National Bank The Connected Chequing Account review

Our verdict

Our verdict

The Connected Chequing Account is designed for frequent use, with its unlimited online transactions and waived monthly fee if you maintain maintaining a minimum balance of avoid a fee by maintaining a minimum monthly balance of $4,500 or more.

Best for: Those who need a modern chequing account with unlimited transactions and like to keep a minimum balance.

Pros

• Unlimited digital transactions
• Unlimited free Interac e-Transfers
• Mobile and contactless payments

Cons

• Minimum balance requirements
• Branch transaction fees

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Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$15.95

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National Bank Connected Account

Learn more on National Bank of Canada's secure site

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The basics

National Bank’s The Connected Chequing Account offers these standard features:

• Linked debit card. You can use your card to pay for purchases online and in-store.
• Unlimited digital transactions. There’s no limit to the number of digital transactions you can make per month, including domestic and international transfers, withdrawals and debit card purchases.
• No monthly fee (conditions apply). You won’t need to pay a monthly fee for this account if you’re 24 years or younger. If you’re aged 25 and above, you can also avoid a fee by maintaining a minimum monthly balance of $4,500 or more.
• Free online statements. If you need to review your spending or check your transaction history, you can access free online statements.
• ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without incurring any additional fees.

What are the benefits of the National Bank The Connected Account?

You can also take advantage of the following benefits:

• $30 Mastercard credit card discount. The Connected account holders receive a $30 discount when they sign up for an eligible National Bank credit card. Eligible National Bank credit cards are the Echo Cashback, Syncro, Platinum, World and World Elite.
• Unlimited free Interac e-Transfers. You can send unlimited free Interac e-Transfers via online banking, the National Bank app or phone banking.
• Mobile cheque deposit. You don’t have to visit a branch to cash a cheque – you can take photos of any cheques using the National Bank app on your smartphone or tablet to deposit them into your bank account.
• Mobile and contactless payments. You can also use your account to tap and pay with your smartphone thanks to Apple Pay and Google Pay, while Interac Debit contactless payments are also supported.

What are the drawbacks of the National Bank The Connected Account?

However, there are a few key drawbacks to watch out for with this account:

• Minimum balance requirements. Aged 25 or older and want to avoid a monthly fee? You’ll need to maintain a minimum monthly balance of $4,500.
• Age-related fees. If you sign up for a National Bank The Connected Chequing Account when you’re aged 24 or younger, there’s no monthly fee to worry about. Make sure you’re aware that you’ll be charged a monthly fee once you turn 25 (unless you satisfy the minimum monthly balance requirement).
• Branch transaction fees. If you like to do your banking in a branch, make sure you’re aware that a $1.50 fee applies to each transaction. A $2 fee is charged if you make an in-branch bill payment.

What should I know before I apply?

In order to qualify for a National Bank The Connected Chequing Account online, you will need to meet the following criteria:

• Be 14 years or older.
• Be a Canadian resident.
• Verify your identity remotely by uploading a selfie and a picture of your photo ID.

How do I open an account?

If you’re already a National Bank customer, click “Open an account” on the National Bank website and then log into online banking to submit an application.

If you’re a new customer, complete the following steps:

1. Click the “Open an account” link on the National Bank website and then click “Become a client”.
2. Select how you will be using your account and specify the main source of your funds.
3. Provide your name and date of birth.
4. Enter your phone number, email address and residential address.
5. Provide your occupation details and tax information.
6. Upload a selfie and a picture of your photo ID to verify your identity.
7. Submit your application.

Compare other chequing accounts

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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...

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Bottom line

If you need an account that offers unlimited online transactions – and if you can maintain a balance of $4,500 or more to avoid paying a monthly fee – The Connected Chequing Account is worth checking out. Make sure you compare it with a range of other chequing accounts before deciding whether it’s right for you.

Frequently asked questions about National Bank The Connected Chequing Account

• Does The Connected account have overdraft protection?

  Yes. Up to $5 of overdraft protection per transaction is included.

• Can I make in-branch transactions with this account?

  Yes, but branch transactions aren't included in the account's unlimited-transaction limit, so you'll need to pay a $1.50 fee per transaction.

• How can I contact National Bank?

  You can get in touch with National Bank over the phone, by email, on Facebook Messenger or by visiting your nearest branch.

• What fee applies to the National Bank The Connected Chequing Account?

  The fee varies depending on your age and your account balance. There's no fee for account holders aged 24 or younger. The fee is $15.95 per month if you're aged 25–59, and you'll get a $5 rebate if you're 60 or older. But if you maintain a minimum monthly balance of $4,500, this fee is waived.