Save
Having a deposit account shouldn't cost you money. That's why we created our No-Fee Bank Account. It's a truly free account with:
Rewards
Save on bank fees. Earn cash rewards. Give to causes that matter. Welcome to our Member Rewards program!
No monthly maintenance fees
Free Interac e-Transfer®
No balance requirements
No transaction fees
ding free® ATM network
Competitive rates
You can also take advantage of Fresh Start Loans and Fresh Start Mortgages that allow you to borrow with no-to-low credit score. They'll help you build the credit score you need to avoid high-interest rate charges on future loans.
How much could a family save by banking with us?
| Product or Service | Savings/Year |
|---|---|
| No-Fee Bank Account Savings | $132 |
| Transaction Fee Savings | $60 |
| ding free ATM Savings | $120 |
Total Savings | $312 |
* For example purposes only. Savings per year amount is calculated using our competitors’ lowest monthly bank account fees, two ATM transactions per month, and two over limit transactions per month.
Speak to an Innovation advisor to calculate your potential savings today!
Join the 43,000+ Canadians who pay no fees!
"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!"
Earn
If we're successful thanks to your business, shouldn't you be successful too? It's why we give cash rewards for everyday banking. The more banking you do with us, the more you’ll earn.
Through our Member Rewards program, we’ve paid members approximately $49.7 million since 2007.
Monthly Rewards
You can earn Monthly Transaction Rewards for digital banking with us.
Quarterly Rewards
You can earn quarterly profit-sharing dollars for having your loans and savings with us.
Youth Rewards
Youth ages 18 and under earn $10 cash every quarter.
How much could a family earn by banking with us?
| Product or Service | Profit Sharing |
|---|---|
| $50,000 5-Year GIC | $162 |
| $400,000 5-Year Closed Fixed Mortgage | $1,673 |
| $60,000 5-Year Fixed Personal Loan | $296 |
| Youth Dividend (two children) | $80 |
| Monthly Transaction Rewards (family of four) | $120 |
Total Earnings | $2,331 |
* For example purposes only. Profit sharing amount is calculated using an allocation rate of 1.84% and a dividend rate of 5.80%. Allocation and dividend rates are subject to change without notice. Monthly Transactions Rewards based on each family member earning the maximum $2.50 reward every month for a year.
Other ways you can earn:
Speak to an Innovation advisor to calculate your potential savings today!
Frequently Asked Questions
- You buy a $5 share to own a part of our credit union.
- We'll automatically open a Member Rewards Account for you.
- We’ll deposit cash dividends and equity to your Member Rewards Account.
Equity is the profits we earn that help keep our credit union strong. As an owner member of Innovation, you earn a portion of our profits. And as a thank you for letting us hold onto your equity portion, we pay cash dividends.
We build equity to serve you better:
- You get the best products and services like our No-Fee Bank Account.
- You earn competitive rates on investments and loans.
- You see improvements to our branches/advice centres, website and mobile app.
We ensure your credit union is sound and stable.
A dividend is a payment to our owners, like you. It’s a portion of our profits that we share with you that you can save or spend. Our Board approves payment based on how our credit union is performing.
Your payments are based on:
1. Loan interest you’ve paid PLUS
2. Deposit interest you’ve earned
You’ll earn equity on:
- US Accounts
- Savings Accounts
- GICs
- Loans and mortgages
- Lines of credit
- We pay equity to your Member Rewards Account based on the business you do with us.
- We pay you cash dividends based on the equity you have. And THAT cash you can access and spend!
So, the more equity you have, the more cash you’ll earn!
We also pay $10 cash every 3 months to youth ages 18 and under.
You can withdraw your cash dividends anytime you like. Simply transfer the available cash balance from your Member Rewards account to any account you like. You can also contact us to set up an automatic transfer for you.
You can also apply* to withdraw from the equity portion when:
- Your equity balance reaches $5,000 (personal members) or $10,000 (business members). Once this happens, you can apply* to take out any money above that $5,000 or $10,000 balance.
Or
- You reach age 65. You’ll need to keep your $5 member share in your account, but you can apply* to withdraw anything over $5.
*Equity withdrawals are at the full discretion of Innovation Federal Credit Union’s Board of Directors and Regulator.
You can earn Monthly Transaction Rewards simply by doing your everyday banking with us! You'll earn cash rewards for:
- Making a pre-authorized deposit.
- Making a pre-authorized payment.
- Paying a bill online.
- Depositing a cheque using our mobile banking app.
- Subscribing to receive e-statements.
To be eligible, you must:
- have a No-Fee Bank Account, and
- use online banking or our mobile banking app.
*For joint accounts: deposit will be made to the primary account holder's Member Rewards account.
Want to bank digitally?
Search "Innovation" from your favourite app store. Download the app and give us a call at 1.866.446.7001 to get started!
Give
We love the communities we work in and live in. And the people we get to help every day. It's why we give 2-4% of our pre-tax profits to activities and causes that build our community. Since 2007, our members have helped us give back $10.4 million to the communities we serve, simply by banking with us.
For our corporate giving efforts, Imagine Canada has designated us a certified company of the PRISM Network - an acknowledgement we're so honored to receive! This certification recognizes companies who lead by example in their community support efforts. We’re the only Saskatchewan credit union to earn this designation.
2024 Community Investment Totals
Community Grants
Awarded over $340,000 in community grants to 28 organizations.
Sponsorship
Provided over $450,000 in sponsorships and donations to over 200 different organizations/events.
Employee Donations
Donated $50,500 through the Employee Charity Match Program - iButterfly Effect.
Food Security
Provided 20,000 meals through our Food Security Campaign (over 50,000 meals since 2021).