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National Bank savings account options
Competitive interest rates and no monthly fees are some of the perks you can expect with a National Bank savings account.
National Bank is the sixth largest bank in Canada, offering a variety of savings accounts, chequing accounts, credit cards and loan options. If you want to compare National Bank savings accounts, keep reading to find out what the bank’s two accounts have to offer.
Compare National Bank savings accounts
National Bank High Interest Savings Account
What we like:
- Competitive 1.5% interest rate
- No minimum balance requirement
- No monthly or annual fees
- Free unlimited transfers between your National Bank accounts
Fees & features:
- Regular interest rate: 1.5%
- Monthly fee: $0
- Interac e-Transfers: $1.25
- Bill payments at the counter: $2
- Paper statements: $2.50 (eStatements are free)
- ABM withdrawals: One free transaction per month
- All other debit transactions: $5
National Bank USD Progress Account
What we like:
- Take advantage of favorable exchange rates
- Write cheques in USD
- Earn up to 0.10% interest
- Deposits covered by the CDIC
Fees & features:
- Minimum interest rate: 0%
- Maximum interest rate: 0.10% (on balances $10,000 and over)
- Amount required to start earning interest: $5,000
- Monthly fee: $0
- Cheque fee: USD$1.25 per cheque
- Pre-authorized debit fee: USD$1.25 per transaction
- Account enquiries or eStatements: $0
- In-branch withdrawals, transfers and withdrawals for bill payment: $0
National Bank savings account interest rates
Depending on the National Bank savings account you have, the interest rate can vary from 0% with the USD Progress Account to 1.5% with the High Interest Savings Account. Check out the table below for the regular, non-promotional savings account interest rates at National Bank.
Account | Regular minimum rate | Regular maximum rate |
---|---|---|
National Bank High Interest Savings Account | 1.5% | 1.5% |
National Bank USD Progress Account | 0% | $0 to $4,999: 0% $5,000 to $9,999: 0.01% $10,000 and over: 0.10% |
Compare other savings accounts

Scotiabank MomentumPLUS Savings Account
Interest Rate
5.00% for 5 months, 1.6% thereafter
Transaction Fee
$5.00
e-Transfer Fee
$0
Minimum Balance
$0

EQ Bank Savings Plus Account
Interest Rate
2.50%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0

Simplii High Interest Savings Account
Interest Rate
5.25%
Transaction Fee
$0
e-Transfer Fee
$0
Minimum Balance
$0
If you’re searching for a savings account with a higher interest rate, you might want to consider the EQ Bank Savings Plus Account, which offers an interest rate of 2.50%. Alternatively, the Neo Money Account, with its 2.25% interest rate, is also worth a look.
Another option is to consider a high interest savings account with a bonus introductory rate. One account you might like to check out is the MomentumPLUS Savings Account from Scotiabank, which pays a bonus rate of 5.00% for the first five months before reverting to a base rate of 1.5%%.
Benefits of National Bank savings accounts
A high interest savings account from National Bank offers the following features:
- No monthly fees. There are no fixed monthly fees that eat into your account balance.
- No minimum balance requirement. You don’t need to maintain a minimum balance to avoid monthly fees or to earn interest on your savings.
- Free unlimited transfers. You can take advantage of free unlimited transfers between your National Bank accounts, and it’s easy to manage your money via online and mobile banking.
- Automatic savings plans. You can create an automatic savings plan by setting up regular transfers to your account. This allows you to grow your savings balance without lifting a finger.
- Easy online application. You can apply for an account within about five minutes by filling in an online application form.
How to open a National Bank savings account
If you want to open a USD Progress Account, you’ll need to visit your nearest National Bank branch to apply.
You can open a National Bank High Interest Savings Account online as long as you meet the following requirements:
- Canadian resident
- 14 years or older
- Have a Social Insurance Number (SIN) for tax reporting purposes
- Provide photo ID
You can open an account by completing the following steps:
- Head to the National Bank website and click the “Open a savings account” link.
- Click “Become client” if you’re not yet a customer of National Bank.
- Provide information about the source of your funds and how you plan to use the account.
- Provide personal information like your name and contact details.
- Confirm your identity by uploading a picture of your photo ID and a selfie.
National Bank fees
Here are some National Bank fees and charges you should be aware of before opening an account:
- Debit card purchase: $5 with the High Interest Savings Account, not available with the USD Progress Account
- Bill payment service: $2 per bill when paid in branch
- Statement by mail: $2.50 per month per account
- Pre-authorized debit: $5 with the High Interest Savings Account, $1.25 with the USD Progress Account
- Automatic transfer carried out by the bank at your request: $1.50
National Bank savings account FAQs
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