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The National Bank High Interest Savings Account offers Canadians a simple, risk-free way to grow their money. But before opting for this account, it’s prudent to ensure you know as much as possible about it first.
The National Bank High Interest Savings Account offers a competitive 1.50% interest with no minimum balance requirement.
It provides risk-free savings with guaranteed returns and allows free unlimited transfers between National Bank accounts. This account is ideal for those seeking flexible, cost-effective banking with attractive returns.
This article will discuss the features, pros, cons, fees, and special offers you can expect with this BMO savings account option. We’ll also take you through a step-by-step guide on how to open this account.
Features of the National Bank High Interest Savings Account
- This account offers the advantage of having no fixed monthly fees, allowing you to save more efficiently.
- With this savings account, you can enjoy a 1.50% interest rate without any minimum balance requirement, ensuring your savings grow consistently.
- The risk-free saving feature provides guaranteed returns on your savings, giving you peace of mind and financial security.
- Additionally, free unlimited funds transfers between your National Bank accounts are available, making it easy to manage and move your money as needed.
National Bank High Interest Savings Account pros
No Monthly Fees
The National Bank High Interest Savings Account has no fixed monthly fees, so you can maximize your savings without worrying about additional costs.
No Minimum Balance
With this account, you can earn interest from the first dollar you deposit, regardless of your balance. This flexibility allows your savings to start growing right away.
Unlimited Transfers between National Bank Accounts
You can make unlimited transfers between your National Bank accounts without incurring fees. This feature lets you quickly move money between accounts, giving you better control over your finances.
Easy Access to Funds
Unlike term deposits, you can access your savings anytime through National Bank’s online banking portal or mobile app. This accessibility ensures you always have access to your funds when needed.
National Bank High Interest Savings Account cons
Withdrawal Fee
While you can make one free withdrawal from your account monthly, a $5 fee applies to subsequent withdrawals. However, this fee doesn’t apply if you transfer funds to another account you hold with National Bank.
e-Transfer Fee
You can send one free Interac e-Transfer from your account per month, but a fee applies to subsequent transfers.
Higher Interest Rates Elsewhere
Suppose you’re looking for the highest possible interest rate. In that case, you may consider an account with a higher introductory rate or a savings account that lets you earn a better interest rate if you meet minimum monthly deposit requirements.
National Bank High Interest Savings Account fees
This section provides an overview of the fees you can expect with this savings account. These include:
- The National Bank High Interest Savings Account has no fixed monthly fees, ensuring your savings aren’t diminished by ongoing costs.
- You can enjoy one free withdrawal per month, but remember there is a $5 fee for subsequent withdrawals within the same month.
- The account also offers one free Interac e-Transfer each month. But be aware that a $1.25 fee will apply to subsequent transfers during the same month.
- There is no transfer fee for moving funds between user accounts, making managing your National Bank accounts convenient and cost-effective.
- Additionally, no minimum balance is required for this account, allowing you to start saving and earning interest without any initial constraints.
Alternative investment options at National Bank
National Bank offers diverse investment account options to suit various financial goals and risk appetites. These options allow you to invest in multiple market-linked securities and leverage the knowledge of expert portfolio managers.
NBI Funds
NBI Funds, provided by National Bank Investments Inc., is a flexible investment option that pools funds from multiple investors.
These funds allow you to choose individual funds or tailor your investments based on risk levels, potential returns, and overall investment strategy. NBI Funds also offer the convenience of investing a fixed amount each month.
There are several types of NBI funds, including:
- Money Market Fund: With a minimum investment of $1,000, this fund invests in T-Bills and other short-term investment vehicles, offering low-risk investments with easy access to funds.
- Short-Term and Income Funds: With a minimum investment of $500, these funds invest in high-quality debt securities, mortgage-backed securities, and preferred shares, providing stable returns with low to moderate risk.
- Canadian Equity Funds: With a minimum investment of $500, these funds invest mainly in stocks to drive capital growth within a diversified portfolio and target moderate to high returns.
- Global Equity Funds: These funds invest in equity securities of companies worldwide, allowing you to capitalize on the growth potential of international markets with moderate to high risk.
- Specialized Funds: With a minimum investment of $500, these funds focus on specific industries, geographic areas, or investment strategies for optimal diversification and long-term growth.
Guaranteed Investment Certificate (GIC)
A Guaranteed Investment Certificate (GIC) is a secure investment option that earns interest over a fixed period ranging from 30 days to 10 years.
GICs offer stability, guaranteed access to your initial investment, and interest earnings until maturity. They also provide additional protection through CDIC deposit insurance.
National Bank’s featured non-redeemable GICs come with various rates and terms to suit your financial needs, all requiring a minimum investment of $500:
- 4.25% for a 12-month term
- 4.55% for an 18-month term
- 4.45% for a 24-month term
How to open a National Bank High Interest Savings Account
Opening a National Bank High Interest Savings Account is a quick and straightforward process that can be completed in just a few steps:
- First, kick start the process by applying online. This step is designed to be hassle-free and can be completed in less than five minutes. It’s as simple as filling out a form, and you can do it from the comfort of your own home.
- Next, it’s time to deposit your funds. National Bank has made this step user-friendly and quick. You can easily transfer funds from your online bank with just a few clicks. In no time, your new High Interest Savings Account will be set up and ready to start growing your wealth.
- Before you start the application process, make sure you meet the following eligibility requirements. National Bank wants to ensure that all its account holders are well-protected, so you must:
- Be a resident of Canada. This requirement ensures that the bank can provide you with the best possible service.
- Be at least 14 years old. National Bank believes in financial literacy and independence for all ages.
- Have a Social Insurance Number (SIN). This is required for tax reporting purposes and is standard procedure for all financial institutions.
- Have a valid photo ID. This is an additional measure to protect your identity and your account.
Once you meet all these requirements, you’re all set to open your National Bank High Interest Savings Account and take a significant step towards achieving your financial goals!
National Bank High Interest Savings Account conclusion
The National Bank High Interest Savings Account presents a compelling choice for those seeking a powerful blend of accessibility, flexibility, and returns on their savings.
With a generous interest rate, no minimum balance, and freedom from fixed monthly fees, it sets the bar high for user-friendly banking.
Remember, the National Bank also offers a variety of investment account options. These include NBI Funds and Guaranteed Investment Certificates (GICs), providing diverse opportunities to grow your wealth according to your risk tolerance and investment goals.
Make an informed choice and opt for a National Bank High Interest Savings Account to let your money work smarter, not harder.
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