Explore how National Bank chequing accounts stack up for active spenders, seniors, newcomers to Canada and more. Plus, compare with other popular chequing accounts in Canada.
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, including fees and top features.
The Connected account from the National Bank of Canada is well-suited for customers who bank frequently online or through mobile apps but don't rely heavily on in-branch services. You get unlimited digital transactions, but branch transactions are $2.50 each, which helps keep the monthly fee lower than premium options. A monthly fee waiver is available for students, clients under 25 and accounts with a $4,500 minimum. You can also get $5 off your monthly fee if you're a senior or get an eligible Mastercard credit card.
Unlimited free digital transactions
$0 Interac e-Transfers
Access to THE EXCHANGE ATM network
No monthly fee if you're a student, under 25 or keep a $4,500 minimum balance
The Total account is a premium chequing account that includes unlimited electronic and branch transactions, as well as 100 free cheques a year, $0 overdraft protection and free access to the Interac, Cirrus and THE EXCHANGE ABM networks. It also includes access to legal and estate assistance and stop payments at no extra cost. The monthly fee is high but can be waived if you maintain a minimum balance of $6,000. You can also get a discounted monthly rate if you're below 24, over 60 or get an eligible Mastercard credit card.
$10 off if you get an eligible Mastercard credit card
The Minimalist account from the National Bank of Canada is a low-cost chequing option designed for everyday banking with limited usage. It includes a set number of digital transactions, 18/month, making it best suited for those with simple banking needs. While branch transactions cost $2.50 each, standard digital activities like debit purchases and Interac e-Transfers are included. It's also eligible for fee waivers for certain groups, including students, clients under 25, RDSP beneficiaries and seniors receiving the GIS.
The Newcomer account is designed to help individuals new to Canada establish their banking quickly and easily. It offers a $0 monthly fee for the first three years, as long as you maintain a minimum balance of $4,500 or sign up for eligible products and services in years 2 and 3. It also comes with unlimited everyday transactions, $0 Interac e-Transfers, free legal assistance and online international money transfers. After three years, the account transitions into The Connected package.
The Connected account from National Bank of Canada is a strong all-around option for everyday banking. It includes unlimited digital transactions, $0 Interac e-Transfers and free access to National Bank and THE EXCHANGE ATMs. It only costs $15.95 a month, but you can get the fee waived if you’re a student, under 25 or maintain a minimum balance of $4,500. Applying for an eligible Mastercard will also give you a $5/month discount and up to $30 cashback.
Summary of National Bank sign-up offers
National Bank chequing account fees
Here are more fees and miscellaneous charges that could apply to your National Bank online account:
Monthly paper statement: $3.50 per month/account (free for The Minimalist and The Total)
National Bank NSF fee: $10 per returned item (charged every 2 business days if unpaid)
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
Cheque image viewing: Free with all accounts
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: $30 for 2 years, $40 for 3–5 years, $50 for 6–7 years, $60 for 8 years and beyond (refunded upon request within 60 days of the billing date)
Does National Bank offer a no-fee chequing account?
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 The Connected Account is waived for students and customers under 25 years old or accounts with a minimum balance of {{REQUIREMENTS.BALANCE_MIN}}. Customers under 25, seniors 65+ receiving the GIS, RDSP beneficiaries, and Indigenous peoples don’t have to pay a monthly fee for a National Bank The Minimalist Chequing Account.
If you can’t meet the minimum balance requirements and are not part of any of these groups, consider a no-fee chequing account from non-traditional banks like Simplii Financial or EQ Bank instead.
Advantages of opening a National Bank chequing account
National Bank of Canada chequing accounts come with the following features:
Free ATM usage. Customers can use National Bank ATMs and 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.
Disadvantages of opening a National Bank chequing account
No interest. Unlike some digital banks, these accounts don’t earn interest.
Monthly fees unless waived. Most National Bank chequing accounts charge a monthly fee unless you maintain a relatively high minimum balance or are part of a specific group.
Limited branch network. Outside of Quebec, there aren’t a lot of National Bank branches compared to other large national banks.
Extra charges for in-branch transactions. Accounts like The Connected and The Minimalist charge per branch transaction.
Requirements to open a National Bank chequing account
Generally, you must meet the following eligibility requirements to open a National Bank chequing:
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
To apply for a National Bank chequing account, you’ll need to provide 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.)
Source of funds (salary, investment etc.)
How to open a National Bank chequing account
National Bank says it takes just five minutes to open an account online, but you can also open an account in person or over the phone. If you choose to open a National Bank chequing account online, you can follow these steps:
Use the National Bank website or mobile app to compare chequing accounts.
When you choose one, select Open an account.
Then, select Sign in if you’re already a National Bank customer or Become a client.
Select how you intend to use the account and your main source of funds.
Enter personal information like your name, date of birth, address and employment details.
Verify your identity by taking a photo of your ID and a selfie or by providing access to your credit file.
Double-check your information and submit your application.
Alternatives to opening a chequing account with National Bank
Although National Bank offers plenty of competitive chequing account options, you may want to consider alternative financial institutions for a lower monthly fee, higher interest rate or more affordable transactions. Many online banks and credit unions offer no-fee bank accounts, unlimited transactions and competitive interest rates, all conveniently managed through mobile apps or online banking portals.
If you don’t mind the lack of in-person service, a digital chequing account can be a more cost-effective option than National Bank.
Some top alternatives to National Bank chequing accounts
The EQ Bank Personal Account is a hybrid savings-chequing option that pays interest on your full balance, which is something none of National Bank's chequing accounts offer. It has a $0 monthly fee, a $0 minimum balance requirement and reimburses ATM fees nationwide, making it easily accessible to all Canadians. However, it's fully digital, so it lacks in-branch services and traditional banking features that National Bank offers, like overdraft protection or cheques
The Bank of Montreal Performance Chequing Account is most similar to National Bank's The Connected account, offering unlimited transactions and $0 Interac e-Transfers. Its monthly fee is slightly higher at $17.95, but it can be waived if you maintain a minimum balance of $4,000. If you want to stick with a Big Six bank, this is a good option.
$0 transactions
$0 Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Add up to 20 accounts with the BMO Family Bundle
Earn up to $800. Earn up to an $800 cash bonus with the BMO Performance Chequing Account. Plus, get a Walmart Delivery Pass subscription for up to 12 months. Valid until June 1, 2026.
Although Coast Capital is a credit union, its Elevate Chequing Account is comparable to National Bank's The Connected or The Total accounts with unlimited transactions and $0 Interac e-Transfers. It offers similar pricing that can be reduced but not fully waived, and you'll need to be a member of Coast Capital to apply for this account.
$0 transactions
No minimum balance required
Mobile cheque deposit
Free access to over 4,000 ATM nationwide
Free access to Coursera's global learning platform
The Tangerine No-Fee Daily Chequing Account offers unlimited transactions and $0 Interac e-Transfers for a $0 monthly fee, making it more cost-effective than any National Bank chequing account without needing to maintain a minimum balance. It also pays 0.01% interest, which isn't much, but it's more than any National Bank chequing account offers. You'll get $0 access to Scotiabank's extensive ATM network as well, so you don't need to worry about Tangerine's lack of physical branches.
Simplii Financial's No Fee Chequing Account is another no-cost alternative to National Bank accounts, offering unlimited transactions and $0 Interac e-Transfers. Although it's a digital bank, you'll still get free ATM access through CIBC and earn 0.01% interest on your balance.
Earn a welcome bonus of up to $300 and a $50 Skip gift card
National Bank of Canada offers a range of chequing accounts suited to different banking needs, including low-fee, basic options to premium packages with unlimited transactions. While its accounts are CDIC insured, offer free access to National Bank and THE EXCHANGE ATMs and provide strong digital banking tools, most options still come with monthly fees unless specific balance or eligibility requirements are met.
For a low- or no-cost alternative, digital banks like Simplii Financial, Tangerine and EQ Bank may be a better option.
National Bank chequing account FAQs
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 two 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.
Yes, National Bank chequing accounts, savings accounts, GICs, bank drafts and money orders are covered by the CDIC up to $100,000 per customer in the unlikely event the bank fails.
The National Bank of Canada institution number is 006. You can use this number to receive international money transfers or set up direct deposits to your National Bank chequing account.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
See full bio
Read our guide to the features, fees and pros and cons of the National Bank The Minimalist Chequing Account.
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