Innovation Federal Credit Union Review
Innovation Federal Credit Union at a glance
🏦 Innovation Federal Credit Union was formed in 2007 and is the third-largest credit union in Saskatchewan.
Innovation Federal Credit Union account options
Savings
Chequing
Visa credit cards
Investing
Other Innovation Federal Credit Union services
Wealth management
Loans and mortgages
Lines of credit
Business accounts and financing
Pros and Cons of Innovation Federal Credit Union
There’s plenty to like about Innovation Federal Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros
- No monthly fees or balance requirements on chequing and savings accounts.
- Earn cash dividends based on your account balances.
- Wealth management and financial planning services.
- Community grants, sponsorships and scholarships.
Cons
- In-person service limited to southern Saskatchewan.
- May have lower interest rates on savings products compared to other credit unions.
- Fees for employee-assisted transactions apply to most accounts.
Innovation Federal Credit Union overview
Innovation Federal Credit Union is a member-owned co-operative financial institution serving over 62,000 members across Canada. It previously only served residents of Saskatchewan, but in 2023, Innovation’s members voted to federalize and extend services to the rest of the country.
Innovation Federal Credit Union offers regular banking products and services for its members’ personal and business needs — be it chequing, savings, credit or wealth management.
In addition to visiting the 25 branch locations offering in-person services in Regina and Saskatoon, members can manage their money via online banking, mobile app or telephone banking.
With the purchase of a $5 member share, new customers become members and shareholders who have a say in how the credit union is run, and may earn cash dividends.
Online banking capabilities at Innovation Federal Credit Union
Innovation Federal Credit Union members can access their accounts at any time through online banking. Members can also download apps on Google Play and Apple App Store that can be used to check account balances, transfer funds and apply for loans, among other functions.
If you’re new to online or mobile banking, you can review the many how-to videos to help you make the most of Innovation Federal Credit Union’s digital banking tools.
Is my money safe at Innovation Federal Credit Union?
Deposits and accrued interest held with Innovation Federal Credit Union are insured by the Canada Deposit Insurance Corporation (CDIC). CDIC insurance coverage includes eligible deposits held in one name, joint accounts, trust accounts, registered accounts in savings, chequing, GICs and more.
The Innovation mobile app and online banking platform come with a Lock’N’Block feature that helps you prevent debit card fraud by locking your debit card and blocking ATM transactions, purchases, refunds and international transactions. You’d want to activate this feature if you lose your debit card. For added protection and to stay informed, you can also choose to receive banking alerts by email or text messages.
Innovation Federal Credit Union account types
Innovation Federal Credit Union accounts
No-Fee Chequing Account: No monthly fees or minimum balance requirements, free unlimited Interac e-transfers and unlimited no-fee debit transactions.
Savings Account: No monthly fees, no minimum balance required, earn interest and cash dividends.
No-Fee USD Account: No monthly fees, no transaction fees, and preferred exchange rates. Plus, earn a small amount of interest.
Pay $0 bank fees! Save ~$11 every month in bank fees with Innovation’s No-Fee Bank Account. Even Interac e-Transfer® services are free and unlimited.
Innovation Federal Credit Union credit card accounts
Innovation Federal Credit Union offers a selection of rewards, travel rewards, cash back, no fee and low-rate Visa cards.
Visa Infinite Card.
Cash Back Visa Card.
Cash Back Infinite Visa Card.
US Dollar Visa Card.
Centra Visa Gold Card.
Innovation Federal Credit Union registered accounts
Other Innovation Federal Credit Union services
Mortgages.
Wealth management.
Business accounts and financing options.
AgriInvest Account.
Young farmer loans and incentives.
Registered and non-registered GICs.
Innovation Federal Credit Union fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Innovation Federal Credit Union’s financial products and services:
Non-sufficient funds: $45
Overdraft: $5/item + 19.80% interest per annum
ATM withdrawals outside the network: $2.50 to $4
2-Year inactivity fee: $25
Bank account transfer to another financial institution: $25.00
Who is Innovation Federal Credit Union best for?
Saskatchewan residents seeking low-fee personal and business banking services.
Innovation Federal Credit Union offers many of the same services that big banks offer Canadians but without many account or ATM fees. Members can earn cash dividends and monthly transaction rewards based on their account balances, loan balances and everyday banking.
How Innovation Federal Credit Union compares to other credit unions
MOBILE AND ONLINE BANKING | ARE DEPOSITS INSURED? | |
|---|---|---|
Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. | |
Yes. | Yes, by the Credit Union Deposit Guarantee Corporation. | |
Yes. | Yes, by the Canada Deposit Insurance Corporation. |
» MORE: Read our Banking Reviews of other Big Banks, credit unions and online-only banks.
Is there an Innovation Federal Credit Union app?
Yes. The Innovation Federal Credit Union app is available via the Apple app store and Google Play at no charge. To access all the features on the mobile banking app, you’ll need to be registered for online banking.
How do you set up online banking with Innovation Federal Credit Union?
If you’re new to online and mobile banking, contact the Innovation Federal Credit Union support team to get a temporary username and password. To complete the setup, you can then log into the online banking or mobile app and follow the prompts to update your username and password.
Frequently asked questions
Is there an Innovation Federal Credit Union app?
Is there an Innovation Federal Credit Union app?
Yes. The Innovation Federal Credit Union app is available via the Apple app store and Google Play at no charge. To access all the features on the mobile banking app, you’ll need to be registered for online banking.
How do you set up online banking with Innovation Federal Credit Union?
How do you set up online banking with Innovation Federal Credit Union?
If you’re new to online and mobile banking, contact the Innovation Federal Credit Union support team to get a temporary username and password. To complete the setup, you can then log into the online banking or mobile app and follow the prompts to update your username and password.
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Siddhi Bagwe
Siddhi Bagwe
Siddhi Bagwe
Siddhi Bagwe