Responsible Banking
Member Rewards

A loyalty program that pays today and invests in the future.

Canadians have a long tradition of collecting rewards. Canadian Tire money was introduced in 1958. In the 1960s, Shirriff Pudding that included hockey coins flew off the shelves across the country and we’ve been rolling up the rim at Tim Hortons for more than 30 years. Today, a staggering 90 percent of Canadians are members of at least one loyalty program.

The 57,000 plus members of Innovation Credit Union, headquartered in Saskatchewan, benefit from a unique loyalty program that pays them cash dividends they can spend today while building a long-term investment which earns an attractive return. Members continually credit the Member Rewards program as one of the most meaningful and beneficial loyalty programs around - specifically noting the benefit of earning money back just for doing banking business with Innovation.

Innovation members have shared approximately $30.23 million in profits over the past 12 years simply by belonging to the credit union. The more business they choose to do with Innovation, the higher the reward. This is because Innovation members are the owners of the credit union. A customer at a bank is just that - a customer. Innovation answers to its members. Banks answer to shareholders, who keep the profits for themselves. Innovation members can also vote and have a say in how the credit union operates. And, it bears repeating, they are rewarded for their business and loyalty.

While Innovation isn’t the only credit union in Canada to offer loyalty rewards, their Member Rewards program is one of the best in the country. Every Innovation member receives a Member Rewards account when they join.

Member Rewards distributions are declared quarterly by Innovation’s Board of Directors and include:
  • Payments based on the interest a member pays on loans as well as on interest earned on their investments
  • Youth dividends to all members under the age of 19
  • Cash dividends at an attractive rate

Members are rewarded today, and in the future! The more business the member conducts at Innovation, the higher the Member Rewards payment they will receive. Daniel Johnson, CEO of Innovation Credit Union says, “This is such a win-win because our members gain valuable cash just for banking with us. The more business they do with us, such as taking advantage of our lending and savings products, the more Member Rewards they earn.“

Johnson sees this as part of Innovation’s bigger mission. “We believe in Responsible Banking which to us, is about helping our members grow their wealth while preparing for the future. Member Rewards helps achieve both short term and long-term goals for our valued shareholders - our members.”

About Innovation Expand/Collapse

Headquartered in Saskatchewan, Innovation Credit Union provides a full range of financial services to over 57,000 members including individuals, businesses, and organizations across the province. In 2018, its membership voted in favor of becoming a federal credit union that will enable Innovation to do business anywhere in Saskatchewan and all of Canada. Through the lens of Responsible Banking and innovation, Innovation Credit Union reinvests its profits into delivering economically viable solutions for all Canadians to access mutually beneficial and affordable world class financial products and services – wherever and whenever members need them.

Our Purpose Expand/Collapse

At Innovation Credit Union, we strive to redefine banking by helping Canadians simplify their lives and reach their financial goals by reinvesting profits into our members, our communities, and our people. Now that’s Responsible Banking!

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