Innovation Federal Credit Union
This Page's Content Was Last Updated: July 21, 2026
Important Information
WOWA.ca provides independent reviews using publicly available data and is not affiliated with Innovation Federal Credit Union.
Shopping for financial products in Saskatchewan and Alberta? This 2026 Innovation Federal Credit Union overview evaluates its latest rates and account features against major Canadian banks and regional credit unions. Select a topic below to inspect specific rates and data:
- Inspect GIC & Savings Rates — Non-registered, TFSA, and RRSP yields backed by CDIC.
- Financial Overview & Asset Rank — Key performance data for Innovation Federal Credit Union (ranked #19 in Canada with $4.6 billion in assets).
- Branch Network & Accounts — Account options and local branch access.
Credit Union
Innovation Federal
Innovation Federal Credit Union is a credit union located in Saskatchewan and Alberta. It was founded in 2007 through the merger of Southwest Credit Union and BCU Financial. It primarily serves Saskatchewan and Edmonton.
Innovation Federal Credit Union was formed in 2007 through the merger of Southwest Credit Union and BCU Financial. Headquartered in Swift Current, it has roots in Saskatchewan communities and became the first federal credit union headquartered in Saskatchewan in 2023, allowing it to serve members across Canada under the federal credit union framework.
Innovation operates under a philosophy it calls Responsible Banking™, which includes low and no fee products, quarterly member returns, and reinvestment in the communities it serves. It refers to its physical locations as Advice Centres, reflecting a focus on guidance and member relationships.
In 2026, Innovation completed its merger with ABCU Credit Union in Alberta, described as the first interprovincial credit union merger in Canadian history. The merger expanded Innovation’s service area while maintaining its cooperative structure and focus on member ownership.
Serves
Main Focus
Number of Members (as of 2025): ~80,000
Innovation Federal GIC Rates
The GIC rates on this page were last updated on September 21, 2026 at 5:44 PM ET.
| Term | Non-Registered Rate | Registered Rate |
|---|---|---|
| 1-Year | 3.10% | 3.10% |
| 2-Year | 3.15% | 3.15% |
| 3-Year | 3.20% | 3.20% |
| 4-Year | 3.25% | 3.25% |
| 5-Year | 3.35% | 3.35% |
* Rates are for informational purposes only and reflect the highest rates available. Rates may change at any time and may be applicable only to certain depositors. Terms and conditions apply. | ||
Innovation Federal Credit Union Ranking Among Credit Unions Monitored by WOWA
19th
by Assets
of 134 credit unions
19th
by Loans
of 133 credit unions
19th
by Deposits
of 133 credit unions
Innovation Federal Credit Union ranks 19th among Canadian credit unions by assets monitored by WOWA, 19th by loans, and 19th by deposits, as of December 31, 2025. You can view the complete list of Canadian credit unions here.
Innovation Federal Credit Union Branch Locations
Chequing and Savings Accounts
The account-related data on this page was last updated on July 20, 2026.
Chequing Accounts
Chequing Account
1. Account: No-Fee Chequing Account
- Standard Fee
- Free
- Free Transactions
- Unlimited
- Max e-Transfer / Day
- $20,000
- Insurance Limit
- $100,000 per category
Account details
- This account allows Unlimited free transactions.
- E-Transfers are excluded from the transaction limit and is unlimited.
- Maximum Interac e-Transfer per day: $20,000
- Maximum Interac e-Transfer per week: $50,000
- This limit may vary depending on the client profile.
- Innovation Federal Credit Union No-Fee Chequing Account has no monthly fee or minimum balance requirement and includes unlimited transactions and Interac e-Transfers. Members can choose a free Debit Mastercard for online, in-store, and international purchases, with access to surcharge-free ding-free ATMs across Canada. New members are required to purchase a $5 membership share.
Deposit Insurance
Deposits are insured by the Canada Deposit Insurance Corporation (CDIC). "Category" generally means separate coverage for each account type, such as individual, joint, trust, and each registered plan, though exact definitions vary slightly by province.
Savings Accounts
Savings Account
Account: Savings Account
- Interest Rate
- 0.60%
- Standard Fee
- Free
- Max e-Transfer / Day
- $20,000
- Insurance Limit
- $100,000 per category
Account details
- Maximum Interac e-Transfer per day: $20,000
- Maximum Interac e-Transfer per week: $50,000
- This limit may vary depending on the client profile.
- Innovation Federal Credit Union Savings Account has no monthly fee or minimum balance requirement, with interest calculated daily and paid monthly. It also participates in Innovation’s Member Rewards program, which can provide quarterly profit-sharing payments based on eligible savings and lending relationships. Additional rewards may be available through qualifying digital banking activity.
Deposit Insurance
Deposits are insured by the Canada Deposit Insurance Corporation (CDIC). "Category" generally means separate coverage for each account type, such as individual, joint, trust, and each registered plan, though exact definitions vary slightly by province.
Key Financial Metrics and Trends
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $4,557M | +7.5% | +51.3% |
| Loans | $3,823M | +3.2% | +69.6% |
| Deposits | $3,710M | +4.5% | +42.3% |
| Loan-to-Deposit Ratio | 103.0% | — | — |
| Mortgages + HELOCs | $2,280M | +11.3% | +155.6% |
| Securities | $272M | +18.3% | -45.8% |
| Revenue | $152M | +7.0% | +76.7% |
| Efficiency Ratio | 68.8% | — | — |
| Target Members / Region | Saskatchewan and Edmonton | — | — |
Innovation Federal Credit Union Deposits, Loans and Revenue in the Past 5 Years
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Contact
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Disclaimer:
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