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Published July 29, 2022

Innovation Credit Union Review for Canada

Innovation Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses.

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Innovation Credit Union at a glance

Innovation Credit Union was formed in 2007 and is the third-largest credit union in Saskatchewan.

  • Innovation Credit Union account options
    Savings
    Chequing
    Visa credit cards
    Investing
  • Other Innovation Credit Union services
    Wealth management
    Loans and mortgages
    Lines of credit
    Business accounts and financing

Innovation Credit Union overview

Innovation Credit Union is a member-owned co-operative financial institution serving over 58,000 members in Canada. Besides the 24 branch locations and in-person services in Regina and Saskatoon, members can manage their money via online banking, mobile app or telephone banking. Innovation Credit Union offers regular banking products and services for its members’ personal and business needs — be it chequing, savings, credit or wealth management.

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 Credit Union

Innovation Credit Union members can access free banking at any time, no matter their location through digital banking. The website (www.innovationcu.ca) as well as banking apps on Google Play and Apple App Store can be used to check account balances, transfer funds, and apply for a loan, among other functions.

To use Innovation Credit Union’s digital banking features, you’ll need to download their mobile banking app and sign up to access your account online. You can also explore the website for the how-to videos to help make the most of their digital banking solutions.

Innovation Credit Union

Find the best Innovation Credit Union services to meet your needs

Is my money safe at Innovation Credit Union?

Deposits and accrued interest held with Innovation Credit Union are insured by the Credit Union Deposit Guarantee Corporation. CUDGC insurance coverage includes 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 in no time. This feature allows you to lock your debit card and block ATM transactions, purchases, refunds and international transactions. For added protection and to stay informed, members can also choose to receive banking alerts by email or text messages.

Innovation Credit Union account types

Innovation Credit Union accounts

  • No-fee chequing account: No monthly fees or minimum balance requirements, free unlimited e-transfers and unlimited no-fee debit transactions.
  • Savings account: No monthly fees, no balance required, earn interest and cash dividends.
  • US account: Avoid conversion fees, earn interest and cash dividends.

Innovation Credit Union credit card accounts

Innovation Credit Union offers a selection of premium rewards, travel rewards, cash back, no fees and low-rate Visa cards.

  • Visa Infinite Card.
  • Cash Back Visa Card.
  • No-Fee Visa Classic Card.
  • Travel Rewards Visa Gold Card.
  • US Dollar Visa Card.
  • Centra Visa Gold Card.

Innovation Credit Union investing accounts

Other Innovation Credit Union services

  • Loans.
  • Mortgages.
  • Lines of credit.
  • Home equity line of credit (HELOC).
  • Wealth management.
  • Business accounts and financing options.

Innovation 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 Credit Union’s financial products and services:

  • Non-sufficient funds: $45
  • Overdraft: $5/item
  • ATM withdrawals outside the network: $2.50 – $4
  • 2-Year inactivity fee: $25
  • Account transfer to another financial institution: $25.00 + official cheque $7.50

Who Innovation Credit Union is best for

Saskatchewan residents seeking low-fee personal and business banking services.

Innovation Credit Union offers many of the same services that the big banks offer Canadians but without the account or ATM fees. Aside from profit sharing at Innovation, members can earn cash dividends on everyday banking through the Members Rewards program.

Pros and Cons of Innovation Credit Union

There’s plenty to like about Innovation Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

Pros of Innovation Credit Union

  • No monthly fees or balance requirements on chequing and savings accounts.
  • Earn cash dividends for everyday banking.
  • Wealth management and financial planning services.
  • Accounts and services designed for seniors.
  • Community grants, sponsorships and scholarships.

Cons of Innovation Credit Union

  • In-person service limited to Regina and Saskatoon.
  • Lower interest rates on savings products compared to other credit unions.
  • Employee assistance fees apply to most accounts.

How Innovation Credit Union compares to other credit unions

 Innovation Credit UnionAffinity Credit UnionAccess Credit Union
Primary region of serviceSaskatchewanSaskatchewanManitoba
Number of branches24More than 5026
Mobile app?YesYesYes
Are deposits insured?Yes, by the Credit Union Deposit Guarantee Corporation.Yes, by the Credit Union Deposit Guarantee Corporation.Yes, by the Deposit Guarantee Corporation of Manitoba.

Innovation Credit Union frequently asked questions

    • Is there an Innovation Credit Union app?

      Yes. The Innovation 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 Credit Union?

      If you’re new to online and mobile banking, contact the Innovation 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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