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National Bank chequing & savings accounts

Explore the best National Bank chequing accounts for active spenders, seniors, newcomers to Canada and more.

National Bank

One of the biggest financial institutions in the country, the National Bank of Canada offers a full suite of products including spending, saving and investment accounts. Here’s what you need to know about all the best National Bank chequing accounts and savings accounts including fees and top features.

National Bank chequing account & savings accounts

National Bank The Minimalist Chequing Account

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What we like:

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

Fees & features:

  • Monthly fee: $3.95 per month
  • Waiver: No monthly fee if you’re 65+ or 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

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What we like:

  • Monthly fee with a waived with a minimum $3,000 balance or if you're under 25 (seniors 60+ only pay $5.95)
  • Free in-person transactions
  • More free transactions than The Minimalist

Fees & features:

  • Monthly fee: $10.95 per month
  • Waiver: Monthly fee waived with a minimum $3,000 balance or if you're under 25 (seniors 60+ only pay $5.95).
  • Transaction fee: 30 digital transactions per month (in-person transactions are free) 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

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What we like:

  • Unlimited free transactions
  • No monthly fee if you’re a student, under 25 or keep a $4,500+ balance
  • Monthly fee discount for seniors

Fees & features:

  • Monthly fee: $15.95 per month
  • Waiver: No monthly fee if you’re a student, under 25 or keep a $4,500+ balance. 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

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What we like:

  • Unlimited free transactions
  • Free ATM withdrawals (Interac, Cirrus, THE EXCHANGE networks)
  • $0 overdraft protection (interest applies)
  • Free online and paper statements
  • 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. Monthly fee is $23.95 for seniors 60+, $13 if you’re 18-24 or $18 if you’re under 18.
  • 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

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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

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What we like:

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

Fees & features:

  • Interest rate: 1.6%
  • Minimum balance: $0
  • Monthly fee: $0 per month
  • Transfers: $0 unlimited to/from your National Bank accounts

National Bank The USD Progress Account

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What we like:

  • Good if you travel to the United States
  • Offers a favorable exchange rate with withdrawals
  • Good for paying via USD cheques
  • Earn up to 0.1% interest (with a $5,000+ balance)

Fees & features:

  • Monthly fee: $0
  • Transaction fee: USD $1.25/transaction
  • Interac e-Transfers: N/A
  • ABM: No ABM usage with this account

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

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Monthly Account Fee

$17.95


Free Transactions

unlimited


e-Transfer Fee

$0


Bonus Offer

Earn $600

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

Coast Capital Free Chequing, Free Debit, and More Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$1.50


Bonus Offer

Earn $350

Simplii No Fee Chequing Account logo

Simplii No Fee Chequing Account

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Monthly Account Fee

$0


Free Transactions

unlimited


e-Transfer Fee

$0


Bonus Offer

Earn $400

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

Written by

Stacie Hurst

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full profile

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