National Bank savings accounts

National Bank is one of the largest banks in Canada, offering a variety of bank accounts, credit cards and loan options. Looking for a low-risk way to grow your money? Compare National Bank savings accounts. If you’re not quite sold, check out alternative high interest savings accounts.

Compare National Bank savings accounts

• Best for a high interest rate:
  National Bank High Interest Savings Account
• Best for saving US dollars:
  National Bank The USD Progress Account
• Alternatives to consider

National Bank High Interest Savings Account

What we like:

• Competitive 0.75% interest rate
• No minimum balance requirement
• No monthly or annual fees
• Free unlimited transfers between your National Bank accounts

Fees & features:

• Regular interest rate: 0.75%
• 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

Dive deeper: National Bank High Interest Savings Account review

National Bank The USD Progress Account

What we like:

• Good if you travel to the United States
• Offers a favorable exchange rate with withdrawals
• Write cheques in USD
• Earn up to 0.1% interest (with a $5,000+ balance)

Fees & features:

• Minimum interest rate: 0%
• Maximum interest rate: 0.1% (minimum $5,000 balance to earn interest)
• Monthly fee: $0
• Cheque: USD$1.25/cheque
• Pre-authorized debit: USD $1.25/transaction
• Paper statements: $2.50
• In-branch withdrawals, transfers and withdrawals for bill payment: $0 (other bill payments cost $2)

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 0.75% with the High Interest Savings Account.

Account	Regular minimum rate	Regular maximum rate
National Bank High Interest Savings Account	0.75%	N/A
National Bank USD Progress Account	0%	$0–$4,999: 0% $5,000–$9,999: 0.01% $10,000 and over: 0.1%

Compare other savings accounts

If you’re searching for a high interest savings account, you might want to consider the EQ Notice Savings Account, which pays 2.85%–3% interest. Alternatively, the Laurentian Bank High Interest Savings Account is also worth a look with its 2.2% interest rate and $0 monthly fee.

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 Simplii High Interest Savings Account, which pays a bonus rate of 3.70% before reverting to a base rate that starts at 0.3%.

Check out more bank account promotions.

Benefits of National Bank savings accounts

National Bank savings accounts come with the following features:

• No monthly fees. There are no fixed monthly fees that eat into your account balance.
• No minimum balance. You don’t need to maintain a minimum balance to avoid monthly fees. (But you’ll need a minimum $5,000 balance to earn interest with the National Bank The USD Progress Account.)
• Free unlimited transfers. Take advantage of free unlimited transfers between your National Bank accounts. Plus, 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 in minutes by filling in an online application form.
• CDIC coverage. NB savings accounts are insured by the Canada Deposit Insurance Corporation, so your funds are insured up to $100,000 in the unlikely event that National Bank becomes insolvent.

Related: Compare Canada's big banks

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. But you can open a National Bank High Interest Savings Account online.

Eligibility requirements

You can open an NB savings account if you meet the following requirements:

• Canadian resident
• Be at least 14 years old
• Have a Social Insurance Number (SIN) for tax reporting purposes
• Provide photo ID

Required information

Make sure you have the following details on hand:

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
• Interac e-Transfer: $1.25, not available with the USD Progress Account
• Bill payment service: $2 per bill when paid in branch
• Paper statement: $2.50 per month per account
• Foreign currency bank drafts (the USD Progress Account): US$9 per foreign currency bank draft of up to US$5,000 (US$12.50 for bank drafts over US$5,000)

National Bank savings account FAQs

• Are deposits in a National Bank savings account CDIC insured?

  Yes. National Bank is a member of the CDIC, so maximum protection of up to $100,000 is available.

• Can I access my National Bank USD Progress Account online?

  You can use online and mobile banking to check your balance and track your transactions. However, you can't carry out any transactions online or at an ABM.

• Do National Bank savings accounts have minimum balance requirements?

  No, there is no minimum balance for either of National Bank's savings accounts. However, you'll need a minimum $5,000 balance to earn interest earn interest with the USD Progress Account.

• Is there a minimum contribution for National Bank automated savings plans?

  Yes. The minimum contribution for a National Bank systematic savings plan is $25.