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: May 23, 2023
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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.
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 1.50% 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.
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:
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:
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.
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.
The First Home Savings Account, just as the name implies, allows first-time home buyers to save and buy a home.
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).
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:
The National Bank High-Interest Savings Account gives you a 1.50% 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.
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:
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.
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.
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.
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.
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.
Make your money do more.
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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.
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.
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.