National Bank Newcomer Bank Account review
- Bonus Offer
- N/A
- Monthly Account Fee
- $0
- Free Transactions
- unlimited
- e-Transfer Fee
- $0
Our verdict
National Bank Newcomers package offers unlimited electronic transactions and no monthly fees for up to three years for newcomers to Canada.
The Newcomers Account is worth a look if you're new to Canada and searching for the best newcomer banking offers. There's no monthly fee for the first year and the fee can be waived for two more years if you sign up for additional products. It also lets you access free phone advice to help ensure a smooth transition to life in Canada.
Best for: Newcomers who want to avoid monthly fees on their chequing account.
Pros
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No monthly fee for up to three years
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Free phone advice for newcomers for the first year
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Unlimited electronic transactions
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Free paper bank statement for one year
Cons
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Must meet certain conditions for three years of no fees
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$15.95 monthly fee after intro period ends
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Branch transaction fee applies after the first year
What are the benefits of the National Bank Newcomers Bank Account?
- Open an account before you arrive in Canada. You can open a Newcomer Bank Account up to 90 days before you move to Canada.
- No monthly fee for up to three years. There’s no monthly fee for the first year when you open an account. The fee is waived for a further two years when you sign up for other National Bank products and services. Over three years, this can amount to savings of over $700.
- Discounted monthly fees. If you choose not to sign up to the necessary products and services to activate the three-year fee-free deal, you still get 50% off the monthly fee in year two and 25% off the monthly fee in year three.
- Unlimited transactions. You can make unlimited electronic transactions without incurring any fees. These include debit card purchases, withdrawals, transfers, Interac e-Transfers, pre-authorized debits and cheques.
- No branch transaction fees in the first year. If you need to visit a branch to perform a transaction, the fee for in-branch transactions is waived for the first year.
- 100 cheques. Your first order of 100 cheques is included with the National Bank Newcomer Bank Account.
- Free phone support for newcomers. You can access free and exclusive advice for newcomers for the first year after opening an account. This includes advice and assistance on topics such as housing, employment, health care and more.
- Credit card access. You can apply for and access a National Bank Mastercard even if you don’t have any Canadian credit history.
- Send international transfers. If you want to send money to loved ones back home, you can take advantage of Mastercard and Interac international transfers.
- Mobile cheque deposits. This convenient feature allows you to deposit cheques into your account using the National Bank mobile app.
What should I look out for?
- Conditions apply. If you want to take advantage of the offer of no monthly fee for up to three years, you’ll need to sign up for a National Bank Mastercard credit card, receive online bank statements and set up a payroll deposit or electronic payment of two bills per month.
- Branch transaction fee. While there are no branch transaction fees for the first year, you’ll pay per in-branch transaction fee after that.
- No interest. Like most chequing accounts, you can’t earn any interest on your account balance with the National Bank Newcomer Account.
National Bank Newcomer Bank Account’s ATM network and fees
The standard fee that applies to this chequing account is $15.95 per month. So after the first three years of discounted or waived fees have passed, you’ll pay a total of $191.40 each year in fees.
And once the first year of free branch transactions comes to an end, you’ll pay for each in-branch transaction (or $2 if you use the bill payment service).
In terms of its nationwide reach, National Bank has over 350 branches, so head to the National Bank website to find a branch near you. It also has a network of 3,300 ATMs around Canada, and you can make withdrawals from a National Bank ATM or an ATM in THE EXCHANGE network without incurring any fees. However, transactions carried out through the Interac ATM network incur a fee while transactions at Cirrus ATMs result in a fee.
What other chequing account options does National Bank offer?
This newcomer offer from National Bank applies to its The Connected Chequing Account. The bank also offers a handful of other chequing accounts:
- The Minimalist. This low-fee account includes up to 12 transactions (including two branch transactions) per month.
- The Modest. The Modest Chequing Account allows you to make Free in-person and 30 digital transactions per month free digital transactions per month. There’s no monthly fee if you keep your balance above $3,000.
- The Total. This full-featured account supports unlimited online and branch transactions, but there’s a monthly fee of up to $28.95 unless you maintain an account balance of $6,000 or more.
Check out our National Bank chequing accounts guide for a quick comparison.
How do I open a National Bank Newcomer Bank Account?
National Bank Newcomer Bank Account eligibility requirements
To qualify for this account, you will need to:
- Be a newcomer aged 18 or older
- Apply up to 90 days before your arrival in Canada or within five years of your arrival
- Be the only user of the account
Required documents and information
To apply online, you will need:
- Either a Canadian permanent resident card or a valid and eligible passport from another country, or a Canadian permanent resident card.
- A mobile phone with a Canadian phone number that you can use to take a picture of your photo ID and a selfie.
How do I deposit or withdraw my money with my Newcomer Bank Account?
You can transfer money to and from your National Bank account online or via National Bank’s mobile app. You can transfer funds internally to other National Bank accounts while Interac e-Transfers and international transfers are also supported. Bill payments, pre-authorized debits and debit card withdrawals (including at ATMs and when you make a purchase) are available too.
Deposits to your account can be made via cheque, bank transfer or Interac e-Transfer. You can also set up a direct deposit to have your pay deposited into your account, or deposit cash at an ATM or branch.
Expert National Bank Newcomers Account review
The National Bank Newcomers Account is solid an option worth considering if you’re moving to or have already arrived in Canada. The prospect of no monthly fees for up to three years is a big selling point while support for unlimited electronic transactions will help you take care of your daily banking needs. However, just make sure you’re aware of the fees that may apply once the introductory period ends.
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