Banking Interest Rates in Canada

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


Accounts

Savings Account Rate
$0.00 to $4,999.99 1.400%
$5,000.00 to $99,999.99 1.400%
$100,000.00 to $199,999.99 1.400%
$200,000.00 plus 1.400%

US Account Rate
$0.00 to $4,999.99 0.100%
$5,000.00 to $99,999.99 0.100%
$100,000.00 to $199,999.99 0.100%
$200,000.00 plus 0.100%



Mortgages

Open Variable Rate APR
5 Years 8.250% 7.777%

 

Closed Variable Rate APR
5 Years 5.700% 5.727%

Open Fixed Rate APR
1 Year 8.590% 8.723%

 

Closed Fixed (Regular) Rate APR
6 Month 6.090% 6.357%
1 Year 6.090% 6.223%
2 Years 6.140% 6.207%
3 Years 6.140% 6.184%
4 Years 6.090% 6.123%
5 Years 6.340% 6.367%
7 Years 6.600% 6.619%
10 Years 7.000% 7.013%

 

Closed Fixed (Special) Rate APR
6 Month 5.840% 6.107%
1 Year 5.740% 5.873%
2 Years 5.690% 5.757%
3 Years 5.590% 5.634%
4 Years 5.540% 5.573%
5 Years 5.390% 5.417%
7 Years 5.940% 5.959%
10 Years 6.500% 6.513%



Investments

Redeemable GIC Rate
1-Year 2.250%

 

Non-Redeemable GIC Rate
1-Year 4.500%
2-Year 4.550%
3-Year 4.250%
4-Year 4.300%
5-Year 4.600%

 

Non-Redeemable Easy Start GIC Rate
1-Year 4.000%

 

Non-Redeemable Convertible GIC Rate
3-Year 4.150%

 

Non-Redeemable Laddering GIC Rate
1-Year 4.300%
2-Year 4.300%
3-Year 4.300%
4-Year 4.300%
5-Year 4.300%

 

Savings Account
(TFSA, RRSP, RRIF and RRSP/RRIF Pension Fund)
Rate
$0.00 to $4,999.99 0.750%
$5,000.00 to $99,999.99 0.750%
$100,000.00 to $199,999.99 0.750%
$200,000.00 plus 0.750%

 

RESP Rate
Variable 0.750%
1-Year 4.500%
2-Year 4.550%
3-Year 4.250%
4-Year 4.300%
5-Year 4.600%

 

Redeemable TFSA, RRSP and RRIF Rate
1-Year 2.250%

 

Non-Redeemable TFSA, RRSP, RRIF, RRSP/RRIF Pension Fund Rate
1-Year 4.500%
2-Year 4.550%
3-Year 4.250%
4-Year 4.300%
5-Year 4.600%

 

Non-Redeemable Easy Start TFSA and RRSP Rate
1-Year 4.000%

 

Non-Redeemable Convertible TFSA and RRSP Rate
3-Year 4.150%

 

Non-Redeemable Laddering TFSA , RRSP, and RRIF Rate
1-Year 4.300%
2-Year 4.300%
3-Year 4.300%
4-Year 4.300%
5-Year 4.300%




Exchange

US Cash Rate
If you deposit US cash to your account, use the rate of 1.3018
If you purchase US cash from Innovation, use the rate of 1.3737

US Cheque Rate
Deposits from $1 to $999.99 1.3305
Deposits from $1,000 to $5,000 1.3320
Deposits from $5,001 to $25,000 1.3350
Deposits from $25,001 to $100,000 (contact us if amount is higher) 1.3365
Purchases or transfers from $1 to $1,000 1.3575
Purchases or transfers from $1,001 to $5,000 1.3560
Purchases or transfers from $5,001 to $25,000 1.3530
Purchases or transfers from $25,001 to $100,000 (contact us if amount is higher) 1.3515

 

Mexican Peso Cash Rate
If you deposit Mexican Pesos to your account, use the rate of 0.0595
If you purchase Mexican Pesos from Innovation, use the rate of 0.0796

 

Euro Cash Rate
If you deposit Euro cash to your account, use the rate of 1.3609
If you purchase Euro cash from Innovation, use the rate of 1.4481

Sterling Cash Rate
If you deposit Sterling cash to your account, use the rate of 1.5863
If you purchase Sterling cash from Innovation, use the rate of 1.6732

Effective date: November 28, 2022




Overdraft


Overdraft Rate
Any account, any balance 19.800%

 




Prime


Prime Rate
Canadian 5.950%
US 6.250%

 




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 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.