Terms & Conditions
1Account & Fee Information/About Our Interest Calculations
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.
2Member Share & Member Rewards
All Member Reward distributions are not guaranteed and are at the full discretion of Innovation Federal Credit Union's (Innovation) Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Redemptions of Membership Shares for any reason are not guaranteed and are at the full discretion of Innovation's Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Membership Shares are capped at $5,000 (personal members) and $10,000 (business members). All balances held in the Member Rewards account exceeding these amounts are fully accessible to members and are not treated as capital to Innovation.
Dividend rates, allocation rates or any other factors impacting distribution of Member Rewards are subject to change without notice.
3Interest-Bearing Accounts
Interest is calculated daily on the closing balance of your account and paid at month end. Rates subject to change without notice.
Includes: Savings, No-Fee USD
4No-Fee USD Account
The No-Fee USD Account does not have debit card/Debit Mastercard® access. Only the Balance Inquiry feature and electronic transfers to other Innovation USD Accounts through online banking and telephone banking are available for this account.