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The Innovation Federal Credit Union Savings Account is a no-fee bank account that’s easy to open and comes with lots of perks.
They have a top-notch reputation that earns them the trust of about 41,000 customers that they’re currently serving in Canada. While they offer mobile banking options, their physical branch is only available in Saskatchewan and Regina.
The Innovation Federal Credit Union Savings Account comes with no minimum balance requirement and zero monthly maintenance fees, among other perks.
The eligibility requirements for opening this bank account include being 18 years of age or older, having a Social Insurance Number, and residing in Canada. One of the major drawbacks of this savings account is its low interest rates compared to those of other banks.
If you’re ready to join other Canadians who are enjoying the perks of this account, this review is for you. Here you’d learn about the account’s features, pros, and cons, among others.
Features of Innovative Federal Credit Union Savings Account
- 100% deposit guarantee through (CUDGC).
- The Financial and Consumer Affairs Authority is responsible for regulating funds.
- $0 monthly maintenance fees.
- No minimum balance is required.
- Free and unlimited electronic transfers.
- Get access to free ABMs all over Canada.
- $0 transaction fees.
- Access to digital banking.
Pros of Innovative Federal Credit Union Savings Account
Here are the upsides of opening an Innovation Federal Credit Union savings account:
Savings Account Funds Have Protection Against Insolvency
The Credit Union Deposit Guarantee Corporation (CUDGC) offers strong security for the Innovation Federal Credit Union Savings Account.
Enjoy No-fee Bank Account
Using this savings account in Canada requires no fees. This way, you can save up to $360, which would have gone into annual account maintenance.
Access To A Personal Manager
You get access to a personal manager who guides you to make better and more informed financial decisions.
Easy Account Opening Process
The account opening process for an Innovation Federal Credit Union Savings Account is quite easy. You can simply download the bank’s mobile app, request and change your username and password, and then follow the account opening prompts.
Enjoy Easy Digital Banking
Digital banking helps you make deposits or transfers easily through your mobile device from the comfort of your home.
Cons of Innovative Federal Credit Union Savings Account
Here are the downsides of opening an Innovation Federal Credit Union savings account:
Limited Bricks and Mortar Banking Option
There are about 24 branches spread across Saskatchewan. This isn’t too convenient for other Canadians who might need to visit the branch but live outside of Saskatchewan.
Lower Interest Rates Compared To Other Banks
The interest rates offered on savings accounts compared to those of other banks are quite low.
Innovative Federal Credit Union Savings Account fees
- $25 charges for 2 years of inactivity.
- $5 charges per item on overdraft.
- $2.5 to $4 for ABM withdrawals outside the network.
- $25 for transfers to other financial institutions.
Innovation Federal Credit Union Savings Account special offers
- Daily cash dividends through membership rewards.
Other Innovation Federal Credit Union account options
If you’re not cool with this savings account, you might want to choose from these other Innovation Federal Credit Union accounts.
- Chequing Account.
- Registered Education Savings Plans (RESPs).
- US Account.
- Credit Card Accounts.
- Investment Accounts.
How to open the Innovation Federal Credit Union Savings Account
To get started with this savings account opening, you need to first meet the eligibility requirements. They are:
- You must have attained the age of 18 or above.
- You must be a resident of Canada. This includes Quebec.
- You must possess a Social Insurance Number (SIN).
- Government ID card.
- $5 membership fee.
Once you’ve checked the above boxes, you can now begin the account opening process by following these steps:
- You can visit any branch in Saskatchewan to fill out an account opening form and complete the process offline. Otherwise;
- You can visit the Innovation Federal Credit Union website or download and launch their mobile app.
- Next, you click on the account opening section on the app or website and follow the prompt till the end.
During the process, you’d input your SIN, upload your ID, and pay a $5 membership charge.
Innovation Federal Credit Union Savings Account conclusion
Opening a savings account with the Innovation Federal Credit Union will help you save up to $360, which you’d have spent on annual fees.
Although limited branches across Canada are a drawback you’d have to cope with, the account comes with several amazing benefits that might make it perfect for you. If you feel otherwise, you might want to research other Innovation Federal Credit Union accounts that might meet your needs.
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