Institution profile · Federal credit union
Innovation Federal Credit Union
ActiveInnovation Federal Credit UnionCDIC
Innovation Federal Credit Union is a federal credit union and CDIC member. Alberta’s ABCU Credit Union merged into it on April 1, 2026.
Profile facts checked October 30, 2026
At a glance
- Legal name
- Innovation Federal Credit Union
- Type
- Federal credit union
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- No-Fee Chequing Account — $30 a year for the Everyday example
- Best posted savings rate
- 0.6% on $10,000 (Savings Account)
- OBSI banking cases
- 2 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.innovationcu.ca
Deposit protection
CDIC member as a federal credit union. ABCU members’ pre-existing deposits had 180-day transitional coverage at Alberta’s level from April 1, 2026 (GICs until maturity).
Innovation Federal Credit Union chequing accounts and what they cost
Innovation Federal Credit Union lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is No-Fee Chequing Account at $30 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| No-Fee Chequing Account | No monthly fee | Unlimited | $30 |
Innovation Federal Credit Union savings accounts and posted rates
| Account | Rate at $10,000 | Monthly fee |
|---|---|---|
| Savings Account | 0.6% | No monthly fee |
On the official lists
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| Innovation Federal Credit Union | OSFI — domestic bank (federal credit union) | Yes |
Facts, with sources
- Innovation Federal Credit Union and ABCU Credit Union amalgamated effective April 1, 2026.Source: gazette.gc.ca
- ABCU deposits moved to CDIC coverage on April 1, 2026 with 180-day transitional coverage at the prior Alberta level for pre-existing deposits.Source: cdic.ca
- Listed by FCAC among the signatories of the low-cost and no-cost account commitment.Source: canada.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank Innovation Federal Credit Union’s accounts against everyone else’s.
Complaints that reached the ombudsman
OBSI, the ombudsman for banking, opened 2 banking cases about Innovation Federal Credit Union in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 2, and resolved 0 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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