3.60% 1-Year GIC*

Promotional 12-Month New Money Non-Redeemable GIC Terms and Conditions

These Terms and Conditions govern the Promotional 12-Month New Money Non-Redeemable GIC (the "Promotional GIC") offered by Innovation Federal Credit Union ("Innovation"). "New Money" means funds deposited with Innovation from an external financial institution that are not on deposit with Innovation at the time the Promotional GIC is opened.

1. Promotion Period

The Promotional 12-Month New Money Non-Redeemable GIC (the "Promotional GIC") is available only for GICs opened through Innovation’s digital banking platform between August 1, 2026 and September 30, 2026, inclusive (the "Promotion Period").

Innovation reserves the right to amend, extend, suspend, or terminate this promotion at any time, provided that such amendment, extension, suspension, or termination shall not affect any Promotional GIC already issued during the Promotion Period.

2. Eligibility

To be eligible for the Promotional GIC, an applicant must:

• be a member of Innovation;
• maintain an Innovation No-Fee Chequing Account;
• have access to Innovation’s digital banking platform;
• purchase the Promotional GIC through Innovation’s digital banking platform during the Promotion Period;
• fund the promotional GIC exclusively with New Money;satisfy any minimum deposit requirements established by Innovation from time to time; and
• maintain the Promotional GIC until maturity.

The Promotional GIC is available only as a non-registered investment.

3. Promotional Interest Rate

Interest will accrue on the Promotional GIC at the promotional annual interest rate in effect at the time the Promotional GIC is opened.

Interest will be calculated and paid in accordance with the payment terms disclosed at the time the Promotional GIC is opened.

The promotional interest rate applies only for the initial 12-month term of the Promotional GIC and does not apply to any renewal, transfer, or reinvestment following maturity unless expressly offered by Innovation.

4. Term and Redemption

The Promotional GIC has a fixed term of twelve (12) months.

The Promotional GIC is non-redeemable before maturity except where required by applicable law or otherwise permitted by Innovation.

A redemption made within the first fifteen (15) calendar days following the date the Promotional GIC is opened will not be subject to an early redemption penalty.

If Innovation permits redemption of the Promotional GIC prior to maturity and after the first fifteen (15) calendar days following the date it is opened, the deposit owner will be subject to the Non-Redeemable Term Early Redemption Penalty Fee applicable to the Promotional GIC at the time of redemption, as set out in Innovation’s Account & Fee Information Document.

5. Maturity and Renewal

Unless the deposit owner provides alternative maturity instructions before maturity or within fifteen (15) calendar days after maturity, the Promotional GIC will automatically renew on its maturity date into the term deposit product designated by Innovation that is available at that time and at the interest rate then applicable to that product, as posted on Innovation's website.

Prior to the maturity date, Innovation will provide the deposit owner with information required by applicable law relating to the renewal, including the interest rate applicable to the renewed product, the terms and conditions governing the renewed product, the deposit owners rights and obligations in respect of the renewed term deposit, any applicable fees or charged, and any applicable cancellation rights.

Upon renewal, the Promotional GIC will cease to be governed by these Terms and Conditions. The renewed term deposit will instead be governed by the terms and conditions applicable to the renewal product that are in effect on the renewal date.

The promotional interest rate applies only to the initial Promotional GIC and does not apply to any renewal term.

The deposit owner may provide alternative maturity instructions before maturity in accordance with Innovation's applicable procedures.

6. Availability

The Promotional GIC is a limited-time offering available exclusively through Innovation’s digital banking platform while the promotion remains active. The Promotional GIC is not available through Advice Centres, telephone banking, or any other distribution channel.

7. Deposit Insurance

Eligible deposits are subject to applicable deposit insurance coverage in accordance with the deposit insurance regime governing Innovation and applicable law.

8. Joint Applicants

Where more than one person is named as applicant, the deposit will be held jointly with a right of survivorship unless otherwise designated as a deposit without right of survivorship.

9. Death of a Deposit Owner

Upon death of a sole deposit owner, the deposit may be redeemed upon the request of the deceased deposit owner’s personal representative.

If the deposit is held jointly with a right of survivorship, all funds in the deposit will, upon death of a deposit owner, become the property of the surviving deposit owner(s).  Following such death, Innovation’s obligations with respect to the deposit will be solely to the surviving deposit owner(s), and any person asserting a claim against the deposit must pursue that claim against the surviving deposit owner(s).

Upon the death of the last surviving deposit owner of a joint deposit held with a right of survivorship, the deposit may be redeemed upon the request of the personal representative of the last surviving deposit owner. 

Notwithstanding the foregoing, where a deposit owner dies, Innovation may, in its sole discretion, refuse to release funds until it receives joint instructions from the surviving deposit owner(s) and the legal representative(s) of the deceased deposit owner. 

If the deposit is held jointly without a right of survivorship, the deposit may be redeemed following the death of a deposit owner only upon joint instructions from the surviving deposit owner(s) and the legal representative(s) of the deceased deposit owner.

Where the deposit is redeemed as a result of death of a deposit owner, interest will accrue and be paid up to and including the date of redemption.

Each deposit owner agrees to indemnify and hold Innovation harmless from and against any claim, loss, liability, cost, or expense arising from or relating to the payment of funds from a joint deposit. 

10. Assignment and Transfer

The deposit may not be assigned, transferred, pledged, or otherwise encumbered except in favour of Innovation. The Deposit is subject to Innovation's lien and right of set-off.

Where the deposit is pledged as security to Innovation, all owners of the deposit must sign the applicable security documentation.

11. Binding Effect

These Terms and Conditions will be binding upon and enure to the benefit of the parties and their respective heirs, executors, administrators, successors, and permitted assigns.

12. Additional Product Terms

Any additional terms and conditions set out in the applicable Term Deposit Agreement or other product-specific documentation for the Promotional GIC, including any instructions regarding maturity or renewal, form part of these Terms and Conditions.

If there is any conflict or inconsistency between these Terms and Conditions and the Term Deposit Agreement or other product-specific documentation, the terms of the Term Deposit Agreement or product-specific documentation will prevail to the extent of the conflict or inconsistency.

13. General

The Promotional GIC is subject to applicable federal laws and regulations and any product disclosures provided at the time the Promotional GIC is opened.

Innovation reserves the right to interpret and administer these Terms and Conditions in a fair and reasonable manner, and its decisions regarding eligibility and administration of the Promotional GIC shall be final.