Innovation's No-Fee Chequing 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.
One great perk for anyone that opens a new No-Fee Chequing Account before September 30, 2026: deposit a minimum of $5 into your account and sign up for online or mobile banking, and you'll be entered to win $2,500! Details here.
Innovation's No-Fee Chequing Account features
Here are the features that Innovation's No-Fee Chequing Account has to offer:
Why You Want It
$100 GeniusCash + 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 Chequing Account product rating: 2.8 stars
There's a lot to like about Innovation's No-Fee Chequing 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. Forbes also included Innovation CU on its list of World's Best Banks of 2026, ranking #11 in Canada.
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 or Alberta. 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 Chequing Account
Here's a look at all the things we love about the Innovation's No-Fee Chequing Account.
Pros
Get $100 in GeniusCash when you open your account
Not only does this account have no monthly or transaction fees, you'll also get $100 GeniusCash sent directly to your bank or PayPal account when you use the moneyGenius offers page to open your account.
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 Chequing 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 Chequing Account
Unfortunately, there are still a few areas where Innovation's No-Fee Chequing 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 and Alberta
Outside of Quebecers, any Canadian can open Innovation's No-Fee Chequing Account online, but if you're someone who prefers to physically visit your bank branch to open accounts and complete transactions, make note that this credit union only has brick-and-mortar locations in Saskatchewan and Alberta at present.
Innovation's No-Fee Chequing Account alternatives
Wondering how Innovation's No-Fee Chequing 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 | $160 GeniusCash + Up to $900 in cash + a Walmart+ membership for up to 12 months*. *T&Cs apply. | $20 GeniusCash + Complimentary Coursera access* and identity theft protection
| $125 GeniusCash + Get up to a $1000* 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 Chequing Account?
Innovation's No-Fee Chequing 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 Chequing 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 Chequing 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.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Open a new account and get a free Apple iPad + $100 GeniusCash
- Receive a new iPad when you complete a few qualifying transitions.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Avion Rewards on debit card purchases.
- $100 GeniusCash on approval – ends Aug 31, 2026.*.
- Take control of your money with a full-featured chequing account + $125 GeniusCash
- Get up to $1,000 in cash when you open a new account and complete specified actions.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $125 GeniusCash on approval – ends Aug 31, 2026.*.
- Free identity theft protection for $0 per month with minimum balance* + Free e-transfers. + $20 GeniusCash
- Free identity theft protection.
- Unlimited transactions and Interac e-Transfers.
- Pay no monthly fee if you maintain a balance of $4,000.
- $20 GeniusCash on approval – ends Aug 31, 2026.*
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
