It’s no longer news that many credit unions in Canada compete favourably with the big banks in service delivery and outstanding financial products. One of such is British Columbia’s third-largest credit union, First West Credit Union. It boasts over 250 thousand members and a strong assets base, providing personal and business banking to its members and communities.

First West Credit Union offers daily banking products and other financial services, including savings and chequing accounts, loans, insurance, investments, debt financing, and more. While it serves British Columbia residents from its various branch locations, Canadians in other regions can also take advantage of its banking solutions via online and mobile platforms.

Perhaps you wonder how First West Credit Union is different from other Canadian credit unions and Canada’s big banks. Here’s a review of its platform and its services.

About First West Credit Union

First West Credit Union is a member-owned cooperative credit union based in British Columbia. First West is B.C.’s largest credit union with more than 250,000 member-owners and over CAD 15.5 billion assets under management.

First West was established in 2010 through the merger of some notable credit unions and financial service providers in the province – Envision Financial, Island Savings, Enderby and District Financial, and Valley First.

Through these four brands, First West caters to the needs of its members across B.C. There are over 50 operational branches across the province, where First West offers its members the financial support and grassroots service they crave.

While First West Credit Union was established in 2010, its origin dates back to 1946. The company operates in more than 45 business locations under its four divisions.

First West Credit Union Brands and Divisions

First West Credit Union provides daily banking products and other financial services and custom-tailored solutions to its members. The company provides these services through its four divisions:

Envision Financial

Envision Financial is a cooperative financial service in B.C. Envision Financial is a First West Credit Union division, providing exclusive banking solutions to its members, businesses, and communities. These services include credit cards, mortgages, loans, deposits, and more. Envision financial serves the residents and members of the organization in the Lower Mainland, Fraser Valley, and Kitimat.

Valley First 

Valley First, a division of First West Credit Union, provides banking and financial services to members of the credit union in Okanagan, Similkameen, and Thompson Valley regions. Valley First and other divisions of First West caters exclusively to the needs of First West Credit Union members, their business and the communities of their respective operations.

Island Savings

Island Savings is a division of First West Credit Union and is responsible for servicing Vancouver Islands and the Southern Gulf Islands.

Enderby and District Financial

Enderby and District Financial is another division of First West Credit Union. The company is responsible for servicing customers and members located in the North Okanagan communities.

First West Credit Union Products and Services

First West Credit Union offers exclusive banking products and financial services to its members at competitive interest rates and custom-tailored solutions. It provides day-to-day banking products, including a deposit account, mortgages, loans, wealth management services, credit cards, insurance, and more.

First West offers both personal and business banking. Besides, the company specializes in providing support to agric-based businesses, self-employed, and non-profit organizations.

First West Credit Union Personal Banking Accounts

1.      Simply Free Account

• No monthly fees
• Free and unlimited debit card transactions, including withdrawals, bill payments, and more
• Free Interac eTransfers within Canada
• Free access to surcharge-free ATMs across Canada

2.      U.S. Dollar Chequing Account

• No monthly fees
• The account comes with two free debit transactions, including withdrawals
• Free and unlimited electronic transfers
• Account funds are held in U.S. dollars

3.      Home Sweet Bonus Account

• The minimum monthly contribution is $100
• The contribution has no repayment
• $1000 bonus for down payments

4.      Savings First Account

• No monthly fees
• The account comes with two free transactions, including in-branch withdrawals and transfers
• Access to THE EXCHANGE and ACCULINK free ATM withdrawals

5.      High-Interest Savings Account (HISA)

• Zero monthly fee
• Account earns competitive daily interest on account balance
• It comes with one free monthly transaction, including in-branch withdrawals and transfers
• Interac online and direct payments

First West Credit Union Personal Credit Cards

First West Credit Union offers MasterCard-licensed credit cards to its members. Each credit card comes with MasterCard benefits, rewards, and unique perks. 

They include:

1.      First West Cash Back MasterCard

• No annual fee
• Earn 2 points for every $1 spent on gas purchases
• Earn 1 point for every $1 spent on entertainment
• Earn 0.5 points for every $1 spent on all other purchases
• Redeem rewards for merchandise, gift cards, cash, travels, or charity
• The annual interest rate on purchases: 19.99%

2.      First West Centra Gold MasterCard

• Annual fee: $50.00
• Earn 1 point per $1 spent on everyday purchases
• Redeem rewards points for merchandise, travels, gift cards, cash, or charity
• The annual interest rate on purchases: 11.99%

3.      First West Classics MasterCard

• Zero annual fee
• MasterCard benefits including purchase protection and zero liability fraud protection
• The annual interest rate on purchases: 12.99%

4.      First West Travel Rewards Gold MasterCard

• Annual fee: $99.00
• Earn 1 point per $1 spent on eligible purchases
• Redeem rewards points for merchandise, travels, gift cards, cash, or charity
• The annual interest rate on purchases: 19.99%

5.      First West U.S. Dollar MasterCard

• Annual fee: 50 USD
• Earn 1 point for every $2USD spent on eligible purchases
• Redeem rewards points for merchandise, travels, gift cards, cash, or charity
• The annual interest rate on purchases: 19.99%

6.      First West World MasterCard

• Annual fee: $120.00
• Earn 3 points for every $1 spent on grocery purchases
• Earn 2 points for every $1 spent on dining and entertainment
• Earn 1 point for every $1 spent on all other purchases
• Redeem rewards points for merchandise, travels, gift cards, cash, or charity
• The annual interest rate on purchases: 20.99%

First West Personal Borrowing Solutions

First West Credit Union offers Secured and Unsecured loans at competitive interest rates to meet the financial needs of its members. These are:

• Personal Loans of $5000 to $5,000,000 and 1 – 5 years loan term
• Line of Credit (LOC) of $5000 minimum amount
• Overdraft Protection of $5000 maximum amount

First West Personal Mortgages

• Fixed-Rate Mortgage
• Variable Rate Mortgage
• Construction Mortgage

Personal mortgage solutions from First West Credit Union are designed for all kinds of homeowners – First-time homebuyers, second home purchase, mortgage renewal or switching. It comes in a flexible option of Fixed or Variable mortgage rates and Open or Closed mortgage terms. They include:

Open Mortgage Rates

Mortgage	Rates
6 month fixed rate	6.30%
1 year fixed rate	6.30%
Variable Rate	2.65%

First West Credit Union Investment Solutions

Through its four divisions, First West Credit Union offers investment solutions to its members. These include investment products and services. And wealth management tips from investment professionals. Members can also invest in the following investment products:

• Guaranteed term deposits/GICs – redeemable, non-redeemable, and market-linked
• Registered plans including Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), Registered Education Savings Plan (RESP), Registered Retirement Income Fund (RRIF), etc.
• Mutual Funds

First West Credit Union insurance

First West Credit Union also offers personal insurance services to its members. These include Life Insurance, Health Insurance, and Credit Protection.

First West Credit Union Business Banking Accounts

1.      Unlimited Chequing for Business Account

• Monthly fee: $30
• Account has unlimited business transactions, including deposits, online payments, branch withdrawals, Interac direct payments, cheque clearing, etc.
• Overdraft protection

2.      BizSimple Low Fee Chequing Account

• Monthly fee: $6.00
• Free and unlimited business transactions, including electronic transfers, electronic bill payments, etc.
• Free business deposits

3.      U.S. Dollar Business Chequing Account

• Monthly fee: USD 5.00
• Suitable for US-Canada cheques transactions
• Free business deposits, electronic and in-branch transfers
• Earn tiered interest rate (calculated in U.S. Dollar)

4.      Organisation Value Chequing Account

• Zero monthly fee
• Suitable for non-profit organizations
• Free deposits and unlimited electronic transactions
• Enjoy 25 free monthly ATM withdrawals on THE EXCHANGE and ACCULINK

5.      Business Optimum Savings Account

• Free monthly account fee
• Enjoy two free monthly transactions, including in-branch transfers, withdrawals, and bill payments
• Unlimited Interac eTransfers

6.      Commercial High-Interest Savings

• Zero monthly fee
• Enjoy one free business transaction per month

7.      AgriInvest account

• No monthly account fee
• Suitable for agricultural products
• The account comes with one free withdrawal per month
• Earn a high-interest rate on your account balance

First West Credit Union Business Credit Cards

1.      First West Low Rate Business MasterCard

• Annual fee: $25.00
• Annual purchases interest rate: 12.99%
• The annual interest rate on cash advances: 12.99%

2.      First West No Fee Cash Back Business MasterCard

• Zero annual fee
• Earn 0.5 points per $1 spent on purchases
• Redeem rewards for merchandise, gift cards, cash, travels, or charity
• The annual interest rate on purchases: 19.99%

3.      First West Platinum Business MasterCard

• Annual fee: $99.00
• Earn 1.5 points per $1 spent on business purchases
• Redeem rewards for merchandise, gift cards, cash, travels, or charity
• The annual interest rate on purchases: 20.99%

First West Credit Union Business Loans

You can choose from a full range of business loans to finance your organization’s financial needs. First West business loan solutions include:

1. Business Mortgages

2. Business Loans

3. Operating Line of Credit

First West Business Insurance

Under the services of First West Credit Union, business executives enjoy coverage services to protect their businesses, assets, and health. 

First West Business Insurance Coverage

• Critical illness coverage
• Key person insurance
• Auto, Home and Travel insurance

How to Open a First West Credit Union Account

Before you can open an account with First West Credit Union, you’ll need to become a member and share in its annual profit. Membership benefits far outweigh the associated fees.

You can become a member of First West and open an account by signing up with any of its four divisions, depending on your community or branch.

However, you must meet the following requirements:

• Be a British Columbia resident
• Purchase a membership equity share of $5.00
• Be of the age of majority (18 to 19 years)

First West Regulations

First West Credit Union is a regulated financial service provider operating within the B.C. provincial laws. First West Credit Union is regulated by the laws governing the conduct of financial institutions in Canada and British Columbia. Customers can rest assured of the protection of their deposits as First West Credit Union is a member of the Credit Union Deposit Insurance Corporation of British Columbia.

Ways of Banking

First West Credit Union members can access their banking features, products, and service through any of the four divisions. Also, there’s a provision for members to access their accounts and other products via:

• Online Banking
• Mobile Banking (via the mobile app)
• In-Person ( at any First West divisions or branches, and over 4500 surcharge-free ATMs across Canada)

First West Customer Service

For feedback, complaints, or account inquiries, you can interact with First West customer service through:

Island savings

Phone: 1-888-597-1083

Email: contact@islandsavings.ca

In-Branch 

Valley First

Phone: 1-888-597-8083

Email: contact@valleyfirst.com

In-Branch 

Envision Financial

Phone: 1-888-597-6083

Email: contact@envisionfinancial.ca

In-Branch 

Enderby and District Financial

Phone: 1-888-597-8083

Email: contact@islandsavings.ca

In-Branch 

Editor’s Review

Unlike other credit unions in Canada and British Columbia, First West Credit Union operates uniquely by decentralizing its services and using its four divisions to operate across the length and breadth of the province. 

One of its unique features is that all its divisions offer uniform products and services. That is, the banking products and services you get in one division are what you’ll find in the other divisions. Members of the cooperative organization can access banking services conveniently within their communities.

FAQs

Does First West Credit Union have a mobile app?

Yes. You can download the First West Mobile app on Google Play Store for Android or the App Store for iOS devices.

How can I log in to my First West online banking?

You can log in to your First West online banking platform via any of the four divisions. Depending on your branch location where your account is domiciled, you can find the login details on