Desjardins Group vs National Bank of Canada

Item: Desjardins Group
Rating: 4

A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.

VS

Desjardins Group

4.0

Open account Read full review

National Bank of Canada

4.1

Open account Read full review

National Bank of Canada edges ahead on our overall rating (4.1 vs 4.0), but the right pick depends on which products and fees matter most to you.

Overview

Top chequing accounts

Top savings account

Desjardins Group has no savings account listed.

Best for: Bulking up your savings

National Bank High Interest Savings Account

2.5 Our rating

OPEN ACCOUNT

on National Bank's website

Welcome Bonus

N/A

Monthly Fee

$0

Highlights

Benefits at a glance

0.55% interest¹ paid monthly
Risk-free saving available at all times
Free unlimited funds transfers² between your National Bank^® accounts
No fixed monthly fees⁵

Earn interest from the first dollar invested

You will earn interest no matter how much money you have in your account. That means your savings will start growing right away!

Easily access your funds

You can access your savings at any time. With your online bank, transferring funds between your accounts* is fast and easy.

A handy emergency fund

Your savings provide a financial cushion against the unexpected. If needed, you can withdraw funds to face emergencies.

How to open a savings account

Apply

Submit an application online in less than 5 minutes.

Deposit

Transfer funds from your online bank in just a few clicks.

Pros & Cons

Pros

Easy access (great for emergency funds)
CDIC insured
No monthly maintenance fee
No minimum balance

Cons

Relatively low interest rate
Hefty transaction fee
no free e-Transfers

Top credit card

All products offered

Open Desjardins Group account Open National Bank of Canada account

Compare Desjardins with other banks

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Compare National Bank with other banks

National Bank vs ATB

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National Bank vs PC Financial®

National Bank vs RBC

National Bank vs Simplii Financial™

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National Bank vs Wealthsimple

Desjardins Group, or Desjardins for short, markets itself as “the largest cooperative financial group in Canada.” The organization offers its members a broad range of financial services including everyday banking, savings, credit cards, mortgages, loans, insurance, and wealth management. Its strongest physical presence is in Quebec and Ontario, where it has 189 caisses and branches as well as 1,260 ATMs.

Providing a full suite of banking products, Desjardins allows members to choose from banking packages ranging from the Basic Plan to the Unlimited Plus Plan. Fee waivers are also available. Desjardins has non-registered savings accounts, credit cards, borrowing products and investment services. Its account fees compare reasonably well with those of the biggest banks in Canada, though its overall fees and savings rates fall short of what customers can find at online banks and fintechs.

Desjardins has several credit cards including those with a cash back option and rewards through its BONUSDOLLARS program. While the rewards platform does not carry the same national recognition as those of the big banks, it still gives members a way to earn rewards across eligible products.

As it provides access to an array of lending options as well as a full-service brokerage and private wealth management, Desjardins delivers more depth than many smaller credit unions or digital banks. Its regional concentration, however, makes it less convenient for Canadians who live outside of these areas. Those within the core markets may find Desjardins to be a strong full-service alternative to the major banks.

The National Bank of Canada, also called National Bank, is one of the biggest banks in Canada, though it is the smallest of the group. Initially, the bank dominated in the province of Quebec, but has since expanded its reach throughout the country. The migration of CWB Financial Group adds to National’s offering, with the integration of its clientele now complete according to the bank's website.

National Bank has a reputable Bank Account for Newcomers program and a range of chequing account options. Its monthly fees remain competitive, and certain groups can get the fee waived, as can those who maintain a minimum account balance. Minimum balance requirements are slightly above the other Big Six, though. In terms of savings accounts, the bank’s main option for Canadian dollar savers is its High Interest Savings Account. The account has a less competitive rate, causing National Bank to fall behind the offerings from the other major banks. Anyone focusing on earning a higher interest rate can find a better return with digital institutions.

Another area where National Bank is more limited is in its credit card offering. The bank does not have Visa cards, instead sticking with Mastercard only. While its choices are narrower compared to some of the other Big Six Canadian banks, it does have a quality selection. For example, the bank has the National Bank World Elite^® Mastercard^®, which Finly rates highly at a 4.6 out of 5 due to its “generous earn rate.”

For its lending and mortgage products, National Bank boasts a wide variety of fixed and variable-rate mortgages plus personal loans and lines of credit as well as home equity borrowing. As a full-service lender, National Bank is more than just a niche banking option with mortgage and loan options generally in line with the major Canadian banks. It also has promotional rates that offer a competitive edge.

Overall rating

4.0

4.1

Customer experience

3.1

3.4

Best for

Desjardins is best for Canadians who want full-service banking through a cooperative financial institution. It is particularly useful for those in Quebec or Ontario where there is the largest branch and ATM presence.

National Bank is best for Canadians who want full-service banking and access to a major federally regulated bank. It’s particularly suitable for those in Quebec or customers in Western Canada where the bank expanded.

Pros & cons

Pros

Cooperative structure can appeal to those who prefer a member-focused financial institution
Broad lineup of products
Strong reputation as Canada’s largest cooperative financial group
Competitive chequing-account fee waivers compared with many of the Big Six Banks
Strong branch and ATM presence in Quebec with additional access in Ontario
Supports both a full-service brokerage and an online brokerage
BONUSDOLLARS program provides eligible credit cardholders a way to earn and redeem rewards

Cons

Branch and ATM network is highly concentrated in Quebec and Ontario
Savings rates may be below those of online banks and fintechs
Rewards ecosystem is less comprehensive than those from the larger banks
Premium account packages have fewer perks than some of the alternative options at the Big Six banks
Not the lowest-cost option for those who want no-fee digital banking

Pros

Part of THE EXCHANGE ABM network, providing customers with access to almost 2,500 machines
Availability of fee-waiver options
Has a stand-out newcomer program and well-ranked credit card even with a more limited offering
National Bank Direct Brokerage promotes a unique offering of $0 online stock and ETF commissions
More valuable rates and rewards available through periodic promotional pricing

Cons

Smaller branch network versus the other major Canadian banks
Monthly account fees apply to all chequing accounts unless you maintain a minimum account balance or meet other fee-waiver eligibility
Minimum balance waiver is at a higher level in comparison to the other Big Six
Savings account offering is limited
Credit card lineup includes Mastercard only, no Visa or AmEx options
Every credit card has a 2.5% foreign transaction fee

Desjardins Unlimited Plan

3.7 Our rating

OPEN ACCOUNT

on Desjardins' website

Welcome Bonus

N/A

Monthly Fee

$15.95 (waivable)

Account Type

Chequing • Personal

Highlights

Monthly fee of $15.95 (waived with a $4,000 minimum balance)
No ATM fees with the AccuLink® network
Eligible for member dividends³
Unlimited transactions through AccèsD, an ATM² or teller
$1.50 cost for Interac^® e-Transfers

Account Fees

Monthly Fee

$15.95

eStatement

Included

Desjardins Unlimited Plus Plan

3.6 Our rating

OPEN ACCOUNT

on Desjardins' website

Welcome Bonus

N/A

Monthly Fee

$23.95 (waivable)

Account Type

Chequing • Personal

Highlights

Monthly fee of $23.95 (waived with a $5,000 minimum balance)
No cost for ATM transactions in the AccuLink® network
Member dividend³ eligibility
No limit on transactions through AccèsD, ATM², cheque, or teller
No charge for Interac^® e-Transfers

Account Fees

Monthly Fee

$23.95

eStatement

Included

Best for: Newcomers to Canada

National Bank Bank Account for Newcomers

4.5 Our rating

OPEN ACCOUNT

on National Bank's website

Welcome Bonus

Earn up to $600 cashback when you open an account for newcomers and meet certain criteria.

Monthly Fee

$15.95 (waivable)

Account Type

Chequing • Personal

Welcome Bonus Details

Promotion: You could get up to $600 cashback

Start your life in Canada by taking advantage of our welcome offer: A bank account that allows you to earn up to $600 cashback. Here’s how to get the most out of it:

Get $300 cashback when you:
Open a chequing account and meet certain criteria.

Sign up for online banking.
Complete 20 eligible transactions.
Receive 3 eligible automatic deposits of at least $100 each.

Get $100 cashback when you:
Apply for a Mastercard credit card, get approved, and complete 20 purchases with the new card.

Get $100 cashback when you:
Set up pre-authorized, recurring payments for your National Bank mortgage from your new chequing account.

Get $100 cashback when you:
Open a High Interest Savings Account and deposit at least $5,000.

Highlights

You’re eligible to open a newcomer bank account if you:

Are 18 years of age or older.
Plan to move to Canada within 90 days or have been living in Canada for 5 years or less.
Have permanent or temporary resident status with a valid work or study permit.

A journey that evolves with you over 4 years

Year 1

Get started with no monthly fees

As soon as you arrive, enjoy all the benefits we offer, without any fixed monthly fees.¹

Years 2 and 3

Keep your account free by meeting certain conditions*

Maintain a minimum daily balance of $4,500 in your account

OR

Sign up for the following three products and services:

A credit card
Electronic bank statements
Payroll deposit or the electronic payment of at least two bills per month

Year 4

Automatically switch to The Connected

After your newcomer offer ends, your account automatically switches to The Connected^® package, which lets you reduce or even eliminate your monthly fees.

Get even more advantages with your account for newcomers

Unlimited online transactions and Interac e-Transfer^® usage within Canada
Access to over 360 branches and to our network of ABMs across Canada⁷
First cheque order free of charge⁴
Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year⁵
Free paper statements by mail for the first year⁶
Cash withdrawals abroad through our network of global partners⁸
Get 12 months of free legal advice through our partner FBA Solutions.²
Send transfers to 19 European Union countries, India, the Philippines, and more.³

Pros & Cons

Pros

Unlimited online transactions and Interac e-Transfers in Canada
Cashback promotional offer
Free legal assistance
Online international money transfers
Monthly fee waivers

Cons

Tiered monthly fee rebate requirements
Limited access outside Quebec
Limited low-fee international transfer locations

Account Fees

Monthly Fee

$15.95

Fee Waiver: Baseline Savings

Full waiver

Baseline savings of $334.92 over three years for the account You’ll save if you meet the following conditions: Open a bank account online before arriving with our secure form or visit a branch upon arrival. Sign up for our offer for newcomers. Savings are based on: First year: no flat monthly fee (savings of $15.95/month for 12 months) Second year: flat monthly fee of $7.98 instead of $15.95 (savings of $7.97/month for 12 months) Third year: flat monthly fee of $11.96 instead of $15.95 (savings of $3.99/month for 12 months)

Fee Waiver: Maximum Savings

$4,500 min. balance

Maximum savings on the account: $574.20 over 3 years In addition to the basic savings conditions, you must: Maintain a minimum daily balance of $4,500 OR Sign up for the following three products and services before the end of the first year and maintain them until the end of the special offer: A Mastercard® personal credit card ; Electronic bank statements ; Payroll deposit to your bank account at one of our branches at least once a month or payment of at least two bills per month electronically from this bank account

Fee Waiver: Maximum Total Savings

$4,500 min. balance

Maximum total savings of the offer: $683.30 over 3 years To reach these savings, you must meet all the conditions for maximum savings on the account (above) and take advantage of the following services: First check order free ($67.10/order) Free paper bank statements for the first year ($42) Please note: The savings depend on meeting all the requirements for the entire duration of the offer (3 years). If you do not meet all the conditions in a given month, your savings will be reduced. If you no longer have the bank account or the Newcomer Package, the savings will no longer apply.

Credit Card Rebate

Up to $100

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$2

International & Currency

Foreign Currency Conversion

2.5%

Other Fees

NSF (Non-sufficient Funds)

$10

Overdraft Protection

$5/month

Overdraft Interest

21% annually (if used)

Bank Draft

$9

Best for: Premium Perks and Unlimited Transactions

National Bank The Total Chequing Account

3.8 Our rating

OPEN ACCOUNT

on National Bank's website

Welcome Bonus

Up to $150 cashback with an eligible credit card

Monthly Fee

$28.95 (waivable)

Account Type

Chequing • Personal

Welcome Bonus Details

Up to $150 cashback with an eligible credit card⁷

Available to new holders of an eligible National Bank Mastercard credit card and a chequing account with The Total^® package
Eligible credit cards include: Echo^® Cashback, Syncro, Platinum, World and World Elite^®
Discount only applies once after enrollment
Bank account must be opened before the credit card account to qualify
Discount will be applied as a credit to the credit card account statement within a maximum of 90 days after activation of the card

Highlights

Online application in a few clicks
Unlimited use of Interac e-transfer,¹ free of charge
Unlimited digital² and in-person³ transactions
An integrated line of credit up to $5,000⁴
Unlimited access to a lawyer by phone or videoconference, in partnership with FBA Solutions. Benefit from estate assistance to draw up your will and protection mandate in anticipation of incapacity, before witnesses, or online ⁵
Overdraft protection⁶
Up to $150 cashback with an eligible credit card ⁷
Unlimited use of Interac ^® & Cirrus^® network ABMs in Canada, free of charge
Access to mobile cheque deposit
Stop pre-autorized debits or cheques, free of charge
Mail statements at no extra cost
100 cheques per year,⁸ free of charge
Access to THE EXCHANGE^® network of ABMs at no additional cost
Online statements at no extra cost

Pros & Cons

Pros

Easy online application
Unlimited free transactions and e-Transfers
Integrated line of credit
Promotional cashback
Legal Assistance
Monthly fee rebates
Overdraft protection

Cons

Minimum balance required for monthly fee rebates
Limited branch access
International transfer fees

Account Fees

Monthly Fee

$28.95

Fee Rebate: 0-17 years old

Partial rebate

0-17 years old Monthly fees (9): $18/month

Fee Waiver: 18-24 years old

$6,000 min. balance

18-24 years old Monthly fees (9): $13/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount

Fee Waiver: 25-59 years old

$6,000 min. balance

25-59 years old Monthly fees (9): $28.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (10) and enjoy a $10/month discount

Fee Waiver: 60 plus

$6,000 min. balance

60 plus Monthly fees (9): $23.95/month Reduce your monthly fees* $0 with a balance of $6,000 or more Get an eligible Mastercard credit card (5) and enjoy a $10/month discount

Credit Card Rebate

Up to $150

eStatement

Included

Transactions

Unlimited free

Interac e-Transfers

Unlimited free

ATM Fees

Own Network

$0

Canadian ATMs

$0

International & Currency

International Transaction Fee

$5.95

Foreign Currency Conversion

2.5%

Other Fees

NSF (Non-sufficient Funds)

$10

Overdraft Protection

$5/month

Overdraft Interest

21% annually (if used)

Bank Draft

$0

Desjardins Flexi Visa

4.0

Finly Rating

APPLY NOW

on Desjardins' website

Welcome Bonus

N/A

Rewards Rate

No Rewards

Annual Fee

$0

Interest Rates

10.9% - 19.9 / 12.9%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4/5

If you plan to carry a balance on your credit card, this is one of the best no-fee, low-interest-rate credit cards in Canada. However, outside of this specific use case, the card doesn't offer many additional benefits.

Pros & Cons

Pros

No annual fee
Low interest rates
Comprehensive insurance

Cons

No rewards
No benefits
Short travel coverage

Card Details

Rewards

No rewards earned on this card

Insurance

Coverage

Travel Medical Insurance (64 & under)
$5M/insured up to 3 days, under 75 years old
Trip Cancellation
$500 per person for trips up to 3 days
Trip Interruption
$1,000 per person for trips up to 3 days
Baggage Delay
$500 per person after 6 hours delay for trips up to 3 days
Lost or Stolen Baggage
$500 per person for trips up to 3 days
Common Carrier Travel Accident Insurance
$10,000 per person for trips up to 3 days
Mobile Device Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year

Eligibility

Credit Score
Good
Annual Income
N/A

National Bank World Elite® Mastercard®

4.6

Finly Rating

APPLY NOW

on National Bank's website

Exclusive · From FinlyWealth$100 rebate

Welcome Bonus

N/A

Rewards Rate

1x - 5x

Points

Annual Fee

$150

Interest Rates

20.99% / 22.49%

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660⁎

Good

725⁎

Very Good

760⁎

Excellent

⁎Estimates based on Equifax scoring

Get your free credit score

Our Rating

4.6/5

The National Bank World Elite Mastercard is a strong choice for frequent travelers who value rewards and comprehensive insurance coverage. With a generous earn rate on everyday spending categories like groceries and restaurants, it offers substantial value, especially if you redeem points for travel. The $150 annual travel credit effectively offsets the card's $150 annual fee, making this card almost "fee-free" if fully utilized. Additionally, the card’s airport lounge access, superior purchase protection, and extended warranties make it a great companion for those who prioritize convenience and peace of mind during their travels.

Pros & Cons

Pros

High earn rates
Annual travel credit
Comprehensive insurance
Unlimited airport lounge access

Cons

High income requirements
Annual fee

Card Details

Rewards

Earn up to 5 points per dollar in eligible grocery and restaurant purchases*
2 points per dollar in eligible gas and electric vehicle charging purchases, recurring bill payments and À la carte^TM travel purchases*
1 point per 1 dollar in other purchases

Insurance

Coverage

Purchase Protection^*
180 days
Extended Warranty^*
Up to 2 years
Travel Medical Insurance (54 & under)
60 days
Travel Medical Insurance (55 to 64)
31 days
Travel Medical Insurance (65 to 75)
15 days
Trip Interruption
$5,000
Trip Cancellation
$2,500
Baggage Delay
$500
Flight Delay
$500
Lost or Stolen Baggage
$1,000
Car Rental Damage & Theft
yes
Mobile Device Insurance
$1,000

Benefits

Details

Airport Lounge - National Bank
Unlimited access to the National Bank Lounge at Montréal-Trudeau Airport
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)

Eligibility

Credit Score
Good
Annual Income
$80,000 personal or $150,000 household

12 products

Chequing

Desjardins Basic Plan

Desjardins Intermediate Plan

Desjardins Unlimited Plan

Desjardins Unlimited Plus Plan

Credit cards

Desjardins Bonus Visa

Desjardins Cash Back Mastercard

Desjardins Cash Back Visa

Desjardins Cash Back World Elite® Mastercard®

Desjardins Flexi Visa

Desjardins Odyssey Gold Visa

Desjardins Odyssey Visa Infinite Privilege

Desjardins Odyssey World Elite Mastercard

16 products

Savings

National Bank High Interest Savings Account

Chequing

National Bank Bank Account for Newcomers

National Bank The Total Chequing Account

The Connected Chequing Account

National Bank The USD Progress Account

National Bank The Minimalist Chequing Account

Credit cards

National Bank Allure® Mastercard®

National Bank Business Mastercard

National Bank ECHO® Cashback Mastercard

National Bank MC1® Mastercard®

National Bank mycredit Mastercard

National Bank Platinum Business Mastercard

National Bank Platinum Mastercard®

National Bank Syncro™ Mastercard®

National Bank World Elite® Mastercard®

National Bank World Mastercard

Desjardins Group vs National Bank of Canada

Desjardins Group

National Bank of Canada

Top chequing accounts

Top savings account

Benefits at a glance

Earn interest from the first dollar invested

Easily access your funds

A handy emergency fund

How to open a savings account

Top credit card

Compare Desjardins with other banks

Compare National Bank with other banks

Promotion: You could get up to $600 cashback

You’re eligible to open a newcomer bank account if you:

A journey that evolves with you over 4 years

Year 1

Years 2 and 3

Year 4

Get even more advantages with your account for newcomers

Up to $150 cashback with an eligible credit card7

Up to $150 cashback with an eligible credit card⁷