Earn 1.6% interest on your savings balance, with no minimum balance required to start earning interest. You can also make free unlimited transfers between your National Bank accounts, and there are no fixed monthly fees eating into your savings balance.
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National Bank High Interest Savings Account review
By Tim Falk
- Promotional Rate
- N/A
- Interest Rate
- 1.60%
- Transaction Fee
- $0
- Minimum Balance
- $0
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Our verdict
Take advantage of no monthly fees and a simple way to save with a National Bank High Interest Savings Account.
The National Bank HISA lets you earn 1.6% interest on your savings balance, with no minimum balance required to start earning interest. You can also make free unlimited transfers between your National Bank accounts, and there are no fixed monthly fees eating into your savings balance.
Best for: Those looking for a straightforward, fee-free way to reach their savings goals.
Pros
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No monthly fees
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No minimum balance
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Unlimited transfers between National Bank accounts
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Easy access to funds
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Fast application process
Cons
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Withdrawal fee
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e-Transfer fee
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Higher interest rates elsewhere.
The basics: National Bank High Interest Savings Account
The National Bank High Interest Savings Account may be a good fit for you if you’re looking for a straightforward way to reach your savings goals. There’s no need to deposit a certain amount each month to ensure that you earn interest, and there are no account-keeping fees to contend with.
There are also no fees for transfers to your other National Bank accounts. However, be aware that while you’re allowed one free withdrawal per month, a $5 fee applies to subsequent withdrawals.
What are the benefits of the National Bank High Interest Savings Account?
The National Bank High Interest Savings Account offers a range of benefits:
- No monthly fees. There are no fixed monthly fees that apply to this National Bank savings account.
- No minimum balance. There’s no minimum balance requirement in order to earn 1.6% interest on your savings.
- Unlimited transfers between National Bank accounts. You can make unlimited funds transfers between your National Bank accounts without incurring any fees.
- Easy access to funds. Unlike when you invest in a term deposit, you can access your funds at any time through National Bank’s online banking portal or mobile app.
- Fast application process. You can fill out an online application for a National Bank High Interest Savings Account within minutes.
What should I look out for with this National Bank Savings Account?
- Withdrawal fee. You can make one free withdrawal from your account per month, but after that, a $5 fee applies per withdrawal. Please note this fee doesn’t apply if you transfer funds to another account you hold with National Bank.
- e-Transfer fee. You’re entitled to send one free Interac e-Transfer from your account per month, but a fee applies to subsequent transfers.
- Higher interest rates elsewhere. If you’re looking for the highest possible interest rate, you may want to consider an account with a higher introductory rate or a savings account that lets you earn a better interest rate if you meet minimum monthly deposit requirements.
How do I open a National Bank High Interest Savings Account?
If you’re already a National Bank client, you can sign up for a National Bank HISA by signing in to online banking. If you’re a new customer, you’ll need to complete the following steps:
- Click “Open a savings account” and then select “Become client”.
- Select how you intend to use your account and the main source of your funds.
- Enter your name, date of birth and contact details.
- Provide your employment details and tax information.
- Verify your identity remotely by taking a picture of your photo ID and a selfie.
Eligibility requirements for a National Bank High Interest Savings Account
You’ll need to satisfy the following requirements to open an account:
- Must be a Canadian resident.
- Must be 14 years or older.
- Must have a Social Insurance Number (SIN) for tax reporting purposes.
- Must have photo ID.
How do I deposit or withdraw my money with the National Bank High Interest Savings Account?
You can transfer funds into your account via an internal transfer or Interac e-Transfer or from your National Bank Chequing Account.
When you need to withdraw money from your account, you can transfer it to another account you hold with National Bank without incurring a fee. However, if you’re transferring to another person, the first transaction each month is free but a $5 fee applies to subsequent transfers.
How can I get in touch with customer service?
You can get in touch with National Bank over the phone, by email, on Facebook Messenger or by visiting a branch.
National Bank also offers an online help centre with answers to frequently asked questions and a virtual assistant to help answer your questions.
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