Savings Account
Enjoy easy access to your money. Earn interest2 and rewards.3
Current Rate: 0.60%4
TFSA
Earn interest tax-free. Enjoy competitive rates and no monthly fees.
Current Rates: 0.60%4 to 3.40%4
GIC
Guaranteed rate, redeemable options. Earn interest and rewards.3
Current Rates: 2.00%4 to 3.40%4
Why choose our Savings Account?
$0 Monthly Fees2
Our Savings Account charges no monthly fees.2
Cash Rewards3
Earn profit-sharing cash for having a savings account with us.3
Interest
Your entire balance will earn our best rate.1
Interest on Every Dollar
Earn interest whether your balance is $5 or $5,000.2
Savings Account Requirements
Identification
You'll need a Social Insurance Number (SIN), and one of these documents:
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID (not including Quebec)
Unexpired Passport from:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
Eligibility
You are eligible if you are:
- A Canadian resident (not including Quebec), and
- 18 years of age or older
Member Share
You'll need to purchase a $5 membership share (new members only).
Don't meet our online requirements?
We can help you open an account over the phone if you're under 18, not a Canadian resident, or prefer not to provide your SIN.
Call us at 1 (866) 446-7001
Which type of savings account is best for me?
| Savings Account | GIC | TFSA | |
|---|---|---|---|
| Contribution Limit | None | None | $7,000 per year |
| Is the interest I earn taxed? | Yes | Yes | No |
| Is there a minimum deposit needed? | No | $1,000 for most types $0 for an Easy-Start GIC | $1,000 for most types $0 for a TFSA Savings Account |
Calculator
Try a savings calculator to see in seconds how much you can save.
Savings Selector Tool
Try our Savings Selector Tool for personalized recommendations.
Learn More About Savings in Canada
Check out our savings blogs like our TFSA vs Savings Account article.
Savings Account Frequently Asked Questions
What is a savings account?
A savings account is a type of bank account that pays you interest. There’s no monthly fees2 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.3
How do savings accounts work?
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.1
Can I open a Savings Account online?
You sure can! Here are Savings Account requirements before you start:
You'll need a Social Insurance Number (SIN), and one of these documents:
- Canadian Driver's License
- Indian Status Card
- Provincial Photo ID (not including Quebec)
Unexpired Passport from:
- Canada
- Australia
- China
- India
- Mexico
- Philippines
- Singapore
- Taiwan
- United States
You are eligible to open a Savings Account if you are:
- A Canadian resident (not including Quebec), and
- 18 years of age or older
You'll need to purchase a $5 membership share (new members only).
Do I have to pay taxes on my Savings Account earnings?
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.
How do I choose a savings plan that meets my needs?
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!
How is interest calculated on my savings account?
It's calculated daily and paid monthly.1
Is my GIC insured or protected?
Eligible deposits in your GIC are insured by CDIC5. Visit the CDIC website for more details!
What is the difference between a Savings Account and TFSA?
With a Savings Account, you'll enjoy no contribution limits and Member Rewards.3 Your earnings however will be taxed.
With a Tax-Free Savings Account (TFSA), your earnings grow tax-free at a higher interest rate. There are annual contribution limits, however.
How do I earn profit-sharing money?
When you have an Innovation Savings Account, you’ll earn cash every three months simply by having a loan with us.3 You can earn additional cash for having other Innovation loan or savings products, plus monthly cash for conducting basic digital banking transactions3. Learn more about our Member Rewards program.
Need more help choosing an account?
- Try our Savings Selector Tool.
- To compare bank accounts, you can view the FCAC Account Selector Tool.
Terms & Conditions
1Interest-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
2Account & Fee Information/About Our Interest Calculations
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.
3Member Share & Member Rewards
All Member Reward distributions are not guaranteed and are at the full discretion of Innovation Federal Credit Union's (Innovation) Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Redemptions of Membership Shares for any reason are not guaranteed and are at the full discretion of Innovation's Board of Directors and the Office of the Superintendent of Financial Institutions (OSFI).
Membership Shares are capped at $5,000 (personal members) and $10,000 (business members). All balances held in the Member Rewards account exceeding these amounts are fully accessible to members and are not treated as capital to Innovation.
Dividend rates, allocation rates or any other factors impacting distribution of Member Rewards are subject to change without notice.
4Rates
Rates subject to change without notice.
5Canada Deposit Insurance Corporation (CDIC)
Visit CDIC's website to view disclaimers and Governing law: What's covered — CDIC