Saven Financial Top FHSA rate
Canada-wide except Quebec ($25 membership share)
2.85% everyday
Banking · First-home savings
Best FHSA savings account rates in Canada
Everyday A First Home Savings Account (FHSA) is a registered account for first-time home buyers. Contributions are tax-deductible like an RRSP, and qualifying withdrawals to buy a first home are tax-free like a TFSA. An FHSA savings account is simply a deposit savings account held inside that shelter. savings rates from 7 Canadian banks and credit unions, ranked on the rate you actually keep. The FHSA is the best-of-both account — deduct like an RRSP, withdraw tax-free like a TFSA. We spell out the registered-rate trap and flag every province restriction. No issuer pays for a higher spot.
2.85% Top everyday rate · Saven Financial
$8,000 2026 annual limit ($40,000 lifetime)
Rates as of June 9, 2026
Compare FHSA savings accounts
Meridian Unlimited coverage
Ontario credit union — membership required
2.75% everyday
Hubert Financial
Open to Canadian residents
2.30% everyday
Steinbach Credit Union
Manitoba credit union — membership required
2.25% everyday
Outlook Financial
Open Canada-wide (confirm Quebec eligibility)
1.80% everyday
EQ Bank
Not available in Quebec
1.50% everyday
Wealthsimple
1.25% everyday
Ranked high→low on the everyday FHSA rate. Wealthsimple is tiered — we rank on its base (Core) rate; the top Generation tier pays more. Several issuers restrict eligibility by province or require membership — check the geo note on each row. Compiled by hand and stamped June 9, 2026. How we build this table.
Watch the registered-rate trap
The rate you see advertised for a savings account is usually the non-registered one, and many comparison tables repeat it under an "FHSA" heading by mistake. The registered rate can be very different. The clearest case: EQ Bank pays up to 2.75% on its regular account but only 1.50% on the FHSA — contribute expecting 2.75% and you'd earn far less. It cuts the other way too: Meridian's FHSA pays 2.75% versus just 0.85% on its non-registered HISA. Always confirm the issuer's FHSA rate specifically. Every rate in the table above is the FHSA rate, not the headline one.
How to choose
Reading an FHSA savings rate properly
An FHSA savings rate has three traps the headline hides: it may differ from the non-registered rate, it may be a short promo, and the account may need membership or be closed to your province. Check all three.An FHSA savings rate looks like a single number, but three things behind it decide whether it's actually the right place to build your down payment.
- The registered rate, not the headline. Confirm the issuer's FHSA rate specifically — EQ Bank pays less inside the FHSA than on its everyday account, while Meridian pays far more. Aggregators routinely mislabel it. The table above already shows the FHSA number.
- Everyday rate, not the promo. A handful of issuers float short FHSA intro/teaser rates that revert to a low everyday number — Scotiabank and TD's headline "FHSA" promos in particular sit on top of near-zero ongoing rates. A promo can suit a short, deliberate move, but the everyday rate is what compounds toward your down payment.
- Eligibility and membership. The top rates often come with a catch: Saven and Meridian are Ontario-only, Steinbach is a Manitoba credit union that requires membership, and EQ Bank's FHSA isn't available in Quebec. A rate you can't open isn't a rate. Each row flags the restriction.
- Mind the closure deadline. An FHSA must be closed by the end of the year you turn 71, or 15 years after opening — whichever comes first. That makes a savings account fine for a near-term purchase, but a poor place to leave cash for a decade. Unused balances can roll to an RRSP or RRIF tax-free.
Cash now, or invest for a few years out?
An FHSA savings account is ideal when you're buying soon. For a purchase several years out, the growth that builds a down payment usually comes from investing the FHSA, not holding cash.Here's the honest framing: an FHSA savings account is great for a purchase you're making soon — within a year or two — because you get the tax deduction now and your down payment can't fall in value right before closing. But if your purchase is several years out, cash at 1.5–2.85% will badly trail what a diversified FHSA portfolio targets. In that case the smart move is to open the FHSA to capture the deduction and start the contribution-room clock, stage cash here while you decide, then invest inside the same FHSA — in a GIC or low-cost ETFs — for the years of growth. Match the account to your timeline: savings for soon, investments for later.
FHSA savings terms, decoded
The fine print on an FHSA — the double tax break, contribution room and carry-forward, the closure deadline, and the insurance category.- Deduct now, withdraw tax-free
- FHSA contributions are tax-deductible like an RRSP, and qualifying first-home withdrawals are completely tax-free like a TFSA — contributions and growth both. It's the only account that does both.
- Contribution room & carry-forward
- The limit is $8,000/year, $40,000 lifetime. Carry-forward is capped at $8,000, so the max in any one year is $16,000 — and room only starts accruing once you open an FHSA.
- The 15-year / age-71 deadline
- An FHSA must close by 15 years after opening or the year you turn 71. Unused funds roll to an RRSP/RRIF tax-free (no RRSP room used) or come out as taxable income.
- Its own insurance category
- CDIC insures a registered account separately from your non-registered deposits at the same bank — so an FHSA savings balance gets its own $100,000 of coverage. See our CDIC guide.
Frequently asked questions
Short answers to what FHSA savers ask most — the best rate, the registered-rate trap, how the FHSA is taxed, 2026 room, who can open one, safety, and cash vs investing.What is the best FHSA savings account rate in Canada right now?
As of June 9, 2026, the highest everyday FHSA savings rate we track is 2.85% from Saven Financial. We rank on the everyday rate you keep, not a temporary promo. Credit unions consistently top the table — but several carry a province restriction (Meridian is Ontario-only; Saven and some Manitoba credit unions exclude Quebec). Always confirm the live rate and your eligibility on the issuer's site.
Why is a bank’s FHSA rate sometimes LOWER than its regular savings rate?
It's the most common trap in registered savings, and it's real. Some issuers post a different, lower rate on the registered (FHSA) version than on their everyday non-registered account. EQ Bank is the clearest example: its FHSA pays 1.50% while its non-registered Personal Account pays up to 2.75%. Meridian goes the other way — its FHSA (2.75%) far beats its 0.85% non-registered HISA. Aggregator "FHSA rate" tables often show the wrong number. Before you contribute, check the issuer's FHSA rate specifically — which is exactly the number this table shows.
What is an FHSA and how is it taxed?
The First Home Savings Account (FHSA) combines the best of an RRSP and a TFSA for first-time buyers. Contributions are tax-deductible (like an RRSP — they lower your taxable income), and qualifying withdrawals to buy a first home are completely tax-free (like a TFSA — both your contributions and the growth come out untaxed). You can hold an FHSA for up to 15 years, or until the end of the year you turn 71, whichever comes first. If you don't buy a home, the balance can roll into your RRSP or RRIF with no tax and without using RRSP room.
How much can I contribute to an FHSA in 2026?
The FHSA annual limit is $8,000, with a $40,000 lifetime cap. Unused room carries forward, but only up to $8,000 of carry-forward can be added in a single year — so the most you can contribute in any year is $16,000 ($8,000 current + $8,000 carried). Carry-forward only starts accumulating after you open your first FHSA, so opening one early — even with a small deposit — starts the clock. Confirm your room in CRA My Account.
Who can open an FHSA?
To open an FHSA you must be a Canadian resident, age 18 or older (and under 72), with a valid SIN, and a first-time home buyer — meaning you (or your spouse/common-law partner) did not own a home you lived in during the current year or the previous four calendar years. Eligibility is checked when you open the account. The top rates on this page come from credit unions, some of which require membership and restrict by province — check the geo note on each row.
Is my money safe in an FHSA savings account?
Yes — the same deposit insurance that protects any savings account protects these. Bank FHSAs (EQ Bank, Wealthsimple's cash option) are covered by CDIC up to $100,000, and a registered account is its own insured category, separate from your non-registered deposits at the same bank. Credit-union FHSAs (Saven, Meridian, Hubert, Steinbach, Outlook) use provincial insurance — unlimited in Manitoba, and unlimited on registered money in Ontario. See our CDIC guide.
Should I hold cash savings in an FHSA, or invest it?
It depends on your timeline. If you're buying within a year or two, a high-rate FHSA savings account is sensible — you get the tax deduction now and your down payment can't fall in value. If your purchase is several years out, the growth that builds a down payment usually comes from investing the FHSA (ETFs, GICs) rather than holding cash at 1.5–2.85%. Many savers open the FHSA, capture the deduction, and stage cash here while deciding — then invest inside the same FHSA. Watch the 15-year / age-71 closure deadline: leaving cash too long risks a forced close with little growth.
This page is for educational purposes only and is not financial advice. FHSA savings rates, fees, contribution limits and deposit-insurance limits vary by institution and change frequently; rates shown are everyday posted FHSA rates compiled by hand and last checked June 9, 2026, and promotional rates are time-limited. The FHSA has eligibility requirements (first-time buyer, resident, 18–71) and a 15-year/age-71 closure deadline; some accounts are restricted by province of residence or require credit-union membership. CDIC coverage applies only to eligible deposits at member institutions, and provincial credit-union coverage differs by province. Confirm current rates, your contribution room, and your eligibility before opening an account. See our methodology for how we choose products, keep rates current, and make money.