Innovation Federal Credit Union does not guarantee the accuracy, timeliness or completeness of any information or document on the Innovation Federal Credit Union website.
Innovation Federal Credit Union makes no representations whatsoever about any other website which you may access through this one. Innovation Federal Credit Union recommends that you install appropriate anti-virus or other protective software to protect yourself from such items.
Please be advised that the information on the Innovation Federal Credit Union website is subject to change without notice.
No-Fee Bank Account
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.
(Savings, US Dollar, Business, Community/Association, AgriInvest)
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.
The US Account does not have debit card access. Only the Balance Inquiry feature and electronic transfers to other Innovation US Accounts through online banking and telephone banking are available for this account. Service charges per debit transaction will apply.
Rates subject to change without notice.
Member Rewards Account
If you should close your Innovation accounts, we will reimburse your $5 share and pay you your cash dividends and equity. Rates subject to change without notice. Equity and cash dividend payment based on Innovation Credit Union’s Board of Directors directive.
GICs, TFSAs, RRSPs
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 If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount.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.
VirtualWealth is a trade name of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.
Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities. Qtrade Investor and Credential Securities are divisions of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently, and past performance may not be repeated.
Credential Securities is a registered mark owned by Aviso Wealth Inc. Northwest Funds, Ethical Funds and NEI Investments are registered trademarks of Northwest & Ethical Investments L.P. Ethical Funds® are available only to Canadian residents. Credential Asset Management Inc., Credential Qtrade Securities Inc. and Northwest & Ethical Investments L.P. are wholly owned subsidiaries of Aviso Wealth Inc.
Rates subject to change without notice.
Innovation Federal Credit Union will lend for properties located in Canada only.
Additional information for building mortgages could be required depending on the type of construction project you are undertaking.
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.
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.
First Time Home Buyers Incentive
Homeowners can repay the Incentive at any time in full without a pre-payment penalty. The Incentive must be repaid after 25 years or if the property is sold, whichever happens first. The repayment amount is based on the property’s fair market value at the time of repayment.
Rates subject to change without notice.
Skip Your Payment Service
Some conditions apply. Ag/Business Loans are ineligible. Qualifying loans are eligible for one skipped payment per Skip-Your-Payment fiscal year. Interest will continue to accrue and be payable on the unpaid principal amount of the skipped payment but not on the unpaid interest. The original expiry date of the loan (if applicable) may be extended to accommodate this skipped payment.
* The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa.
Redeem points for cash back in the form of an account credit. Not available on US Dollar cards. View full Rewards Program Rules at collabriacreditcards.ca/rewards.
Eligibility for Rewards
Eligibility for rewards and/or account credit is subject to the rewards program terms and conditions. Qualifying transactions are defined in the rewards program terms and conditions. Cash advances and balance transfers do not qualify for reward points. To earn rewards, each account must remain open, in good standing and not become delinquent. All purchases are subject to credit approval.
Zero Liability applies to your purchases made with your credit card in store, over the telephone, online or via a mobile device. As a cardholder, you will not be held responsible for unauthorized transactions if: 1) you have used reasonable care in protecting your card from loss or theft; and 2) you have reported to Cardholder Service at 1.855.341.4643 (Canada and U.S.) or 1.647.252.9564 (International Collect) when you knew that your credit card was lost or stolen. If you believe there has been unauthorized use on your account and you meet the conditions above, you are protected by Zero Liability. If you do not meet the conditions above, please reference your Cardholder Agreement for additional information regarding liability.
Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps (requires iPhone 6 or later); with iPad Pro, iPad (5th generation), iPad Air 2, and iPad mini 3 and later in apps and websites in Safari; and with Mac (2012 or later) in Safari with an Apple Pay–enabled iPhone or Apple Watch. For a list of compatible Apple Pay devices, see support.apple.com/km207105.
Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.