Requirements for No-Fee Bank Account Opening
NOTE: These requirements are for online account opening only. If you're under 18 or not a Canadian resident, give us a call and we can help you over the phone.
Your SIN is also only a condition if you're opening an account online. If you prefer not to provide your SIN, give us a call to apply over the phone at 1.866.446.7001.
Questions?
While we don’t keep track of every bank’s offerings, you don’t need to look any further than Innovation Federal Credit Union for a No-Fee Bank Account. We truly offer no-fee chequing for all of Canada.
Feel free to use the information we’ve shared in a no-fee chequing account comparison. We’re confident you’ll see how many benefits come along with joining us.
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.
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.
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.
Need more help choosing an account?
Try our Account Selector Tool.
To compare bank accounts, you can view the FCAC Account Selector Tool.
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.
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.
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:
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Successfully open an Innovation No-Fee Bank Account (the “Account”) through the Online Account Opening Application on Innovation’s website; and,
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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.