%
- 3-Year FHSA GIC Rate: 3.35%
- 4-Year FHSA GIC Rate: 3.35%
- 5-Year FHSA GIC Rate: 3.50%
- 6-Month FHSA GIC Rate: 2.60%
- 9-Month FHSA GIC Rate: 2.75%
Only available in Ontario.
Vision Credit Union
- 1-Year FHSA GIC Rate: 3.50%
- 2-Year FHSA GIC Rate: 3.75%
- 3-Year FHSA GIC Rate: 3.75%
- 4-Year FHSA GIC Rate: 3.88%
- 5-Year FHSA GIC Rate: 4.06%
- 1.5-Year FHSA GIC Rate: 3.75%
Affinity Credit Union
- 1-Year FHSA GIC Rate: 2.50%
- 2-Year FHSA GIC Rate: 2.65%
- 3-Year FHSA GIC Rate: 2.80%
- 4-Year FHSA GIC Rate: 2.90%
- 5-Year FHSA GIC Rate: 3.00%
Only available in Saskatchewan.
FHSA GIC Example
Suppose you have $8,000 available for your FHSA.
At 2%, $8,000 would earn about $160 over one year.
At 4%, the same $8,000 would earn about $320.
That's roughly $160 more in one year simply from earning a rate two percentage points higher.
As your FHSA balance grows with future contributions, the difference between rates becomes more meaningful.
FHSA Promotional Rates
Financial institutions sometimes offer special FHSA rates to attract deposits. These can include:
- temporary high-interest savings rates;
- new-money offers;
- limited-time GIC specials;
- bonus rates for opening a new account; and
- special term deposits with step-up or escalating rates.
Promotions can be worthwhile, but don't compare the headline percentage alone.
A 5% rate available for three months isn't directly comparable to a guaranteed 4% one-year GIC. For short promotions, look at how much interest you'll actually earn during the promotional period and what happens afterward.
What is an FHSA?
A First Home Savings Account is a registered account designed to help eligible first-time home buyers save for a qualifying home.
It combines two important tax advantages:
- Contributions are deductible from taxable income, similar to an RRSP.
- Qualifying withdrawals to buy or build a first home are tax-free, similar to a TFSA.
Your FHSA can also earn interest or investment returns without those earnings reducing your contribution room.
For a complete explanation of eligibility, contributions, withdrawals and FHSA tax rules, see our First Home Savings Account guide.
FHSA Contribution Limits
Your FHSA participation room starts when you open your first FHSA.
The first-year FHSA participation room is $8,000, while the lifetime contribution limit is $40,000. You can carry forward up to $8,000 of unused FHSA participation room into a future year.
This makes opening an FHSA earlier potentially useful even if you aren't ready to contribute the full $8,000 immediately. FHSA room does not begin accumulating before your first FHSA is opened.
FHSA Savings Account vs. FHSA GIC
Both can be useful for a down payment, but they solve different problems.
| FHSA Savings Account | FHSA GIC | |
|---|---|---|
| Interest Rate | Variable | Fixed |
| Access to Money | Easy | May be locked until maturity for non-redeemable GICs |
| Best For | Buying soon or uncertain timing | Known purchase timeline |
| Market Risk | Very low for insured deposits | Very low for insured deposits |
| Rate Risk | Rate may fall | Rate remains locked |
| Early Withdrawal | Possible | Restricted for non-redeemable GICs |
When an FHSA Savings Account Can Make Sense
A high-interest FHSA can be attractive when:
- you're expecting to buy within the next year;
- you're actively looking for a home;
- your purchase date is uncertain;
- you don't want to risk having your down payment locked up; or
- you want to wait before committing to a longer-term investment.
When an FHSA GIC Can Make Sense
An FHSA GIC can be attractive when:
- you won't need the money before the maturity date;
- you want to guarantee your return;
- you believe savings rates could fall; or
- you're saving toward a home purchase several years away.
You don't necessarily have to choose one or the other. You can have multiple FHSAs, such as in cash and GICs.
Using an FHSA GIC Ladder
If you want higher GIC rates without locking your entire FHSA balance until one date, you can consider a GIC ladder.
For example, instead of placing your entire FHSA into a three-year GIC, you could divide it between shorter maturities, such as one-year, two-year, and three-year GICs.
As each GIC matures, you can decide whether to:
- keep the money available for a home purchase;
- reinvest it into another GIC; or
- move it into a liquid FHSA savings option.
This strategy can be useful when your expected home-buying date is still a few years away but could change.
The closer you get to buying, the more important liquidity becomes. A slightly lower rate may be worthwhile if it means your down payment is available when you find the right home.
How to Choose the Best FHSA
The best FHSA isn't necessarily the account with today's highest percentage.
Consider the following factors.
1. Interest Rate
Compare the ongoing rate rather than looking only at promotional offers.
Even relatively small differences can add up as your FHSA grows.
2. Your Home-Buying Timeline
Your expected purchase date should influence how much money you lock up.
If you're making offers on homes now, a five-year non-redeemable GIC probably isn't suitable just because it has the highest rate.
If buying a home is still several years away, locking in part of your savings may be more reasonable.
3. Promotional Rate Conditions
Check the fine print.
A promotion may only apply:
- for a few months;
- to new customers;
- to deposits made during a certain period;
- up to a maximum balance; or
- if you meet other account requirements.
4. GIC Liquidity
Check whether an FHSA GIC is non-redeemable, or if it's cashable or redeemable.
Non-redeemable GICs pay higher interest rates but can create problems if you decide to purchase a home earlier than expected.
5. Fees
Look for account administration, transfer and withdrawal fees.
This is particularly important if you may eventually transfer your FHSA to another financial institution offering better rates or investment options.
6. Minimum Investment
Some GICs have minimum purchase amounts.
That matters more for FHSAs than for some other investment accounts because the annual contribution limit can restrict how much cash you have available to invest.
7. Deposit Insurance
Eligible deposits held in an FHSA at a CDIC member institution are insured separately for up to $100,000, including principal and interest.
Credit unions may instead be covered by a provincial deposit insurer, with protection varying by province.
Are FHSA Savings Accounts and GICs Safe?
Cash deposits and GICs are among the lower-risk ways to hold an FHSA.
At a CDIC member institution, eligible FHSA deposits receive their own deposit-insurance category with coverage of up to $100,000, including principal and interest.
This coverage is separate from eligible deposits you may hold in other CDIC categories at the same institution.
For credit unions, deposit protection depends on the applicable provincial deposit insurer.
Deposit insurance protects eligible deposits if the financial institution fails. It does not protect stocks, ETFs, mutual funds or other market investments from losing value.
Can I Hold Investments Other Than Savings and GICs in an FHSA?
Yes. An FHSA can hold eligible investments such as stocks, ETFs, mutual funds, bonds and GICs.
Whether that makes sense depends largely on when you expect to buy a home.
Money needed in the near future is more sensitive to market losses. A significant stock market decline shortly before your closing date could reduce the amount available for your down payment.
Someone with a much longer timeline may be more comfortable accepting investment risk in exchange for potentially higher returns.
FHSA vs. TFSA for a Home Down Payment
A TFSA and FHSA can both provide tax-free investment growth, but the FHSA has an additional advantage for eligible first-time home buyers: contributions are generally tax-deductible.
The TFSA, however, is more flexible. TFSA withdrawals can generally be used for any purpose, while an FHSA must meet the CRA's qualifying-withdrawal requirements for a home purchase to be withdrawn tax-free.
For eligible first-time home buyers, it makes sense to consider available FHSA room before using additional TFSA savings for the same goal.
Can I Use an FHSA and the Home Buyers' Plan Together?
Yes.
You can make a qualifying withdrawal from your FHSA and also withdraw money from an RRSP through the Home Buyers' Plan for the same qualifying home, provided you meet the requirements of each program.
Unlike the Home Buyers' Plan, a qualifying FHSA withdrawal does not have to be repaid to the account.
What Happens If I Don't Buy a Home?
Opening an FHSA doesn't mean you are forced to buy a home.
Generally, your maximum FHSA participation period ends on December 31 of the year in which the earliest of these occurs:
- the 15th anniversary of opening your first FHSA;
- the year you turn 71; or
- the year following your first qualifying FHSA withdrawal.
If you don't use the FHSA to purchase a qualifying home, you can generally transfer eligible FHSA property directly into an RRSP or RRIF on a tax-deferred basis.
A direct eligible transfer from an FHSA to your RRSP does not use up your existing RRSP deduction room.
How to Open an FHSA
Opening an FHSA is usually similar to opening another registered savings or investment account.
Before applying, confirm that you're eligible. Generally, you must be a resident of Canada, meet the applicable age requirements and meet the CRA's first-time home buyer definition.
Then:
- Compare FHSA rates, fees, investment options and availability.
- Decide whether you want a savings FHSA, GICs, investments, or a combination.
- Open the FHSA with your chosen financial institution.
- Make a contribution or transfer eligible funds into the account.
- Keep track of your available FHSA participation room.
You can have more than one FHSA, but opening multiple accounts does not multiply your contribution room.
Be careful not to overcontribute. Excess FHSA amounts are subject to a 1% monthly tax while the excess remains in the account.
Is It Worth Switching FHSAs for a Better Rate?
Potentially, but compare the benefit with the cost and inconvenience of transferring.
Suppose another provider pays 0.50 percentage points more and your FHSA contains $20,000. That difference is worth about $100 in interest over one year, assuming rates and the balance remain unchanged.
If your current provider charges a $150 transfer-out fee, switching solely for the higher rate may not make financial sense unless the new institution reimburses the fee or the rate advantage lasts long enough.
For a larger rate difference or a larger FHSA balance, switching can become more worthwhile.
Always arrange registered account transfers correctly. Withdrawing the money personally and then redepositing it is not necessarily equivalent to completing a direct FHSA transfer and could have tax or contribution room consequences.
The Bottom Line
The best FHSA rate depends on more than the highest number in the table.
A high-interest FHSA can be a strong option when you want your down payment safe and accessible. An FHSA GIC can offer a higher or more predictable return when you know you won't need the money before maturity. Promotional offers can be worthwhile too, but compare the rate you'll earn after the promotion ends.
Most importantly, match your FHSA to your home-buying timeline.
Earning a slightly higher rate isn't helpful if your down payment is locked in when you find the home you want to buy.
Frequently Asked Questions
What is the best FHSA rate in Canada?
The best FHSA savings and GIC rates change frequently as institutions adjust their offers. See the comparison tables above for today's highest FHSA savings account and FHSA GIC rates.
Is FHSA interest taxable?
Interest earned inside an FHSA is not included in your taxable income while it remains in the account. Qualifying FHSA withdrawals used to buy or build a qualifying first home are also tax-free.
Can I buy a GIC in my FHSA?
Yes, provided your FHSA provider offers GICs as an investment option.
Should I put my FHSA in a savings account or GIC?
It depends on when you expect to buy. A savings account generally offers more flexibility, while a fixed-rate GIC can provide a guaranteed return in exchange for locking your money away for a set term. If you're close to buying, access to the money may be more important than getting the absolute highest rate.
Can I have more than one FHSA?
Yes, but your contribution limits apply across all of your FHSAs combined. Opening additional accounts does not give you additional FHSA contribution room.
How much can I contribute to an FHSA?
Your FHSA participation room is $8,000 in the year you open your first FHSA. The lifetime contribution limit is $40,000, and unused participation room can be carried forward subject to CRA limits.
Does FHSA contribution room start automatically when I turn 18?
No. FHSA participation room begins when you open your first FHSA. This is different from TFSA contribution room, making the timing of opening an FHSA more important.
Are FHSA deposits CDIC insured?
Eligible FHSA deposits at a CDIC member institution are insured in a separate FHSA category for up to $100,000, including principal and interest. Provincially regulated credit unions have coverage through their province’s deposit insurer instead.
Can I transfer my FHSA to another bank?
Generally, yes. FHSA property can be directly transferred between your FHSAs, subject to the required transfer process. A direct transfer is different from withdrawing the funds yourself and recontributing them, so follow the financial institution's registered-account transfer process.
Can I use both my FHSA and RRSP Home Buyers' Plan?
Yes. You can use a qualifying FHSA withdrawal and the RRSP Home Buyers' Plan toward the same qualifying home if you meet both programs' requirements.
What happens to my FHSA if I never buy a house?
You can transfer the balance directly into an RRSP or RRIF.
Are promotional FHSA rates worth it?
They can be, particularly if the promotional period is long or you intend to move or use the money soon afterward. Compare the total interest earned over the period you expect to keep the account rather than choosing based only on the advertised headline rate.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.