Most people who grow up in Canada think they are limited to large banks such as RBC for their banking needs.

However, many more Canadians are turning to non-profit credit unions for a chance to save money on fees while still having a branch that they can visit. 

Consider Innovation credit union. With over 32,000 members in Saskatchewan, the credit union is growing quickly.

Whether you are a savvy saver, seeking a way to boost your savings, or someone who just wants to give back, even a little, then Innovation credit union might have something for you.

What is Innovation Credit Union?

As a credit union, Innovation acts as a financial cooperative and runs on a not-for-profit basis and pursues responsible banking. That, in brief, means that it uses the returns on paying dividends to its members and helping the community. Unlike conventional banks, generating profits is not its core purpose.

Innovation Credit Union Products

Many credit unions are lacking in products compared to conventional banking institutions.

Innovation hasn’t skimped on the number of products they offer. The company offers products under three different client types: Personal, Business, and Agriculture. Here are some of the products that Innovation offers:

No-Fee Account

One of the best products offered by this credit union is a no-fee account, which helps their members save up to $300 a year.

For personal banking, this is a great way to save money by cutting any banking charges. Any Canadian national (not from Quebec) who already has an account with a regulated Canadian financial institution can apply for a no-fee account. The account can be opened with zero credit and has no hidden fees.

Low-Fee Interest Account

It’s for individuals who want to earn a little interest on their funds. There is no monthly fee for people who can maintain a balance of $5,000 or above.

US Account

Members with US funds can open a US account with no monthly charge. They just have to pay service charges for every debit transaction. Interest in US accounts is also paid in USD.

Member Reward Program

This is perhaps the best product innovation offers. With every innovation account, the union opens up a member reward account for individuals. 

The credit union offers cash dividends to its members that can be withdrawn anytime by transferring them to their no-fee or interest account. Also, the union allocates some of the funds to a long-term investment account.

How much dividends a member receives relies on a few factors, including the union’s profits for the year, interest earned on the member’s credit union deposits, and current member account balance. 

Normally, it’s not a very substantial sum and depends heavily on how much you “bank” with the union, but it’s a fantastic feeling to earn from banking instead of paying fees every month.

The union deposited about $1.198 million into the member reward program just this quarter.

Business Account

It offers free deposits, lower-than-average minimum balance requirements, and interests.  There are several types of business accounts available. The right account for you will be based on the number of debit transactions your business requires each month.

Ag Accounts

A range of accounts is offered for agriculture-related clients. AgriInvest account, for example, offered in conjunction with the Canadian Agricultural Partnership, allows farmers to invest and receive matching contributions from the government. It was aimed to counter small income declines the farming community might face.

How much the government will match your contribution varies year to year.

Is Innovation Credit Union Safe and Legit?

All deposits made in Innovation Credit Union are fully guaranteed by Credit Union Deposit Guarantee Corporation (CUDGC). It’s a financial body mandated by provincial legislation for the purpose of guaranteeing full repayment of deposits held by any credit union in the province. This offers a solid layer of protection to your money with the Innovation.  

If Innovation is recognized as a federal credit union, the guarantee of deposits will be covered by the Office of the Superintendent of Financial Institutions (OSFI). This will offer the deposits the same level of deposit insurance coverage provided by CDIC.

According to Canada’s Credit Union Association, it’s one of the largest credit unions in the country. It’s also on its way to becoming a federal credit union, which will give its further solidification as a CDIC member. Currently, there are only two federal credit unions in the country.

Is Innovation Credit Union Right For You?

Innovation is for you if you:

• You want to spend less on banking.
• Want to earn more from your money in the bank than the fixed-rate interest.
• Want to give back to the community.
• Need an actual no-fee account.

Conclusion

Banks have always been some of the most powerful institutions. And they retain this power by having control over your money. So much so that you are willing to pay a pittance to keep the bulk of your wealth and funds safe.

This thinking is so prevalent that people don’t even consider friendlier options like the Innovation Credit Union.

I feel that for regular folks small businessmen and farmers, whose banking needs are very simple, credit unions like Innovation are an amazing option. They fulfill your banking needs, lets you save money on different fees and let us contribute to the community we belong to, even if just a little.

So if you haven’t yet, why not try opening a no-fee account with Innovation. You can use it as a secondary account and check out if it’s any different from your normal bank account. If it isn’t, and you are saving money on fees and even getting a little bit back in dividends, then this little financial institution might become more endearing to you then your current bank.

If you have anything to add to this review or contest any of the opinions or information shared, let us know.

Innovation Credit Union FAQ

1. What is Innovation Credit Union?

• Innovation Credit Union is a financial cooperative that operates on a not-for-profit basis, focusing on returning benefits to its members rather than generating profits. It offers a range of banking products and services tailored for personal, business, and agricultural clients.

2. How can I open an account with Innovation Credit Union?

• Opening an account with Innovation Credit Union is straightforward. You can start the process online by visiting their website, where you’ll be guided through the necessary steps, including providing personal information and verifying your identity.

3. Are my deposits safe with Innovation Credit Union?

• Yes, all deposits made with Innovation Credit Union are fully guaranteed by the Credit Union Deposit Guarantee Corporation (CUDGC), ensuring the safety and full repayment of your funds.

4. Does Innovation Credit Union offer any rewards or dividends to its members?

• Yes, Innovation Credit Union offers a Member Reward Program that provides cash dividends based on the union’s profits, interest earned on your deposits, and your account balance. These dividends can be accessed anytime and transferred to your no-fee or interest account.

5. What types of accounts does Innovation Credit Union offer?

• Innovation Credit Union provides several account options including no-fee accounts, low-fee interest accounts, US accounts, business accounts, and specialized accounts for agricultural clients.

6. Can I get a loan from Innovation Credit Union?

• Yes, Innovation offers personal loans, lines of credit, and secured home equity lines of credit (HELOCs) with competitive rates and terms.

7. What makes Innovation Credit Union different from traditional banks?

• Unlike traditional banks, Innovation Credit Union is member-owned and focuses on returning profits to members through dividends and community support, rather than prioritizing corporate profits.

8. How does the Member Reward Program work?

• The Member Reward Program at Innovation Credit Union allocates a portion of its profits as dividends to its members’ reward accounts, which can be withdrawn or transferred to other accounts within the credit union.

9. What are the benefits of the Ag Accounts offered by Innovation Credit Union?

• Ag Accounts are designed for agricultural clients, offering benefits such as government matching contributions through programs like AgriInvest, helping farmers manage income fluctuations.

10. How does Innovation Credit Union contribute to the community?

• Innovation Credit Union invests in community development projects and supports local initiatives, reinforcing its commitment to social responsibility and community support.