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Published January 19, 2024
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Innovation Federal Credit Union Canada Review

Innovation Federal 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 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

Innovation Federal Credit Union overview

Innovation Federal Credit Union is a member-owned co-operative financial institution serving over 60,000 members in Canada. Besides the 27 branch locations and in-person services in Regina and Saskatoon, members can manage their money via online banking, mobile app or telephone banking. Innovation Federal Credit Union offers regular banking products and services for its members’ personal and business needs — be it chequingsavings, 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 Federal Credit Union

Innovation Federal Credit Union members can access free banking at any time, no matter their location through online 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 Federal 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.

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 accountstrust 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 Federal Credit Union account types

Innovation Federal Credit Union accounts

Innovation Federal Credit Union credit card accounts

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

Innovation Federal Credit Union investing accounts

Other Innovation Federal Credit Union services

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:

Who Innovation Federal Credit Union is best for

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

Innovation Federal 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 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 of Innovation Federal Credit Union

Cons of Innovation Federal Credit Union

How Innovation Federal Credit Union compares to other credit unions

Mobile and online bankingAre deposits insured?
Affinity Credit UnionYes.Yes, by the Credit Union Deposit Guarantee Corporation.
Conexus Credit UnionYes.Yes, by the Credit Union Deposit Guarantee Corporation.
Innovation Federal Credit UnionYes.Yes, by the Canada Deposit Insurance Corporation.

» MORE: Read our Banking reviews of other Big Banks, credit unions and online-only banks.

Innovation Federal Credit Union frequently asked questions

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.

DIVE EVEN DEEPER

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Bank vs. Credit Union: How to Make the Right Choice

Bank vs. Credit Union: How to Make the Right Choice

Credit unions are not-for-profit and may offer fewer products, but better rates. Banks are for-profit institutions and may offer more products, but often less competitive rates.

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