Frequently Asked Questions

Your Member Application will only be saved after your personal information has been verified successfully. Login to online banking to pick up where you left off. If you do not get to the personal information verification step in the application process, you will need to restart your application from the beginning.

Linking to an account you have at another Canadian financial institution is one option to move money with Saven. Saven has partnered with an innovative Canadian technology company, Flinks to give our members a fast, seamless and secure way to connect with other banks to pull the account information (route, transit and account number) needed to transfer money.

Saven walks you through this setup in a few simple steps. It's so easy! After you are a member of Saven there are additional online banking options for moving money in and out of your Saven accounts.

You have a few options to move money in and out of your Saven Financial accounts:

1. 1) For High Interest Savings Accounts, send or request an Interac e-Transfer^®


2. 2) Create a link directly between your High Interest Savings Account and your TFSA Investment Savings Account with an account at another Canadian financial institution


3. 3) Directly transfer in funds from your TFSA at another financial institution into your Saven Financial TFSA*


4. 4) Move money from your High Interest Savings Account to a non-registered GIC or from your TFSA Investment Savings Account to a TFSA GIC. If the maturity instructions are to payout on maturity, the funds will be deposited into your High Interest Savings Account or TFSA Investment Savings Account (based on what product you have).

*If you transfer funds from your Saven Financial TFSA to a TFSA at another financial institution, a $100 transfer fee will apply. If you transfer an existing TFSA to Saven Financial, fees from your other financial institution may apply.

You can purchase a non-registered GIC when you apply for your Saven Financial membership and anytime you log in to online banking. To buy a TFSA GIC, you first need to open a TFSA Investment Savings Account.

Yes, Saven holds funds based on industry standards and best practices. Holds are placed on accounts to protect our members and Saven against possible losses and service charges.

All money transfers coming in and going out of Saven member accounts are held for up to seven business days. The amount held will earn interest at the applicable rate but is not available for withdrawal.

Processed transfers will appear in your account history or statement within five business days.

Saven does not offer cheques, debits cards, ATMs and bill payments. Saven is currently focused on meeting the needs of savers.

Yes, you can get your monthly eStatement by downloading and printing it through online and mobile banking. Saven does not mail paper statements to our members.

Tax slips are issued for the combined amount of interest you earned from all of your Saven accounts and GICs. If you earn over $50.00 in interest in any taxation year, you will automatically receive an electronic T5 slip the following January in online banking. You can print it at any time.

The money in your account continues to be yours and earns interest even if you don’t use it.

Log into your Saven account and select “My Profile” located in the navigation menu. From here, you’ll have the option to update your personal contact information, including your home address, phone numbers and email address.

Yes! When you open a Saven account, you have the option to give it a nickname. If you want to update or change the nickname, log into your Saven account and select “My Profile” located in the navigation menu. Under the “Settings” tab, you’ll find the option to nickname your Saven accounts.

Log in to Saven Financial and select the specific GIC or TFSA GIC from My Accounts. Once selected, the account details will be displayed. Click on Update GIC and make your changes.

Log in to Saven Financial and select Open an Account from the navigation menu. Select the additional product you want from the list provided.

Log in to Saven Financial and select Move Money from the navigation menu.

To create a transfer between your High Interest Savings Account or TFSA Investment Savings Account and an account at another financial institution, select Transfer Between My Accounts and follow the steps.

To transfer funds from a TFSA at another financial institution into your Saven Financial TFSA, select Transfer my existing TFSA to Saven Financial and follow the steps.

It may take up to five business days to transfer funds between a non-registered Saven Financial account and other financial institutions. It could take up to four weeks for direct transfers between a Saven Financial TFSA and a TFSA at another financial institution. Transfers will not appear in your account history or statement until they have been processed.

1. 1. Log in to online banking and navigate to Move Money and then Manage transfers between accounts.


2. 2. Under Scheduled transfers, locate the transfer you’d like to cancel and click the garbage can icon.


3. 3. Click Yes to Are you sure you want to remove this transfer? and your transfer will be cancelled.

Transfers cannot be cancelled within three days of their scheduled date, or after 9 p.m. EST for same-day transfers. These can be viewed in Pending transfers.

To cancel a direct transfer of a TFSA from another financial institution to your Saven Financial TFSA, contact our Saven Service Centre at 1-877-98SAVEN (987-2836).

Yes. The limit is $25,000.00 when depositing a cheque using our Cheque Deposit Service in Saven's mobile app.

The Saven app is required in order for a member to log in to their account and approve transactions. Without it, they will not be able to access their accounts. Having the app is a secure way for members to authenticate themselves and prevent others from accessing their account details. You can download the mobile app from the App Store or Google Play.

At Saven, your high interest savings account is also your transactional account. Through your high interest savings account, you transfer money to and from Saven.

Saven Financial currently offers High Interest Savings Accounts, Guaranteed Investment Certificates (GICs), a Tax-Free Savings Account (TFSA) and TFSA GICs. These have some of the best rates in Canada. GICs and TFSA GICs are available in terms of one to five years, are non-redeemable and require a minimum investment of $1,000.

Saven Financial offers a TFSA Investments Savings Account and TFSA GICs.

Saven savings accounts and GICs are currently offered in Canadian dollars only. We will consider adding products based on the feedback and demand from our members.

No. Saven is currently focused on meeting the needs of savers. We will consider adding products based on the feedback and demand from our members.

No. Saven currently offers only single-name, personal accounts.

No. Saven currently offers only single-name, personal accounts.

Because we keep our costs low, we consistently offer super-competitive rates on our products. You can find out our current rates right here.

Interest calculation begins when funds are deposited into your Saven Financial account. Interest on High Interest Savings Accounts and TFSA Investment Savings Accounts is calculated on your daily closing balance and paid on the last day of every month. Interest on non-registered GICs and TFSA GICs is paid annually or compounded annually and paid at maturity.

Saven is able to offer higher-than-average, super-competitive interest rates because everyone is served in the same manner – quickly, professionally and courteously. We don’t negotiate our rates or price match others. We simply pass along our operational savings to you in the form of our market-leading rates.

Saven Financial has no monthly fees. The only time you’ll see any service fees will be if your account doesn’t have sufficient funds to complete transactions that you’ve initiated, or if you transfer a registered product from Saven Financial to another financial institution.

Saven Financial’s Guaranteed Investment Certificates (GICs) and Tax-Free Savings Account (TFSA) GICs are non-redeemable, which means you are unable to cash-out a GIC or TFSA GIC early. You must wait until your term ends to redeem your money. However, we give two business days from opening a GIC or TFSA GIC account to change or cancel that GIC.

Saven is an online financial platform offering smart savers consistently competitive savings and GIC rates with simple, easy-to-use digital technology.

Saven is a division of FirstOntario Credit Union. FirstOntario is one of the largest credit unions in Ontario and has been serving members since 1939. Saven members are shareholders of FirstOntario and that comes with benefits of ownership including an annual dividend payment.

Visit the FirstOntario website for more info.

No, Saven is an online financial platform. Our products and services are all offered to you directly online and on mobile devices with competitively high rates and no fees!

Yes! Reach us by calling 1-877-98SAVEN (987-2836). Our Saven Service Centre team is standing by between 7am and 8pm, Monday to Friday and from 8am to 5pm on Saturday (statutory holidays excepted). We’d love to hear from you!

Saven is a division of FirstOntario Credit Union and Saven members are shareholders of the credit union. As a member you have a say in the direction of FirstOntario. This means you can run to be on our Board of Directors and you can vote for your Board of Directors. You’re also eligible to receive an annual dividend. If you ever decided to stop being a Saven member, all your membership shares and any acquired dividends are paid back to you.

A special membership share account will automatically be opened for you when you become a Saven member. Because Saven is a division of FirstOntario Credit Union, your initial $25 investment will be held in FirstOntario along with all subsequent dividend payments. You can view your membership share account any time by logging into your Saven account.

If you live in Ontario, are at least 18 years old, agree to our terms and conditions and invest $25 in a membership share to become a Saven member, then you’re in!

We hope you will never want to close your Saven Membership, but if you do, call our Saven Service Centre at 1-877-98SAVEN (987-2836).

If you choose to close your Saven Financial membership or your account(s), you can rejoin anytime by re-applying for membership. In order to keep your membership active, you must have a High Interest Savings Account.

Saven Financial requires members to have a smartphone in order to successfully log in and approve transactions using the Saven mobile app.

No. We only use your credit bureau file to verify your identity and there is no impact to your credit score. This is considered a “soft hit”.

Absolutely! Saven is a division of FirstOntario Credit Union and is powered by the strength of one of the largest credit unions in the province. Eligible deposits (not in registered accounts) with Ontario Credit Unions are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA). Learn more by visiting fsrao.ca.

To open your Saven account, we’ll ask for your name, address, date of birth, occupation and Social Insurance Number (for income tax reporting purposes). Government regulations require us to ask you for this information.

Saven takes your privacy very seriously. By law, we are required to verify and record information that identifies each person who opens a Saven account. We will not share personal information except where required by law. See our privacy policy for more information.

Saven makes information and account security a top priority. Your account and personal information are maintained under the strictest of controls. Only you have access to your accounts and access is protected by multi-factor authentication. Learn more about our online security features as well as tips on online safety.

Multi-factor authentication provides advanced security and validates identity through a variety of verification factors, instead of simply requiring a username and password to login to accounts.

Saven stores route, transit and account numbers to enable you to easily transfer funds between your Saven account and your other bank account(s). This type of information is stored and used by all financial institutions to process transactions. Saven members can link to multiple bank accounts to move money to their Saven accounts.

Saven does not store or save usernames and passwords entered to access any external bank accounts.

Saven makes information and account security a top priority. That’s why we take many precautions to protect our online banking services. Our online platform provides the best security available; your personal and financial information is encrypted while in transit between your computer and our servers.

Saven leads the industry, using intelligence driven (AI) authentication and risk-based multi-factor authentication for a higher degree of protection against fraud, as well as other security monitoring solutions that meet or exceed the requirements of Canada’s Personal Information Protection and Electronic Documents Act.

Biometrics must be enabled on your smartphone in order to bank online with Saven Financial. If you need help with this, click on the applicable tutorial for your device. Please note that each device has different instructions.

iPhone

Samsung Android

Google Android

Huawei Android