Innovation Federal Credit Union Review
Innovation Federal Credit Union overview
🏦 Innovation Federal Credit Union was formed in 2007 and has more than 67,500 members.
INNOVATION FEDERAL CREDIT UNION ACCOUNT OPTIONS
Savings
Chequing
Registered accounts
USD
Visa credit cards
Investment products
OTHER INNOVATION FEDERAL CREDIT UNION SERVICES
Wealth management
Loans and mortgages
Lines of credit
Business accounts and financing
Canadians 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.
Innovation may be the best fit if you live in Saskatchewan, since you'll be able to bank in person in Regina and Saskatoon. However, it may be a solid fit for folks in other areas who are comfortable with digital banking.
PROS AND CONS
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 savings account balance.
- Wealth management and financial planning services.
- Community grants, sponsorships and scholarships.
Cons
- In-person service limited to Regina and Saskatoon.
- May have lower interest rates on savings products compared to other credit unions.
- Fees for employee-assisted transactions apply to some accounts.
Innovation Federal Credit Union full review
Innovation Federal Credit Union is a member-owned co-operative financial institution serving over 67,000 members across Canada.
Previously, Innovation only served residents of Saskatchewan, but in 2023, members voted to federalize and extend credit union 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 26 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.
WHAT ONLINE BANKING FEATURES DOES INNOVATION FEDERAL CREDIT UNION OFFER?
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, the Innovation Federal Credit Union website offers several how-to videos to help you log in and make the most its 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.
đźš© Customer ratings
We gather consumer feedback to understand how users feel about banking with Innovation Federal Credit Union. While the bank performs well on mobile app stores, its score remains below average on the consumer review platforms and forums.
As of this writing, Innovation Federal Credit Union holds 4.5 stars on the Apple App Store and 4.4 stars on the Google Play Store.
What Reddit users are saying
Innovation gets relatively little Reddit attention. When it’s mentioned, users see it as a basic-banking alternative to the Big Banks with nationwide digital access, though in-person service is largely limited to Saskatchewan.
Reddit discussions include:
Note: Consumer review platforms tend to reflect a higher volume of negative feedback as satisfied users are less likely to leave comments. Additionally, individual reviews may not reflect the full experience of these users. That said, public forums can offer a helpful starting point for understanding how the financial institution handles account issues, customer service and overall support.
Innovation Federal Credit Union account types
Innovation Federal Credit Union accounts
🤓 OUR TAKE
Innovation Federal Credit Union offers a small but practical lineup for everyday banking and guaranteed investments. You get digital access across Canada (Quebec excluded), but branches are limited to Saskatchewan. If you prefer in-person, personalized service, consider other larger financial institutions.
Explore Innovation Federal Credit Union accounts
No-Fee Chequing Account:Â No monthly fees or minimum balance requirements, free unlimited Interac e-transfers and unlimited no-fee debit transactions.
Savings Account:Â No monthly fees, no minimum balance required, earn interest and cash dividends.
No-Fee USD Account:Â No monthly fees, no transaction fees, and preferred exchange rates. Plus, earn a small amount of interest.
Guaranteed Investment Certificates: A low-risk investment product that guarantees the return of your principal.
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
🤓 OUR TAKE
Innovation exclusively offers Visa credit cards in collaboration with Collabria, with options spanning no-fee cash back, low-rate, premium rewards, and a US Dollar card — a straightforward choice for new or existing members.
Explore Innovation Federal Credit Union credit 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
🤓 OUR TAKE
Innovation has a basic lineup of tax-advantaged accounts with cash and GIC options. However, the limited investment menu may lead you to consider other providers for a broader choice.
Explore Innovation Federal Credit Union registered accounts
Other Innovation Federal Credit Union services
🤓 OUR TAKE
In addition to personal banking, Innovation offers agriculture-focused business lending and wealth services, plus nationwide digital access and well-reviewed mobile apps — workable even outside Saskatchewan.
Explore other services
Mortgages.
Wealth management.
Business accounts and financing options.
AgriInvest Account.
Young farmer loans and incentives.
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:
Fees you should know about
Non-sufficient funds: $45
Overdraft: $5/item + 19.80% interest per annum
ATMÂ withdrawals outside the network: $2.50 to $4
2-Year inactivity fee: $25
Bank account transfer to another financial institution: $25.00
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.
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 Store 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.
DIVE EVEN DEEPER
Siddhi Bagwe