National Bank Newcomer Bank Account review

Our verdict

Our verdict

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

• No monthly fee for up to three years
• Free phone advice for newcomers for the first year
• Unlimited electronic transactions

Cons

• Must meet certain conditions for three years of no fees
• $15.95 monthly fee after intro period ends
• Branch transaction fee applies after the first year

Go to site

Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$0

Hide

National Bank Newcomer Bank Account

Learn more on National Bank of Canada's secure site

Go to site

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 30/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.

Compare other chequing accounts

Sort by:

Name	Product	Monthly Account Fee	Free Transactions	e-Transfer Fee	Bonus Offer	Offer
Simplii No Fee Chequing Account		$0	unlimited	$0	Earn $400	Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends June 30, 2023.	Go to site More Info	Compare	loading Fetching your data...
BMO Performance Chequing Account		$16.95 (can be waived)	unlimited	$0	Earn $400	Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 3, 2023. Plus, earn a 4% bonus interest rate when you add a Savings Amplifier Account.	Go to site More Info	Compare	loading Fetching your data...
Coast Capital Free Chequing, Free Debit, and More Account		$0	unlimited	$1.50	Earn $400	Earn $400 when you become a new client. Plus, pay no monthly fees. Offer ends June 30, 2023.	Go to site More Info	Compare	loading Fetching your data...
National Bank Modest Chequing Account		$10.95 (can be waived)	30/month	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
RBC Signature No Limit Banking Account		$16.95 (can be waived)	unlimited	$0	Get an iPad Pro	Switch to an RBC Signature No Limit Banking Account and complete the criteria to receive an iPad Pro. Valid until July 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
National Bank Connected Account		$15.95 (can be waived)	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
RBC VIP Banking Account		$30 (can be waived)	unlimited	$0	Get an iPad Pro	Switch to an RBC VIP Banking Account and complete the criteria to receive an iPad Pro. Valid until July 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
BMO Premium Plan Chequing Account		$30 (can be waived)	unlimited	$0	Earn $400	Earn $350 with a Premium Chequing Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 3, 2023. Plus, earn a 4% bonus interest rate when you add a Savings Amplifier Account.	Go to site More Info	Compare	loading Fetching your data...
BMO Performance Student Chequing Account		$16.95 (can be waived)	unlimited	$0	Earn $100	Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until May 31, 2023.	Go to site More Info	Compare	loading Fetching your data...
National Bank The Minimalist Chequing Account		$3.95 (can be waived)	12/month	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
BMO New to Canada Performance Chequing Account		$16.95 (can be waived)	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
National Bank The Total Chequing Account		$28.95 (can be waived)	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
National Bank Newcomer Bank Account		$0	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...
BMO Canadian Defence Community Banking Performance Plan Chequing Account		$0	unlimited	$0	N/A		Go to site More Info	Compare	loading Fetching your data...

loading

CompareClear

National Bank Newcomer Bank Account FAQs

• Is my money protected with the National Bank Newcomer Bank Account?

  Yes. National Bank is a member of the Canada Deposit Insurance Corporation. Up to $100,000 you deposit in your account will be protected in the event that the National Bank goes bankrupt.

• Can I get a credit card from National Bank if I have no Canadian credit history?

  Yes. You may be able to qualify for a National Bank credit card such as a National Bank Syncro Mastercard or National Bank Echo Cashback Mastercard with no credit history. In fact, applying for a National Bank credit card is a required condition to activate three years of no monthly account fees

• Where can I find out more about other bank accounts for newcomers to Canada?

  Check out our guide to the best bank accounts for newcomers to Canada to compare the features and deals offered by banks in Canada.

• Can I open a newcomer account with National Bank before I arrive in Canada?

  Yes. You can apply from your home country up to 90 days before you arrive in Canada. You'll need to fill out an online application with your personal information, details of your scheduled arrival in Canada and your ID.