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.
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:
| Account Type | Monthly Account Fee | Features |
| The Minimalist® | $0 – $3.95 (varies by age) $0 for ages 0 – 24 and 65+ | – Free online statements – 12 transactions per month (with 2 at the counter) |
| The Modest® | $0 – $10.95 (varies by age) $0 with a minimum balance of $3,000 | – Free online statements – Unlimited Interac e-Transfers® (free of charge) – 30 digital transactions per month Free for ages 0 – 24 |
| The Connected® | $0 – $15.95 (varies by age) $0 with a minimum balance of $4,500 | – Free online statements – Unlimited Interac e-Transfers® (free of charge) – Unlimited digital transactions – Up to $30 in discounts on a Mastercard credit card |
| The TotalTM | $13 – $28.95 (varies by age) $0 with a minimum balance of $6,000 | – Unlimited Interac e-Transfers® (free of charge) – Unlimited transactions (online or at the counter) – 100 free cheques per year – Overdraft protection – Up to $150 in discounts on a Mastercard credit card – No charge for ABM withdrawals with Interac® and Cirrus® networks in Canada |
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.
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).
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:
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.
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.
| Credit Card Annual Fee | Varies between $0 – $150 |
| Bank Account Monthly Fee | Varies between $0 – $28.95 |
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:
| Category | Card Name |
| Travel Credit Cards | World Mastercard World Elite Mastercard Platinum Mastercard |
| Cash Back Credit Cards | mycredit Mastercard Allure Mastercard ECHO Cashback Mastercard |
| No Fee Credit Cards | MC1 Mastercard |
| Low-Interest Credit Cards | Syncro Mastercard |
Some of the most popular credit cards offered by National Bank are:
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:
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:
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:
National Bank offers a number of travel and rewards credit cards, including the:
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:
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:
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:
NBC also offers flexible loan options for personal use and debt consolidation, including:
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:
Once you have a bank account with NBC, you can get a void cheque by:
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:
When you become a member of any bank, it’s important to learn these numbers:
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:
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.
When combined, your transit and institution numbers form a 7-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:
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:
To transfer money in or outside Canada, you’ll typically need this information:
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.
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:
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.
Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.
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