Customers have four excellent options when finding the best National Bank Chequing Accounts. These include the Connected® Chequing Account, the Minimalist® Chequing Account, the Modest® Chequing Account, and the Total® Chequing Account.
Each caters to different financial needs with distinct features and benefits. By comparing these choices, individuals can find the ideal account for their banking requirements.
Whether you’re looking for low fees, high-interest rates, or a robust National Bank online banking platform, we’ve got you covered. So, read on to discover the best National Bank chequing accounts that can help you achieve your financial goals.
Best National Bank Chequing Accounts
Selecting the correct chequing account from the numerous options available at National Bank can be challenging. However, we have researched and reviewed the best chequing accounts to help you find the perfect fit for your financial needs.
Our analysis covers various factors, including fees, interest rates, account features, customer service, and accessibility.
The Connected® Chequing Account from the National Bank is designed for individuals who want a comprehensive banking option with numerous benefits.
This account offers an all-in-one banking solution. Here are some features of the National Bank’s Connected® Chequing Account package:
- Monthly Maintenance Fee: This account comes with a $15.95 monthly fee. But the fee can be waived if you maintain a minimum balance of $4,500.
- Unlimited Transactions: Enjoy unlimited transactions, including purchases and bill payments, without extra fees.
- Direct Deposit: Set up direct deposit to receive paychecks or other payments directly into your account, saving time and effort.
- Online and Mobile Banking: Manage your account from anywhere at any time with online and mobile banking options. Check balances, transfer funds, pay bills, and more through the bank’s digital platforms.
- Cheque Image Viewing: Access cheque images for free to review your transaction history and monitor your spending.
- Overdraft Protection: Apply for overdraft protection to avoid expensive overdraft fees. This feature links your chequing account to a savings account or line of credit to cover overdrafts automatically.
- Additional Services: Add extra features like personalized cheques and overdraft protection for an added fee.
- Free National Bank ABMs: Withdraw cash, make bill payments, and complete other transactions at National Bank ABMs without extra charges.
Benefits of the Connected® Chequing Account
You can enjoy these additional benefits with your Connected® account:
- $30 credit card discount on Mastercard: Get a $30 discount when signing up for a qualifying National Bank credit card. This includes the Echo Cashback, Syncro, Platinum, World, or World Elite.
- Unlimited free Interac e-Transfers: Send as many Interac e-Transfers as you like via online banking, the National Bank app, or phone banking.
- Mobile cheque deposit: Deposit the cheques without visiting a branch. You can take pictures of the cheques using the National Bank app on your smartphone or tablet.
- Mobile and contactless payments: Tap and pay with your smartphone using Apple Pay or Google Pay. And enjoy support for Interac Debit contactless payments.
Drawbacks of the Connected® Chequing Account
Even though the Connected® account is one of the best National Bank chequing accounts, there are some downsides to note:
- Minimum balance requirements: To avoid a monthly fee for those 25 or older, a minimum monthly balance of $4,500 must be maintained.
- Age-related fees: If you open a Connected® Chequing Account at 24 or younger, you won’t have to worry about a monthly fee. However, you’ll be charged a monthly fee once you turn 25 unless you meet the minimum monthly balance requirement.
- Branch transaction fees: Be aware that if you prefer banking in person, each branch transaction incurs a $1.50 fee. Additionally, a $2 fee is charged for in-branch bill payments.
The Minimalist® Chequing Account is designed for individuals looking for a basic, no-frills account with minimal fees. This chequing account package offers several benefits to its users. Some of the main advantages of this account package include the following:
- Low monthly maintenance fee: The Minimalist® Chequing Account has a low monthly maintenance fee of $3.95. This makes it an inexpensive option for those who want to keep their banking costs low.
- Unlimited transactions: This account offers free 12 transactions per month, including debit card purchases, bill payments, and withdrawals from National Bank ATMs. If you need additional transactions after your 12 per month have already been used, each additional transaction will cost $1.25.
- Convenience: As a National Bank account holder, users can access their accounts online or through the bank’s mobile app. This makes it easy for them to manage their finances from anywhere and anytime.
- Direct Deposit: Users can set up direct deposit to have their paychecks or other payments deposited directly into their accounts. This eliminates the need to deposit checks manually.
- Access to other National Bank products: Users can access other National Bank products and services by opening a Minimalist® Chequing Account. These include loans, mortgages, and credit cards.
- Customizable alerts: All National Bank chequing accounts offer custom alerts to help users stay on top of their account activity. This includes receiving notifications when their account balance falls below a certain threshold.
Benefits of the Minimalist® Chequing Account
The Minimalist® Chequing Account from National Bank offers a range of attractive benefits that cater to the needs of various customers. This simple and effective account is among the best National Bank Chequing Accounts.
Designed with simplicity and convenience, this account ensures that managing your finances is a hassle-free experience. Let’s take a look at a few of the benefits of this account:
- Minimal (or no) monthly fees: For individuals aged 25-59, there’s a $3.95 monthly charge. However, this fee is waived for those aged 24 or younger or if you receive government assistance programs (RDGS, GIS).
- Complimentary Interac e-Transfers: Sending e-Transfers from your account is free if you stay within the monthly transaction limit.
- Straightforward application process: Applying for a National Bank Minimalist® Chequing Account can be done online in just a few minutes.
- Mobile cheque deposits: Utilize the National Bank mobile app to snap a photo of your cheques with your smartphone or tablet, making depositing funds into your account a breeze.
- No-cost statements: Access your account statements for free online or via mail.
Drawbacks of the Minimalist® Chequing Account
While the Minimalist® Chequing Account provides users with a cost-effective and straightforward banking option, there are also some drawbacks.
- Going beyond the transaction cap: With the Minimalist® Chequing Account, you’re allowed only 12 transactions per month. So, bear in mind that exceeding this limit will result in extra charges. For instance, a debit card purchase, withdrawal, or transfer will each incur a $1.25 fee.
- Age-dependent fee structure: If you fall within the 25-64 age range, be prepared to pay a monthly fee for this account.
- Restricted features: If you’re seeking a chequing account with additional functionalities, you should explore other options.
The Modest® Chequing Account is a basic account designed for individuals who want a simple and affordable banking option. This account is ideal for those who do not require many features and prefer to keep their banking costs low. It is amongst the best National Bank chequing accounts.
Here are a few of the features of the Modest® Chequing Account package offered by the National Bank:
- Monthly Maintenance Fee: The account has a monthly maintenance fee of $4.95, slightly higher than the Minimalist® Chequing Account.
- Unlimited Transactions: The account offers 30 free transactions per month including debit transactions, purchases and bill payments. If you stay within your 30 monthly transactions, you can manage your finances without incurring additional fees. Additional transactions after your monthly 30 cost $1.25.
- Online and Mobile Banking: The account package provides users with online and mobile banking options, enabling them to manage their accounts anytime and from anywhere. Users can access various features through the bank’s digital platforms, like checking their account balance, transferring funds, paying bills, and more. This feature is convenient for individuals who are always on the go and need quick and easy access to their bank accounts.
- Cheque Image Viewing: The account includes free access to view cheque images. This allows users to review their transaction history and keep track of their spending.
- Overdraft Protection: To avoid costly overdraft fees, users can apply for overdraft protection. This feature allows users to link their chequing account to a savings account or a line of credit to cover any overdrafts automatically.
- Access to Additional Services: Users can add additional features, such as personalized cheques, for an additional fee.
- Free National Bank ABMs: Users have free access to National Bank ABMs, allowing them to withdraw cash and make bill payments without incurring additional fees.
Benefits of the Modest® Chequing Account
The Modest® Chequing Account from the National Bank offers numerous benefits to users looking for a basic banking option.
- Age-based discounts on offer: The Modest® Chequing Account features an unusual fee structure, but it’s advantageous for specific age groups. Seniors enjoy a $5 discount, paying just $5.95 monthly, while those aged 24 and under pay nothing. Account holders aged 25 to 59 must pay the standard monthly fee of $10.95. However, the fee is waived if a minimum of $3,000 is maintained.
- Affordable overdraft protection: The chequing account includes overdraft protection, so you won’t face an NSF fee if you inadvertently overspend. Plus, there’s no monthly charge for the service. You only need to cover the incidental fee for the overdraft transaction, capped at $5.
Drawbacks of the Modest® Chequing Account
Although this chequing account presents a budget-friendly banking choice, it’s essential to be aware of some drawbacks associated with this account.
- Monthly transaction cap of 30: You can enjoy 30 free monthly transactions, including debit purchases, Interac e-Transfers, and National Bank ATM transactions. Once this limit is reached, additional fees apply.
- No credit card fee waivers available: While other National Bank chequing accounts offer waivers or discounts on specific credit card annual fees, this account does not. Given that other accounts provide this benefit, it’s a noticeable drawback.
- Complex ATM fees: National Bank Modest® Chequing Account holders can use the bank’s own ATMs free of charge. However, using other ATMs may be confusing. Transactions at ATMs within THE EXCHANGE network are free, but using another bank’s ATM incurs a $2 fee per transaction.
The Total® Chequing Account is designed for individuals who want a comprehensive banking option with additional features and benefits.
New holders of an eligible National Bank Mastercard credit card and a chequing account with the Total® package will receive a discount of up to $ 150. Eligible credit cards and respective discounts are: Echo® Cashback, Syncro, Platinum, World and World Elite®.
The discount only applies once after enrollment. The bank account must be opened before the credit card account to qualify for the discount offer. The amount of the discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card.
To qualify for the discount, the credit card account must be in good standing and the bank account must not be overdrawn. The primary cardholder and co-holder of an account with the Total package may be entitled to a discount provided they each sign up to an eligible Mastercard primary card.
No discount will be given to holders of an additional Mastercard card. Accounts opened with the Le Total package before January 22, 2018 are not eligible for this discount.
The Total® Chequing Account offers a safety deposit box discount and sers can also take advantage of preferential rates on loans and mortgages with the National Bank. Here are some of its key features:
- Monthly Maintenance Fee: The Total® Chequing Account has a monthly maintenance fee of $28.95. However, this fee can be waived if you maintain a minimum monthly balance of $6,000 in the account.
- Unlimited Transactions: The account offers unlimited transactions, such as bill payments, Interac e-Transfers, and debit purchases.
- Credit Card Fee Rebate: The Total® Chequing Account holders are eligible for a one-time annual fee rebate as cashback for certain National Bank credit cards. This can help save on credit card costs.
- Direct Deposit: Users can set up direct deposit to have their paychecks or other payments deposited directly into their accounts.
- Mobile cheque deposit: Users can deposit cheques using the National Bank app on their smartphone or tablet by taking photos of the cheques. This eliminates the need to visit a branch.
- Access to Additional Services: Users can add extra features, such as personalized cheques, for an added fee.
- Mobile and Contactless Payments: The account supports mobile and contactless payments, such as Apple Pay and Google Pay, for added convenience.
Benefits of the Total® Chequing Account
The Total® Chequing Account boasts several impressive features making it one of the best National Bank chequing accounts. Here’s a closer look at some of its top advantages:
- $150 credit card rebate offered: The $150 rebate can be applied to five different Mastercards. This includes National Bank World Elite Mastercard, World Mastercard, Platinum Mastercard, Syncro Mastercard, and Echo Cashback Mastercard.
- Access to a pre-authorized line of credit: With this chequing account, you can access a line of credit of up to $5,000. This is an overdraft protection feature but could be a lifesaver in emergencies. However, this benefit is unavailable to account holders under 18 years old.
- Unlimited legal and estate advice at no extra cost: The Total® Chequing Account offers free legal assistance via phone or video conference. This includes complimentary notary services, will-writing support, and answers to estate planning queries. It’s worth noting that these services are available only to National Bank clients aged 16 and above.
- Receive 100 free cheques annually: While it’s not surprising for a chequing account to include cheques, offering 100 free cheques per year sets the National Bank Total® Chequing Account apart. This allows you to write rent cheques every month or even pay for a magazine subscription the old-fashioned way.
Drawbacks of the Total® Chequing Account
Regrettably, the National Bank Total® Chequing Account falls short in a few aspects.
- Variety of monthly fees based on age: Figuring out the monthly fee for this account can be difficult because it offers four distinct possibilities. They are based on the account holder’s age: $18 for those aged 0-17, $13 for ages 18-24, $28.95 for ages 25-59, and $23.95 for individuals aged 60 and older. While this method is fascinating and distinctive, it can be somewhat confusing. Adopting a single flat fee would make things much easier for everyone involved.
- High minimum balance required to waive fees: Despite the varying monthly banking fees, the minimum balance to waive those fees remains the same at $6,000. This is a significant sum, particularly for individuals between 0 and 17 years old. While they can hold a National Bank Total® Chequing Account but are unlikely to have $6,000 to keep in it.
Best National Bank chequing accounts conclusion
The National Bank offers various chequing account options catering to different financial needs. Whether you’re looking for a simple and cost-effective banking solution or a comprehensive all-in-one package, the bank has something to offer.
Each package has benefits and drawbacks, from the Minimalist® to the Total® chequing accounts. By understanding your financial requirements and evaluating the features, you can make an informed decision when choosing the best chequing account.
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