Best National Bank Savings Accounts - Comparewise

Best National Bank Savings Accounts

The best National Bank savings accounts offer accessibility, high interest, and other valuable features to help grow your savings. From a high-interest savings account to a tax-free savings account, these funds act as a fallback plan for future projects and retirements.

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Last Updated: Jun 18, 2024

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National Bank High Interest Savings Account 

$0
Monthly Fee
1.7%
Interest Rate
  • No fixed monthly fees
  • 1.70% interest rate
  • No minimum balance required
Pros & Cons
Extra Details

Best National Bank Savings Accounts

The National Bank Savings Accounts are part of the portfolios provided by the National Bank to Canadian residents. These savings accounts include HISA, RRSA, TFSA, and FHSA.

Key benefits of these accounts include a 1.70% interest rate for the High Interest Savings acount, no minimum balance, tax-free contributions, and $500 annual education grants. These FDIC-insured savings accounts help you secure your funds for the future.

This article will discuss all you need to know about the best National Bank savings accounts. We will cut across available portfolios, account openings, bonuses, interest rates, and more.

Best National Bank Savings Accounts

There are several types of National Bank savings accounts available. However, to single out the best would be unrealistic. This is because every savings account has a specific purpose. Each with its own distinctive features and benefits. They include:

High-Interest Savings Account

A high-interest savings account is a type of savings account available to everyone. The HISA earns you interest right away on every dollar saved. The following is what this savings account entails:

Features

  • No fixed monthly fees
  • 1.70% interest rate
  • No minimum balance required
  • Interest kicks off from scratch
  • Risk-free savings
  • Interest is paid monthly
  • Easy accessibility with online transfers
  • Automatic savings setup available

Service Charges Available

  • $1.25 Interac e-transfers
  • $2 bill payment over-the-counter charge
  • One free AMB withdrawal per month
  • $5 on all other debit transactions
  • Free e-statement
  • $2.50 charges on paper statement
  • Free unlimited funds transfers between National Bank accounts

National Bank Registered Retirement Savings Account

Among the best National Bank Savings Accounts is the Registered Retirement Savings Account which allows you to save for long-term projects or retirement. This type of savings can be used to buy a house or fund a lifelong learning of your choice.

Features

  • 18% of your revenue as a contribution
  • Age limited to 71
  • Automatic contribution
  • Withdraw up to $35,000 for a Home Buyer’s Plan
  • Withdraw up to $20,000 over four years for a Lifelong Learning Plan
  • Opportunity to grow your RRSA by investing in products based on your needs
  • Contributions are limited to $30,780 for 2023

Tax-Free Savings Account

Talking about one of the best National Bank savings accounts, the Tax-Free account isn’t left out. This type of savings account allows individuals to save medium to long term.

It’s perfect if you want a financial backup for your family, buy a house, build one, or even travel in the future. In this type of savings, income, interest, and withdrawals are tax-free.

Features

  • Tax-free income, interest, and withdrawals
  • $6,500 annual contributions limit
  • Medium to long-term savings
  • Automatic deposits
  • $500 minimum withdrawal
  • $1,000 Minimum deposit
  • Withdraw anytime
  • Age limit of 18-19 years, depending on the province
  • Easy accessibility with online banking

First Home Savings Account

The First Home Savings Account, just as the name implies, allows first-time home buyers to save and buy a home.

Features

  • Tax-free
  • For house purchase
  • $40,000-lifetime contribution limit
  • Up to $8,000 contribution per year
  • Has a lifespan of 15 years
  • No payment required
  • No minimum holding period
  • No withdrawal limit

Registered Education Savings Account

The Registered Education Savings Account allows you to save for your child’s post-high school education. This type of savings can be grown tax-free because it’s tax-sheltered.

The best part is the government adds 20% to 40% yearly to your savings through education grants. For example, the Canadian Education Savings Grant (CESG).

Features

  • Recover savings in the event of school cancellations
  • $50,000 maximum contribution per beneficiary
  • $500 annual CESG amount
  • Unused grants can be carried forward
  • No age limit for individual RESP but under 31 for family RESP
  • Tax-free

How to Open National Bank Savings Account

Opening a National Bank savings account is hassle-free. It can be done at any National Bank physically or within a few minutes online. Follow this step-by-step process to open one for yourself:

Walk-in

  • Research one of the best National Bank savings accounts that suit your needs.
  • Gather the necessary supporting documents.
  • Visit the nearest National Bank branch and request a representative’s assistance.
  • Fill out the account opening form
  • Review and sign the Terms and Conditions
  • Receive your account information
  • Deposit the initial balance to activate your account

Online

  • Visit the National Bank website
  • Select the “Home” button at the top left-hand corner of the page
  • Select “Personal”
  • Go to “savings and investment”.
  • Select the type of savings you want, then click “sign in” if you already own a National Bank account or click “create your account” if you are new.
  • Go through the identification process and select as appropriate. Then fill in your personal information.
  • Go through the validation process by clicking on “Continue”.
  • Upload necessary supporting documents
  • Review terms and conditions
  • Upon approval, deposit the minimum amount to activate your account.

Book an appointment

  • Book an appointment for advice on your FHSA or RESP here.

What Is the National Bank Savings Account Interest Rate?

The National Bank High-Interest Savings Account gives you a 1.70% interest rate on your monthly savings. This rate can be modified at any time. However, for other interest rates, you may want to contact customer service at 1-888-835-6281.

National Bank Online Banking

The National Bank online banking makes it easy to manage your account and finances in the comfort of your home. It helps you do the following:

  • Make Interac e-transfers and international money transfers
  • Send and receive money
  • Pay your bills
  • Manage your mortgages

National Bank Login

Your National Bank Login is your credentials used to access your mobile banking platform. This contains your username and password. You can access your mobile banking platform using your login details which give you access to pay your bills, send and receive money or even request account statements.

National Bank Sign In

Your National Bank Sign-in gives you login access to your National Bank online or mobile banking platform. However, you must provide the correct National Bank login details for a successful National Bank sign-in.

What Is the National Bank Savings Account Minimum Balance?

The National Bank Savings Account Minimum balance varies and depends on the savings account. However, ranging from $0 for a HISA to $500 for a Tax-free Savings Account. Some savings accounts do not require a minimum balance, while others do.

What Is the National Bank Welcome Bonus?

There is no welcome bonus associated with opening a National Bank savings account. However, you can win $8,000 in a contest for a First Home Savings Account.

Best National Bank Savings Accounts Conclusion

Choosing the best National Bank savings accounts is vital for your financial stability and growth. We’ve highlighted some of the best options, from high-interest to tax-free savings. Therefore, by opening the correct savings account, you’ll be well on your way to meeting your financial objectives in no time.

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May 2, 2023
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FAQs about the best National Bank savings accounts

Is It Possible to Own Multiple National Bank Savings Accounts?

Yes, although the number of savings accounts you can have depends on your personal preference. This means you can simultaneously own an RRSA, TFSA, and FHSA, all of which help you save for different purposes.

Can I Link My National Bank Savings Account to My Checking Account?

Yes, you can link your savings account to your checking accounts either online or by visiting the nearest National Bank. This linkage has several benefits, which include swift fund transfers between the two accounts, avoiding overdraft fees on your checking account, and more. However, checking with your bank for fees associated with linking your accounts is best.

When Opening a National Bank Savings Account, What Features Should Be Considered?

There are several features to consider while opening a National Bank savings account. These include the purpose for which you want to save, the interest rates, minimum balance, initial deposit, convenience, and accessibility.

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