Innovation No-Fee Chequing Account

A federal credit-union account with no monthly fee, unlimited supported transactions, and branch access in Saskatchewan.

Normal monthly fee$0

TransactionsUnlimited

Interac e-TransfersUnlimited

InterestNone

Institution: Innovation Federal Credit Union
Official website: https://www.innovationcu.ca/personal/accounts/no-fee-chequing.html ↗

Overview

Innovation's account combines unlimited supported transactions with debit-card, ATM, cheque, digital, and Saskatchewan branch access.

Free ATM access is tied to Ding Free, a surcharge-free ATM network for participating Canadian credit unions. Other Interac withdrawals cost $2.50 and Cirrus US or international withdrawals cost $4 before any operator charge. Cheque transactions are included, but ordering cheques costs extra.

Opening the account establishes a credit-union membership with a $5 membership share. Banking services are unavailable in Quebec, and closing within 180 days carries a fee. Those conditions are separate from the recurring monthly account fee.

Innovation supports incoming and outgoing wire transfers for a fee, including Canadian, US, and international destinations subject to its wire instructions and availability.

Features and access

Monthly cost and transactions

Normal monthly fee: $0The normal recurring monthly fee is $0.
Transactions: UnlimitedUnlimited supported transactions, including debit purchases, bill payments, transfers, and Interac e-Transfers.

Transfers

Interac e-Transfers: UnlimitedUnlimited no-fee Interac e-Transfers; amount limits were not confirmed during verification.

Card and payments

Payment card: YesOptional Debit Mastercard with online and international acceptance; contactless in-person purchases are unavailable outside Canada.

ATM and branch access

ATM access: YesDing Free withdrawals are free. Other Interac ATM withdrawals cost $2.50 and Cirrus US or international withdrawals cost $4, before any operator charge.
Branch access: YesInnovation operates branches in Saskatchewan in addition to digital and telephone banking.

Cheques and ownership

Cheque support: YesCheque writing and digital cheque deposit are supported; cheque transactions are included but cheque orders cost extra.
Joint account: YesThe official terms address jointly opened accounts; the holder limit was not confirmed.

Interest

Interest rate: NoneThe official account-and-fee schedule identifies the account as non-interest earning.

Deposit protection

Innovation Federal Credit Union is a CDIC member; eligible deposits receive coverage under applicable categories and limits.