Join the 67,500+ members who bank with us!
How Can You Earn Each Bonus?
1. Open a No-Fee Bank Account
Apply for a No-Fee Bank Account in seconds with the promo code ALUMNI25. Complete 15 transactions to earn your $100 cash bonus*.
2. Set up a TFSA
Open a tax-free savings account and invest $1,000 or more. You'll earn a $100 cash bonus.*
3. Activate a Visa* Card
Apply for and activate a Visa* card by making a purchase. You'll easily earn your $100 cash bonus.*
You'll receive email instructions on how to open your TFSA and apply for your Visa* card once you open your account.
Why Bank with Innovation?
Questions
What is a No-Fee Chequing Account?
If you’re tired of paying unnecessary banking fees, then a no-fee chequing account is for you. This free bank account offers all the essentials without any extra charges making it affordable for every Canadian.
Make unlimited debit purchases, enjoy free Interac e-Transfer® transactions, and access ding free® ATMs nationwide — all for free. It's the perfect choice for students, young professionals, or anyone who wants to bank smarter.
Whether you pay bills, shop, make account-to-account transfers, or receive money, this bank account with no monthly fees has you covered. Time to keep more of your hard-earned money right where it should be!
Which banks have no monthly fee chequing accounts in Canada?
While we don’t keep track of every bank’s offerings, you don’t need to look any further than Innovation for a no monthly fee bank account in Canada.
Are you a real bank?
We are real, but we are a credit union. It’s just like a bank, only you have more say in how we're run.
Thousands of Canadians have an Innovation No-Fee Bank Account with us. We have been around for over 60 years. Many happy members think of us as a best kept banking secret.
What is a credit union?
Credit unions are not-for-profits financial institutions created to serve members. We’re just like a bank except our customers (members) own us. Members join by paying a one-time membership fee of $5.
Our main goal is to provide better products and services to our members, not seek a profit as so many traditional banks do. Any money we earn is invested back into the organization, issued as cash dividends to our members, or donated back into the community.
Isn’t switching banks difficult?
There’s no pressure to move everything. Try us out and if you like how much you save you can gradually switch more items over.
Give us a call at 1.866.446.7001 and we can help you switch payments and direct deposits quickly and safely from your current bank.
Do I have to open all three products to earn the incentive?
No. You’ll earn $100 for each product that you qualify for and open. If you open two products, you’ll earn $200. And if you open all three products, you’re on your way to earning the full $300 cash bonus.
What kind of TFSA am I required to open?
You can choose any type you like! It can be redeemable or non-redeemable. It can also be any length of your choosing: 1 to 5 years. Select the TFSA that works best for you!
Join the 67,500+ Canadians who bank with us!
"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!"
"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!"
"There are no conditions with this account. I can just bank and know it’s free!"
"There are no conditions with this account. I can just bank and know it’s free!"
No-Fee Bank Account available for personal use only. SIN is not required as a condition of opening an account. If you prefer not to provide your SIN for our online application, please visit one of our branch locations to apply or call 1.866.446.7001 for more information.
ATM transactions for the No-Fee Bank Account are free at ding free ATM locations.
Innovation Federal Credit Union banking services are not available in Quebec.
SK Polytechnic Alumni Account Opening Offer
Between May 1, 2025, and June 30, 2025 (the “Offer Period”) Qualifying Account Holders* are eligible for up to three (3) $100 bonuses (the “Offer”), provided the following terms and conditions are met:
Terms & Conditions
1. Eligibility
*Qualifying Account Holders must be:
A new member to Innovation Federal Credit Union and cannot have been an Innovation Federal Credit Union member since January 2016.
18 years of age or older
A Canadian resident
Able to meet Innovation Federal Credit Union’s membership and account opening approval criteria
This offer is not available to residents of Quebec.
2. Offer Conditions
The Qualifying Account Holders will be eligible to receive up to three (3) $100 bonuses after meeting the following conditions:
Successfully open an Innovation Federal Credit Union No-Fee Bank Account (the “Account”) during the Offer Period through Innovation’s Digital Onboarding Platform and enter promo code ALUMNI25 during account opening. After 60 days of successfully opening the Account:
Has conducted a minimum of 15 incoming or outgoing transactions from the Account, and
The Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) during the 60-day period.
Within 30 days of successfully opening the Account, successfully apply and be approved for an Innovation Credit Union Visa** card (the “Credit Card”).
Activate the new Visa** on or before August 30, 2025, by conducting a transaction.
The Credit Card must be active at the time of bonus payment.
3. Within 30 days of successfully opening the Account, open an Innovation Federal Credit Union Tax Free Savings Account (the “TFSA”).
Maintain a balance of $1,000 or more in the TFSA by November 30, 2025.
The TFSA must be active at the time of bonus payment.
3. Additional Information
After the Offer Conditions have been met, each $100 bonus will be deposited into the Qualifying Account Holder’s No-Fee Bank Account as follows:
The “Account” opening bonus will be deposited in the third month following the month, the Account was opened. For example: If a Qualifying Account Holder opens the Account in June 2025, meets the Offer Conditions by August 2025, the $100 bonus will be deposited by September 30, 2025.
The “Credit Card” bonus will be deposited in September 2025.
The “TFSA” bonus will be deposited in December 2025.
The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Bank Account within 180 days of opening the Account, as per Innovation Federal Credit Union’s Account and Fee Information brochure.
Offer is non-transferable and is not valid in conjunction with any other Offer. The Qualifying Account Holder is solely responsible for any tax consequences or penalties imposed by Canadian Revenue Agency associated with their receipt thereof.
Innovation Federal Credit Union employees and immediate family members of employees are not eligible for the Offer.
Innovation Federal Credit Union reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.
This offer and its terms are governed by applicable laws of Canada and the province or territory where the account is opened. Canada Revenue Agency rules and limits apply to all TFSA contributions.
The $10 youth cash dividend is given each quarter upon Innovation Board approval to members 18 years of age and under. Learn more about Member Rewards.
No-Fee Bank Account $500 Giveaway Draw
Between July 1, 2025, and December 31, 2025 (the “Offer Period”) Qualifying Account Holders* will be entered into a monthly draw to win one of two $500 Giveaway prizes, provided the following terms and conditions are met:
Terms & Conditions
1. Eligibility
*Qualifying Account Holders must be a new customer/member to Innovation Federal Credit Union (“Innovation”), be 18 years of age or older, be a Canadian resident (excluding Quebec), meet Innovation’s membership and account opening approval criteria, and cannot have been an Innovation member since January 2016.
2. Offer Conditions
Qualifying Account Holders will be entered into a draw to win one of two $500 Giveaway prize, in the month of their account opening, after meeting the following conditions:
Successfully open an Innovation No-Fee Bank Account (the “Account”) through the Online Account Opening Application on Innovation’s website; and,
Deposit a minimum of $5.00 into their Account to pay for the cost of a membership share.
Enroll in digital banking through Innovation’s mobile app or online banking platforms.
3. Additional Information
After the Offer Conditions have been met, the Qualifying Account Holder will be entered into the corresponding monthly draw to win one of two $500 Giveaway prizes. For example: If a Qualifying Account Holder opens their account in July of 2025, they will be entered into the July 2025 draw to win one of two $500 Giveaway prizes. The draw will occur the week following month end, and winner(s) will be randomly selected. Winner(s) will be notified by phone or email. A direct deposit of $500 will be deposited to the winning member(s) No-Fee Bank Account or other operating account.
The Qualifying Account Holder’s account(s) must also be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at that time of the monthly draw. If the No-Fee Bank Account is opened as a joint account, the primary account holder will be entered into the monthly draw. If the draw is won by a jointly opened account, the prize will be jointly awarded to the account holders.
By accepting the prize, the winner(s) consent to Innovation publishing their name and prize description on Innovation’s digital channels, including but not limited to social media, digital screens, and website, as well as print publications.
The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Bank Account within 180 days of opening the Account, as per Innovation’s Account and Fee Information brochure.
Limit of one draw entry per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.
Innovation employees and immediate family members of employees are not eligible for the Offer.
Innovation reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer/member who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.
*Trademark of Visa Int., used under license. The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa.
Collabria Financial Services Inc. (“Collabria”) is an independent entity from your credit union with no ownership interest in the other. If you choose to obtain Collabria credit card services through a referral from your credit union, it will receive compensation from Collabria.