Innovation Federal Credit Union Review

Oct 25, 2024

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

Written by Siddhi Bagwe

Content Management Specialist

Edited by Beth Buczynski

Head of Content, New Markets

Written by Siddhi Bagwe

Content Management Specialist

+ 1 more

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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.

Partner Spotlight

No-Fee Chequing Account

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.

APPLY NOW

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

Loans.
Mortgages.
Lines of credit.
Home equity line of credit (HELOC).
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?
Affinity Credit Union	Yes.	Yes, by the Credit Union Deposit Guarantee Corporation.
Conexus Credit Union	Yes.	Yes, by the Credit Union Deposit Guarantee Corporation.
Innovation Federal Credit Union	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.