Monthly Transaction Rewards
Members can earn an additional $30 per year – they’ll receive $2.50 each month for completing the 5 following transactions:
- Make a pre-authorized deposit
- Make a pre-authorized payment
- Pay a bill online
- Deposit a cheque using the mobile banking app
- Subscribing to receive e-statements
Account Features
The Innovation Federal Credit Union No-Fee Chequing Account offers unlimited transactions with no transaction fees, including free and unlimited Interac e-Transfers® in online banking.
Account holders are eligible to access free ATMs across Canada (must be ding free ATM locations).
Fees
Monthly Fees
The Innovation Federal Credit Union No-Fee Chequing Account has no monthly maintenance fees.
Membership Fees
There is a $5 membership fee to join the credit union. Currently this fee is waived for new members.
For members who paid to join, the fee is returned upon leaving the credit union.
I like that the account offers small monthly rewards for basic banking activities, even without a welcome bonus. For users who already do these transactions, the extra $30 per year feels like a simple added perk rather than a gimmick.