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If you’re looking for an account built for Canadian entrepreneurs, consider the National Bank The Connected Chequing Account. Chequing accounts are accounts designed for individuals who perform numerous monthly transactions.
National Bank The Connected Chequing Account provides unlimited branch-based and online transactions. While online transactions are free, you’ll pay $1.50 per transaction for in-branch transactions.
This account also comes with a $15.95 monthly fee, which is waived for those younger than 25. This chequing account offers many other exciting features, a few advantages, and a few drawbacks.
Below, we’ll help you determine if this chequing account would be good for you. If it isn’t, you’ll see other alternatives that you can consider.
National Bank The Connected Chequing Account Features
There are many features that you gain access to with a connected chequing account, and they include:
- Unlimited online transactions
- Free Interac e-Transfers
- Free online statements
- Contactless payments
- Mobile payments
- Fund your account with a photo of your cheque using the National Bank mobile app.
Pros of the National Bank The Connected Chequing Account
The National Bank The Connected Chequing Account offers many advantages for opening it, such as:
$30 discount
All new account owners with a connected chequing account and a Mastercard credit card are eligible for a $30 discount. This discount is applied as a credit to that credit card within 90 days of activating it. The credit cards for which this discount is eligible are Syncro, Echo, World Elite, and Platinum.
Free Access to ABMs
Every Canadian with a connected chequing account gains access to Automated Banking Machines (ABM) in The Exchange network. They could use these ABMs to conduct transactions at no extra cost.
Special Rates for Online Trading
Owning a connected chequing account offers users access to special rates when they trade forex online. This way, they can leverage these special rates to make more profits when they trade.
Cons of the National Bank The Connected Chequing Account
The drawbacks that come with a connected chequing account are shown below:
Monthly Fees
Apart from account owners aged 24 and younger, the owners of a connected chequing account need to pay monthly fees. These fees are higher for account owners aged 25 to 59.
Branch Transaction Fees
This chequing account offers free online transactions, but you must pay for in-branch transactions. This means all your transactions in a National Bank branch come with a $1.50 fee per transaction.
National Bank The Connected Chequing Account Fees
When you own a connected chequing account, there are a few fees that you need to be aware of, and they are:
- Monthly fees: $15.95 per month for people aged 25 to 59 years and $10.95 for those above 60 years. However, National Bank can waive these monthly fees if you have a $4,500 balance or more in your account.
- Bank drafts in Canadian dollars: $9
- Overdraft protection: Up to $5 per transaction
- Paper statements of account: $2.50 per mail
- An online statement of account: Free
- Debit card purchases: Free
- Withdrawals from the Cirrus banking machine of another bank: $5
- Withdrawals from the Interac banking machine of another bank: $2
- Stop payments for pre-authorized debits and cheques: Up to $30 per transaction
National Bank The Connected Chequing Account Special Offers
The only special offer you can get when you open this chequing account is the $30 discount. This offer is only available to new account owners, offering a $30 discount on their Mastercard credit card.
Other National Bank Chequing Account Options
Is The Connected Chequing Account not suited to your needs? National Bank offers other chequing accounts which may be a better fit, and they are as follows:
- The Minimalist: This account suits the needs of those who perform few transactions and need a basic chequing account. The Minimalist Account comes with 2 free in-branch transactions and 10 online ones. The monthly fee for this account is $3.95, but it can be waived for those younger than 25.
- The Modest: This is the one to choose if you want to perform more transactions than the minimalist account allows. It offers 30 free online transactions and requires account owners to pay $1.50 for each branch transaction. This account comes with a $10.95 monthly fee, which is waived for those younger than $25.
- The Total: This is the chequing account for Canadians who don’t want to be restricted in their transactions. It offers free, unlimited online and branch transactions and a $150 credit card discount. This account comes with a $28.95 monthly fee, with discounts for users of certain ages.
How to Open the National Bank The Connected Chequing Account
Follow the simple guide below to open a National Bank The Connected Chequing Account.
- Head to the National Bank website and click on the “Open Account” icon.
- Click on the “Become a Client” icon.
- You’ll be shown a list of options on the screen and must choose why you want to open an account.
- You’ll also have to select where your money is coming from.
- On the next page, you’ll provide your name, home address, email, date of birth, and other personal information.
- Enter your tax and employment information in the space provided.
- Finally, upload your selfie and identity card, and submit your application.
National Bank The Connected Chequing Account conclusion
The National Bank The Connected Chequing Account is the perfect option for Canadian entrepreneurs who want unlimited transactions. The online transactions are free, while the branch transactions are charged $1.50 per transaction.
This account offers free online statements and no monthly fees for account owners younger than 25. Opening a National Bank The Connected Chequing Account makes you eligible for a $30 discount on your Mastercard credit card.
