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
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, and those aged 25-59 pay $10.95 per month)+ balance
No monthly fee if you’re a student or under 24 years old
Monthly fee discount for seniors 60+
Fees & features:
Monthly fee: $0 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, and those aged 25-59 pay $10.95 per month).
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.
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)
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
The only National Bank chequing account with no monthly fee is the National Bank Newcomer Bank Account, which is only available to new residents of Canada. However, the monthly fee for other accounts may be waived or lowered by keeping a minimum balance or meeting certain criteria.
For example, the monthly fee for the National Bank Modest Chequing Account is waived for students and customers under 24 years old. Customers under 24 and seniors 65+ don't have to pay a monthly fee for a National Bank The Minimalist Chequing Account.
A joint account is convenient if you need to share expenses or save for big purchases with a partner. You can open any National Bank chequing account or savings account as a joint account. Both account holders will need to visit a National Bank branch in person with 2 pieces of ID each to finalize the process.
To sign up for National Bank of Canada online banking, visit your account sign-in page and select Create your account under First time signing in? Select the National Bank product you have, and follow the prompts.
You'll need your debit card number and expiration date to register for online banking. This is viewable on the confirmation screen you get after opening an account online, or else you can wait to receive your debit card in the mail.
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.
Read our guide to the features, fees and pros and cons of the National Bank The Minimalist Chequing Account.
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