Innovation Credit Union isn’t a very known financial institute in Canada but it is one of the most reliable 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 the 3rd largest credit union based on its assets under management (AUM) in Saskatchewan with over 57,000 members and is in the process of becoming a federal credit union this year.
Innovation Credit Union isn’t only aiming to make profit. It is also helping Canadians in achieving their goals by reinvesting Innovation’s profits into their members, communities, and people.
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, and USD
- Loans: Line of Credit, Personal, Education, Quick, and Fresh Start
- Mortgages: First, Transfer, New Build, Fresh Start, Line of Credit
- Visa Credit Cards: Infinite, Cash back , Classic, Centra Gold, Travel Gold, and USD
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 comes with a wide variety of features to save you money. Here 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)
- A limited-time welcome bonus of $300 (Expired)
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
All other fees can be found here.
How To Get A Free $300 Cash In Canada
Note: Innovation Credit Union’s $300 welcome sign-up bonus campaign is being paused to make necessary changes to improve the user experience in the signup flow.
In order to get the limited $300 cash from Innovative Credit Union you must be an adult Canadian resident (except QC) who is new to Innovative Credit Union and meet the following conditions:
- Open an Innovation No-Fee Bank Account online using the promo code SIGNUP300
- Deposit a minimum of $5.00 into your account to cover the membership fee
- Within 90 days of opening the account, Set up a recurring direct deposit of min $100 and have it deposited twice into your No-Fee Bank Account
Once you complete the offer conditions, the $300 will be deposited in the month following the 90 days of when the account was opened.
Payroll payments, child tax benefits, Employment Insurance (EI) payments, pension payments, old age security payments, and disability payments are qualified direct deposits.
Note: There is a $30 fee if you close the No-Fee Bank Account within 180 days of opening it.
My Verdict: I truly think Innovation No-Fee bank account is worth applying for especially after considering the potential $300 bonus in cash.
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, online is the most suitable option which can be done through this link. 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 these accounts. 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, quick loan, personal loan, education loan, or a fresh start loan.
My Verdict: As a principle, unless you really have to borrow, I don’t recommend taking a loan as you can end up paying up to 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.
All the details about Innovation Credit Union mortgage including the incentives can be found here.
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.
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.
All kind of deposits are guaranteed and fully protected by the Credit Union Deposit Guarantee Corporation (Credit Union DGC). Innovation Credit Union is in the process of becoming federally licensed which means they will eventually become CDIC insured.
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.
In 2021, it contributed over 4% of its pre-tax profits to activities that support the communities. The contributions are chosen through grant applications, unique initiatives like GoGreen, scholarships, and other sponsorships.
All these contributions put a smile on my face and I am sure they will give your hear the same warm feelings.
My Final Verdict About Innovation Credit Union Review
In addition, clients can apply for Innovation’s competitive mortgages or credit cards.
Overall, knowing that all Innovation’s accounts come with insurance coverage, I feel comfortable holding my funds in Innovation Credit Union.