| 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% |
Accounts
| 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.