CIBC has made the First Home Savings Account (FHSA) available to customers, becoming the last of Canada’s big six banks to do so after BMO rolled out the account earlier this month.

CIBC advised customers in a Monday that the FHSA was available. The announcement came weeks after BMO said it had put the banking option on offer, sharing the news in a Nov. 6 press release. 

The federal government created the FHSA in an effort to address housing affordability issues and help Canadians save for a down payment. It combines elements of the Registered Retirement Savings Plan as well as the Tax-Free Savings Account. 

Canadian banks were able to begin offering the accounts as of April 1. National Bank and RBC were the first of Canada’s major banks to begin offering the account later that month.

Scotiabank and TD Bank began offering FHSA accounts in August, while other lenders including Equitable Bank and Wealthsimple Inc. also put the accounts on offer during the summer months. 


Data released earlier this year has indicated high demand for the home-focused banking option.

RBC said in August that tens of thousands of accounts had been opened since the FHSA was made available, which most accounts opened by those under the age of 45. 

National Bank told in August that the majority of FHSA holders were in their 30s and demand had surpassed expectations. 

Wealthsimple told that it had a waitlist of around 20,000 people before it began offering the FHSA this summer.