Innovation's No-Fee Bank Account is a top-notch no fee account that offers features and benefits not commonly associated with chequing accounts. This chequing account from Saskatchewan-based Innovation Federal Credit Union is a strong contender in the free chequing account sphere, with cross-country availability (except for Quebec).
As a credit union instead of a typical bank, there are differences to be aware of. These differences include being a member/owner of the organization with voting privileges, as well as ability to earn Member Rewards each quarter.
Innovation's No-Fee Bank Account features
Here are the features that Innovation's No-Fee Bank Account has to offer:
Why You Want It
Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
Special Features
- Ding-free ATM use across Canada
- Everyday banking earns cash rewards
Eligibility
- Be age 18 or older
- Be a Canadian resident (excluding Quebec)
- Have a SIN
- New members pay a $5 membership fee
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Innovation's No-Fee Bank Account product rating: 3.3 stars
There's a lot to like about Innovation's No-Fee Bank Account, particularly the fact that transactions are totally free and unlimited. This even includes non-affiliated ATM use through the ACCULINK and THE EXCHANGE networks. You'll also be able to earn rewards on your transactions, a perk usually reserved to only a handful of big bank accounts.
It's disappointing, though, that an account this good isn't available to the people of Quebec, nor are there any physical branches for clients to visit outside of Saskatchewan. Hopefully, these won't discourage Canadians from considering this chequing account option.
Rating methodology
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Learn more about our rating methodology.
The pros of Innovation's No-Fee Bank Account
Here's a look at all the things we love about the Innovation's No-Fee Bank Account.
Pros
Earn rewards on monthly transactions
You'll earn $0.50 for making pre-authorized deposits, pre-authorized payments, online bill payments, remote cheque deposits, or signing up for an e-statement subscription. You can earn a max of $2.50 each month, which works out to $30 every year.
Free and unlimited transactions and Interac e-Transfers®
This is a truly free chequing account where you won't have to worry about a monthly fee or how many times you swipe that debit card. You can even send as many Interac e-Transfers® as you like without getting dinged with usage fees. Things here are about as convenient as they can get.
No minimum balance requirements
Not only do account holders not have to worry about monthly fees or transaction limits, but they don't need to concern themselves with maintaining a minimum balance either. You'll still enjoy all the perks of this account, no matter how low your balance may get.
Free non-affiliated ATM use in Canada
One unusual and exciting perk with Innovation's No-Fee Bank Account is its "ding free" ATM usage. Innovation has an agreement with ACCULINK and THE EXCHANGE networks, which enables its clients to use their debit cards at these branded ATM machines for free, anywhere in Canada.
Earn rewards for everyday banking
Innovation members earn quarterly profit-sharing dollars simply by having loans, savings, and other products with them. The credit union's annual profits, your account balance, and any interest earned on other Innovation products will affect how much you earn. You can transfer these cash rewards into your free chequing account whenever you like.
The cons of Innovation's No-Fee Bank Account
Unfortunately, there are still a few areas where Innovation's No-Fee Bank Account needs to improve. Take a look:
Cons
Unavailable for Quebec residents
The Innovation Federal Credit Union serves clients all across Canada – except for those in Quebec. At the time of writing, residents of Quebec aren't eligible for this excellent chequing account, and we're unaware of any future plans to change this.
No branch locations outside of Saskatchewan
Outside of Quebecers, any Canadian can open Innovation's No-Fee Bank Account online, but if you're someone who prefers to physically visit your bank branch to open accounts and complete transactions, you'll be out of luck here. This credit union only has brick-and-mortar locations in Saskatchewan.
Innovation's No-Fee Bank Account alternatives
Wondering how Innovation's No-Fee Bank Account stacks up against the competition? See them compared here, head-to-head:
 |  |  | |
|---|---|---|---|
| Account | BMO Performance Chequing Account | Coast Capital Elevate Chequing Account | Scotiabank Preferred Package |
| Genius Rating | |||
| Why You Want It |  $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
| $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. |
| Minimum Balance To Waive Fee | $4,000 | N/A | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $17.95 | $16.95 | $16.95 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more BMO products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more Scotiabank products Compare |
FAQ
What's the minimum balance requirement for Innovation's No-Fee Bank Account?
Innovation's No-Fee Bank Account doesn't require a minimum balance at all. No matter your balance, you'll have access to all of the convenient features this account has to offer, including free and unlimited transactions.
What is a no fee chequing account?
A no fee chequing account is one that doesn't charge a monthly fee to keep the account open. Instead, all of the features and services are offered for $0. These accounts are common with online banks in particular.
Are there fees for using a non-affiliated ATM with Innovation's No-Fee Bank Account?
No, there aren't any fees charged for this, as long as the non-affiliated ATM is part of either the ACCULINK or THE EXCHANGE network. This is an unusual perk that sets Innovation's No-Fee Bank Account apart.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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