Earn interest at our best rate and pay no monthly fees by opening an Innovation savings account. Interest is calculated daily on the closing balance and paid at the end of each month.
Accounts
| Balance | Interest rate | |
|---|---|---|
| $0.00 to $4,999.99 | 0.750% | Get This Rate |
| $5,000.00 to $99,999.99 | 0.750% | Get This Rate |
| $100,000.00 to $199,999.99 | 0.750% | Get This Rate |
| $200,000.00 plus | 0.750% | Get This Rate |
Our No-Fee USD Account is perfect for snowbirds or if you need to affordably convert your money. Earn interest and profit sharing dollars on your deposits, plus enjoy $0 transaction fees!
| Balance | Interest rate | |
|---|---|---|
| $0.00 to $4,999.99 | 0.100% | Get This Rate |
| $5,000.00 to $99,999.99 | 0.100% | Get This Rate |
| $100,000.00 to $199,999.99 | 0.100% | Get This Rate |
| $200,000.00 plus | 0.100% | Get This Rate |
Mortgages
Whether it's for your first home, next home, or if you're moving a mortgage to us, we have flexible options that will help you save thousands.
| Type | Length | Rate | APR | |
|---|---|---|---|---|
| Open Variable | 5 Years | 7.250% | 7.277% | Choose Mortgage |
| Closed Variable | 5 Years | 4.450% | 4.477% | Choose Mortgage |
Open Fixed
| Length | Rate | APR | |
|---|---|---|---|
| 1 Year | 8.990% | 9.123% | Choose Mortgage |
Closed Fixed (Regular)
| Length | Rate | APR | |
|---|---|---|---|
| 6 Month | 6.090% | 6.357% | Choose Mortgage |
| 1 Year | 6.100% | 6.230% | Choose Mortgage |
| 2 Years | 5.940% | 6.003% | Choose Mortgage |
| 3 Years | 4.590% | 4.635% | Choose Mortgage |
| 4 Years | 4.760% | 4.792% | Choose Mortgage |
| 5 Years | 4.490% | 4.515% | Choose Mortgage |
| 7 Years | 5.450% | 5.468% | Choose Mortgage |
| 10 Years | 5.630% | 5.643% | Choose Mortgage |
Closed Fixed (Special)
| Length | Rate | APR | |
|---|---|---|---|
| 6 Month | 5.990% | 6.257% | Choose Mortgage |
| 1 Year | 4.850% | 4.908% | Choose Mortgage |
| 2 Years | 4.640% | 4.703% | Choose Mortgage |
| 3 Years | 4.390% | 4.435% | Choose Mortgage |
| 4 Years | 4.660% | 4.692% | Choose Mortgage |
| 5 Years (Uninsured) | 4.390% | 4.415% | Choose Mortgage |
| 5 Years (Insured)* | 4.290% | 4.315% | Choose Mortgage |
| 7 Years | 4.950% | 4.968% | Choose Mortgage |
| 10 Years | 5.130% | 5.143% | Choose Mortgage |
To qualify for the 5-year insured closed fixed special mortgage rate, mortgages must be insured by a guarantee company such as Canada Mortgage and Housing Corporation, Sagen™ (formerly known as Genworth Canada). Special pricing is only available on residential mortgages with payment frequencies of weekly, bi-weekly, semi-monthly and monthly. Mortgages greater than $1 million, refinances, or for rural locations such as acreages are not eligible for special residential mortgage rates.
Special Rate Mortgage
Residential Mortgages with the following characteristics are not eligible for the special residential mortgage rates:
- The mortgage has a purchase price or as-improved property value greater than or equal to $1 million or
- The mortgage is a refinance of a current Innovation mortgage, or
- The mortgage is for an acreage or home quarter and qualifies for residential mortgage pricing, or
- The mortgage’s amortization is greater than 25 years.
- The mortgage is for a single unit rental property.
Investments
With guaranteed returns, a GIC is one of the safest investment options around. Choose a redeemable GIC if you need easy, fast access to your funds or a non-redeemable GIC to earn more interest.
| Redeemable GIC | Rate | |
|---|---|---|
| 1-Year | 2.050% | Get This Rate |
| Non-Redeemable GIC | Rate | |
|---|---|---|
| 1-Year | 3.150% | Get This Rate |
| 2-Year | 3.200% | Get This Rate |
| 3-Year | 3.250% | Get This Rate |
| 4-Year | 3.250% | Get This Rate |
| 5-Year | 3.300% | Get This Rate |
| Non-Redeemable Easy Start GIC | Rate | |
|---|---|---|
| 1-Year | 3.050% | Get This Rate |
| Non-Redeemable Convertible GIC | Rate | |
|---|---|---|
| 3-Year | 3.150% | Get This Rate |
| Non-Redeemable Laddering GIC | Rate | |
|---|---|---|
| 1-Year | 3.150% | Get This Rate |
| 2-Year | 3.200% | Get This Rate |
| 3-Year | 3.250% | Get This Rate |
| 4-Year | 3.250% | Get This Rate |
| 5-Year | 3.300% | Get This Rate |
A TFSA or RRSP will help you save tax dollars and achieve your retirement dreams faster. You can also choose from a number of RRIF options when you’re ready to transfer your RRSP.
| Savings Account (TFSA, RRSP, RRIF and RRSP/RRIF Pension Fund) | Rate | |
|---|---|---|
| $0.00 to $4,999.99 | 0.750% | Get This Rate |
| $5,000.00 to $99,999.99 | 0.750% | Get This Rate |
| $100,000.00 to $199,999.99 | 0.750% | Get This Rate |
| $200,000.00 plus | 0.750% | Get This Rate |
| Redeemable TFSA, RRSP and RRIF | Rate | |
|---|---|---|
| 1-Year | 2.050% | Get This Rate |
| Non-Redeemable TFSA, RRSP, RRIF, RRSP/RRIF Pension Fund | Rate | |
|---|---|---|
| 1-Year | 3.150% | Get This Rate |
| 2-Year | 3.200% | Get This Rate |
| 3-Year | 3.250% | Get This Rate |
| 4-Year | 3.250% | Get This Rate |
| 5-Year | 3.300% | Get This Rate |
| Non-Redeemable Easy Start TFSA and RRSP | Rate | |
|---|---|---|
| 1-Year | 3.050% | Get This Rate |
| Non-Redeemable Convertible TFSA and RRSP | Rate | |
|---|---|---|
| 3-Year | 3.150% | Get This Rate |
| Non-Redeemable Laddering TFSA , RRSP, and RRIF | Rate | |
|---|---|---|
| 1-Year | 3.150% | Get This Rate |
| 2-Year | 3.200% | Get This Rate |
| 3-Year | 3.250% | Get This Rate |
| 4-Year | 3.250% | Get This Rate |
| 5-Year | 3.300% | Get This Rate |
Help cover your child’s future tuition costs and save on taxes with a Registered Education Savings Plan (RESP). You’ll also benefit from matching contributions from the Government of Canada.
| RESP | Rate | |
|---|---|---|
| Variable | 0.750% | Get This Rate |
| 1-Year | 3.150% | Get This Rate |
| 2-Year | 3.200% | Get This Rate |
| 3-Year | 3.250% | Get This Rate |
| 4-Year | 3.250% | Get This Rate |
| 5-Year | 3.300% | Get This Rate |
Save for the down payment of your first home, tax-free! Pay no monthly fees plus enjoy a high interest rate!
| Balance | Interest rate | |
|---|---|---|
| $0.00 to $40,000.00 | 3.000% | Get This Rate |
Exchange
Traveling soon? Looking for the best time to convert your currency? Contact us at 1.866.446.7001 for the latest exchange rates for the Mexican Peso, Euro, and Sterling Pound.
To purchase foreign currency:
- Call us at 1.866.446.7001 or
- Visit one of our locations
...to place your order. There are both pick up and delivery options!
Delivery Reminders:
- Standard delivery time is 5-7 business days (may vary according to season).
- Place your order at least 10 business days before your trip to ensure timely delivery.
- Delivery cannot be made to PO Boxes or rural addresses.
- Signature is required upon delivery.
Effective date for US Exchange Rates: July 18, 2025
| Amount | Rate |
|---|---|
| If you deposit US cash to your account, use the rate of | 1.3283 |
| If you purchase US cash from Innovation, use the rate of | 1.4003 |
Deposits
| Amount | Rate |
|---|---|
| $1 to $999.99 | 1.3588 |
| $1,000 to $5,000 | 1.3588 |
| $5,001 to $25,000 | 1.3588 |
| $25,001 to $100,000 (contact us if amount is higher) | 1.3628 |
Purchases or Transfers
| Amount | Rate |
|---|---|
| $1 to $1,000 | 1.3818 |
| $1,001 to $5,000 | 1.3818 |
| $5,001 to $25,000 | 1.3818 |
| $25,001 to $100,000 (contact us if amount is higher) | 1.3778 |
Overdraft
| Type | Rate |
|---|---|
| Any account, any balance | 19.800% |
Prime
| Country | Rate |
|---|---|
| Canada | 4.950% |
| US | 7.500% |
No matter the situation, viewing current interest rates in Canada can help. On this page, you’ll find a variety of current interest rates for financial products available to you.
Because our Canadian interest rates are always transparent, you can have confidence when making your decision. For more information, use our interest rate calculators for mortgages, loans, and savings.
Bank Interest Rates in Canada: Accounts
Certain bank accounts pay interest, giving you a reward simply for keeping your money safe and accessible. That’s a valuable and dependable benefit.
View Savings Account and US Account interest rates.
Our Savings Accounts feature competitive interest rates and no monthly fees. Plus, with both the US Account and standard Savings Account, you can earn cash dividends!
Snowbirds and many others who travel between the States and Canada can access some major benefits with a US Account. You choose when your funds are converted from Canadian dollars to USD. And that helps you get the most out of each transaction.
Bank Interest Rates in Canada: Mortgage Rates
It’s easy to find the current interest rates for all the mortgage options available to you. Check out interest rates for variable and fixed mortgages to find the best option for your needs.
Exchange Rates in Canada
Planning some international travel? Make the most of your money by finding a great exchange rate. We update our exchange rates for US dollars (USA), Pesos (Mexico), Euros (European Union), and Pound Sterling (UK) each business day.
View all current international currency exchange rates. You can check out our US cheque deposit, purchase, and transfer rates as well.
Clear and Simple Interest Rates in Canada
Transparency makes banking that much easier. We’re happy to share these important pieces of information with you because they support good financial decisions.
Ready to open an account, take out a mortgage, or convert currency ahead of an international trip? Get the support you need. Become a member today!
Rates subject to change without notice.
Interest is calculated daily on the closing balance of your account and paid at month end. The interest rate is tiered which means as your account balance increases, so does your interest rate. Rates subject to change without notice.
Includes: Savings, US Dollar, Business, Community/Association, AgriInvest
Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.
AIR = Annual Interest Rate
APR = Annual Percentage Rate
Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.
Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.
If there are no non-interest finance charges, the AIR and APR will be the same.
APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee
Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.
Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.
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.