No-Fee Bank Account

Innovation innovates with industry-leading personal No-Fee Bank Account

Canada's national banks continue to enjoy record profits, but how much of that is a result of service fees passed on to their customers? In fact, fees for banking services are on the rise and have become an increasingly lucrative part of multi-billion-dollar revenues for Canadian financial institutions (FIs). Even their no-fee accounts come at a cost to customers, with fine print restrictions like minimum monthly balance requirements or limited transactions. While most FIs argue that fee increases are simply the cost of doing business, there is one credit union in Saskatchewan taking a dramatically different approach.

Innovation Credit Union, headquartered in Saskatchewan, is living by its commitment to responsible banking by returning a portion of profits quarterly to its customers by offering a No-Fee Bank Account. This industry-leading product saves Innovation’s 52,000 plus members an average of $163 per year in banking fees.

Banking consumers have grown tired of paying close to $30 a month in fees with their banks. Realizing how much they were being charged just to access their own money, many have turned to Innovation’s No-Fee Bank Account that helps save some members up to $300 a year in banking fees.

Choosing Innovation’s No-Fee Bank Account has also opened members’ eyes to what an FI can do when it’s truly socially responsible with its profits. Not only do members save money, they feel way better about banking with someone who uses its revenue to do good things for people. The banking products members have at Innovation are a part of that, so members feel like they’re helping too.

Daniel Johnson, CEO of Innovation Credit Union says that the No-Fee Bank Account saves Innovation members over $4.08 million per year. “Launching this account is a way for us to reinvest our earnings into our members and provide something tangible.” Not only are there zero hidden fees, Johnson explains that “over 23,000 members were automatically switched to this account when it was launched. We didn’t wait for them to ask for it. We delivered on our promise to responsible banking that makes members’ needs our highest priority.”

Long-time Innovation member Karen Kyle was pleased, but not surprised, to discover she’d been switched to a No-Fee Bank Account without even asking. “It’s hard for people to imagine that they could have a bank that does the right thing in this day and age, but that’s what Innovation does. I’m proud to be a member.”

Canadians outside of Saskatchewan will soon be able to reap benefits like these, as Innovation intends to become a federal credit union. This expansion will help the forward-thinking credit union fulfill its mandate to offer responsible banking services to all Canadians.

About Innovation Expand/Collapse

Headquartered in Saskatchewan, Innovation Credit Union provides a full range of financial services to over 52,000 members including individuals, businesses, and organizations across the province. In 2018, its membership voted in favor of becoming a federal credit union that will enable Innovation to do business anywhere in Saskatchewan and all of Canada. Through the lens of Responsible Banking and innovation, Innovation Credit Union reinvests its profits into delivering economically viable solutions for all Canadians to access mutually beneficial and affordable world class financial products and services – wherever and whenever members need them.

Our Purpose Expand/Collapse

At Innovation Credit Union, we strive to redefine banking by helping Canadians simplify their lives and reach their financial goals by reinvesting profits into our members, our communities, and our people. Now that’s Responsible Banking!

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From the desk of our CEO

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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