$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
*We accept unexpired passports from the following locations:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Don’t meet our online requirements? Give us a call!
We can help you open an account over the phone if:
- you're under 18,
- not a Canadian resident, or
- prefer not to provide your SIN.
Join the 43,000+ Canadians who use our No-Fee Bank 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 Bank Account has no monthly fees and no minimum balance requirements. Save ~$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 2% to 4% 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.
No-Fee Bank 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 Bank Account are free at ding free ATM locations.
Innovation Federal Credit Union banking services are not available in Quebec.
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.
No-Fee Bank Account $500 Giveaway Draw
Between July 1, 2025, and December 31, 2025 (the “Offer Period”) Qualifying Account Holders* will be entered into a monthly draw to win one of two $500 Giveaway prizes, 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 one of two $500 Giveaway prize, in the month of their account opening, after meeting the following conditions:
Successfully open an Innovation No-Fee Bank Account (the “Account”) through the Online Account Opening Application on Innovation’s website; and,
Deposit a minimum of $5.00 into their Account to pay for the cost of a membership share.
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 corresponding monthly draw to win one of two $500 Giveaway prizes. For example: If a Qualifying Account Holder opens their account in July of 2025, they will be entered into the July 2025 draw to win one of two $500 Giveaway prizes. The draw will occur the week following month end, and winner(s) will be randomly selected. Winner(s) will be notified by phone or email. A direct deposit of $500 will be deposited to the winning member(s) No-Fee Bank 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 monthly draw. If the No-Fee Bank Account is opened as a joint account, the primary account holder will be entered into the monthly 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 Bank 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 for joint Account Holders. 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/member who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.