Disclosures

No-Fee Chequing Account
No-Fee Chequing 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 Chequing Account are free at ding free ATM locations.

Innovation Federal Credit Union banking services are not available in Quebec.

Interest-Bearing Accounts
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. Rates subject to change without notice.

Includes: Savings, No-Fee USD, Business, Community/Association, AgriInvest

No-Fee USD Account: Interest, Features, Rates
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 No-Fee USD Account does not have debit card 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.  Service charges per debit transaction will apply.

Rates subject to change without notice.

Member Share & Member Rewards
Equity and cash dividend payment based on Innovation Federal Credit Union’s Board of Directors directive. If you should close your Innovation accounts, we will reimburse your $5 share and pay you your cash dividends and equity. Dividend and allocation rates subject to change without notice.

GIC, RRSP, and TFSA Investments
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 If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount.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
VirtualWealth is a trade name of Credential Qtrade Securities Inc., Member of the Canadian Investor Protection Fund.

Mortgages
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.

Mortgage Rates
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.
APR Assumptions:
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
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.

**¹Reward points are earned on net purchases only. Any Cash-like Transactions including Cash Advances, Balance Transfers, and interest charges, fees, payments, credit or debit adjustments and any amount other than Purchases that may be charged to your Account with your Card or Convenience Cheques, do not qualify for Points. For more information visit collabriacreditcards.ca/rewards 

^{†Terms and conditions apply. Visit https://reward-headquarters.com/groupCollabriaNational/home for more details.}

¹The base value of one reward point is equal to one cent (a penny per point). The cash equivalent shown for illustration purposes only is based upon the redemption of these points as a statement credit. The valuation is for cash equivalent only; the value for redeeming for merchandise and travel may vary. 

*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.

Apple Pay for Collabria Visa
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.

To use your Collabria Visa or Mastercard credit card (the “Card”) with this application (the “Application"), you must agree to the following: I understand that the storage and usage of my card number (and credentials corresponding to your card number) and all transactions carried out through the Application using my Card are subject to the agreement governing the use of the Card. I understand that every transaction carried out using my Card through the Application is considered to be an authorized use of my Card, and I am subject to the same liability as if I had signed for each transaction or entered the personal identification number (PIN) for my Card in a payment terminal or any other accessible device. To prevent any unauthorized use of my Card, I agree to take all necessary precautions to keep my mobile device safe, as well as any passwords or information that would allow someone to use the Application to make a transaction with my Card. If such precautions are not taken, I understand that it will be presumed that I have contributed to the unauthorized use of my card and assume all liability therefore. If my mobile device is lost or stolen, or if someone else learns or is suspected to have learned my login information, I understand that I must immediately advise my financial institution. The Application is owned and developed by a third party not affiliated with Collabria Financial Services Inc. (“Collabria”). Therefore, I understand that Collabria does not set the terms of use of this Application and is not responsible for its operation.

Google Play Terms of Service
Visit Google Play for details.

ClickSWITCH
Terms & Conditions  (pdf)

Calculators
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.