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Savings account

National Bank

National Bank High Interest Savings Account

2.5/5 our rating

Best for: Bulking up your savings

Open account

Opens National Bank's website

Monthly fee
$0

Overview

A National Bank savings account for holding money, not spending it. There's no monthly fee or minimum balance, and transfers to your National Bank chequing are free and instant. Withdrawals and e-Transfers straight from the account cost extra and the rate is modest, so treat it as an emergency fund rather than a way to grow your money.

What we like

  • Easy access (great for emergency funds)

  • CDIC insured

  • No monthly maintenance fee

  • No minimum balance

Worth knowing

  • Relatively low interest rate

  • Hefty transaction fee

  • no free e-Transfers

Fees

Account fees

Monthly fee

$0

eStatement

Included

Transactions

Transaction fee

$5

e-Transfer fee

$1.25

ATM fees

Own network

$5

Canadian ATMs

$6.5

USA

$8

International

$10

International and currency

International transaction fee

$5.95

Foreign currency conversion

2.5%

Cross-border debit fee

$1

Other fees

NSF (non-sufficient funds)

$10

Overdraft protection

$5/month

Overdraft interest

21% annually (if used)

Bank draft

$15

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.

Little details that matter


*Service charges

  • Interac ® e-Transfers: $1.25
  • Bill payments at the counter:3 $2
  • eStatements: Free
  • Paper statements: $3.50
  • Free online fund transfers between your National Bank accounts2
  • ABM withdrawals: One free withdrawal per month
  • All other debit transactions:4 $5

For more information on fees for National Bank's products and services, consult the Fees – Your Guide to Personal Banking Solutions pamphlet.


  1. Interest is calculated at the end of each day on the total daily balance. It will be paid monthly. The annual rate is variable and subject to change without notice. See current rates
  2. Free funds transfers can be carried out via National Bank online, the National Bank app or our Telephone Banking Solutions.
    Certain features are not available on the National Bank app.
    Certain browser versions are required to access National Bank online.
    For more information on our online banking services, visit our Fraud prevention page.
  3. Teller-assisted transactions are carried out at National Bank branches during regular business hours. They include bill payments, deposits, withdrawals, funds transfers, foreign exchange transactions and issuing drafts. 
  4. Debit transactions are carried out using your debit card at National Bank ABMs or ABMs in an affiliated network. These transactions include withdrawals, deposits, balance inquiries (account, line of credit or credit card), transaction history requests (deposits and withdrawals), fund transfers and bill payments. Additional fees are charged for using the Interac ® and CIRRUS® networks. No additional fees are charged for using THE EXCHANGE® ABM network.
  5. Savings accounts are designed to put money aside for the future. Using one for your everyday transactions may cause you to incur certain fees. To avoid paying fees on your High Interest Savings Account, transfer funds to your chequing account and use that to complete the transactions.

® Interac is a registered trade-mark of Interac Corp. Used under licence.
® CIRRUS is a registered trademark of Mastercard International Inc. Authorized user: National Bank of Canada
®THE EXCHANGE is a registered trademark of Fiserv Inc.
® NATIONAL BANK and the NATIONAL BANK logo are registered trademarks of National Bank of Canada.
Deposits in a High Interest Savings Account are covered by the Canada Deposit Insurance Corporation (CDIC). Find out more about the coverage offered by CDIC.


Here’s how to open a joint account:

1. Make an appointment

Schedule an appointment online, either in person at any branch or by video call. Specify the type of account you’d like to open in the Additional Details section. Add the name(s) of anyone accompanying you in the Additional Attendees section.

2. Prepare your documents

Ensure everyone at your appointment has the appropriate identification documents indicated in the appointment confirmation.

3. Choose your account

Chequing account

Receive your income directly into this account and carry out your daily transactions: purchases, withdrawals, deposits, bill payments, transfers between accounts, sending money, and more. This account provides each co-owner with a debit card.

Savings account

Use your savings account to put money aside for a specific goal, like an upcoming vacation, or to ensure you have an emergency fund in case the unexpected happens, for example you lose your job. With this type of account, you'll earn interest on your savings and have easy access to your money.

Rights and obligations

During your appointment with your advisor, you can discuss the main rights and obligations of each joint account holder.

If you’d like to find out more, read our article on the pros and cons of a joint account.