$0 Monthly Fees1
Pay no monthly fees and no transaction fees.1
Cash Rewards
Earn profit-sharing cash for having a USD account with us.2
Interest
Your entire balance will earn our best rate.3
No Balance Requirements
Earn interest whether your balance is $5 or $5,000.
Convert in Seconds
Convert your cash to USD with a simple transfer in online banking.
Cheques
Deposit and issue USD cheques.
No-Fee USD 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
No-Fee USD Account Frequently Asked Questions
How is interest calculated on my USD account?
It's calculated daily and paid monthly.3
Will the interest I earn be in USD?
Yes, the interest you earn will be in US funds.3
Do I have to pay any taxes on the interest I earn?
Yes, your USD account earnings are taxable under the Canada Revenue Agency.
Will I be taxed in USD?
The interest you earn will be converted into Canadian dollars for tax purposes. If you earn over $50 in a year, we will issue a T5 Statement of Investment Income for you.
How do I earn profit-sharing money?
When you have an Innovation USD Account, you’ll earn cash every three months simply by having the account with us.2 You can earn additional cash for having other Innovation loan or savings products, plus monthly cash for conducting basic digital banking transactions2. Learn more about our Member Rewards program.
Need more help choosing an account?
- Try our Account Selector Tool.
- To compare bank accounts, you can view the FCAC Account Selector Tool.
Terms & Conditions
1Account & 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.
2Member 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.
3Interest-Bearing Accounts
Interest is calculated daily on the closing balance of your account and paid at month end. Rates subject to change without notice.
Includes: Savings, No-Fee USD
4No-Fee USD Account
The No-Fee USD Account does not have debit card/Debit Mastercard® access. Only the Balance Inquiry feature and electronic transfers to other Innovation USD Accounts through online banking and telephone banking are available for this account.