Skip to main content

Saven Financial launches First Home Savings Account (FHSA)

Man unpacking boxes and checking phone in new home .

Saven Financial launches new First Home Savings Account (FHSA) to help members save and achieve their home ownership goals

Hamilton, ON, November 27, 2023 – The First Home Savings Account (FHSA), a new registered plan introduced by the federal government designed to help qualifying first-time home buyers save for a down payment towards purchasing a home – on a tax-free basis – is now available to Saven Financial members.

“We know saving for the purchase of a first home is a financial challenge, an important priority for our members and is becoming more and more challenging for younger generations. The FHSA is designed to help make the most of each member’s contributions, grow their savings tax free and help them get started on a life long journey of financial planning and financial preparedness,” said Mark Perkins, Chief Operating Officer, FirstOntario Credit Union.

Key features include:

  • Top-tier interest rates: members get the most out of their savings with competitive interest rates.

  • Fee-free savings: Saven’s FHSA is free of monthly charges.

  • On-the-go account management: members can access and manage their account anytime, from anywhere with Saven’s friendly digital platform.

Contributions to an FHSA are tax-deductible, while savings growth and withdrawals towards a qualifying home purchase are tax-free. Details on how members can save up to $40,000 toward their first home can be found at:

For more information, please contact:

Stacey Marshall, Manager, Communications and Public Relations

FirstOntario Credit Union


About Saven Financial, a division of FirstOntario Credit Union
Saven means saving. It’s that simple. Everything we do is to help people grow their savings for the future while building their local communities, too. That's why our online platform is both easy and convenient to use, and our members always benefit from our competitive rates and have a voice in our support for community causes. As a division of FirstOntario Credit Union, Saven Financial is powered by the strength of one of the largest credit unions in the province. By maximizing opportunities for returns and using profits for a higher purpose, we take care of our members and local communities. To learn more about Saven Financial, visit and follow us on Facebook, Twitter, Instagram and LinkedIn.

Stay ahead with SavenSmarts!