$0 Monthly Fees
Our Savings Account charges no monthly fees.
Cash Rewards
Earn profit-sharing cash for having a savings account with us.
Interest
Your entire balance will earn our best rate.
No Balance Requirements
Earn interest whether your balance is $5 or $5,000.
Savings 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
Popular Savings Options
Savings Account
Enjoy easy access to your money. Earn interest and rewards.
0.60%
TFSA
Earn interest tax-free. Enjoy competitve rates.
0.60% to 3.25%
GIC
Guaranteed, redeemable options. Enjoy great rates and rewards.
1.90% to 3.25%
Need more help deciding which savings account is best?
Calculator
Try a savings calculator to see in seconds how much you can save.
Savings Selector Tool
Try our Savings Selector Tool for personalized recommendations.
Blogs
Check out our savings blogs like our TFSA vs Savings Account article.
Questions
What is a savings account?
A savings account is a type of bank account that pays you interest. There’s no monthly fees or balance requirements with an Innovation savings account. Deposit what you can!
And since you’re an Innovation member, you’ll also earn cash rewards on your savings account.
How do savings accounts work?
Opening a savings account is easy and you'll only need about 30 minutes to create one. Get all the support you need, from instructions on how to open an account to best tips to grow your wealth. You can apply today and use our Savings Calculator to get an estimate of your savings total based on your starting balance, deposit amount, and deposit frequency.
That's it — once you are done setting it up, your savings account will do the job for you by earning you annual interest.
Do I have to pay any taxes?
Yes, your savings account earnings are taxable under the Canada Revenue Agency. However, you can also choose a TFSA to get a tax exemption since it's a registered account.
How do I choose a savings plan that meets my needs?
You can choose from a wide range of savings types, from Registered Retirement Savings Plans (RRSPs) to First Home Savings Accounts (FHSAs). You can earn tax-free interest with a TFSA, or choose a basic savings account to meet your goals. Our Savings Selector Tool can be a huge help in making your decision.
If you need further advice, you can contact us!
How is interest calculated on my savings account?
It's calculated daily and paid monthly.
To compare bank accounts, you can view the FCAC Account Selector Tool.
Rates subject to change without notice.
Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.
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.
Debit transactions include ATM withdrawals, direct payment/POS, pre-authorized payments/debits, cover-draft transfers, electronic transfers, telephone banking and online banking bill payments, assisted transfers and assisted withdrawals. Over limit debit transaction fees apply. Excludes at time of transaction fees (bill payments, Interac e-Transfer®, Interac and CIRRUS® ATM withdrawals).