National Bank provides several accounts, credit cards, and borrowing options. The goal of this bank account offer is to ensure each person’s financial needs receive the attention they deserve. This unique banking structure helps Canadian consumers access their money at any time. One of the most versatile options is the chequing account provided by National Bank. Not only does it provide a centralized method of managing cash, but it also offers several promotional benefits for new customers. This increases the value of each deposit in meaningful ways.
Several of National Bank accounts also have year-round benefits. These bonuses or rewards provide cash back or other promos.
All National Bank Accounts Can Be a $0 Option
National Bank provides three primary chequing account tiers to meet the specific needs of each consumer. The names of them are “The Modest,” “The Connected,” and “The Total.” Customers must keep a minimum balance in each one to avoid the flat monthly fees associated with the account.
A $3,000 minimum balance applies to The Modest™ chequing account. It provides 30 transactions per month with no Interact® e-transfer fees. The Connected™ requires a $4,500 minimum balance, but it comes with unlimited transactions and a $30 discount on a Mastercard® annual fee. The Total™ needs a $6,000 minimum balance while offering a $150 yearly fee discount and unlimited Interact network transactions in Canada.
Customers who choose The Total receive an integrated credit line of up to $5,000. It comes with a $5 discount on yearly safety deposit box rental costs. Access to CIRRUS networks is also an exclusive perk.
The fourth tier is called The Minimalist™. It charges a small monthly fee to provide a dozen transactions per month, including two at the counter. Customers do not need to maintain a monthly minimum with this chequing account.
Anyone wishing to take advantage of potential promotional rewards would want to enroll with The Total or The Connected accounts. Statements by mail incur a $2.50 monthly cost per account except for The Minimalist, so it may be best to choose e-statements.
Promotions are subject to change, with various conditions often needed to get met before qualifying for the offer. Anyone interested in a National Bank account should review the current options available for new customers.
How Easy Is It to Use a National Bank Account?
The National Bank experience strives to be as simple to use as possible. Although the online platform could use some updating to make it comparable to competitive institutions, the services achieve the intended goal. Customers can easily manage their money in multiple ways.
Exclusive offers help consumers to sign up for different advantages with their new chequing account to help it become a custom fit. Whether someone is new to Canada, studying on a limited budget, or working as an industry professional, each platform maximizes the value of every deposit. Customers can sign up online for some choices, even if they have not completed the immigration process.
Customers can set up Direct Deposit immediately upon signing up for the new chequing account. Money management tools are available at local branches. Overdraft protection of $5 per transfer is available on all accounts. It is a free service for those on The Total plan.
How Does a National Bank Account Compare?
The variety of National Bank chequing accounts sets this institution apart from similar providers. Consumers have access to multiple tiers, ranging from a straightforward solution to something comprehensive for those with more wealth to manage. The design checks every box for the features that most people require.
Although The Total chequing account carries a $25.95 flat monthly fee if the account minimum isn’t met, that rate is cheaper than what some other providers offer. The comparable tier at Scotiabank charges $30.95 in the same circumstances with similar benefits. Only one primary difference exists: consumers can avoid Scotiabank’s fee if they have a combined balance of $30,000.
Since National Bank is a smaller institution than one of the Big Five, its benefits are typically better. Similar comparisons with TD Bank, RBC, BMO, and CIBC produce comparable results.
The only chequing account that does not typically beat the rates and services provided by others is The Minimalist. This basic structure is found throughout Canada with most banking providers. That means the point of differentiation involves customer service, which National Bank scores consistently higher on with most services.
More information about opening a National Bank business, chequing, or savings account is available at National Bank.