National Bank The Minimalist Chequing Account review

Our verdict

Our verdict

As its name suggests, The Minimalist is designed for people who only need to transact occasionally so if you're looking for an inexpensive basic account for occasional use, this account offers all the essential features for a low or no fee, depending on your age.

Best for: Those who don't want to pay for features and services they don't use, or for those who make limited transactions per month.

Pros

• Low (or no) monthly fees
• Free Interac e-Transfers
• Mobile cheque deposits

Cons

• Limited free transactions
• Limited features

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Free Transactions

12/month

Interac e-Transfer Fee

$0

Monthly Account Fee

$3.95

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National Bank The Minimalist Chequing Account

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National Bank The Minimalist Chequing Account: The basics

If you’re looking for a basic account for occasional use, the National Bank The Minimalist Chequing Account offers all the essential features. You get the following:

• Linked debit card. Your account is linked to a National Bank debit card you can use to make purchases in-store and online.
• 12 transactions a month. This includes debit card purchases, withdrawals and domestic and international transfers. Two in-branch transactions are included in this limit.
• ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without for no charge.
• Mobile or contactless payments. You can also use your The Minimalist Chequing Account to pay for purchases using Apple Pay or Google Pay on your smartphone, plus make Interac Debit contactless payments.

What are the benefits of the National Bank The Minimalist Chequing Account

On top of these basic benefits, you also get the following:

• Low (or no) monthly fees. If you’re aged 25–59, you’ll pay a $3.95 monthly fee. However, this fee is waived if you’re 24 or younger or if you benefit from the government aid programs (RDGS, GIS).
• Free Interac e-Transfers. It’s free to send an e-Transfer from your account, provided you don’t exceed the monthly transaction limit.
• Easy application process. You can apply for a National Bank The Minimalist Chequing Account online within minutes.
• Mobile cheque deposits. With the National Bank mobile app, you can take a photo of your cheques using your phone or tablet to deposit funds into your account.
• Free statements. You can access free account statements online or by mail.

What are the drawbacks of the National Bank The Minimalist Chequing Account

However, make sure you’re aware of the potential drawbacks of this account:

• Exceeding the transaction limit. You’re only entitled to 12 transactions per month with The Minimalist Chequing Account, so keep in mind that transactions beyond this limit will incur a fee. For example, a debit card purchase will incur a $1.25 fee as will a withdrawal or transfer.
• Fee varies depending on your age. If you’re in the 25–64 age bracket, you’ll need to be prepared to pay a monthly fee.
• Limited features. If you’re looking for a chequing account with more features, for example a line of credit or discounts on other National Bank products, you’ll need to look elsewhere.

What should I know before I apply?

To open a National Bank The Minimalist Chequing Account online, you’ll need to meet the following criteria:

• Be a Canadian resident.
• Be 14 years of age or older.
• Verify your identity online 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, you can sign in to online banking to apply for an account. If you’re a new customer, here’s what you need to do:

1. Click the “Open an account” link for The Minimalist Chequing Account on the National Bank website, then click on “Become client”.
2. Specify how you intend to use your account and the main source of your funds.
3. Provide your name, date of birth, address and contact details.
4. Provide your employment and tax details.
5. Verify your identity online by uploading a selfie and a picture of your photo ID.

If your application is approved, your account will be activated and ready for use within two business days.

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 only need to use your account occasionally – and particularly if you’re the right age to qualify for no monthly fee – the National Bank The Minimalist Chequing Account is worth a look. However, you’ll need to compare its features with those of other low- or no-fee chequing accounts before deciding whether it’s the best choice for you.

National Bank The Minimalist Chequing Account FAQs

• Does The Minimalist Chequing Account provide overdraft protection?

  Yes. Overdraft protection of up to $5 per transaction is included.

• Does National Bank offer a chequing account that supports unlimited transactions per month?

  Yes. Check out our reviews of The Total and The Connected accounts from National Bank for more information.

• 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.