Institution profile · Federal credit union
Innovation Federal Credit Union
ActiveInnovation Federal Credit UnionCDIC
Innovation Federal Credit Union is a federal credit union and CDIC member. Alberta’s ABCU Credit Union merged into it on April 1, 2026.
Profile facts checked October 30, 2026
Mitey files the Innovation Federal Credit Union index card: cheapest everyday account $30 a year.
Is Innovation Federal Credit Union a good bank for everyday banking?
Innovation Federal Credit Union’s cheapest chequing account open to anyone, No-Fee Chequing Account, costs $30 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $329 below the national median of $359. Its best posted savings rate is 0.6% on $10,000. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- Innovation Federal Credit Union
- Type
- Federal credit union
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- No-Fee Chequing Account — $30 a year for the Everyday example
- Best posted savings rate
- 0.6% on $10,000 (Savings Account)
- OBSI banking cases
- 2 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.innovationcu.ca
Is my money safe at Innovation Federal Credit Union?
CDIC member as a federal credit union. ABCU members’ pre-existing deposits had 180-day transitional coverage at Alberta’s level from April 1, 2026 (GICs until maturity).
What do Innovation Federal Credit Union’s chequing accounts cost?
Innovation Federal Credit Union lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is No-Fee Chequing Account at $30 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| No-Fee Chequing Account | No monthly fee | Unlimited | $30 |
What would Innovation Federal Credit Union cost a typical household?
The cheapest Innovation Federal Credit Union account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at Innovation Federal Credit Union | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | No-Fee Chequing Account | $0 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | No-Fee Chequing Account | $30 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | No-Fee Chequing Account | $60 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | No-Fee Chequing Account | $0 | Basic Bank Account Scotiabank | $134 |
Worked example — No-Fee Chequing Account (Innovation Federal Credit Union), Everyday profile
| Monthly fee × 12 | $0 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $30 |
| Paper statements × 12 | $0 |
| Fees a year | $30 |
Our take
Innovation Federal Credit Union is competitive: its cheapest open account costs less than the median Canadian account for everyday use. The cheapest account in Canada would save another $30 a year.
What savings rates does Innovation Federal Credit Union pay?
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Savings Account | 0.6% | No monthly fee |
Is Innovation Federal Credit Union on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Innovation Federal Credit Union | OSFI — domestic bank (federal credit union) | Yes |
What else should you know about Innovation Federal Credit Union?
- Innovation Federal Credit Union and ABCU Credit Union amalgamated effective April 1, 2026.Source: gazette.gc.ca
- ABCU deposits moved to CDIC coverage on April 1, 2026 with 180-day transitional coverage at the prior Alberta level for pre-existing deposits.Source: cdic.ca
- Listed by FCAC among the signatories of the low-cost and no-cost account commitment.Source: canada.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Innovation Federal Credit Union’s accounts against everyone else’s.
How many Innovation Federal Credit Union complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 2 banking cases about Innovation Federal Credit Union in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 2, and resolved 0 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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