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.
| Chequing account | Monthly fee | Fee waiver minimum balance | Transactions | ATM fees | Apply online |
|---|---|---|---|---|---|
| The Connected | $15.95 | $4,500 |
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| The Total | $28.95 | $6,000 |
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| Go to site |
| The Minimalist | $3.95 | Free only for:
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| Go to site |
| Newcomer Bank Account | $0 | $0 |
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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.
Here are more fees and miscellaneous charges that could apply to your National Bank online 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.
National Bank of Canada chequing accounts come with the following features:
Generally, you must meet the following eligibility requirements to open a National Bank chequing:
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.
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.
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.
To apply for a National Bank chequing account, you’ll need to provide the following information:
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:
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.
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.
Here’s your guide to this newcomer chequing account offer with no monthly fees for up to three years.
Read our detailed review of the benefits and drawbacks of this feature-packed chequing account from National Bank.
Read our detailed review of the features and fees of this unlimited-transaction chequing account from National Bank.
Read our guide to the features, fees and pros and cons of the National Bank The Minimalist Chequing Account.
