Innovation Federal Credit Union isn’t a very known financial institute in Canada but it is one of the most reliable federal credit unions in the province of Saskatchewan holding a federal license which allows them to operate and be available to all Canadians except Quebec residents.
Let’s get to know them through this detailed Innovation Credit Union review and find out about one of the best no-fee chequing accounts in Canada.
What Is Innovation Credit Union
Innovation Credit Union is one of the largest federal credit union based on with more than $5.5B assets under management (AUM), over 67,500 members, and 500 employees. Innovation is a federally registered credit union which can serve all Canadians except Quebec residents.
Innovation Credit Union offers free banking solutions, quartely returns to its members, and continiusly donates 2 – 3% of its proift to the local communities.
What Does Innovative Credit Union Offer
Innovation Credit Union offers a wide range of financial products for both personal and business customers. Here is the list of their personal products:
- Accounts: No-Fee Chequing, Savings, RESP, TFSA, RRSP, FHSA, GICs, and No-Fee USD
- Loans: Overdraft, Line of Credit, Personal Loans, Education Loans, HELOC
- Mortgages: Best, First, Transfer, Fresh Start, HELOC
- Visa Credit Cards: Cashback Infinite, Infinite, Cashack, Centra Gold, US Dollar
The most popular financial product is the no-fee chequing account which can save Canadians up to $360 annually. Why would you pay fees for daily banking when it is offered for free?
Innovation Credit Union No-Fee Bank Account (No-Fee Chequing)
This account has wide variety of great features to save Canadians money. It’s one of the best choices for students, young professionals, or anyone who wants to bank smarter. Below are the main benefits of Innovation’s chequing account which is one of the best ones in Canada.
- No monthly fees regardless of the balance amount
- Free and unlimited Interac e-Transfers
- Free unlimited daily POS, deposit, and withdrawal transactions
- Free access to ding free ATMs all across Canada
- Fully insured by Credit Union Deposit Guarantee Corporation (Credit Union DGC)
Even though this is a no-fee bank account, there are some activities that occur fees:
- Authorized overdraft protection fee
- Interac ATM withdrawal fee is $2.50
- CIRRUS ATM withdrawal fee is $4.00
Check the complete Innovation Credit Union’s accunt fee information.
My Verdict: I truly think Innovation No-Fee bank account is worth applying for especially after considering the potential bonuses and gifts through draws.
How To Open A No-Fee Account
An account can be opened and accessed online, phone or video appointment, or through Innovation Credit Union branches across SK.
For most Canadians, applying online is the most suitable option which can be done through this. You’ll need a photo ID, SIN, a smartphone to complete the authentication process, and a one-time $5 membership fee.
Innovation Credit Union Savings Account
In addition to the no-fee bank account, Innovation Credit Union offers savings and GIC accounts.
My Verdict: I don’t find the interest rates competitive and can’t recommend using the savings account. Conveniently, you can find the best Canadian HISA accounts with their rates here.
Innovation Credit Union Loans
Through Innovation Credit Union, you can apply for different loans such as overdraft, personal line of credit, HELOC, quick loan, personal loan, education loan, or a fresh start loan.
I find the rates for Personal LOC high at Innovation. Other competitors such as Tangerine or Wealthsimple provide more favourable rates. My LOC interest rate from Tangerine is “Prime – 0.5%” which can come handy in case of emergencies.
My Verdict: As a principle, unless you really have to borrow, I don’t recommend taking a loan as you can end up paying 20% interest plus other fees. Make sure to understand your obligations including the interest rates and other fees.
Innovation Credit Union Mortgage
Innovation Credit Union offers mortgages to a wide range of mortgage seekers including those with no Canadian credit history (newcomers) or the ones with a low credit score.
Innovation offers Home Equity Line of Credit (HELOC) and mortgage transfers. There are also usually cash bonuses for signing up for a mortgage with Innovation.
My Verdict: Innovation Credit Union mortgage rates are competitive. Their mortgage is worth considering for those looking to get their first or transfer an existing mortgage.
Other Account Types by Innovation Credit Union
Innovation offers many account types with different rates. These accounts come with multiple options including:
- 1-Year Redeemable
- 1 to 5-Year Non-Redeemable
- 1-Year Easy Start Non-Redeemable
- 3-Year Convertible Non-Redeemable
- Laddering Strategy
- No-commitment Savings (Redeemable)
Tax-Free Savings Account (TFSA)
Registered Retirement Savings Plan (RRSP)
Guaranteed Investment Certificate (GIC)
First Home Savings Account (FHSA)
No-Fee USD Account
Registered Education Savings Plan (RESP)
My Verdict: Innovation Credit Union offers many types of savings including redeemable and non-redeemable GICs with competitive rates.
However, for the long-term investment, investing in the stock market provides higher returns. I use the free trading brokers such as Wealthsimple and Qtrade for my investments.
Innovaction Credit Union Credit Cards
Innovation offeres multiple credit card options including below cards:
- Cash Back Visa Infinite Card: $120
- Visa Infinite Card: $120
- Cash Back Visa Card: Free
- Centra Visa Gold Card: $50
- US Dollar Visa Card: $50 USD
My Verdict: Innovation credit cards could be considered comparable with other credit cards in Canada. However, for a free card, Tangerine World Mastercard offers a higher 2% cashback.
Is Innovation Credit Union Credit Trustworthy
Innovation Credit Union has multiple physical branches in addition to being accessible 24/7 online through its site and mobile apps.
Customers’ deposits are insured by Canada Deposit Insurance Corporation (CDIC). CDIC provides deposit insurance for federally regulated financial institutions overseen by the Office of the Superintendent of Financial Institutions (OSFI).
How Does Innovation Credit Union Offer More Than Banking
It is always inspiring when a financial institute focuses on giving back to its community. Innovation Credit Union has many programs to give back which makes a customer feels the great impact personally.
Every year, it contributes 2 – 3% of its pre-tax profits to activities that support the communities. The contributions are chosen through grant applications, unique community initiatives like GoGreen, and scholarships.
All these contributions put a smile on my face and I am sure they will give your hear the same warm feelings.
What is Innovation Wealth Accounts Feature
The Wealth Accounts feature provides customers with the ability to connect investment accounts from the list of partners below to their Innovation online and mobile banking experience:
- Aviso Wealth accounts
- Qtrade Direct Investing accounts
- Qtrade Guided Portfolios accounts
My Final Verdict About Innovation Credit Union Review
Innovation Credit Union has a wide range of financial products to choose from. The most important product is the no-fee account which is one of the best free chequing accounts in Canada. In addition, clients can apply for Innovation’s mortgages or credit cards.
Overall, knowing that all Innovation’s accounts come with CIDC insurance coverage, I feel comfortable holding my funds in Innovation Credit Union.