Finder makes money from featured partners, but editorial opinions are our own.

National Bank chequing account options

Newcomers to Canada, young customers and seniors get low or no monthly fees with a National Bank chequing account.

One of the major banks in Canada, National Bank offers a full suite of banking products including chequing, savings and investment accounts. Here’s what you need to know about all National Bank chequing account options including fees, features and what we like best about each account. Plus, check out alternatives.

National Bank chequing account & savings account options

National Bank The Minimalist Chequing Account

Picture not described

What we like:

  • Low monthly fee
  • Free online or paper statements
  • No monthly fee if you’re 65+ and 24 and under

Fees & features:

  • Monthly fee: $3.95 per month
  • Waiver: No monthly fee if you’re 65+ and 24 and under
  • Transaction fee:12/month free (then $1.25 each)
  • Interac e-Transfers: $0 unlimited
  • ABM: Included in monthly transactions. Non-network ATMs cost $2-$5. Use THE EXCHANGE ATMs for free.

National Bank Modest Chequing Account

Picture not described

What we like:

  • No monthly fee with a waived with a $3,000+ balance or for students and customers under 24 years old (seniors 60+ only pay $5.95)+ balance
  • No monthly fee if you’re a student or under 24 years old
  • Monthly fee discount for seniors 60+

Fees & features:

  • Monthly fee: $10.95 per month
  • Waiver: Monthly fee waived with a $3,000+ balance or for students and customers under 24 years old (seniors 60+ only pay $5.95).
  • Transaction fee: 30/month free (then $1.25 each)
  • Interac e-Transfers: $0 unlimited
  • ABM: Included in monthly transactions. Non-network ATMs cost $2-$5. Use THE EXCHANGE ATMs for free.

National Bank Connected Account

Picture not described

What we like:

  • Unlimited free transactions
  • No monthly fee with $4,500+ balance or if you’re a student or under 24
  • Monthly fee discount for seniors

Fees & features:

  • Monthly fee: $15.95 per month
  • Waiver: No monthly fee with a $4,500+ balance or for students and customers under 24. Seniors 60+ only pay $10.95/month.
  • Transaction fee: Unlimited free
  • Interac e-Transfers: $0 unlimited
  • ABM: Non-network ATMs cost $2-$5. Use THE EXCHANGE ATMs for free.

Get a $30 credit to an eligible National Bank credit card you sign up for and activate after opening a National Bank Connected Account.

National Bank The Total Chequing Account

Picture not described

What we like:

  • Unlimited free transactions
  • Free ATM withdrawals (Interac, Cirrus, THE EXCHANGE networks)
  • $0 overdraft protection (interest applies)
  • Free online and paper statements
  • Free safety deposit box for 1 year ($10 discount per year after)
  • Unlimited access to a lawyer for legal and estate planning assistance
  • 100 free cheques per year
  • Free stop payments

Fees & features:

  • Monthly fee: $28.95 per month
  • Waiver: Monthly fee waived with a $6,000+ balance. Only pay $13/month if you’re 18-24 or $18/month if you’re 17 or younger.
  • Transaction fee: Unlimited free
  • Interac e-Transfers: $0 free
  • ABM: Free ATM usage in the Interac, Cirrus and THE EXCHANGE networks.

Get a $150 credit to an eligible National Bank credit card you sign up for and activate after opening National Bank The Total Chequing Account.

National Bank Newcomer Bank Account

Picture not described

What we like:

  • $0 per month for the first year (longer if conditions are met)
  • First order of 100 cheques free
  • Free small safety deposit box for 1 year
  • Exclusive phone support for help with immigration, housing, finances and more

Fees & features:

  • Monthly fee (year 1): $0 per month
  • Monthly fee (years 2 & 3):
    • Option 1: $0/month if you get a National Bank personal credit card, choose eStatements and set up payroll deposit or 2 online bill payments per month.
    • Option 2: Pay $7.98/month for year 2 and $11.96/month for year 3
  • Transaction fee: Unlimited free
  • Interac e-Transfers: $0 unlimited
  • ABM: Non-network ATMs cost $2-$5. Use THE EXCHANGE ATMs for free.

National Bank High Interest Savings Account

Picture not described

What we like:

  • $0 minimum balance
  • $0 unlimited transfers between your National Bank accounts
  • Set up a systematic (automatic) savings plan

Fees & features:

  • Interest rate: 1.7%
  • Minimum balance: $0
  • Monthly fee: $0 per month
  • Transfers: $0 unlimited to/from your National Bank accounts

National Bank The USD Progress Account

Picture not described

What we like:

  • Good account to use if you travel to the United States
  • Offers a favorable exchange rate with withdrawals
  • Good for make cheques in USD

Fees & features:

  • Monthly fee: $0
  • Transaction fee: USD $1.25/transaction
  • Interac e-Transfers: N/A
  • ABM: This account is not accessible through an ABM.

Benefits of opening a National Bank chequing account

National Bank of Canada chequing accounts come with the following features:
National Bank mobile app screenshot

  • Free ATM usage. National Bank customers can use thousands of ATMs in THE EXCHANGE network for free.
  • Free cheque viewing. All account holders can view cheque images online for free.
  • Mobile cheque deposit. Use your smartphone to scan and digitally deposit cheques into National Bank chequing accounts.
  • Pay with mobile wallet. Make secure Google Pay, Apple Pay or Interac Debit contactless payments.
  • National Bank online banking. Track and manage your funds securely any time by logging into the National Bank online banking portal.
  • National Bank mobile app. Available for Android and iOS, the National Bank mobile banking app lets you check your account balance(s), transfer funds, deposit cheques, make payments and more.

National Bank account opening

You can open a National Bank online account in minutes. Generally, you must meet the following eligibility requirements:

Age

To open a National Bank chequing account, you need to be at least the age of majority in your province or territory (18 or 19 years old). If you want to open a kids account for someone under the age of 14, you’ll need to visit a branch in person.

Residency

Applicants for all National Bank account types must be residents of Canada. However, with the National Bank Newcomer Bank Account, you can get started up to 90 days before arriving in Canada.

Identification

If you’re applying in person at a National Bank of Canada branch, bring proof of ID such as a driver’s license, passport or Permanent Resident card. If you’re applying online, you can upload a copy of your ID and a selfie using National Bank’s secure system. Alternatively, you can verify your identity by signing into your online account with another financial institution.

Required information

The National Bank account opening process is fairly straightforward. To apply, you’ll need the following information:

  • First and last name
  • Email and phone number
  • Address
  • Birth date
  • Occupation type, job title and start date
  • Country(ies) in which you reside for tax purposes
  • Purpose of your account (daily transactions, travel, save etc.) and source of funds (salary, investment etc.)

National Bank fees

Here are more fees and miscellaneous charges that could apply to your National Bank online account:

  • Monthly paper statement: $2.50 per month/account
  • Cheque image viewing: Free with all accounts
  • National Bank NSF fee: $45
  • ATM withdrawals: Free (National Bank ABMs and THE EXCHANGE ATM network with a debit card), $2 (Interac network), $5 (Cirrus network)
  • Outgoing wire transfers: $15 (Canada and the US), $20 (other countries)
  • Incoming wire transfers: $5-$25 based on the amount
  • Overdraft Protection (subject to approval): $5 per day plus interest
  • Money orders and bank drafts: $9 each (CAD), $9 each (up to $5,000 in other currencies), $12.50 (over $5,000 in other currencies)
  • Dormant account fee: $20 for 1 yr, $30 for 2 yrs, $40 for 3-5 yrs (refunded upon request within 60 days of the billing date)

Compare other chequing accounts

BMO Performance Chequing Account logo

BMO Performance Chequing Account

Go to site


Monthly Account Fee

$16.95


Free Transactions

unlimited


e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account logo

Coast Capital Free Chequing, Free Debit, and More Account

Go to site


Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$1.50

Simplii No Fee Chequing Account logo

Simplii No Fee Chequing Account

Go to site


Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$0

If you’re looking to avoid monthly fees, check out the Simplii No Fee Chequing Account (backed by CIBC), the Coast Capital Chequing Account or the Tangerine No-Fee Daily Chequing Account. Credit unions and online banks fall under federal regulation and are typically backed by the CDIC (Canada Deposit Insurance Corporation), just like the Big Banks.

If you’re a frequent spender and could use lots of features for managing your money, take a look at the Scotiabank Ultimate Package or Scotiabank Preferred Package. The benefits of these accounts include unlimited free transactions, annual fee rebates on select credit cards, free equity trades with Scotia iTRADE, waived monthly fees for additional accounts and more.

National Bank chequing account FAQs

More guides on Finder

Go to site