$0 Monthly Maintenance Fees
Save at least $11/month in banking fees with a No-Fee Bank Account. It’s truly a bank account with no monthly fees, that saves you money.
$0 INTERAC e-Transfer®
Easily transfer funds to friends and family through Interac e-Transfer®. Transactions are free and unlimited. Start no fee banking!
Free ATMs* Across Canada
Access thousands of surcharge-free ATMs across Canada. Just look for the ‘ding free’ decal or download the ATM locator app.
Free, Unlimited Transactions
Get free, unlimited transactions including Interac e-Transfer®, POS (debit card purchases), deposits, and ATM withdrawals*.
Requirements for a No-Fee Chequing Account
Canadian Resident
(not including Quebec)
18 Years of Age or Older
Social Insurance Number
Identification
- Unexpired Passport*
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID Card (not including Quebec)
$5 Membership
(for new members only)
*We accept unexpired passports from the following locations:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Don't meet our online requirements? We can help!
- Give us a call at 1.866.446.7001 if you're not a Canadian resident.
- If you'd prefer not to provide your SIN, please stop by one of our locations.
- If you're under the age of 18, come to any one of our locations with a parent or legal guardian to open your account.
Join the 42,000+ Canadians who use our No-Fee Chequing Account!
"Innovation’s No-Fee Bank Account is the best! Make the switch today for effortless and FREE banking!"
"Innovation’s No-Fee Bank Account is the best! Make the switch today for effortless and FREE banking!"
"I’ve been using Innovation’s No-Fee Bank Account for years. The app is so convenient and easy to use!"
"I’ve been using Innovation’s No-Fee Bank Account for years. The app is so convenient and easy to use!"
"This is the best bank account I’ve found. I’ve saved hundreds in fees. Thanks, Innovation!"
"This is the best bank account I’ve found. I’ve saved hundreds in fees. Thanks, Innovation!"
Discover our Member Rewards Program
Save
Our No-Fee Chequing Account has no monthly fees and no minimum balance requirements. Save around $11/month in fees!
Earn
Earn cash dividends simply by doing your everyday banking with us. The more you bank with us, the more you benefit.
Give
Your business helps us support your community. We allocate a minimum of 2% of pre-tax profits/year to our communities.
Questions
What is a No-Fee Chequing Account?
If you’re tired of paying unnecessary banking fees, then a no-fee chequing account is for you. This free bank account offers all the essentials without any extra charges making it affordable for every Canadian.
Make unlimited debit purchases, enjoy free Interac e-Transfer® transactions, and access ding free® ATMs nationwide — all for free. It's the perfect choice for students, young professionals, or anyone who wants to bank smarter.
Whether you pay bills, shop, make account-to-account transfers, or receive money, this bank account with no monthly fees has you covered. Time to keep more of your hard-earned money right where it should be!
Which banks have no monthly fee chequing accounts in Canada?
While we don’t keep track of every bank’s offerings, you don’t need to look any further than Innovation for a no monthly fee bank account in Canada.
Are you a real bank?
We are real, but we are a credit union. It’s just like a bank, only you have more say in how we're run.
Thousands of Canadians have an Innovation No-Fee Bank Account with us. We have been around for over 60 years. Many happy members think of us as a best kept banking secret.
What is a credit union?
Credit unions are not-for-profits financial institutions created to serve members. We’re just like a bank except our customers (members) own us. Members join by paying a one-time membership fee of $5.
Our main goal is to provide better products and services to our members, not seek a profit as so many traditional banks do. Any money we earn is invested back into the organization, issued as cash dividends to our members, or donated back into the community.
Isn’t switching banks difficult?
There’s no pressure to move everything. Try us out and if you like how much you save you can gradually switch more items over.
Give us a call at 1.866.446.7001 and we can help you switch payments and direct deposits quickly and safely from your current bank.
Blogs
Chequing Account vs Savings Account
Both are foundational parts of personal banking and helps to meet financial goals.
Why Choose a Credit Union instead of a bank?
One in five Canadians prefers using credit unions over banks. Check what are the reasons
Largest Quarterly Member payout
Receive cash dividends based on the equity earned just by becoming a member
Need more help choosing an account?
Try our Account Selector Tool.
To compare bank accounts, you can view the FCAC Account Selector Tool.