Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.
If you’re looking for a no-frills, high-interest savings with rewards, the Innovation Federal Credit Union High Interest Savings Account might be your ideal solution. But is it the right fit for your financial wants?
The Innovation Federal Credit Union High Interest Savings Account is a no-fee, no-minimum balance account that earns interest and cash dividends. However, it has limited physical branches and potentially lower interest rates than other credit unions.
It comes with six free monthly debit transactions and offers an online banking platform. Opening an account involves a simple online application and purchasing a $5 member share.
Let’s delve into its features, pros and cons, fees, special offers, and the application process to determine if it’s the right fit for you.
Innovation Federal Credit Union High Interest Savings Account Features
This savings account offers the following features:
- No monthly fees
- No balance requirements
- The opportunity to earn cash dividends
- Interest earned on all deposits is calculated daily and paid monthly
- Six free debit transactions each month
- Access to a Member Rewards program
- Online banking via a secure website and mobile app
- A Lock’N’Block feature for enhanced debit card security.
Pros of the Innovation Federal Credit Union High Interest Savings Account
No Monthly Fees or Balance Requirements
One of the highlights of this savings account is the absence of monthly fees and balance requirements. This means you can keep as little as $5 or as much as $5,000 and more in your account without worrying about maintenance charges or minimum balance stipulations.
Whether you’re just starting to save or are a seasoned saver, this account accommodates your needs without any financial pressure.
Potential to Earn Cash Dividends
You automatically become a member by opening this savings account with Innovation Federal Credit Union. You can participate in their Member Rewards program.
This scheme gives you the chance to earn cash dividends simply by banking with them – an appealing proposition for those looking to get the most out of their banking experience.
Convenient Online Banking
Innovation Federal Credit Union’s online banking platform and mobile app allow you to manage your savings account anytime, anywhere. You can check balances, transfer funds, and even apply for loans without stepping foot in a branch, offering convenience and accessibility that cater to today’s digitally-oriented consumer.
Cons of the Innovation Federal Credit Union High Interest Savings Account
Limited Physical Accessibility
One drawback to consider is that in-person services are limited to southern Saskatchewan. This might not be an issue if you prefer online banking or live in the region, but it could be a disadvantage for those who prefer face-to-face banking and are situated elsewhere.
Lower Interest Rates Compared to Other Credit Unions
Compared to other credit unions, the interest rates offered on the High Interest Savings Account might be lower. If maximizing your interest earnings is a priority, comparing rates across different credit unions might be worth it before settling on an account.
Limited Investment Options
Innovation Federal Credit Union doesn’t offer a wide array of investment options. If you’re seeking an institution where you can keep your savings and engage in diverse investment opportunities, this might be a drawback.
Innovation Federal Credit Union High Interest Savings Account fees
While this savings account boasts of no monthly fees, specific other fees apply:
- Non-sufficient funds: $45
- Overdraft usage fees: $5/item
- Charges for ATM withdrawals outside the network: $2.50 – $4
- 2-Year inactivity fee: $25
- Bank account transfer to another financial institution: $25.00 (+ official cheque: $7.50)
Innovation Federal Credit Union High Interest Savings Account special offers
The Innovation Federal Credit Union High Interest Savings Account includes the Member Rewards program, providing cash dividends that can be withdrawn at any time or allocated to a long-term investment account.
How much you earn depends on the credit union’s annual profits, the interest earned on your deposits, and your account balance.
Other Innovation Federal Credit Union account options
Innovation Federal Credit Union offers a range of other account options, including no-fee chequing accounts, US accounts, and registered education savings plans (RESPs). All these options come with unique benefits and may be suitable depending on your personal or business financial needs.
They also offer a selection of Visa credit card accounts, each with distinct rewards and benefits. As such, customers have the option to choose the one most suitable to their lifestyle and spending habits.
How to open the Innovation Federal Credit Union High Interest Savings Account
Opening an Innovation Federal Credit Union High Interest Savings Account is a straightforward process:
- Visit the Innovation Federal Credit Union website.
- Navigate to the “Open an Account” section.
- Select the High Interest Savings Account from the list of options.
- Complete the necessary fields with your personal details, including your name, contact information, Social Insurance Number, and employment information.
- Double-check the accuracy of your provided information, agree to the terms and conditions, and proceed with submitting your application.
- Upon approval of your application, you will be required to acquire a $5 member share. This purchase makes you a member and shareholder of the Innovation Federal Credit Union, allowing you to have a say in how the credit union operates and the potential to earn cash dividends.
- Once you have successfully acquired your member share, you can proceed to deposit funds into your account, thereby initiating your banking activities.
Perhaps you need assistance while busy with the application process. In that case, the Innovation Federal Credit Union team is available to help both online and via phone. Remember, when applying, you’ll need to have valid identification and your Social Insurance Number handy.
Innovation Federal Credit Union High Interest Savings Account conclusion
The Innovation Federal Credit Union High Interest Savings Account offers a variety of benefits, including no monthly fees, no balance requirements, and the potential to earn cash dividends.
However, with limited physical branches and lower interest rates compared to some other credit unions, it might not suit everyone’s needs. Evaluate your financial goals and banking preferences to determine if this account meets your needs.
You might also like…
