Rewards

• You buy a $5 share to own a part of our credit union.
• We'll automatically open a Member Rewards Account for you.
• We’ll deposit cash dividends and equity to your Member Rewards Account.

Equity is the profits we earn that help keep our credit union strong. As an owner member of Innovation, you earn a portion of our profits. And as a thank you for letting us hold onto your equity portion, we pay cash dividends.

We build equity to serve you better:

• You get the best products and services like our No-Fee Bank Account.
• You earn competitive rates on investments and loans.
• You see improvements to our branches/advice centres, website and mobile app.

We ensure your credit union is sound and stable.

A dividend is a payment to our owners, like you. It’s a portion of our profits that we share with you that you can save or spend. Our Board approves payment based on how our credit union is performing.

Your payments are based on:

1. Loan interest you’ve paid PLUS

2. Deposit interest you’ve earned

You’ll earn equity on:

• US Accounts
• Savings Accounts
• GICs
• Loans and mortgages
• Lines of credit

1. We pay equity to your Member Rewards Account based on the business you do with us.
   
   
2. We pay you cash dividends based on the equity you have. And THAT cash you can access and spend!

So, the more equity you have, the more cash you’ll earn!

We also pay $10 cash every 3 months to youth ages 18 and under.

You can withdraw your cash dividends anytime you like. Simply transfer the available cash balance from your Member Rewards account to any account you like. You can also contact us to set up an automatic transfer for you.

You can also apply* to withdraw from the equity portion when:

• Your equity balance reaches $5,000 (personal members) or $10,000 (business members). Once this happens, you can apply* to take out any money above that $5,000 or $10,000 balance.
  
  Or
  
  
• You reach age 65. You’ll need to keep your $5 member share in your account, but you can apply* to withdraw anything over $5.

*Equity withdrawals are at the full discretion of Innovation Federal Credit Union’s Board of Directors and Regulator.