$4,000 Mortgage Cashback Terms & Conditions

This offer applies to first time home buyers, next time home buyers and/or anyone who transfers their mortgage loan to Innovation Federal Credit Union (“Innovation”) from another financial institution (the “Applicants”). Mortgage loans must have a principal amount of $100,000 or more, and must be one of the following Innovation Federal Credit Union (“Innovation”) Fixed-Rate Closed mortgages:

• 2-year Closed Fixed (Special) mortgage interest rate with a term of 2 years and amortization of 25 years or less
• 3-year Closed Fixed (Special) mortgage interest rate with a term of 3 years and amortization of 25 years or less
• 4-year Closed Fixed (Special) mortgage interest rate with a term of 4 years and amortization of 25 years or less
• 5-year Closed Fixed (Special) mortgage interest rate with a term of 5 years and amortization of 25 years or less

The offer applies to new consumer residential mortgage loans only. Mortgages for an acreage or home quarter which qualifies for residential mortgage pricing are not eligible for Mortgage Cash Back. The mortgage must have a purchase price or as-improved property value less than or equal to $1,500,000. Mortgage renewals, re-advances or refinances are not eligible for the Mortgage Cash Back offer. Applicants must have an Innovation No-Fee Bank Account and Member Rewards Account. Pre-authorized mortgage payments must come from an Innovation bank account. Mortgage application must be submitted to Innovation by June 30, 2025, and mortgage must be funded within 120 days of application.

Qualifying Applicants will receive cash back based on their mortgage loan amount. Cash back amounts are tiered as follows:

• $1,000 cash back on a mortgage loan of $100,000 – $299,999
• $2,000 cash back on a mortgage loan of $300,000, – $499,999
• $2,500 cash back on a mortgage loan of $500,000 – $749,000
• $3,000 cash back on a mortgage loan of $750,000 - $999,999
• $4,000 cash back on a mortgage loan of $1,000,000 - $1,500,000

Cash back amount will be deposited into the Applicant’s Innovation Member Rewards Account within 30 business days after mortgage funding. In the case of joint mortgages, the cash back amount will be divided equally amongst all mortgage holders. Investment income earned on Member Rewards Account balances may be taxable. If the offer ends before the 30 business days after funding, Innovation will still pay the cash back amount to the Applicants, provided the above terms and conditions are met.

Offer is subject to meeting Innovation’s credit approval criteria. Offer may end or change at any time without notice. From time to time, and without notice, Innovation may change, supplement, or amend these terms and conditions. Offer expires June 30, 2025, but may end at any time without notice.

Offer is non-transferable and is not valid in conjunction with any other Offer unless otherwise stated. Limit of one Offer 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.

* The Collabria Visa Card is issued by Collabria Financial Services Inc. pursuant to a license from Visa.

No-Fee Bank Account $500 Giveaway Draw 

Between January 1, 2025,  and June 30, 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.

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 January of 2025, they will be entered into the January 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.