National Bank The Modest Chequing Account review

Our verdict

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

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Free Transactions

30/month

Interac e-Transfer Fee

$0

Monthly Account Fee

$10.95

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National Bank Modest Chequing Account

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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

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...

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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

• Will it cost me anything to send money to another account I hold with National Bank?

  Not if you don't exceed your account's transaction limits. If you do, you will be charged $1.25 per withdrawal in the account.

• Can I make in-branch transactions with The Modest Chequing Account?

  Yes, but for a fee. There are no free branch transactions included in this account's monthly limit, so you'll need to pay a $1.50 fee per branch transaction. A $2 fee also applies per bill payment in a branch.

• 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.

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

  Yes. There are two accounts to consider – The Connected, which offers unlimited digital transactions, and The Total, which offers unlimited transactions and includes branch transactions.