Innovation Federal Credit Union is one of the largest financial cooperatives in Canada. It is available in all provinces except Quebec.
This credit union offers a complete suite of financial products, including a no-fee chequing account, savings, mortgages, and investments in both registered and non-registered accounts.
If you want to cut your banking fees in Canada and avoid monthly chequing fees of up to $30, Innovation Federal Credit Union’s no-fee chequing account may be just what you need!
This Innovation Credit Union review covers its offerings, how to open an account, and whether it is safe.
Innovation Federal Credit Union Financial Products
Innovation offers several financial services and products to personal, business, and agriculture clients.
For everyday personal banking clients, two of its more popular products are:
- No-Fee Chequing Account
- Mortgages
Innovation Credit Union No-Fee Chequing Account
This no-fee chequing can save you up to $360 per year in monthly chequing fees compared to the big banks.
It offers:
- No monthly account fees
- No minimum balance requirements
- Free and unlimited Interac® e-Transfers
- Access to thousands of ‘ding free’ ATMs across Canada
You can easily open an account online if you are 18 years of age or older, have a Social Insurance Number (SIN), and are a resident of Canada (excluding Quebec).
Members can switch their current chequing account and online payments at another financial institution to Innovation using ClickSWITCH.
For a limited time, when you open an Innovation No-Fee Chequing Account online, you may earn a cash bonus.
Innovation Fresh Start Mortgage
Looking to buy your first home? An Innovation mortgage offers competitive rates even if you are new to Canada.
A Fresh Start Mortgage is for you if you:
- Are self-employed
- Are a newcomer to Canada
- Have been rejected for a mortgage loan by a bank
Innovation looks at more than your credit score when assessing your eligibility for a mortgage.
With the competitive rates they offer, you can save thousands of dollars in interest fees over the life of your mortgage loan.
Both variable and fixed-rate mortgages are available, and you can also take advantage of the federal government’s First Time Home Buyer Incentive.
Other mortgage products you can access include home equity line of credit and new build mortgages. As a member, you qualify for quarterly member cash dividends.
Other Innovation Financial Products
For personal banking, Innovation also provides:
Loans: Borrow up to $50,000 when you need access to cash at a low-interest rate or for debt consolidation.
Credit Cards: It offers a wide range of Visa* credit cards, including the Visa Infinite* Card and Cash Back Visa* Card.
Savings Accounts: Earn competitive rates on your CAD and USD savings deposits.
Investments: Invest using Guaranteed Investment Certificates (GICs) and term deposits in TFSA, RRSP, RESP, and non-registered investment accounts. You can also access managed investment services via Innovation Wealth.
How To Open An Account
Innovation members can access their accounts online through the website and mobile app and through Advice Centres and Branches located in various parts of Saskatchewan.
You can open an account online and will need your SIN, government-issued photo ID, a $5 membership fee, and a mobile phone to scan your ID and take a selfie. You must also be at least 18 years of age.
Alternatively, you can book a phone or video chat appointment to speak with an advisor or visit a branch location.
Benefits of Membership
Members of a credit union are part owners and get to share in its profits and growth.
When you join Innovation, you pay a $5 membership fee which gives you a share (equity) and voting rights in the credit union.
When a portion of the profits is shared, you earn a cash dividend based on the amount of equity you have.
As per its website, the credit union has paid out millions in equity and cash dividends to Innovation members over the years.
These dividends are in addition to other benefits such as:
- No-fee bank accounts
- Low and competitive rates on savings, mortgages, and loans
- Re-investments in the communities the credit union operates in
- Access to thousands of surcharge-free ATMs across Canada
- Excellent customer service and support
Is Innovation Credit Union Safe?
Innovation Credit Union is one of the largest credit unions in Canada.
Its members enjoy deposit guarantee through the Canada Deposit Insurance Corporation (CDIC). This means the eligible funds in your savings and spending accounts are protected against insolvency up to a maximum amount of $100,000 per category.
Innovation Federal Credit Union Coverage
While Innovation is based in Saskatchewan, where it ranks as one of the largest credit unions based on asset size, it is now also available across Canada (except Quebec).
The other federal credit unions are Uni Financial Cooperation and Coast Capital Savings.
Innovation Federal Credit Union has an excellent no-monthly-fee chequing account, a rare perk nowadays. In addition, its customers can access a full suite of financial products and services while having a say in how the credit union is run.
If you are a newcomer looking to get a competitive mortgage rate while working on your credit rating, Innovation’s Fresh Start Mortgage is an excellent place to start your search.
Overall, my review of Innovation Credit Union is positive.
