Innovation Federal Credit Union
This Page's Content Was Last Updated: July 21, 2026
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
GIC Rates
The GIC rates on this page were last updated on August 5, 2026 at 11:14 AM ET.
| Term | Rate |
|---|---|
| 1-Year | 3.10% |
| 2-Year | 3.15% |
| 3-Year | 3.20% |
| 4-Year | 3.25% |
| 5-Year | 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. | |
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.
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.
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.
Credit Union Overview
| Metric | 2025 | YoY Change | 5-Year Change |
|---|---|---|---|
| Assets | $4.56B | +7.5% | N/A |
| Loans | $3.82B | +3.2% | N/A |
| Deposits | $3.71B | +4.5% | N/A |
| Mortgages + HELOCs | $2.28B | +11.3% | N/A |
| Revenue | $152M | +7.0% | N/A |
| Efficiency Ratio | 68.8% | — | — |
| Members | ~80,000 | — | — |
| Branches | 28 | — | — |
| 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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