Innovation Federal Credit Union is a federally regulated and leading financial cooperative in Saskatchewan, offering a range of comprehensive banking solutions for both individuals and businesses.
With a growing membership of over 58,000 in Saskatchewan and across Canada, Innovation Federal Credit Union is quickly becoming a preferred choice for those seeking to reduce banking fees while enjoying the convenience of a local branch.
Whether you’re a savvy saver looking to boost your finances or simply looking for a way to give back to the community, Innovation Federal Credit Union may have the perfect solution for you.
In this comprehensive Innovation Federal Credit Union review, we’ll delve into their services, account options, safety, pros, cons, and everything you must consider when choosing a financial institution.
Join us as we navigate the world of Innovation Federal Credit Union, where innovative financial solutions meet the needs of everyday Canadians.
What Is Innovation Federal Credit Union?
Established in 2007, Innovation Federal Credit Union is the third-largest credit union in Saskatchewan and ranks 23rd among Canada’s credit unions in terms of asset size, boasting an impressive portfolio of over $3 billion in assets under administration.
The co-operative financial institution, born out of a merger between Southwest Credit Union and BCU Financial, boasts a robust membership of over 58,000 Canadians. With an extensive network of 24 branch locations and a strong presence offering in-person services in key cities like Regina, Swift Current, Meadow Lake, Saskatoon, and North Battleford, it is a reliable and accessible financial partner for diverse communities.
In 2023, Innovation Federal Credit Union went federal, aligning itself with established institutions like Uni Financial Cooperative and Coast Capital Savings. As a result, Innovation Federal Credit Union has expanded its reach beyond Saskatchewan, opening its doors to members across every Canadian province and territory except Quebec.
Innovation Federal Credit Union is a financial cooperative driven by a not-for-profit ethos rooted in responsible banking. While its primary mission is not profit generation, it remains dedicated to delivering dividends to its members and fostering community support.
Responsible banking means the credit union strives to provide better financial services, help the community by providing scholarships, sponsorships, and grants, and providing funding for large projects in their community.
Innovation Federal Credit Union Financial Products
Innovation Federal Credit Union offers an extensive range of financial services and products catering to individuals, businesses, and agriculture clients alike. Among the array of offerings, two standout products that have gained popularity among everyday personal banking clients are:
- No-fee bank account
- Innovation Mortgage
Innovation Federal Credit Union No-Fee Bank Account
The Innovation’s No-Fee Chequing Account is one of the best products offered by this federal credit union. The No-fee bank account helps members save up to $11 monthly (up to $360 annually) in bank fees. Even Interac e-Transfer services are free and unlimited.
The Innovation No-fee Bank Account offers:
- Zero monthly maintenance fees
- Free and unlimited Interac e-Transfer
- No minimum balance requirements
- Earn cash rewards of everyday banking (the more you bank, the more you earn)
- Free and unlimited transactions
- Access free ATMs across Canada
However, to open a No-fee Chequing Account, you must be 18 years or older, a Canadian resident (excluding Quebec), and have a Social Insurance Number (SIN).
If you are under 18 or not a Canadian resident or prefer not to provide your SIN, you can call Innovation, and they will help you over the phone at 1-866-446-7001.
You must pay the $5 member share to join the Innovation Federal Credit Union (will be returned when you leave the credit union).
If you want to buy your first home in Canada, the Innovation Mortgage is for you. The Innovation Mortgage is for Canadians who are self-employed, newcomers to Canada, or have been rejected for a mortgage by a bank.
With Innovation Mortgage, you can save thousands of dollars in interest fees throughout the life of your Mortgage loan. They offer both fixed- and variable-rate mortgages, and the federal government’s First Time Home Buyer Incentive is also available.
Innovative Mortgage offers a mortgage rate of 5.29% for a 5-year closed fixed special mortgage. You can get up to $3,000 in cashback when you buy your first mortgage with Innovation, $2,500 in profit-sharing dollars, and save $6.799 in interest during your 5-year term. You can even lock in your rates for 90 days.
However, Innovation considers more than your credit score when assessing your mortgage eligibility. To be eligible, you must be 18 years and older, a Canadian resident (excluding Quebec), have a provincial driver’s license or Canadian passport, and have an SIN.
Other Innovation Financial Products
In addition to the No-fee Chequing Account and the Innovation Mortgage, Innovation Federal Credit Union also offers:
- Investments: Secure your financial future by investing in Guaranteed Investment Certificates (GICs) and term deposits within Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP), and non-registered investment accounts. Additionally, tap into professionally managed investment services through Innovation Wealth to optimize your investment portfolio.
- Credit Cards: Explore various Visa credit cards, including exclusive options like the Visa Infinite Card and the Cash Back Visa Card.
- Loans: Gain financial flexibility with the ability to borrow up to $50,000 at exceptionally low interest rates, whether you need immediate cash or want to consolidate your debts effectively.
- Savings Accounts: Watch your savings grow with competitive interest rates on your Canadian Dollar (CAD) and US Dollar (USD) savings deposits.
- Business Accounts: It is designed to cater for your needs and offers a host of benefits, including free deposits, lower-than-average minimum balance requirements, and interests. Innovation understands that every business is unique, so we offer a range of business accounts to choose from. Your choice should align with your business’s specific needs, particularly the monthly debit transactions required.
- Ag Accounts: The Innovation Federal Credit Union offers a range of agriculture-related accounts for its agriculture clients, including AgriInvest accounts and Agricultural Partnership.
Key Benefits of Innovation Federal Credit Union
- Innovation offers wealth management and financial planning services
- Earn cash dividends for everyday banking
- Special accounts and services designed for seniors
- Offers grants, sponsorships, and scholarships to communities around them
- Zero monthly fees or balance requirements on chequing and savings accounts
Downsides of Innovation Federal Credit Union
- Innovation charges employee assistance fees for most accounts.
- While Innovation Federal Credit Union is available in all Canadian provinces (except Quebec), the in-person service is limited to southern Saskatchewan.
- Lower interest rates on savings products compared to other credit unions.
Innovation Federal Credit Union Fees
Here are some of the common fees you may encounter when you use Innovation Federal Credit Union products and services:
- 2-Year inactivity fee: $25
- Overdraft: $5/item
- Non-sufficient funds: $45
- ATM withdrawals outside the network: $2.50 – $4
- Bank account transfer to another financial institution: $25.00 + official cheque $7.50
Is Innovation Federal Credit Union Safe?
Innovation Federal Credit Union is absolutely safe. It offers a 100% deposit guarantee through the Credit Union Deposit Guarantee Corporation (CUDGC). Your funds and spending accounts are fully protected against insolvency.
They are regulated by the Financial and Consumer Affairs Authority (FCAA), insured by the Canada Deposit Insurance Corporation (CDIC), and governed by the Office of the Superintendent of Financial Institutions (OSFI).
Benefits of Innovation Federal Credit Union Membership
As a credit union member, you are a part owner and get to share in its profits and growth. To join Innovation Federal Credit Union, you will pay a $5 membership fee to get shares (equity) and voting rights in the credit union).
When profits are shared, you earn a cash dividend based on the amount of equity you have. In addition to the dividends, you can enjoy:
- No-fee bank accounts
- Excellent customer service and support
- Access to thousands of free ATMs across Canada
- Low and competitive rates on mortgages, loans, savings
- Re-investments in the communities
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Final Thoughts on Innovation Federal Credit Union Review
The Innovation Federal Credit Union Review is a financial institution that’s making waves with its innovative solutions and commitment to its members. From their diverse range of accounts to their dedication to supporting local communities, Innovation Federal Credit Union stands out as a top choice for those seeking financial stability and growth.
Don’t miss out on the opportunity to enhance your banking experience and potentially save on fees. Take the first step towards a brighter financial future by opening an account with Innovation Federal Credit Union today. Join me in discovering the innovation behind every transaction!
Ready to get started? Click here to explore your account options and take control of your financial journey with Innovation Federal Credit Union.