No-Fee Chequing Account

A chequing account is an everyday banking account that lets you deposit money, access cash, make a purchase, pay bills, and send or receive Interac e-Transfer® transactions. It's designed for frequent, day-to-day transactions and provides quick access to your money through ATMs, online or mobile banking, and in-person services.

If you’re tired of paying unnecessary banking fees, then a no-fee chequing account is for you. This free bank account offers all the essentials without any extra charges making it affordable for every Canadian.

Make unlimited debit purchases, enjoy free Interac e-Transfer® transactions, and access ding free® ATMs nationwide — all for free. It's the perfect choice for students, young professionals, or anyone who wants to bank smarter.

Whether you pay bills, shop, make account-to-account transfers, or receive money, this bank account with no monthly fees has you covered. Time to keep more of your hard-earned money right where it should be!

While we don’t keep track of every bank’s offerings, you don’t need to look any further than Innovation for a no monthly fee bank account in Canada. 

All members qualify for Debit Mastercard. There isn’t an application or approval process.

If you're under the age of 12, you must have a parent or guardian sign your PIN agreement. 

If you're age 12 to 18, you don't need consent from a parent or guardian.

Debit Mastercard is tied to your personal account, just like a regular debit card. That means, any purchase you make with it, the funds are taken directly from your account. 

You can use your card:

• at ATMs,
• online,
• in-store, and
• worldwide.

The additional benefits of Debit Mastercard include:

• online purchasing anywhere Debit Mastercard is accepted in Canada and anywhere Mastercard is accepted worldwide.
• travelling convenience such as booking flights, hotels, and making in-person purchases around the world anywhere Mastercard is accepted.

NOTE: The "tap" function is unavailable for in-person purchases outside of Canada. You will need to enter your PIN at the terminal.

You bet! You have access to hundreds of free ATMs across Canada, plus any ATM worldwide that displays the Cirrus mark. Visit the ding free® site to download their free ATM locator app.

Debit Mastercard is widely accepted across Canada. Here is a list of participating online Canadian retailers. This list is updated frequently!

If you try to use your card on a site that doesn’t accept Debit Mastercard, your transaction will be declined. That’s why Collabria offers Visa cards. Most Canadian retailers accept Visa or Mastercard. 

Simply complete one transaction at any ATM or POS terminal.

There are no monthly payments or charges associated with Debit MasterCard. 

However, there may be fees connected to some transactions such as ATM withdrawals from a non-credit union ATM or if your transaction uses foreign currency.

See our Account & Fee Information (pdf) for details.

Debit Mastercard is a debit card that you can use anywhere Mastercard is accepted (online and internationally). Any purchases you make with Debit Mastercard are paid with funds you have in your personal account. 

You can use the 3 numbers from your postal code followed by 000. For example, if your postal code is A1B 2C3, you can enter 123000 as your ZIP code.

We are real, but we are a credit union. It’s just like a bank, only you have more say in how we're run.

Thousands of Canadians have an Innovation No-Fee Chequing Account with us. We have been around for over 60 years. Many happy members think of us as a best kept banking secret.

Credit unions are not-for-profits financial institutions created to serve members. We’re just like a bank except our customers (members) own us. Members join by paying a one-time membership fee of $5.

Our main goal is to provide better products and services to our members, not seek a profit as so many traditional banks do. Any money we earn is invested back into the organization, issued as cash dividends to our members, or donated back into the community.

There’s no pressure to move everything. Try us out and if you like how much you save you can gradually switch more items over.

Give us a call at 1.866.446.7001 and we can help you switch payments and direct deposits quickly and safely from your current bank.