Manulife Bank of Canada vs National Bank of Canada
A side-by-side comparison of ratings, customer experience, products, fees, and pros & cons to help you choose the right bank.
VS
National Bank of Canada edges ahead on our overall rating (4.1 vs 3.8), but the right pick depends on which products and fees matter most to you.
Overview
Manulife Bank is “Canada's first branchless bank,” with its parent company well-known among Canadians. The digital bank has $33.5 billion in assets and is ranked by Forbes as number seven in Canada on its list of the World’s Best Banks 2026. It also has Canada Deposit Insurance Corporation (CDIC) coverage on deposits.
Offering a much narrower lineup versus the biggest banks in Canada, Manulife Bank has one main bank account, which acts as a hybrid between chequing and savings. It also has Visa-branded credit cards, though does not offer Mastercard or American Express. The bank’s lineup is complete with mortgages and lines of credit, but its ongoing, non-promotional borrowing rates are less competitive, especially compared to offers available through digital banks.
One of the standout features of Manulife Bank is its integration with Manulife Financial, which allows customers access to insurance and wealth management services alongside daily banking. For those who already use Manulife products, it can provide a simple way to manage everyday banking with other financial needs.
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
3.8
4.1
Customer experience
3.2
3.4
Best for
Manulife Bank is ideal for Canadians who want digital banking from an established financial institution. Is it particularly attractive to those who already use Manulife for insurance, wealth management, or borrowing.
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
Schedule I federally chartered bank with backing from The Manufacturers Life Insurance Company
Integration with Manulife Financials’ broader offering
CDIC insurance coverage on eligible deposits
Access to over 2,600 surcharge-free ATMs in Canada through Manulife Bank or The Exchange Network
Hybrid banking, which combines interest with everyday banking features
Cons
No physical branch locations
Less banking options compared to the Big Six Canadian banks
Mixed customer reviews
Business banking is not a complete offering
Rewards ecosystem is less competitive
Regular savings rates are not market-leading
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
Top chequing accounts
Manulife Bank of Canada has no chequing account listed.
Best for: Newcomers to Canada
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
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.
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 Canada 7
- First cheque order free of charge 4
- Free National Bank ABM and in-branch withdrawals, transfers and bill payments for the first year 5
- Free paper statements by mail for the first year 6
- Cash withdrawals abroad through our network of global partners 8
- 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
- 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
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
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
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
- Online application in a few clicks
- Unlimited use of Interac e-transfer, 1 free of charge
- Unlimited digital 2 and in-person 3 transactions
- An integrated line of credit up to $5,000 4
- 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 protection 6
- 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
- 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
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
Top savings account
3.9 Our rating
on Manulife Bank's website
Welcome Bonus
Get an additional 1.5% in interest for new customers
Regular Interest
1.5%
Monthly Fee
$0
Earn an extra 1.5% on top of the regular 1.50% variable interest rate when you make a deposit your new Advantage Account*
* 3.00% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 1.50% and the variable annual promotional rate of 1.50%. Interest is calculated daily and paid monthly beginning on the date the account is opened and continuing 730 days (2 years) on net new deposits to a maximum of $500,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of July 2, 2026 and subject to change without notice. Click here for full terms and conditions (PDF).
- Earn interest on your entire account balance
- $1.00 per Interac® debit transaction, Interac e-Transfer or bill payment
- $1.50 to withdraw your money
- Access to 2,600 Manulife Bank or The Exchange Network ATMs in Canada
- Fees waived on all banking transactions with a minimum account balance of $1,000
Best for: Bulking up your savings
on National Bank's website
Welcome Bonus
N/A
Monthly Fee
$0
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
- 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
Manulife Bank of Canada has no credit card listed.
on National Bank's website
RECOMMENDED CREDIT SCORE
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
- High earn rates
- Annual travel credit
- Comprehensive insurance
- Unlimited airport lounge access
Cons
- High income requirements
- Annual fee
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 carteTM 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 daysTravel Medical Insurance (55 to 64)
31 daysTravel Medical Insurance (65 to 75)
15 days
Trip Interruption
$5,000
Trip Cancellation
$2,500
Baggage Delay
$500Flight Delay
$500
Lost or Stolen Baggage
$1,000.svg)
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.svg)
Travel Credit
$150 refund per year on travel expenses (seat selection, airport parking, baggage fees, airline ticket upgrades and lounges)
Eligibility
Credit Score
GoodAnnual Income
$80,000 personal or $150,000 household
All products offered
1 product
Savings
Manulife Advantage Account
16 products
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