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The National Bank The Minimalist Chequing Account is designated for people who only carry out transactions occasionally. When you open an account, you are offered FlyerFunds worth $50. It is easy to set up, and after application, the account will be ready for use within 2 days.
A National Bank The Minimalist Chequing Account is a bank account offer from the National Bank of Canada (NBC). One benefit of this account is there are no flat fees for people between 0 and 17 years of age. There are also no flat fees for clients between the ages of 18 and 24 or seniors above 65 years.
This account is best for you if you don’t wish to pay for services and features you never use. It is also the best account when you only make a few monthly transactions.
National Bank The Minimalist Chequing Account Features
- Having a National Bank Minimalist Chequing Account makes you eligible for about 12 transactions each month. Out of the 12 transactions, you can do two at the counter within the banking hall.
- Interac e-Transfer transactions are unlimited with this chequing account.
- An account qualifies you for free transactions and withdrawals on any bank’s Automated Banking Machine (ABM). However, this only applies to banks in THE EXCHANGE® network.
- You can pay using your Android mobile phone with just a tap if you have Google Pay. iOS device users can use Apple Pay to make their payments. Or you can make contactless payments using Interac® Debit.
- You can also deposit money using Mobile Cheque Deposit if you have the National Bank mobile app on your phone. To do this, take a photo of the cheque, and with a few clicks, you deposit the money.
- You can pay bills online for free and purchase items using your debit card.
The pros of National Bank The Minimalist Chequing Account
Let’s review the pros associated with this chequing account and discover what makes it a great option.
Low or No Monthly Fees
There are no monthly fees on the National Bank The Minimalist Chequing Account, especially for teenagers between 0 and 17 years. Account beneficiaries also don’t need to pay any monthly fees on the account if they are 18 years and above. Clients aged between 18 and 24 are also not required to pay any fees.
Seniors above 65 years don’t have to pay any fees as well. However, the monthly payment on the account is only $3.95 for those required to pay fees.
You can send money to people or receive it from them using Interac e-Transfers. You can also make payments across international borders via Interac® or Mastercard Send using your Mastercard.
Opening this chequing account is easy. It can be done online and will only take a few minutes. And once the account is approved, it will only take two days to be activated.
You can get your account statements for free by mail.
The cons of National Bank The Minimalist Chequing Account
The following are some of the cons you may experience when opening this chequing account and things to look out for.
Limited Free Transactions
By its nature, the National Bank The Minimalist Chequing Account is an account that is meant for limited transactions. Therefore, you only get 12 transactions per month. However, you can exceed 12 transactions, but doing that will incur fees.
The National Bank Minimalist Chequing Account doesn’t have many features. Thus, if you expect features like a line of credit, you’ll have to try other account options.
No Welcome Bonus
The National Bank Minimalist Chequing Account doesn’t offer a welcome bonus upon verification of application.
National Bank The Minimalist Chequing Account fees
The National Bank The Minimalist Chequing Account comes with a required fee of $3.95 per month. However, this fee is only applicable depending on your age. Teenagers – people between the ages of 0 and 17 – do not have to pay the fees. The fees don’t apply to seniors, those whose ages are 65 or above.
Fees also don’t apply to clients between 18 and 24 years of age. Thus, people who pay fees are account holders aged between 24 and 65.
National Bank The Minimalist Chequing Account special offers
When you apply for a National Bank Minimalist Chequing Account, you get $50 in FlyerFunds. Although, this only works when your account is approved.
Other National Bank Chequing Account options
The following are a few alternatives to the National Bank The Minimalist Chequing Account;
National Bank Total Chequing Account
The National Bank Total Chequing Account is designated for people who frequently want to access their funds. The account allows you to make online and branch transactions without limits.
Its benefits include unlimited cheques and a line of credit every year. Having an NBC Total Chequing Account qualifies you to get discounts on other NBC accounts.
National Bank The Connected Chequing Account
The National Bank Connected Chequing Account is another designated account for people who want to make frequent transactions. The monthly fee on the account is $15.95.
However, you won’t have to pay the monthly fee if you can maintain a balance of over $4500 monthly. Its features include Interac e-Transfers and contactless payments, among others.
How to open a National Bank The Minimalist Chequing Account
Opening an NBC Minimalist Chequing Account is easy. You only need to sign in for online banking and apply if you’re an NBC customer. Go through the following procedures if you’re not a customer:
- Head over to the National Bank website. When you see the chequing account you wish to open, click the link that says, “Open an account.” Next, click “Become a client.”
- Specify how you would want to use the account and the primary source of your income.
- Provide identification – your name, address, date of birth, and contact details.
- Provide details of your employment and proof of tax payments
- Verify your identity – upload a photo of your ID and a selfie.
After the approval of your application, your account will be activated within two working days.
National Bank The Minimalist Chequing Account conclusion
The National Bank The Minimalist Chequing Account is perfect for minimal monthly transactions. Monthly fees on the account depend on your age – you only pay if you’re between 24 and 65 years. Otherwise, there are no monthly fees.
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