Frequently Asked Questions

Everything you want to know. In one spot.

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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.

There are three ways for Saven members to move money into their accounts: (1) by Interac e-Transfer®, (2) using our secure innovative platform to link to an account you have at another Canadian financial institution to set-up transfers and pre-authorized payments and (3) with our Cheque Deposit Service in Saven's mobile app.

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.

To fund your Saven account, you can request an Interac e-Transfer® from an account you have at another Canadian financial institution or create a link directly between your Saven account and an account you have at another Canadian financial institution. You can also deposit a cheque using Saven's mobile app.

To move money out of your Saven account to an account at another Canadian financial institution, members can choose to use Interac e-Transfer® or create a link directly between their Saven account and the account where they want the money deposited.

You will have an opportunity to buy a GIC when you first apply to be a Saven member. Once your membership has been opened, you can buy a GIC anytime log into your Saven 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. We offer some of the best rates in Canada. To keep our costs down and pass these savings on to you, we offer free Interac e-Transfers® and pre-authorized payments to pay bills and move money in and out of your Saven account.

Yes, you can set up regular automatic deposits to your Saven account. These can be timed to coincide with your payroll deposit or any other regular deposit. To get assistance in setting up a direct deposit, call our Saven Service Centre at 1-877-98SAVEN (987-2836).

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 password.

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 into your Saven account and select your specific GIC account from ‘My Accounts’. Once selected, the account details will be displayed. Look for the tab labelled “GIC Maturity Instructions”. Click on this tab and make your changes.

Log into your Saven account and select “Invest Now” located in the navigation menu. Select the additional product you want from the list provided.

Log into your Saven account and select “Move Money” located in the navigation menu. Select ‘Transfer Between My Accounts; and follow the step-by-step instructions to create your transfer.

It may take up to five business days to transfer funds between Saven and other financial institutions. A transfer will not appear in your account history or statement until it has been processed.

Yes, you can set up regular automatic deposits to your Saven account. These can be timed to coincide with your payroll deposit or any other regular deposit. To get assistance in setting up a direct deposit call our Saven Service Centre at 1-877-98SAVEN (987-2836).

Scheduled transfers begin processing three days prior to the scheduled date. Transfers for same day pre-authorized payments will begin processing immediately. When processing begins, the transfer is removed from the scheduled transfer list and will appear in the account history or statement once the transfer is complete. This processing typically takes about five business days. If your transfer does not appear after five business days of the scheduled date, please contact the Saven Service Centre.

To cancel a transfer, log into online banking, navigate to “Move Money”, then “Manage transfers between accounts”. Under the “scheduled transfers” tab, locate the transfer you’d like to cancel and click on the garbage can icon. Press 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.

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

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 currently offers a High Interest Savings Account and Guaranteed Investment Certificates (GICs). These have some of the best rates in Canada. GICs are available in terms of 1 to 5 years, and are non-redeemable.

For now, Saven products are all non-registered. We will consider adding products based on the feedback and demand from our members.

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 savings account and GICs. You can find out our current rates right here.

Interest calculation begins when funds are deposited in your Saven account. Interest on GICs is paid annually or compounded annually and paid at maturity. Interest on the Saven High Interest Savings Account is calculated on your daily closing balance and paid on the last day of every month.

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 has no monthly fees and all transactions are free of charge. 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.

Saven’s guaranteed investment certificates (GICs) are non-redeemable, which means you are unable to cash-out a GIC early. You must wait until your GIC term ends to redeem your money. However, we do give our members two business days from opening a 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! And we’d love to hear from you. You can reach us online through our Live Chat or on the phone by calling 1-877-98SAVEN (987-2836). Our Saven Service Centre is standing by between 8am and 8pm, Monday to Friday, and from 8am to 5pm on Saturday.

Yes! You’ll find our mobile app on the Apple App Store and Google Play.

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.

Saven’s online membership opening system will require anyone who wants to join Saven to provide $25 for a member share, including FirstOntario Members. Because Saven is a divison of FirstOnario Credit Union and each Member can only have one $25 share in their credit union, Saven will refund the $25 to FirstOntario Members.

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).

To remain a member of Saven, you must not close your membership or your High Interest Savings Account. If you choose to close either, you can rejoin Saven at a later date, by re-applying for membership.


You are able to close any GIC account at maturity and still remain a Saven member.

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. FirstOntario is a member of the Financial Services Regulatory Authority of Ontario (FSRA), an agency that regulates the province’s credit unions and protects member deposits. Your eligible combined deposits held with Saven and FirstOntario are insured by the Financial Services Regulatory Authority of Ontario to a maximum of $250,000.

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 a password that you choose. Our employees do not have access to your password. Learn more about our online security features as well as tips on online safety.

Two-factor authentication provides an extra layer of protection for your accounts by using two different methods to verify your identity. When Saven needs additional information to confirm you are who you say you are, members using the mobile app will get a push notification to ‘swipe’ and members without the app will receive an SMS text with a one-time verification code.

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.


The account linking service that Saven offers to our members is based on industry standard security protocols that are PCI-DSS and SOC2 compliant, using HTTPS 256-bit encryptions for communications and AES-256 hardware encryption for storage.


We also use intelligence driven (AI) authentication for a higher degree of protection against fraud, as well as other security monitoring solutions that meets or even exceeds the requirements of Canada’s Personal Information Protection and Electronic Documents Act.

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It only takes a few minutes to enjoy great interest rates, no monthly fees and start Saven for your future!