Why should I bank with Innovation?
$0 Bank Fees2 with No-Fee Chequing
$55.5 Million in Profit Sharing
$11.6 Million to Communities
Innovation Products and Services
Youth Account Wallet
Open a No-Fee Youth Account and you'll receive a FAT CAT retro wallet.
New member eligibility requirements apply. While supplies last. Visit the details page for full Terms & Conditions.
$100 Referral Bonus
Refer a friend to Innovation and you both could receive $100!
New member eligibility and qualifying activity requirements apply. Offer ends December 31, 2026. Visit the details page for full Terms & Conditions..
$50 Student Bonus
Are you attending post-secondary? Open a No-Fee Chequing Account and you'll receive $50!*
New member eligibility and qualifying activity requirements apply. Offer ends December 31, 2026. Visit the details page for full Terms & Conditions..
Ways We Profit Share With Your Community
Save. Earn. Give.
“The No-Fee Account is exactly as advertised. Highly recommended.”
“The No-Fee Account is exactly as advertised. Highly recommended.”
"One of the things that I like about Innovation is the Member Rewards program. I love free money!"
"One of the things that I like about Innovation is the Member Rewards program. I love free money!"
“Innovation has played a crucial role in ensuring that healthcare remains strong in rural Saskatchewan.”
“Innovation has played a crucial role in ensuring that healthcare remains strong in rural Saskatchewan.”
Blogs
Should I Pay Off a Car Loan Early?
Learn the pros and cons of paying off a car loan early.
Should I Accept a Line of Credit?
Familiarize yourself with pros and cons of accepting a line of credit and its terms.
Considering a No Credit Check Loan?
Learn more about this loan type and the disadvantages of choosing a payday loan.
Frequently Asked Questions About Innovation
What are the benefits of online banking with Innovation?
You can trust your online banking experience will always be a great one.
- Your money is safe and secure.
- Applying for loans, mortgages, accounts, and GICs is fast and easy.
- The empowering tools and features let you budget, pay bills, make transfers and more.
Plus, you’ll save money! Our No-Fee Chequing Account is the perfect example. Not to mention you’ll get personalized advice to resolve any financial issues you come across. Search Innovation Federal Credit Union at your favourite app store to get started!
What makes an Innovation No-Fee Chequing Account so good?
With a No-Fee Chequing Account, not only do you pay zero monthly fees,2 but you’ll also enjoy:
- Free and unlimited Interac e-Transfer®3 transactions.2
- Surcharge-free ATM transactions at any ding free ATM location.6
- No minimum balance requirements.
Plus, you can access all the standard benefits of a bank account. From debit cards/Debit Mastercard® cards5 to our easy-to-use mobile banking app, you’ll have everything you want in a chequing account.
What do I get with an Innovation Savings Account?
With an Innovation Savings Account, you’ll enjoy:
- no monthly fees,2
- no minimum balance requirements,
- six free debit transactions per month,2 and
- 24/7 fast access through your mobile device.
Plus, you’ll earn interest2 and Member Rewards cash!4 Choose from a variety of additional savings plans, including Tax-Free Savings Accounts (TFSAs), Guaranteed Investment Certificates (GICs), Registered Retirement Savings Plans (RRSPs), and Registered Education Savings Plans (RESPs).
What types of loans do you have available?
As a member, you have access to a wide variety of loans and lines of credit, which can help with everything from unpredictable expenses to home renovations. And you can apply for both in just a few minutes online.
You can also explore a range of mortgage loans, from first-time home buyer incentives to building a new home from scratch.
Plus, the moment you become a member, you’re part of our Member Rewards program, where you can earn cash dividends and monthly transaction rewards!4 That means you earn profit-sharing dollars simply by having a loan, line of credit, or mortgage with us.4 Choosing us as your financial institution also supports your community because we share a minimum of 2% of our pre-tax yearly profits with local organizations.
Terms & Conditions
1Promotional 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 September 15, 2026, and November 15, 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 ensure 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.
2Account & 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.
3Interac e-Transfer® Trademark
Interac e-Transfer® is a registered trademark of Interac Corp. Used under licence.
4Member 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.
5Mastercard Trademark
®Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
6ding free® ATMs
ATM transactions for the No-Fee Chequing Account are free at ding free ATM locations.