Open a No-Fee Bank Account
Open a No-Fee Bank Account using the promo code FHSA25
Open Your FHSA
Open your FHSA within 30 days of opening your No-Fee Bank Account.
Start Saving
Deposit at least $1,000 before November 30, 2025, and you'll receive a $100 bonus!*
Reach your down payment goal quickly and easily online!
FHSA Eligibility Requirements
Frequently Asked Questions
How do I open an FHSA online?
Once you're an Innovation member, you can:
- Log into digital banking
- Select Accounts > Open Account > Registered Investments > First Home Savings Account
- Follow the prompts and you're set
Not an Innovation member yet? Open a No-Fee Bank Account in minutes! Start enjoying free banking today.
What's the maximum I can contribute to the account?
You can contribute up to $8,000 as an annual contribution limit, with a lifetime limit of $40,000. If you exceed these limits, over contribution penalties apply.
There’s also an option to carry forward any unused contribution room to the following year.
Can I redeem my FHSA?
You sure can! Innovation doesn't charge a withdraw fee. However, make sure that your withdrawal is a qualifying withdrawal to avoid CRA penalties. For more information, see our FHSA brochure (pdf).
Can I set up automatic transfers to my FHSA?
You bet! You can set up transfers for any frequency or amount. And transfers, deposits and withdrawals are always free and without penalty!
Learn more about FHSA features, rules, and requirements:
Rates subject to change without notice.
First Home Savings Account (FHSA)
Available for new customers and existing personal members who meet the following requirements:
- Must be Canadian residents with a Social Insurance Number (SIN) who are at least age 18 (and no less than the age of majority in their province) and under age 71.
- Applicant and/or spouse or common-law partner must not have owned a home where they lived in the current calendar year or at any time in the preceding four calendar years..
- Newcomers, permanent residents, and certain temporary residents who meet the residency requirements for income tax purposes can open an FHSA. Typically, temporary residents, including work permit holders and international students, must reside in Canada for at least 183 days in a tax year to qualify as Canadian residents.
- Must be an Innovation member with a No-Fee Bank Account.
Additional FHSA details:
- There are no monthly FHSA account fees.
- Interest is calculated daily and paid at month end.
- Interest rates are as per rate sheet.
- Funds are redeemable
- There is no minimum deposit balance required.
- The maximum balance is $40,000.00 (i.e. maximum allowable contribution). Over contribution penalties apply.
- Pre-authorized transfers can be set up at any frequency and amount.
- There are no redemption/withdrawal fees; Deposits, withdrawals, transfers always permitted without penalty
- The default statement cycle is monthly. No-charge e-statement available (requires email address and online/mobile banking access).
$100 New Member First Home Savings Account Offer:
Between April 20, 2025, and July 31, 2025, (the “Offer Period”) Qualifying Account Holders* are eligible for a $100 Innovation Federal Credit Union New Member Bonus (the “Offer”), provided the following terms and conditions are met:
Terms & Conditions
1. Eligibility
*Qualifying Account Holders must be a new customer to Innovation Federal Credit Union, be 18 years of age or older, be a Canadian resident, meet Innovation Federal Credit Union’s membership and account opening approval criteria, and cannot have been an Innovation Federal Credit Union member since January 2016. This offer is not available to residents of Quebec.
2. Offer Conditions
As a Qualifying Account Holder, you will be eligible to receive the $100 Offer, after meeting the following conditions:
- Successfully open an Innovation Federal Credit Union No-Fee Bank Account (the “Account”) through Innovation’s Digital Onboarding Platform and enter the promotional code ‘FHSA100’ during account opening.
- Deposit a minimum of $5.00 into your Account to pay for the cost of the membership share fee;
- Within 30 days of successfully opening your Account, open an Innovation Federal Credit Union First Home Savings Account (“FHSA”);
- Have a balance of $1,000 or more in your FHSA by November 30, 2025.
3. Additional Information
After the Offer Conditions have been met, the $100 Offer will be deposited into the Qualifying Account Holders’ Innovation Federal Credit Union No-Fee Bank Account by December 31, 2025. The Qualifying Account Holder’s primary No-Fee Bank Account & First Home Savings Account must be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at that time of the Offer payment.
The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Bank Account within 180 days of opening the Account, as per Innovation Federal Credit Union’s Account and Fee Information brochure.
Offer is non-transferable and is not valid in conjunction with any other Offer. Limit of one Offer per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.
Innovation Federal Credit Union & Innovation Wealth employees and immediate family members of employees are not eligible for the Offer.
Innovation Federal Credit Union reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.