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 several 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 Saven Financial accounts with an account at another Canadian financial institution.


3. 3) Directly transfer funds from your account at another financial institution into a corresponding account at Saven Financial.


4. 4) Move money from your High Interest Savings Account to a non-registered GIC, or from your registered Investment Savings Account to the corresponding registered GIC. If the maturity instructions are to pay out on maturity, the funds will be deposited into the corresponding account type.

*If you transfer funds from your Saven Financial registered account to a corresponding registered account at another financial institution, a $100 transfer fee will apply. If you transfer an existing registered account at another financial institution to Saven Financial, fees from your other financial institution may apply. Saven Financial does not refund any transfer fees that might be incurred from other financial institutions when transferring your registered accounts into Saven Financial.

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 registered GIC, you first need to open a registered 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 one business day.

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.

T5 tax slips are issued for the combined amount of interest you earned from all unregistered Saven accounts. If you earn over $50.00 in interest in any tax year, you will automatically receive an electronic T5 tax slip by the end of January.

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 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.

It may take up to two 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 registered accounts at Saven Financial (TFSA, FHSA, RRSP, RRIF) and the corresponding registered account at another financial institution. Transfers will not appear in your account history or statement until 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 trash icon.


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

Transfers must be cancelled before 9 p.m EST on the transfer date.

To cancel a direct transfer of a TFSA, FHSA, RRSP or RRIF from another financial institution to the corresponding registered account at Saven Financial, 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.

Tax slips will not be mailed to you; instead, they will be available for download as PDF files. You can access your tax slips according to the schedule below. To download your tax slips, please sign into your Saven Financial account and go to your account on the Home page. Click the account to access your account overview. From there, you can choose the documents tab followed by the tax slips tab.

• • T5 Tax Slips - Last week of January


• • RRSP Contribution Receipt (2024) – Last week of January


• • RRSP Contribution Receipt (first 60 days of 2025) – Last week of March


• • T4RSP – Last week of January


• • T4FHSA – Last week of January


• • T4RIF – Last week of January

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 offers a variety of savings products to help you reach your financial goals:

• • High Interest Savings Accounts: Available as unregistered savings accounts, TFSA, FHSA, RRSP, and RRIFs, these accounts offer competitive interest rates and no minimum deposit requirements.


• • Guaranteed Investment Certificates (GICs): Available for all account types (unregistered, TFSA, FHSA, RRSP and RRIF), our GICs offer guaranteed returns with terms ranging from one to five years. They require a minimum investment of $1,000 and are non-redeemable.

Our products feature some of the best rates in Canada to help you maximize your savings and achieve your financial goals. Whether you’re saving for a new home, planning for retirement, or simply growing your wealth, Saven Financial has the right solution for you.

Yes, Saven Financial offers a range of registered products to help you maximize your savings and benefit from tax advantages:

• • Tax-Free Savings Account (TFSA) : Grow your savings tax-free with our high interest savings accounts and GICs.


• • First Home Savings Account (FHSA) : Save for your first home with tax-deductible contributions and tax-free growth on our high interest savings accounts and GICs.


• • Registered Retirement Savings Plan (RRSP): Save for retirement with tax-deductible contributions and tax-free growth on our high interest savings accounts and GICs.


• • Registered Retirement Income Fund (RRIF): Manage your retirement income with our high interest savings accounts and GICs, offering a steady stream of income with tax-efficient withdrawals.

These registered products provide unique tax benefits and features to help you achieve your specific financial goals, whether it’s buying your first home, saving for retirement, or managing your retirement income.

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 is calculated on all deposited funds in your Saven Financial accounts from the day of deposit. For High Interest Savings Accounts (HISA), TFSA Investment Savings Accounts, First Home Savings Account (FHSA), Registered Retirement Savings Plan(RRSP) Accounts and Registered Retirement Income Funds(RRIF) Accounts, interest is calculated on the daily closing balance and paid monthly on the last day of the month. For all GICs, interest 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) are non-redeemable, which means you are unable to cash-out a GIC early. You must wait until your term ends to redeem your money. However, we give two business days from opening a GIC to change or cancel that GIC.

We have answers to the most frequently asked questions about the First Home Savings Account. Learn more at SavenSmarts.

The First Home Savings Account (FHSA) is an innovative saving solution launched by the Federal government in 2023, aimed at aiding qualifying first-time homebuyers. Saven Financial is proud to offer the FHSA as part of our product suite, providing our members with a tax-advantaged way to save for their first home. Contributions to an FHSA are tax-deductible, and the income earned within the account, as well as withdrawals for qualifying home purchases, are non-taxable. This account allows prospective homeowners to grow their down payment faster, with a lifetime contribution limit of $40,000.

If you have a spouse or common-law partner, their age can affect your Registered Retirement Income Fund (RRIF) minimum payments. Here's how:

• • Younger Partner: Choosing to base your RRIF payments on your younger partner's date of birth will result in lower minimum withdrawals each year. This means your RRIF savings can potentially last longer, but you'll also pay less tax each year due to the smaller withdrawals.


• • Older Partner: If your partner is older, basing your RRIF payments on their date of birth will lead to higher minimum withdrawals. This means your RRIF savings may be depleted sooner, but you'll benefit from larger tax deductions each year due to the higher withdrawals.

Saven Financial will proactively contact you in the year you turn 71 to initiate the conversion of your RRSP in to a RRIF. If you prefer to convert your RRSP sooner, please don’t hesitate to contact us.

Yes, you can easily convert your Saven Financial RRSP to a RRIF directly within your online account. Simply sign in to your account and navigate to Account Settings. You'll find the RRSP to RRIF Conversion option there.

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 are a Canadian resident (excluding Quebec), 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 Financial is a division of FirstOntario Credit Union and is powered by the strength of one of the largest credit unions in the province. With Ontario Credit Unions, eligible deposits not in registered accounts are insured up to $250,000 and unlimited for insurable deposits, including FHSAs, held in registered accounts through the Financial Services Regulatory Authority (FSRA). Learn more.

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