Term deposits

Grow your savings with some of the best rates in Canada!

Invest with Innovation's term deposits today. Your investment plan will thank you for it.

1.15% 1-Year Redeemable Term Deposit Expand/Collapse

Our redeemable investments are available in a term, TFSA, RRSP or RRIF - redeemable at any time and with no penalty! Click here to see all of our term options.

Not currently an Innovation member?
You can apply for a term deposit online.

Already an Innovation member?
You can open your term deposit account through online banking!

Here's how:
  1. Log in to online banking
  2. Choose Account Services from the left menu on the Account Summary page.
  3. On the Open an Additional Account page, choose the type of account you wish to open.

You can then transfer funds from your current Innovation account to your investment. You can also transfer funds from any other financial institution to your new account using Me-to-Me Transfers.

3.0% 5-Year Non-Redeemable Term Deposit Expand/Collapse

Our non-redeemable terms reward you for a longer investment.

1-Year Non-Redeemable/12 Months 2.50%*
2-Year Non-Redeemable/24 Months 2.60%*
3-Year Non-Redeemable/36 Months 2.70%*
4-Year Non-Redeemable/48 Months 2.75%*
5-Year Non-Redeemable/60 Months 3.00%*

Learn more...


Not currently an Innovation member?
You can apply for a term deposit online.

Already an Innovation member?
You can open your term deposit account through online banking!

Here's how:
  1. Log in to online banking
  2. Choose Account Services from the left menu on the Account Summary page.
  3. On the Open an Additional Account page, choose the type of account you wish to open.

You can then transfer funds from your current Innovation account to your investment. You can also transfer funds from any other financial institution to your new account using Me-to-Me Transfers.

Term deposits provide a convenient and easy approach to earning higher interest on money you may not need or require for every day life’s expenses - and are also a no-risk savings strategy, combining both guaranteed principal and interest for absolute peace of mind.

Our term deposits not only provide you with the security and comfort of a guaranteed rate, but as an added bonus for doing business with us, you'll also earn Member Rewards on your investment.

Whether it is short-term or long, redeemable or non-redeemable, registered or non-registered, Innovation investment specialists are here to assist you with securing the most suitable option for your financial goals.


Investment laddering Expand/Collapse

If you're looking to earn more interest but still need access to your funds, a laddering strategy is an excellent solution. It provides lower volatility and predictable returns that allow you to maximize your growth in an any-rate environment.

Traditionally, the highest rate of interest offered is on the 5-year non-redeemable fixed term investment. A ladder allows you to invest and earn the 5-year rate and still have access to some of your funds each year.

The minimum deposit is $1,000 for each investment length. 

Click here for an example of how it works!

12 Month Easy Start Expand/Collapse

If you’re looking to save for a long term investment, renovations, a future holiday or even annual taxes, our 12 Month Easy Start non-redeemable feature is an excellent solution.

You can make convenient automatic or manual deposits at any frequency and amount to help you achieve the minimum annual investment goal of $1,000.  

A minimum $5.00 deposit is required to get you started.

36 Month Convertible Expand/Collapse

If you are concerned about missing out on increasing interest rates, the 36 Month Convertible non-redeemable feature allows you to maximize your growth in an any-rate environment.

Use the convertible option once during the initial investment length to convert into a new investment of equal or greater length.

Earn with Member Rewards! A Member Rewards Bonus Applies HERE!
With our Member Rewards program, you earn cash dividends you can use today AND cash we tuck away for you in a long-term investment with a great rate, simply by doing business with us!

The amount is based on interest paid on your loans/mortgages and earned on your investments, so you'll EARN REWARDS on this product.
Not currently an Innovation member?
You can apply for a term deposit online.

Already an Innovation member?
You can add a term deposit account through online banking.


If you need any help, please feel free to contact us:

*Investments require a minimum deposit of $1,000.

*Rates are subject to change without notice.

 

Apply Now

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.