Pay Less Fees
Enjoy no monthly fees on your savings account. Plus, you’ll get six free debit transactions each month.
Keep Any Balance You Want
There’s no need to maintain a minimum balance. Pay no monthly fee and earn interest plus rewards, no matter your balance.
Earn Interest on Your Deposits
With an Innovation savings account, your entire balance will earn our best rate! Interest is calculated daily and paid monthly.
Earn Cash for Everyday Banking
With Member Rewards, you’ll earn cash by having your savings account with us. Plus, banking digitally could earn you up to $30/year.
Savings Account Interest Rates
Save confidently with a savings account. Keep your money available for use while still earning interest.
| Account Balance | Annual Rate | |
|---|---|---|
| $0.00 to $4,999.99 | 1.350% | Get This Rate |
| $5,000.00 to $99,999.99 | 1.350% | Get This Rate |
| $100,000.00 to $199,999.99 | 1.350% | Get This Rate |
| $200,000.00 plus | 1.350% | Get This Rate |
Want to earn more interest? You could also try a GIC. It requires a $1,000 minimum investment so a savings account could help you reach that goal. Here are our current GIC rates.
| Non-Redeemable GIC | Interest Rate | |
|---|---|---|
| 1-Year | 3.900% | Get This Rate |
| 2-Year | 3.700% | Get This Rate |
| 3-Year | 3.600% | Get This Rate |
| 4-Year | 3.500% | Get This Rate |
| 5-Year | 3.500% | Get This Rate |
See how much you can earn!
Excited to see how much you can save? Simply fill in your starting balance, deposit frequency, and savings period below to see your estimated earnings. Follow your earnings time-lapse with our graph, or reach out if you have any questions.
Need more help choosing the right savings product?
To compare bank accounts, you can view the FCAC Account Selector Tool.
Frequently Asked Questions
A savings account is a type of bank account that pays you interest. There’s no monthly fees or balance requirements with an Innovation savings account. Deposit what you can!
And since you’re an Innovation member, you’ll also earn cash rewards on your savings account.
Opening a savings account is easy and you'll only need about 30 minutes to create one. Get all the support you need, from instructions on how to open an account to best tips to grow your wealth. You can apply today and use our Savings Calculator to get an estimate of your savings total based on your starting balance, deposit amount, and deposit frequency.
That's it — once you are done setting it up, your savings account will do the job for you by earning you annual interest.
Yes, your savings account earnings are taxable under the Canada Revenue Agency. However, you can also choose a TFSA to get a tax exemption since it's a registered account.
You can choose from a wide range of savings types, from Registered Retirement Savings Plans (RRSPs) to First Home Savings Accounts (FHSAs). You can earn tax-free interest with a TFSA, or choose a basic savings account to meet your goals. Our Savings Selector Tool can be a huge help in making your decision.
If you need further advice, you can contact us!
Rates subject to change without notice.
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.
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.
Debit transactions include ATM withdrawals, direct payment/POS, pre-authorized payments/debits, cover-draft transfers, electronic transfers, telephone banking and online banking bill payments, assisted transfers and assisted withdrawals. Over limit debit transaction fees apply. Excludes at time of transaction fees (bill payments, Interac e-Transfer®, Interac and CIRRUS® ATM withdrawals).