Innovation Federal Credit Union: A Comprehensive Guide to Services and Fees

Innovation Federal Credit Union is a great option for those looking for a financial institution that truly puts its members first. They offer a wide range of services to suit different needs.

Their checking accounts are free from monthly maintenance fees, making it an attractive option for those who want to keep their banking costs low. With a credit union membership, you get access to over 30,000 surcharge-free ATMs across the country.

Innovation Federal Credit Union also offers a variety of loan options, including personal loans, auto loans, and mortgage loans. These loans often have competitive interest rates and flexible repayment terms.

Innovation Federal Credit Union offers online banking capabilities that allow members to access their accounts at any time.

You can review how-to videos to help you make the most of their digital banking tools if you're new to online or mobile banking.

Members can download apps on Google Play and Apple App Store to check account balances, transfer funds, and apply for loans.

The apps provide access to a range of functions, including checking account balances and transferring funds.

Innovation Federal Credit Union's online banking is designed to be user-friendly and accessible, making it easy to manage your finances on the go.

Innovation Federal Credit Union offers a range of account options to suit different needs.

Their No-Fee Chequing Account has no monthly fees or minimum balance requirements, making it a great option for those who want to avoid unnecessary charges.

You can also enjoy free unlimited Interac e-transfers and unlimited no-fee debit transactions with this account.

Their Savings Account is another option, with no monthly fees and no minimum balance required to earn interest and cash dividends.

Here are some key features of their account options:

Innovation Federal Credit Union offers a range of registered accounts to help you save for your future.

You can open a Tax-free savings account (TFSA), which allows you to grow your savings tax-free. This means you won't have to pay taxes on the interest you earn.

A Registered retirement savings plan (RRSP) is also available, which can help you save for retirement. The interest you earn on an RRSP is tax-deductible, which can reduce your taxable income.

You can also invest in a Guaranteed investment certificate (GIC), which provides a fixed return on your investment. GICs are a low-risk option, making them a great choice for those who want to preserve their capital.

In addition to these options, you can also open a Registered education savings plan (RESP) to save for your child's education. This can help you build a nest egg for their future education expenses.

Another option is a First home savings account (FHSAs), which can help you save for a down payment on a home. This can be a great way to get started on your home ownership journey.

Here are the registered accounts offered by Innovation Federal Credit Union:

If you're looking for a credit card that offers rewards, Innovation Federal Credit Union has got you covered. They offer a range of Visa cards that fit different needs and preferences.

Their selection includes the Visa Infinite Card, which is a great option for those who want to earn rewards and enjoy premium benefits. The Cash Back Visa Card is another popular choice, offering cash back rewards on everyday purchases.

You can also consider the Cash Back Infinite Visa Card, which provides even more cash back opportunities. If you're looking for a card with no foreign transaction fees, the US Dollar Visa Card might be a good fit.

Here are some of the credit card options offered by Innovation Federal Credit Union:

Fees can add up quickly, so it's essential to understand what you might incur when using Innovation Federal Credit Union's services.

Non-sufficient funds fees are $45, which can be a significant hit to your account balance.

If you're not careful, overdraft fees can add up quickly, with a charge of $5 per item plus 19.80% interest per annum.

Some fees are more one-time than others, like the 2-Year inactivity fee of $25.

Here's a breakdown of some common fees you might encounter:

Fees can be a major headache when it comes to managing your finances. Innovation Federal Credit Union has a range of fees that may apply to your accounts.

You can avoid monthly fees with their No-Fee Chequing Account, which also offers free unlimited Interac e-transfers and unlimited no-fee debit transactions. This can save you around $11 every month in bank fees.

Some common fees to be aware of include non-sufficient funds fees of $45, overdraft fees of $5 per item plus 19.80% interest per annum, and ATM withdrawal fees of $2.50 to $4 outside their network.

You'll also want to be mindful of the 2-Year inactivity fee of $25, which can be charged if your account is inactive for a certain period. Additionally, there's a bank account transfer fee of $25.00 to transfer your account to another financial institution.

Here are some of the common fees you may encounter with Innovation Federal Credit Union:

Other Innovation Federal Credit Union offers a range of services beyond loans and mortgages. Their services include loans, mortgages, lines of credit, and home equity lines of credit (HELOC).

If you're looking to invest your money, they also offer wealth management and registered and non-registered GICs.

They have a variety of options for business owners, including business accounts and financing options.

Here's a list of some of the other services they offer:

Innovation Federal Credit Union offers a range of benefits that make it a great option for those looking for a financial institution.

The credit union has plenty to like, with no bank or credit union being without its drawbacks.

One of the key advantages of Innovation Federal Credit Union is that it's a credit union, which means it's member-owned and operated, offering a more personalized service.

If you're a Saskatchewan resident, Innovation Federal Credit Union is a great option for low-fee personal and business banking services.

Credit unions, like Innovation Federal Credit Union, are not-for-profit institutions that may offer fewer products, but better rates.

Banks, on the other hand, are for-profit institutions that may offer more products, but often less competitive rates.

One of the benefits of credit unions is that members can earn cash dividends and monthly transaction rewards based on their account balances, loans balances, and everyday banking.

By choosing a credit union, you can potentially save money on fees and enjoy better rates on loans and savings accounts.

Innovation Federal Credit Union has its share of advantages and disadvantages.

One of the main pros is that there's plenty to like about Innovation Federal Credit Union, which suggests a positive overall experience.

The credit union offers a range of services, but no bank or credit union is without its drawbacks, so it's essential to consider these as well.

One of the cons is that no bank or credit union is perfect, implying that Innovation Federal Credit Union may have some flaws.

Overall, it's crucial to weigh the pros and cons before making a decision about opening an account.