Banking rewards with a difference

Being a Canadian is truly rewarding. The people, the beautiful landscapes...and the rewards programs! As Canadians, we have a long tradition of collecting rewards. Just think about Canadian Tire money - first introduced in 1958. We craved those bills that looked like real money. And remember the Salada/Shirriff Pudding hockey coins? Those were first offered as long ago as 1960. Today, they’ve become collector’s items. We’ve even been rolling up the rim at Tim Hortons for more than thirty years. Today, a staggering 90% of Canadians are members of at least one loyalty program. The relationship between Canadians and rewards programs has stood the test of time and will continue to do so far into the future. 

Everyday rewards - banking rewards with a difference 

Not all rewards programs are equal. Some offer better rewards than others. At Innovation, we have a different approach towards loyalty or rewards programs. No games or keepsake coins here. As a member, you get something even better - you earn money back for everyday banking. It’s simple. The more banking you do with us, the higher the reward. Our banking rewards program lets you save, earn, and give - making it one of the best in the credit union system.

Our CEO, Daniel Johnson, says, “Our members gain valuable cash just for everyday banking with us. Plus, they bank for free with our No-Fee Bank Account. It’s a truly outstanding program. And because we share our profits, our members’ support equates to support in their community. It’s a win-win-win philosophy.”

That’s right. Not only will you earn money back, but you also get to save your hard-earned money and give back to your community too. The Member Rewards program follows Innovation’s Responsible Banking™ philosophy, to allow you to save, earn, and give. Here’s how.


Innovation members save as much as $360 per year in banking fees. Most other banks charge as much as $30 per month for you to use their banking services. But at Innovation, we want you to save your hard-earned money. Our No-Fee Bank Account lets you keep your money safe and save it, too. No wonder 43,000+ Canadians choose to bank free with Innovation.  “Launching this account was a way for us to reinvest our earnings into our members and provide something tangible,” says CEO Dan Johnson. Not only are there zero hidden fees, Johnson explains that “over 23,000 members were automatically switched to this account when it was launched. We didn’t wait for them to ask for it. We delivered on our promise to responsible banking that makes members’ needs our highest priority.”


As you’ve read above, our Member Rewards program lets you earn money back whenever you carry out any banking activity. We open your Member Rewards account for you as soon as you join. This means you can start earning money back right from your first day with Innovation. How much can you earn back?  Since 2007, we’re shared approximately $$44.38 million in profits with our members. Yes, you get a share of Innovation profits.  “Our members gain valuable cash just for banking with us. The more business they do with us, such as taking advantage of our lending and savings products, the more Member Rewards they earn,“ says CEO Dan Johnson. We’ll go into detail on how you can earn with Innovation below, but getting is just as important as giving. Which brings us to the next part...


You know that you can save and earn with Innovation. How do you give? As an Innovation member, you play an integral role in helping us serve the larger community. We’ve given back over $9 million to communities we serve. Whether through sponsorships, supporting the youth, providing access to financial services, creating job opportunities, donating hours and funds, we believe in truly giving back to local communities. In fact, Imagine Canada designated us as a Caring Company for our commitment to community investment. 

In 2020 alone, Innovation gave back $505,000 in sponsorships and donations, $33,000 in scholarships and spirit awards, and $21,400 in donations to charity by staff. “We’re thrilled to be able to offer personalized, local service that meets members’ demands,” explains our CEO Daniel Johnson. “We’ve always tried to be a champion for good causes in our communities. Our people value local banking that’s convenient, so it’s our responsibility to provide it. Where banks see closures as the only option for growth, we see an opportunity to make our communities a better place for people to live and work.”

You’re an owner 

Remember how we said you get a share of Innovation profits? That’s because you aren’t a customer, you’re an owner of Innovation Credit Union. When you join, you buy a $5 share to own part of our credit union, and we automatically open a Member Rewards Account for you. As an owner, you’re entitled to a lot more than customers. While customers only get to access services and products, you get to access services, products and a portion of the profits. That’s right. Owning a share entitles you to get cash dividends and equity. We deposit both to your Member Rewards Account. 

What is equity? 

Equity is a share in the credit union. Apart from the initial $5 share you own when you join, you also earn equity when you bank with us. This is why our Member Rewards program stands apart from other loyalty programs. You own a little more of our credit union every time you use a banking product or service. Owning more equity entitles you to a larger share of our profits. 

What is equity based on? 

The equity you earn depends on the business you do with us. You earn equity on the loan interest you pay and the deposit interest you earn. Every time you use your Savings Account or US Account you earn a little equity. You also earn equity on GICs, loans, mortgages, and lines of credit. Remember, the more equity you have, the higher payout you can expect. The ‘payout’ is the cash dividends we deposit in your Member Rewards account. 

What is a cash dividend?

A dividend is a payment to our owners, like you. It’s a portion of our profits that we share with you. Our member-owners at Innovation - that’s 65,000+ members - have a chance to receive cash dividends each quarter. We also pay $5 cash every three months to Innovation members who are 18 or younger. You can choose to save the amount in your Member Rewards account. Or, if you’d like to access the cash and spend it, you can easily transfer the cash balance from your Member Rewards account to any other account. You can also contact us to set up an automatic transfer. That way, every time we deposit a cash dividend to your Member Rewards account, it will appear in your chosen bank account. Either way, whether you choose to spend or save the cash, you earn cash simply by banking with Innovation. 

What is my cash dividend based on? 

Your cash dividend is based on your equity balance. So basically, the more business you do with us, the greater your portion of our profits, or cash dividends, will be. Our Board approves payment according to how our credit union is performing. That means, when the profits are up, the cash dividend payouts are higher. 

One of our most important goals is to ensure Innovation is a sound and stable credit union. We work hard to achieve this so we can continue to make profits and share them with our owners. How do we do this? A strong credit union is one with many members. To ensure our members are satisfied with our services, we strive to serve you better. As a member-owner, you get access to the best products and services. We’re constantly improving our branches and advice centres, website, and mobile app. You also get access to  competitive rates on investments and loans. Plus, with perks such as No-Fee Bank Accounts and a ding-free ATM Network, you save money by choosing to bank with us. 

Being an Innovation member-owner is the epitome of rewarding. You get to earn money back every time you bank. You get to save money - as much as $30 per month - by using our No-Fee Bank Account. You even get to give back to your community. As a member-owner of Innovation Credit Union it’s easy on the pocket and on your conscience too. 

More than free

With one of the best credit union loyalty programs, Member Rewards, you get so much more than a free coffee or keepsakes. You get equity in your credit union. This equity helps us to provide better products and services for you. You also earn cash to spend any way you want. As a member-owner, you are entitled to more than any regular customer. Innovation is accountable to you. You also get a voice through our Board of Directors. 

So, are you ready to own your credit union and start earning cash back? Join us today.