Editorial Note: Comparewise is supported by our readers. When you find products and services through links on our site, we may earn commission.

**Limited Time Offer: No-Fee Bank Account $1,000 Giveaway Draw

Between July 1, 2024, and December 31, 2024 (the “Offer Period”) Qualifying Account Holders* will be entered into a monthly draw to win a $1,000 Giveaway prize, provided the terms and conditions are met*.

Innovation Federal Credit Union is a digital-based credit union that provides banking services so that Canadians can reach their financial goals. With over 57,000+ members, they strive to think beyond and continue to look for ways to evolve banking.

Innovation Federal Credit Union features

One of the benefits you can access from Innovation Federal Credit Union is its account options such as No-Fee Bank Account, Savings Account and US Account.

With the No-Fee Bank Account, you can save $360 a year in bank fees with their no-fee chequing account. It features no minimum balance, unlimited transactions, access to ATMs for free, no monthly fees, and unlimited Interact e-Transfer.

The Savings Account is free, doesn’t require a minimum balance, earns interest and allows you to make cash dividends through their Member Rewards program. Additionally, they offer the community 2-4% of pre-tax profits annually.

Plus you can earn monthly transaction rewards of up to $2.50/month when you use online banking and have a No-Fee Bank Account. You’ll earn $0.50 every month for each kind of transaction:

• pre-authorized deposit
• pre-authorized payment
• online bill payment
• remote cheque deposit through the app
• get an e-statement

Promo Offer: Save $360 a year in bank fees with the No-Fee Bank Account

The second benefit you can access from Innovation Federal Credit Union is its financial services, such as loans, mortgages and credit cards.

Their range of loans includes a line of credit, quick loans, personal loans, educational loans, fresh start loans and compare loans.

Their loan options offer instant cash access with lower minimum payments. Additionally, you can earn $500 by becoming an Innovation member and getting approved for a personal loan.

The Innovation Federal Credit Union mortgage services include the best mortgage, first mortgage, transfer mortgage, new build mortgage and new start mortgage. Their mortgage options can save you thousands of money, have flexible options, lower rates, earn cash dividends and be debt-free within a short time frame.

The Innovation Federal Credit Union credit cards include Visa credit cards, Visa Infinite card, Visa Classic card, cashback Visa and Centra Visa Gold Card. The Visa Infinite card features earning rewards and benefits, redeem points for purchases and includes 15,000 welcome points.

The cashback Visa card has no annual fee and features earning cash rewards and redeem points for purchases.

The Visa Classic card has no annual fee, features low rates, and allows phone purchases. The Centra Visa Gold Card has a low yearly price, low rates, phone purchases, redeem points for purchases and 10,000 welcome points.

The Travel Rewards Visa Gold Card allows you to earn travel rewards, travel insurance, redeem points for purchases, 24/7 travel assistance and 10,000 welcome points.

View More Bank Offers…

• Become a Tangerine client and earn a $100 cash bonus – Get Started
• Get up to 1.5% cashback on your day-to-day purchases – View National Bank Offer
• Get a free account plus $350 when you sign up with Coast Capital Savings
• Get up to $500 in referral rewards when your friends and family sign up for EQ Bank – Get Started

*Terms & Conditions

1. Eligibility

*Qualifying Account Holders must be a new customer/member to Innovation Federal Credit Union (“Innovation”), be 18 years of age or older, be a Canadian resident (excluding Quebec), meet Innovation’s membership and account opening approval criteria, and cannot have been an Innovation member since January 2016.

2. Offer Conditions

Qualifying Account Holders will be entered into a draw to win a $1,000 Giveaway prize, in the month of their account opening, after meeting the following conditions:

(a) Successfully open an Innovation No-Fee Bank Account (the “Account”) through the Online Account Opening Application on Innovation’s website; and,

(b) Deposit a minimum of $5.00 into their Account to pay for the cost of a membership share.

3. Additional Information

After the Offer Conditions have been met, the Qualifying Account Holder will be entered into the corresponding monthly draw to win a $1,000 Giveaway prize. For example: If a Qualifying Account Holder opens their account in July of 2024, they will be entered into the July 2024 draw to win a $1,000 Giveaway prize. The draw will occur the week following month end and winner(s) will be randomly selected. Winner(s) will be notified by phone or email. A direct deposit of $1,000 will be deposited to the winning member(s) No-Fee Bank Account or other operating account.

The Qualifying Account Holder’s account(s) must also be active and in good standing (not in an unauthorized overdraft or in a delinquent status) at that time of the monthly draw. If the No-Fee Bank Account is opened as a joint account, the primary account holder will be entered into the monthly draw. If the draw is won by a jointly opened account, the prize will be jointly awarded to the account holders.

By accepting the prize, the winner(s) consent to Innovation publishing their name and prize description on Innovation’s digital channels, including but not limited to social media, digital screens, and website, as well as print publications.

The Qualifying Account Holder will be charged a fee of $30 if they close their No-Fee Bank Account within 180 days of opening the Account, as per Innovation’s Account and Fee Information brochure.

Limit of one draw entry per Qualifying Account Holder, including for joint Account Holders. The recipient(s) of the Offer is solely responsible for any tax consequences associated with their receipt thereof.

Innovation employees and immediate family members of employees are not eligible for the Offer.

Innovation reserves the right to cancel or change these Terms and Conditions at any time without notice, for any reason, and to revoke the Offer for any customer/member who appears to be manipulating or abusing the Offer or appears to be engaged in any suspicious/fraudulent activity.