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National Bank The Modest Chequing Account review

The Modest is a convenient chequing account for people who like to use their account a little, but not a lot.

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Our verdict

The Modest Chequing Account is good choice for people who have moderate monthly banking needs, don't need many free features and can hold a minimum balance of at least $3,000.

Best for: Those who need a straightforward chequing account and don't need to make frequent transactions.

Pros
  • Free Interac e-Transfers
  • Overdraft protection
Cons
  • Limited free transactions
  • Limited features
  • Maintaining minimum balance to avoid fees

Free Transactions

30/month

Interac e-Transfer Fee

$0

Monthly Account Fee

$10.95

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National Bank Modest Chequing Account

Learn more on National Bank of Canada's secure site

The Modest Chequing Account: The basics

The Modest Chequing Account from National Bank includes these key features:

  • Linked debit card. You can use the debit card linked to your The Modest Chequing Account to make purchases in-store and online.
  • 30/month digital transactions per month. You can make up to 30/month free transactions per month with this account, including debit card purchases, domestic and international transfers and withdrawals.
  • No monthly fee (balance requirements apply). You can avoid paying any monthly fees if you keep your balance at $3,000 or above. The monthly fee is also waived for account holders aged 24 and under.
  • Easy application process. You can fill out an online application for a National Bank The Modest Chequing Account in less than 10 minutes.
  • ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without incurring any extra fees.
  • Mobile cheque deposits. Using the National Bank mobile app on your smartphone or tablet, you can take a photo of your cheques to deposit them into your bank account.

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

On top of those basic features, a National Bank The Modest Chequing Account also offers some extra perks:

  • Free Interac e-Transfers. You can send and receive money from your account quickly using Interac e-Transfers.
  • Free online statements. Want to check your transaction history or track your spending? Free statements are available online.
  • Mobile or contactless payments. You can link your account and tap to pay with your smartphone using Apple Pay or Google Pay. Interac Debit contactless payments are also supported.
  • Overdraft protection. The Modest Chequing Account comes with up to $5 of overdraft protection per transaction.

What are the drawbacks of the National Bank The Modest Chequing Account?

While it does have its fair share of benefits, there are also a few drawbacks to be aware of with this account:

  • Limited transactions. You can only make up to 30/month fee-free transactions per month with this account. Subsequent transactions like making a debit card purchase or sending a transfer to someone else will incur a $1.25 fee.
  • Fees for branch transactions. There are no free branch transactions included with this account. Each branch transaction will incur a $1.50 fee plus $2 per bill payment in-branch.
  • Maintaining minimum balance to avoid fees. If you’re aged 25–59, you’ll need to maintain a balance of at least $3,000 to avoid paying a $10.95 monthly fee. If you’re aged 60 and over, you’ll get a $5 rebate.
  • Limited range of benefits and features. If you’re looking for an everyday chequing account that provides access to a range of bonus offers and discounts, you may want to consider other options.

What should I know before I apply?

To qualify for this account online, you will need to meet the following criteria:

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

How do I open an account?

If you’d like to open a National Bank The Modest Chequing Account, here’s how:

  1. Click the “Open an account” link on the National Bank website.
  2. If you’re already a customer, log into online banking to continue your application. If not, click “Become client” and follow the steps below.
  3. Specify how you intend to use the account and the main source of your funds.
  4. Enter your name and date of birth.
  5. Provide your contact details and address.
  6. Provide your occupation and tax information.
  7. Upload a selfie and a picture of your photo ID.
  8. Submit your application.

If your application is approved, you’ll be able to access and use your account 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
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.
BMO Performance Chequing Account
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.
Coast Capital Free Chequing, Free Debit, and More Account
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.
National Bank Modest Chequing Account
National Bank Modest Chequing Account
$10.95 (can be waived)
30/month
$0
N/A
RBC Signature No Limit Banking Account
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.
National Bank Connected Account
National Bank Connected Account
$15.95 (can be waived)
unlimited
$0
N/A
RBC VIP Banking Account
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.
BMO Premium Plan Chequing Account
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.
BMO Performance Student Chequing Account
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.
National Bank The Minimalist Chequing Account
National Bank The Minimalist Chequing Account
$3.95 (can be waived)
12/month
$0
N/A
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
N/A
National Bank The Total Chequing Account
National Bank The Total Chequing Account
$28.95 (can be waived)
unlimited
$0
N/A
National Bank Newcomer Bank Account
National Bank Newcomer Bank Account
$0
unlimited
$0
N/A
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
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Bottom line

The National Bank The Modest Chequing Account is worth considering if you’re confident you won’t need to exceed the 30/month monthly transactions limit. And if you can maintain a balance of at least $3,000 to avoid paying a monthly fee, this account could be a cost-effective option for you.

Ultimately, make sure you compare The Modest Chequing Account with a range of other everyday chequing accounts to find all the key features you need.

National Bank The Modest Chequing Account FAQs

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