Rates

Explore our rates for accounts, mortgages, investments, and foreign exchange (FX). Enjoy some of the best rates in Canada!


Accounts

Savings Account Rate
$0.00 to $4,999.99 0.300%
$5,000.00 to $99,999.99 0.300%
$100,000.00 to $199,999.99 0.300%
$200,000.00 plus 0.300%

US Account Rate
$0.00 to $4,999.99 0.100%
$5,000.00 to $99,999.99 0.100%
$100,000.00 to $199,999.99 0.100%
$200,000.00 plus 0.100%



Mortgages

Prime Rate Rate
For all mortgages 3.200%

Open Variable Rate APR
5 Years 5.000% 4.777%

 

Closed Variable Rate APR
5 Years 2.700% 2.727%

Open Fixed Rate APR
1 Year 6.750% 6.883%

 

Closed Fixed (Regular) Rate APR
6 Month 3.800% 4.067%
1 Year 3.900% 4.033%
2 Years 4.000% 4.067%
3 Years 4.390% 4.434%
4 Years 4.740% 4.773%
5 Years 4.990% 5.017%
7 Years 5.550% 5.569%
10 Years 5.950% 5.963%

 

Closed Fixed (Special) Rate APR
6 Month 3.740% 4.007%
1 Year 3.740% 3.873%
2 Years 3.940% 4.007%
3 Years 4.050% 4.094%
4 Years 4.290% 4.323%
5 Years 4.390% 4.417%
6 Years 4.490% 4.509%
7 Years 5.140% 5.159%
10 Years 5.800% 5.813%



Investments

Redeemable GIC Rate
1-Year 0.750%

 

Non-Redeemable GIC Rate
1-Year 2.800%
2-Year 2.850%
3-Year 2.900%
4-Year 2.950%
5-Year 3.300%

 

Non-Redeemable Easy Start GIC Rate
1-Year 0.400%

 

Non-Redeemable Convertible GIC Rate
3-Year 2.800%

 

Non-Redeemable Laddering GIC Rate
1-Year 2.950%
2-Year 2.950%
3-Year 2.950%
4-Year 2.950%
5-Year 2.950%

 

Savings Account
(TFSA, RRSP, RRIF and RRSP/RRIF Pension Fund)
Rate
$0.00 to $4,999.99 0.200%
$5,000.00 to $99,999.99 0.200%
$100,000.00 to $199,999.99 0.200%
$200,000.00 plus 0.200%

 

RESP Rate
Variable 0.200%
1-Year 2.800%
2-Year 2.850%
3-Year 2.900%
4-Year 2.950%
5-Year 3.300%

 

Redeemable TFSA, RRSP and RRIF Rate
1-Year 0.750%

 

Non-Redeemable TFSA, RRSP, RRIF, RRSP/RRIF Pension Fund Rate
1-Year 2.800%
2-Year 2.850%
3-Year 2.900%
4-Year 2.950%
5-Year 3.300%

 

Non-Redeemable Easy Start TFSA and RRSP Rate
1-Year 0.400%

 

Non-Redeemable Convertible TFSA and RRSP Rate
3-Year 2.800%

 

Non-Redeemable Laddering TFSA , RRSP, and RRIF Rate
1-Year 2.950%
2-Year 2.950%
3-Year 2.950%
4-Year 2.950%
5-Year 2.950%




Exchange


Effective date: May 20, 2022

US Cash Rate
If you deposit US cash to your account, use the rate of 1.2398
If you purchase US cash from Innovation, use the rate of 1.3084

US Cheque Rate
Deposits from $1 to $999.99 1.2665
Deposits from $1,000 to $5,000 1.2680
Deposits from $5,001 to $25,000 1.2710
Deposits from $25,001 to $100,000 (contact us if amount is higher) 1.2725
Purchases or transfers from $1 to $1,000 1.2935
Purchases or transfers from $1,001 to $5,000 1.2920
Purchases or transfers from $5,001 to $25,000 1.2890
Purchases or transfers from $25,001 to $100,000 (contact us if amount is higher) 1.2875

 

Mexican Peso Cash Rate
If you deposit Mexican Pesos to your account, use the rate of 0.0544
If you purchase Mexican Pesos from Innovation, use the rate of 0.0745

 

Euro Cash Rate
If you deposit Euro cash to your account, use the rate of 1.3101
If you purchase Euro cash from Innovation, use the rate of 1.3941

 

Sterling Cash Rate
If you deposit Sterling cash to your account, use the rate of 1.5629
If you purchase Sterling cash from Innovation, use the rate of 1.6486



Overdraft


Overdraft Rate
Any account, any balance 19.800%

 




Prime


Prime Rate
Canadian 3.20%
US 4.00%

 




Rates subject to change without notice.

Interest is calculated daily on the closing balance of your account and paid at month end. The interest rate is tiered which means as your account balance increases, so does your interest rate. Rates subject to change without notice.

Includes: Savings, US Dollar, Business, Community/Association, AgriInvest

Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.

AIR = Annual Interest Rate

APR = Annual Percentage Rate

Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.

Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.

If there are no non-interest finance charges, the AIR and APR will be the same.

APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee

Applicable to residential mortgages only and subject to Innovation Credit Union lending criteria for residential properties. Some conditions apply.

Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.