SPECIAL INVESTMENT OFFER

Debit Mastercard® Terms & Conditions (pdf)

No-Fee Chequing Account available for personal use only. SIN is not required as a condition of opening an account. If you prefer not to provide your SIN for our online application, please visit one of our branch locations to apply or call 1.866.446.7001 for more information.

ATM transactions for the No-Fee Chequing Account are free at ding free ATM locations.

Innovation Federal Credit Union banking services are not available in Quebec.

$50 Student Account Opening Offer:

Between April 1, 2026, and December 31, 2026, (the “Offer Period”) Qualifying Account Holders* are eligible for a $50 Innovation Federal Credit Union ("Innovation") New Member Bonus (the “Offer”), provided the following terms and conditions are met:

Terms & Conditions

1. Eligibility

*Qualifying Account Holders must be a new customer to Innovation, be 18 years of age or older, be a Canadian resident, meet Innovation’s membership and account opening approval criteria, and cannot have been an Innovation member since January 2016. This offer is not available to residents of Quebec.

2. Offer Conditions

As a Qualifying Account Holder, you will be eligible to receive the $50 Offer, after meeting the following conditions:

• Successfully open an Innovation No-Fee Chequing Account (the “Account”) through Innovation’s Digital Onboarding Platform and enter a designated promo code during account opening.
• After 60 days of successfully opening their Account:
• Has conducted a minimum of 15 incoming or outgoing transactions from the Account, and
• The Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) during the 60-day period.

3. Additional Information

After the Offer Conditions have been met, the $50 Offer will be deposited into the Qualifying Account Holder’s Member Rewards Account, in the third month following the month, the account was opened. For example: If a Qualifying Account Holder opens their account in April 2026, and meets the Offer Conditions by June 2026, the $50 bonus would be deposited by July 31, 2026. The Qualifying Account Holder’s No-Fee Chequing Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at the time of the Offer payment.

The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Chequing Account within 180 days of opening the Account, as per Innovation Federal Credit Union’s Account and Fee Information brochure. 

Offer is non-transferable and is not valid in conjunction with any other Offer. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof. 

Innovation employees and immediate family members of employees, are not eligible for the Offer.

Innovation reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity. 

No-Fee Chequing Account $2,500 Giveaway Draw 

Between April 1, 2026, and September 30, 2026 (the “Offer Period”) Qualifying Account Holders* will be entered into a draw to win a $2,500 Cash Giveaway prize, provided the following terms and conditions are met:

Terms & Conditions

1. Eligibility

*Qualifying Account Holders must be a new customer/member to Innovation Federal Credit Union (“Innovation”), be 18 years of age or older, be a Canadian resident (excluding Quebec), meet Innovation’s membership and account opening approval criteria, and cannot have been an Innovation member since January 2016.

2. Offer Conditions

Qualifying Account Holders will be entered into a draw to win a $2,500 Cash Giveaway prize after meeting the following conditions:

a) Successfully open an Innovation No-Fee Chequing Account (the “Account”) between April 1, 2026, and September 30, 2026, through the Online Account Opening Application on Innovation’s website;

b) Enroll in digital banking through Innovation’s mobile app or online banking platforms.

3. Additional Information

After the Offer Conditions have been met, the Qualifying Account Holder will be entered into the draw to win a $2,500 Cash Giveaway prize. The draw will occur on the week of October 5, 2026, and the winner(s) will be randomly selected. Winner(s) will be notified by phone or email. Winner(s) will have two weeks (14 days) to claim the prize. If the winner(s) does not claim the prize within this timeframe, the prize will be forfeited, and a new winner(s) will be drawn. Winner(s) will be provided with a cash prize of $2,500. A direct deposit will be deposited to the winning member(s) No-Fee Chequing Account or other operating account.

The Qualifying Account Holder’s account(s) must also be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at that time of the prize draw. If the No-Fee Chequing Account is opened as a joint account, the primary account holder will be entered into the prize draw. If the draw is won by a jointly opened account, the prize will be jointly awarded to the account holders.

By accepting the prize, the winner(s) consent to Innovation publishing their name and prize description on Innovation’s digital channels, including but not limited to social media, digital screens, and website, as well as print publications.

The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Chequing Account within 180 days of opening the Account, as per Innovation’s Account and Fee Information brochure.

Limit of one draw entry per Qualifying Account Holder, including Joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.

Innovation Federal Credit Union and Innovation Wealth employees and immediate family members of employees are not eligible for the Offer.

Innovation reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer/member who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity. 

Updated June 3, 2026

Promotional 12-Month New Money Non-Redeemable GIC Terms and Conditions

These Terms and Conditions govern the Promotional 12-Month New Money Non-Redeemable GIC (the "Promotional GIC") offered by Innovation Federal Credit Union ("Innovation"). "New Money" means funds deposited with Innovation from an external financial institution that are not on deposit with Innovation at the time the Promotional GIC is opened.

1. Promotion Period

The Promotional 12-Month New Money Non-Redeemable GIC (the "Promotional GIC") is available only for GICs opened through Innovation’s digital banking platform between September 15, 2026, and November 15, 2026, inclusive (the "Promotion Period").

Innovation reserves the right to amend, extend, suspend, or terminate this promotion at any time, provided that such amendment, extension, suspension, or termination shall not affect any Promotional GIC already issued during the Promotion Period.

2. Eligibility

To be eligible for the Promotional GIC, an applicant must:

• be a member of Innovation;
• maintain an Innovation No-Fee Chequing Account;
• have access to Innovation’s digital banking platform;
• purchase the Promotional GIC through Innovation’s digital banking platform during the Promotion Period;
• fund the promotional GIC exclusively with New Money; satisfy any minimum deposit requirements established by Innovation from time to time; and
• maintain the Promotional GIC until maturity.

The Promotional GIC is available only as a non-registered investment.

3. Promotional Interest Rate

Interest will accrue on the Promotional GIC at the promotional annual interest rate in effect at the time the Promotional GIC is opened.

Interest will be calculated and paid in accordance with the payment terms disclosed at the time the Promotional GIC is opened.

The promotional interest rate applies only for the initial 12-month term of the Promotional GIC and does not apply to any renewal, transfer, or reinvestment following maturity unless expressly offered by Innovation.

4. Term and Redemption

The Promotional GIC has a fixed term of twelve (12) months.

The Promotional GIC is non-redeemable before maturity except where required by applicable law or otherwise permitted by Innovation.

A redemption made within the first fifteen (15) calendar days following the date the Promotional GIC is opened will not be subject to an early redemption penalty.

If Innovation permits redemption of the Promotional GIC prior to maturity and after the first fifteen (15) calendar days following the date it is opened, the deposit owner will be subject to the Non-Redeemable Term Early Redemption Penalty Fee applicable to the Promotional GIC at the time of redemption, as set out in Innovation’s Account & Fee Information Document.

5. Maturity and Renewal

Unless the deposit owner provides alternative maturity instructions before maturity or within fifteen (15) calendar days after maturity, the Promotional GIC will automatically renew on its maturity date into the term deposit product designated by Innovation that is available at that time and at the interest rate then applicable to that product, as posted on Innovation's website.

Prior to the maturity date, Innovation will provide the deposit owner with information required by applicable law relating to the renewal, including the interest rate applicable to the renewed product, the terms and conditions governing the renewed product, the deposit owners rights and obligations in respect of the renewed term deposit, any applicable fees or charged, and any applicable cancellation rights.

Upon renewal, the Promotional GIC will cease to be governed by these Terms and Conditions. The renewed term deposit will instead be governed by the terms and conditions applicable to the renewal product that are in effect on the renewal date.

The promotional interest rate applies only to the initial Promotional GIC and does not apply to any renewal term.

The deposit owner may provide alternative maturity instructions before maturity in accordance with Innovation's applicable procedures.

6. Availability

The Promotional GIC is a limited-time offering available exclusively through Innovation’s digital banking platform while the promotion remains active. The Promotional GIC is not available through Advice Centres, telephone banking, or any other distribution channel.

7. Deposit Insurance

Eligible deposits are subject to applicable deposit insurance coverage in accordance with the deposit insurance regime governing Innovation and applicable law.

8. Joint Applicants

Where more than one person is named as applicant, the deposit will be held jointly with a right of survivorship unless otherwise designated as a deposit without right of survivorship.

9. Death of a Deposit Owner

Upon death of a sole deposit owner, the deposit may be redeemed upon the request of the deceased deposit owner’s personal representative.

If the deposit is held jointly with a right of survivorship, all funds in the deposit will, upon death of a deposit owner, become the property of the surviving deposit owner(s).  Following such death, Innovation’s obligations with respect to the deposit will be solely to the surviving deposit owner(s), and any person asserting a claim against the deposit must pursue that claim against the surviving deposit owner(s).

Upon the death of the last surviving deposit owner of a joint deposit held with a right of survivorship, the deposit may be redeemed upon the request of the personal representative of the last surviving deposit owner. 

Notwithstanding the foregoing, where a deposit owner dies, Innovation may, in its sole discretion, refuse to release funds until it receives joint instructions from the surviving deposit owner(s) and the legal representative(s) of the deceased deposit owner. 

If the deposit is held jointly without a right of survivorship, the deposit may be redeemed following the death of a deposit owner only upon joint instructions from the surviving deposit owner(s) and the legal representative(s) of the deceased deposit owner.

Where the deposit is redeemed as a result of death of a deposit owner, interest will accrue and be paid up to and including the date of redemption.

Each deposit owner agrees to indemnify and hold Innovation harmless from and against any claim, loss, liability, cost, or expense arising from or relating to the payment of funds from a joint deposit. 

10. Assignment and Transfer

The deposit may not be assigned, transferred, pledged, or otherwise encumbered except in favour of Innovation. The Deposit is subject to Innovation's lien and right of set-off.

Where the deposit is pledged as security to Innovation, all owners of the deposit must sign the applicable security documentation.

11. Binding Effect

These Terms and Conditions will be binding upon and ensure to the benefit of the parties and their respective heirs, executors, administrators, successors, and permitted assigns.

12. Additional Product Terms

Any additional terms and conditions set out in the applicable Term Deposit Agreement or other product-specific documentation for the Promotional GIC, including any instructions regarding maturity or renewal, form part of these Terms and Conditions.

If there is any conflict or inconsistency between these Terms and Conditions and the Term Deposit Agreement or other product-specific documentation, the terms of the Term Deposit Agreement or product-specific documentation will prevail to the extent of the conflict or inconsistency.

13. General

The Promotional GIC is subject to applicable federal laws and regulations and any product disclosures provided at the time the Promotional GIC is opened.

Innovation reserves the right to interpret and administer these Terms and Conditions in a fair and reasonable manner, and its decisions regarding eligibility and administration of the Promotional GIC shall be final.

$50 Member Referral Offer Terms & Conditions

Between July 1, 2025, and October 31, 2026, (the “Offer Period”) selected Innovation Federal Credit Union members are eligible for a $50 Member Referral Bonus (the “Offer”), provided the following terms and conditions are met.  

Eligibility: 

Referring Members must be a current member of Innovation Federal Credit Union, have been invited to participate as a referring member, and have been provided a referral code by Innovation Federal Credit Union.  

Referred New Members must be a new customer to Innovation Federal Credit Union, be 18 years of age or older, be a Canadian resident, meet Innovation Federal Credit Union’s membership and account opening approval criteria, and cannot have been an Innovation Federal Credit Union member since January 2016. This offer is not available to residents of Quebec.  

Offer Conditions: 

The referring member will be eligible to receive the $50 referral bonus, after the referred new member has met the following conditions:  

1. Successfully open an Innovation Federal Credit Union No-Fee Chequing Account (the “Account”).  

2. Deposit a minimum of $5.00 into their account to pay for the cost of the membership share fee; and 

3. After 60 days of successfully opening their Account:  

• Has conducted a minimum of 15 incoming or outgoing transactions from the Account, and 

• The Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) during the 60-day period.  

Additional Information:  

After the Offer Conditions have been met, the $50 Offer will be deposited into the Referring Member and Referred New Members’ Innovation Federal Credit Union No-Fee Chequing Account or other operating account, in the third month following the month, the referred new members’ account was opened. For example: If a Referred New Member opens their account in July 2026, and meets the Offer Conditions by September 2026, the $50 bonuses will be deposited by October 31, 2026. The Referred New Member’s No-Fee Chequing Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at the time of the Offer payment.  

The Referred New Member will be charged a fee of $30 if they close their No-Fee Chequing Account within 180 days of opening the Account, as per Innovation Federal Credit Union’s Account and Fee Information brochure.  

Offer is non-transferable and is not valid in conjunction with any other Offer. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.  

Innovation Federal Credit Union employees and immediate family members of employees are not eligible for the Offer.  

Innovation Federal Credit Union reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any member or applicant who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.