National Bank | Accounts, Products, Fees, & Rewards

Canada has many popular financial institutions, each of them offering a wide range of accounts, financial services, and membership benefits. Plus, getting a cheap bank account is easier than ever nowadays. That’s why most Canadians prefer to store their money safely with one of our largest banks, such as The National Bank of Canada.

What Bank Accounts Does The National Bank Offer?

Before you sign up with National Bank, make sure to speak with one of their advisors and do some research to find an account that works for you. Being the 6th largest bank in Canada, the National Bank offers a ton of different financial products, including: 

Bank Accounts

Senior Accounts

If you’re a National Bank member who’s 65 or over, you can obtain all the accounts listed above, but with various discounts. For instance, The Minimalist® is free for anyone aged 65+. Other accounts are free if you maintain a specific balance.    

Youth And Student Accounts

As a youth aged 0 -17, you can also get discounts on all National Bank chequing accounts. Similar discounts are available for students who are in CEGEP, university or specialized training (minimum balances apply here too).   

Savings Accounts

A National Bank High-Interest Savings Account offers a risk-free way to build an emergency fund and earn monthly interest on the money you deposit, no matter the amount. Other handy features of a National Bank HISA:

• No fixed monthly fees 
• Free unlimited funds transfers (between NBC accounts) 
• Occasional promotions, like appealing interest rates for signing up  
• Systematic (automatic) savings plans
• Easy signup, access, and account management (via NBC Online Banking)      

Newcomer Bank Package

New Canadians can also obtain a range of NBC accounts. Notably, a Newcomer Chequing Account lets holders save $15.95/month for 1 year, with no fixed monthly fees for 3 years, free exclusive phone support, access to financing and electronic transactions. 

NBC Fees

National Bank charges numerous fees depending on the type of product you’re using. Below is a table of the most common fees you may encounter with National Bank.

National Bank Credit Cards

Here’s a basic list of credit cards you can access as a client. Keep in mind that certain cards offer rewards in multiple categories: 

Best NBC Credit Cards 

Some of the most popular credit cards offered by National Bank are: 

World Elite Mastercard

This all-inclusive credit card gives you up to 4 points per $1 you spend on eligible purchases. You can then redeem those points for different rewards and promotions. Other features of the World Elite Mastercard:

• Annual Fee = $150
• Interest Rate = 22.49%
• Purchase Rate = 20.99%

Platinum Mastercard

This lower-tier card gives you up to 2 points per $1 spent on eligible purchases, with purchase protection for up to 180 days and complete travel insurance for up to 10 days. Other features of the Platinum Mastercard:

• Annual Fee = $70
• Interest Rate = 22.49%
• Purchase Rate = 20.99%        

mycredit Mastercard

This card has no annual fee but a lot of benefits, such as 0.5% – 1% cashback on eligible purchases and up to double the manufacturer’s warranty on most purchases. Other features of the mycredit Mastercard:

• Annual Fee = $0
• Interest Rate = 22.49%
• Purchase Rate = 20.99% 

National Bank Rewards Program

National Bank offers a number of travel and rewards credit cards, including the:

• Platinum Mastercard
• World Mastercard 
• World Elite Mastercard

Once you’re eligible for one of those credit cards and you earn enough points, you can invest them into different NBC products, use them to pay off your mortgage or credit card bills, or redeem them for different rewards, such as:

• Travel discounts and exclusives (flights, airport lounge access, etc.) 
• Discounts on select costs (gas or electric vehicle charging, groceries, etc.) 
• Various protections (travel insurance, fraud protection, etc.)
• Over 900 items from National Bank’s online boutique (gift cards, electronics, etc)    

National Bank Investment Products 

They also offers many savings and investment products to help you manage your finances, grow your wealth, and retire someday, including but not limited to: 

• Registered Retirement Savings Plans (RRSP)
• Registered Education Savings Plans (RESP)
• Tax-Free Savings Accounts (TFSA)
• Non-Registered Plans
• Guaranteed Income Certificates (GIC)
• National Bank Investment (NBI) Funds and Portfolios

National Bank Insurance Products

If you’re looking for expert advice, as well as protection for yourself, your loved ones, or your valuables, this bank offers a selection of insurance packages too, like:

• Travel Insurance
• Personal Loan Insurance
• Credit Card Payment Insurance
• Mortgage Insurance
• Life Insurance

National Bank Loans

NBC also offers flexible loan options for personal use and debt consolidation, including:

• Lines of Credit
• Personal Loans
• RRSP Loans and Lines of Credit
• Car Loans
• Student Lines of Credit
• Mortgages

Interest rates you get on these loans will vary based on your credit score and overall financial health. Choose from a fixed or variable interest rate on your loan or line of credit:

• Fixed rates don’t change throughout your term, so you’ll know exactly how much your monthly payments will cost.

• Variable rates go up and down with our country’s market interest rates, so you can save money when Canada’s prime rate goes down.

How To Get A National Bank Void Cheque

Once you have a bank account with NBC, you can get a void cheque by:

• Using Your Web Browser:
  1. Sign into your NBC online bank account
  2. Choose your Chequing Account
  3. Click on “Download a specimen”

• Logging Into Your Mobile App:
  1. Log into the National Bank App 
  2. Choose your Chequing Account, followed by the “Details” tab
  3. Click on “Download a specimen”   

How To Get A National Bank Direct Deposit Form

Direct deposit offers a safe way to accept money transfers owed to you by government entities like Revenu Québec and the Canada Revenue Agency. Some employers will also ask for a void cheque, so they can transfer your wages directly to your bank account. You can sign up for direct deposit through National Bank with these steps: 

1. Sign into your online bank account or National Bank app
2. Click on “Products and Services”, then the plus icon next to Bank Accounts 
3. Next, click “Start” under Direct deposit registration
4. Choose the entity you wish to accept deposits from and follow their instructions     

National Bank Basic Numbers

When you become a member of any bank, it’s important to learn these numbers:

National Bank Transit Number 

In Canada, banks and credit unions use unique 5-digit transit numbers to identify their branches. You can find your National Bank transit number in two spots:

• On a Cheque – Your transit number is at the bottom of your cheque. It’s the second string of 5-digits in your total account information.  

• Online – If you don’t have a cheque, log into NBC Online Banking and find your transit number by viewing your chequing account. In this case, your numbers may appear in a different order, but the transit number is always 5-digits.   

National Bank Institution Number

Just after your transit number, you should see the 3-digit institution number used to identify your bank or credit union. National Bank’s institution number is 006 and it can also be found in your online bank account or at the bottom of your cheques.     

National Bank Routing Number

When combined, your transit and institution numbers form a 8-digit routing number, which is used to process your cheque and electronic transfers, like direct deposits. Your routing number may appear in two formats on your cheques or online chequing account: 

• Below: ‘A’ is the institution number and ‘B’ is the transit number)
• Paper Transaction Transit Numbers (MICR) = BBBBB-AAA
• Electronic Transactions Routing Numbers (ETF) = 0BBBAAAA       

National Bank International Transfer Information

National Bank lets you transfer money abroad, using your online bank account or mobile app. You can choose a variety of countries, currencies, and local or foreign banking institutions, as long as you’re comfortable with these conditions:

• $5.95 fee per transfer
• Delays of 1 to 5 days may apply (for the recipient) 
• $10 minimum and $10,000 maximum limit per transfer

To transfer money in or outside Canada, you’ll typically need this information:

• National Bank’s SWIFT code for international wire transfers (BNDCCAMMINT).
• Your branch’s transit number and contact information
• Your name and contact information
• Your National Bank account number:
  • 7-digit code for CAD or USD
  • 17-digit code for other currencies 

If you’re transferring money to Europe, you’ll also need your recipient’s International Bank Account Number (IBAN), which is used to identify their bank and account.    

Additional Reading

Best Credit Card For Newcomers In Canada 2024

How To Close My Bank Account?

How Do I Transfer Money To A Bank Account?

How Can You Access Your National Bank Accounts?

Opening and managing a National Bank account is easy. If you don’t wish to visit your branch in person, there are two ways you can go online to access your accounts:

• Web Browser – Head to the National Bank website, make an online portal and log in to view your bank accounts or make transactions. Don’t forget to create a strong password, check your accounts regularly, and log out when you’re done.    

• Mobile App – You can also access your online bank account by downloading the National Bank app on your mobile device. It’s available for free at the App Store or Google Play and offers most of the same options as your web bank account.

Searching For Your Next Bank Account?

Then you might want to consider The National Bank of Canada because they have tons of different accounts, services and products for anyone who’s looking to get a better grip on their finances. Speak with one of your financial advisors or check out the Loans Canada blog for more information about National Bank and what they can offer you.