National Bank of Canada

National Bank’s Bank Account for Newcomers gives eligible newcomers a strong starting point for everyday banking in Canada. With unlimited online transactions and Interac e-Transfers within Canada, the account helps customers to manage their bills, make purchases, and initiate transfers. All without worrying about transaction limits. The account also adds practical benefits like access to branches and ATMs, a first cheque order at no extra charge,⁴ free paper statements by mail for the first year,⁶ and legal assistance through partnering FBA Solutions.

The account stands out because it exceeds the basic no-fee banking accounts. Newcomers can even access international money transfer options and free National Bank ATM and in-branch transactions for the first year.⁵ While customers should still compare the offer with newcomer packages from other major banks, National Bank delivers a well-rounded package for those who want full-service banking while settling into Canada.

As an unlimited banking package, National Bank’s Total Chequing Account provides no limits on everyday transactions. It’s ideal for those who use their chequing account often and prefer to have no limits on their banking activity. The account also provides extra value through a rebate on eligible credit cards and available overdraft protection.

The main drawback of the Total Chequing Account is its fee. With a monthly charge of $28.95, the account’s cost is on the high end, though a fee waiver is possible with a minimum balance. Light banking users may find it difficult to justify the cost and can likely find better value in a lower-tier account at National Bank or through a digital institution. For those who want unlimited transactions and premium banking benefits, this account comes with a strong package. 

National Bank’s Connected Chequing Account gives customers unlimited digital transactions without moving into the bank’s highest-priced package. It may suit those who manage most of their money online or through the mobile app. Customers can also avoid or reduce the monthly fee through available rebate options, including balance-based waivers or eligibility-based discounts.

The Connected Chequing Account’s main limitation is that it focuses on digital banking rather than full unlimited access. Customers who often visit branches or want more premium benefits may get better value from a different banking package. The account can be, however, a good fit for those who want unlimited online banking from a major Canadian bank without paying for a full premium account.

Providing customers with a practical way to hold and manage U.S. Dollars, the National Bank USD Progress Account helps you to avoid frequently converting funds back and forth. The account may work well for Canadians who travel to the United States, receive U.S. Dollar payments, write cheques in USD, or want to keep U.S. cash separate from their Canadian Dollars. It also has no fixed monthly fee.

The USD Progress Account’s value depends on how often you use it. National Bank charges fees in U.S. Dollars for most transactions, and the account has limited digital functionality. It offers useful U.S. Dollar banking features, but its transaction fees and limited flexibility make it less appealing for everyday use.

The National Bank Minimalist Chequing Account gives customers a low-cost way to access everyday banking through a major Canadian bank. It has a modest monthly fee and includes 18 monthly transactions. The account may suit those who do not need unlimited banking activity each month, especially those who use credit cards for most of their spending and only need a basic chequing account for bill payments, deposits and occasional debit transactions.

The account’s simplicity is also its main drawback. Customers who regularly use their account may outgrow the transaction limit and find better value in an unlimited chequing account. That said, the Minimalist offers a practical middle ground for those who want National Bank’s branch, ABM and digital banking access without paying for a more expensive package.