Find Exceptional Interest Rates

Explore our rates for accounts, mortgages, investments, and foreign exchange (FX). Enjoy some of the best rates in Canada!


Accounts

Earn interest at our best rate and pay no monthly fees by opening an Innovation savings account. Interest is calculated daily on the closing balance and paid at the end of each month.

 

BalanceInterest rate 
$0.00 to $4,999.991.650%Get This Rate
$5,000.00 to $99,999.991.650%Get This Rate
$100,000.00 to $199,999.991.650%Get This Rate
$200,000.00 plus1.650%Get This Rate

Our No-Fee USD Account is perfect for snowbirds or if you need to affordably convert your money. Earn interest and profit sharing dollars on your deposits, plus enjoy $0 transaction fees!

 

BalanceInterest rate 
$0.00 to $4,999.990.100%Get This Rate
$5,000.00 to $99,999.990.100%Get This Rate
$100,000.00 to $199,999.990.100%Get This Rate
$200,000.00 plus0.100%Get This Rate



Mortgages

Whether it's for your first home, next home, or if you're moving a mortgage to us, we have flexible options that will help you save thousands.

TypeLength
Rate
APR 
Open Variable5 Years9.250%9.277%Choose Mortgage
Closed Variable5 Years6.700%6.727%
Choose Mortgage

Open Fixed

LengthRateAPR 
1 Year8.990%9.123%Choose Mortgage


Closed Fixed (Regular)

LengthRateAPR 
6 Month7.500%7.767%Choose Mortgage
1 Year6.550%6.686%Choose Mortgage
2 Years5.990%6.060%Choose Mortgage
3 Years5.300%5.345%Choose Mortgage
4 Years5.510%5.548%Choose Mortgage
5 Years 5.580%5.606%Choose Mortgage
7 Years7.050%7.069%Choose Mortgage
10 Years7.450%7.463%Choose Mortgage


Closed Fixed (Special)

LengthRateAPR 
6 Month7.400%7.667%Choose Mortgage
1 Year6.450%6.586%Choose Mortgage
2 Years5.890%5.960%Choose Mortgage
3 Years5.200%5.245%Choose Mortgage
4 Years5.410%5.448%Choose Mortgage
5 Years (Uninsured)5.080%5.106%Choose Mortgage
5 Years (Insured)*4.840%5.006% Choose Mortgage
7 Years5.840%5.859%Choose Mortgage
10 Years6.030%6.043%Choose Mortgage

To qualify for the 5-year insured closed fixed special mortgage rate, mortgages must be insured by a guarantee company such as Canada Mortgage and Housing Corporation, Sagen™ (formerly known as Genworth Canada). Special pricing is only available on residential mortgages with payment frequencies of weekly, bi-weekly, semi-monthly and monthly. Mortgages greater than $1 million, refinances, or for rural locations such as acreages are not eligible for special residential mortgage rates.


Special Rate Mortgage
Residential Mortgages with the following characteristics are not eligible for the special residential mortgage rates:

  1. The mortgage has a purchase price or as-improved property value greater than or equal to $1 million or
  2. The mortgage is a refinance of a current Innovation mortgage, or
  3. The mortgage is for an acreage or home quarter and qualifies for residential mortgage pricing, or
  4. The mortgage’s amortization is greater than 25 years.
  5. The mortgage is for a single unit rental property.




Investments

With guaranteed returns, a GIC is one of the safest investment options around. Choose a redeemable GIC if you need easy, fast access to your funds or a non-redeemable GIC to earn more interest.

 

Redeemable GICRate 
1-Year3.000%Get This Rate

 

Non-Redeemable GICRate 
1-Year4.800%Get This Rate
2-Year4.500%Get This Rate
3-Year4.300%Get This Rate
4-Year4.250%Get This Rate
5-Year4.250%Get This Rate

 

Non-Redeemable Easy Start GICRate 
1-Year4.200%Get This Rate

 

Non-Redeemable Convertible GICRate 
3-Year4.200%Get This Rate

 

Non-Redeemable Laddering GICRate 
1-Year4.250%Get This Rate
2-Year4.250%Get This Rate
3-Year4.250%Get This Rate
4-Year4.250%Get This Rate
5-Year4.250%Get This Rate

A TFSA or RRSP will help you save tax dollars and achieve your retirement dreams faster. You can also choose from a number of RRIF options when you’re ready to transfer your RRSP.


 

Savings Account
(TFSA, RRSP, RRIF and
RRSP/RRIF Pension Fund)
Rate 
$0.00 to $4,999.991.650%Get This Rate
$5,000.00 to $99,999.991.650%
Get This Rate
$100,000.00 to $199,999.991.650%
Get This Rate
$200,000.00 plus1.650%
Get This Rate

 

Redeemable TFSA, RRSP and RRIFRate 
1-Year3.000%Get This Rate

 

Non-Redeemable TFSA, RRSP, RRIF,
RRSP/RRIF Pension Fund
Rate 
1-Year4.800%Get This Rate
2-Year4.500%Get This Rate
3-Year4.300%Get This Rate
4-Year4.250%Get This Rate
5-Year4.250%Get This Rate

 

Non-Redeemable Easy Start TFSA and RRSPRate 
1-Year4.200%Get This Rate

 

Non-Redeemable Convertible
TFSA and RRSP
Rate 
3-Year4.200%Get This Rate

 

Non-Redeemable Laddering
TFSA , RRSP, and RRIF
Rate 
1-Year4.250%Get This Rate
2-Year4.250%Get This Rate
3-Year4.250%Get This Rate
4-Year4.250%Get This Rate
5-Year4.250%Get This Rate

Help cover your child’s future tuition costs and save on taxes with a Registered Education Savings Plan (RESP). You’ll also benefit from matching contributions from the Government of Canada.

 

RESPRate 
Variable1.050%Get This Rate
1-Year4.800%Get This Rate
2-Year4.500%Get This Rate
3-Year4.300%Get This Rate
4-Year4.250%Get This Rate
5-Year4.250%Get This Rate

Save for the down payment of your first home, tax-free! Pay no monthly fees plus enjoy a high interest rate!

 

BalanceInterest rate 
$0.00 to $40,000.005.150%Get This Rate




Exchange

Traveling soon? Looking for the best time to convert your currency? Contact us at 1.866.446.7001 for the latest exchange rates for the Mexican Peso, Euro, and Sterling Pound. 

To purchase foreign currency:

...to place your order. There are both pick up and delivery options!

Delivery Reminders:

  • Standard delivery time is 5-7 business days (may vary according to season).
  • Place your order at least 10 business days before your trip to ensure timely delivery.
  • Delivery cannot be made to PO Boxes or rural addresses.
  • Signature is required upon delivery.

Effective date for US Exchange Rates:  July 12, 2024

 

AmountRate
If you deposit US cash to your account, use the rate of1.3210
If you purchase US cash from Innovation, use the rate of1.3930

Deposits

AmountRate
$1 to $999.991.3515
$1,000 to $5,0001.3515
$5,001 to $25,0001.3515
$25,001 to $100,000 (contact us if amount is higher)1.3555

Purchases or Transfers

AmountRate
$1 to $1,0001.3745
$1,001 to $5,0001.3745
$5,001 to $25,0001.3745
$25,001 to $100,000 (contact us if amount is higher)1.3705



Overdraft


TypeRate
Any account, any balance19.800%

 




Prime


CountryRate
Canada6.950%
US8.500%

 



Interest & GIC Rates in Canada: Learn More Here

It should be easy to make an informed decision about how you use your money. 

Maybe you’re considering buying a new home and want to understand where mortgage APR rates currently stand. Perhaps you’re interested in a guaranteed investment certificate (GIC) and want to get the most return for your money.

No matter the situation, viewing current interest rates in Canada can help. On this page, you’ll find a variety of current interest rates for financial products available to you.

Because our Canadian interest rates are always transparent, you can have confidence when making your decision. For more information, use our interest rate calculators for mortgages, loans, and savings.



Bank Interest Rates in Canada: Accounts

Certain bank accounts pay interest, giving you a reward simply for keeping your money safe and accessible. That’s a valuable and dependable benefit.

View Savings Account and US Account interest rates.

Our Savings Accounts feature competitive interest rates and no monthly fees. Plus, with both the US Account and standard Savings Account, you can earn cash dividends!

Snowbirds and many others who travel between the States and Canada can access some major benefits with a US Account. You choose when your funds are converted from Canadian dollars to USD. And that helps you get the most out of each transaction.



Bank Interest Rates in Canada: Mortgage Rates

It’s easy to find the current interest rates for all the mortgage options available to you. Check out interest rates for variable and fixed mortgages to find the best option for your needs.



GIC Rates & Other Investment Rates in Canada

GICs offer guaranteed returns — it’s right there in the name. Interest rates for GICs in Canada vary based on the specific type of certificate. Be sure to check out current rates before you make your decision.

It’s also easy to view current interest rates for:

  • Registered Education Savings Plans (RESP)
  • Tax-Free Savings Accounts (TFSA)
  • Registered Retirement Savings Plans (RRSP)
  • Registered Retirement Income Funds (RRIF)

View all current interest rates for investments



Exchange Rates in Canada

Planning some international travel? Make the most of your money by finding a great exchange rate. We update our exchange rates for US dollars (USA), Pesos (Mexico), Euros (European Union), and Pound Sterling (UK) each business day.

View all current international currency exchange rates. You can check out our US cheque deposit, purchase, and transfer rates as well.



Clear and Simple Interest Rates in Canada

Transparency makes banking that much easier. We’re happy to share these important pieces of information with you because they support good financial decisions.

Ready to open an account, take out a mortgage, or convert currency ahead of an international trip? Get the support you need. Become a member today! 





Rates subject to change without notice.

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, US Dollar, Business, Community/Association, AgriInvest

Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.

AIR = Annual Interest Rate

APR = Annual Percentage Rate

Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.

Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.

If there are no non-interest finance charges, the AIR and APR will be the same.

APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee

Applicable to residential mortgages only and subject to Innovation Federal Credit Union lending criteria for residential properties. Some conditions apply.

Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.

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.