National Bank The Connected Chequing Account review

The basics

National Bank’s The Connected Chequing Account offers these standard features:

• Linked debit card. You can use your card to pay for purchases online and in-store.
• Unlimited digital transactions. There’s no limit to the number of digital transactions you can make per month, including domestic and international transfers, withdrawals and debit card purchases.
• No monthly fee (conditions apply). You won’t need to pay a monthly fee for this account if you’re 24 years or younger. If you’re aged 25 and above, you can also avoid a fee by maintaining a minimum monthly balance of $4,500 or more.
• Free online statements. If you need to review your spending or check your transaction history, you can access free online statements.
• ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without incurring any additional fees.

What are the benefits of the National Bank The Connected Account?

You can also take advantage of the following benefits:

• $30 Mastercard credit card discount. The Connected account holders receive a $30 discount when they sign up for an eligible National Bank credit card. Eligible National Bank credit cards are the Echo Cashback, Syncro, Platinum, World and World Elite.
• Unlimited free Interac e-Transfers. You can send unlimited free Interac e-Transfers via online banking, the National Bank app or phone banking.
• Mobile cheque deposit. You don’t have to visit a branch to cash a cheque – you can take photos of any cheques using the National Bank app on your smartphone or tablet to deposit them into your bank account.
• Mobile and contactless payments. You can also use your account to tap and pay with your smartphone thanks to Apple Pay and Google Pay, while Interac Debit contactless payments are also supported.

What are the drawbacks of the National Bank The Connected Account?

However, there are a few key drawbacks to watch out for with this account:

• Minimum balance requirements. Aged 25 or older and want to avoid a monthly fee? You’ll need to maintain a minimum monthly balance of $4,500.
• Age-related fees. If you sign up for a National Bank The Connected Chequing Account when you’re aged 24 or younger, there’s no monthly fee to worry about. Make sure you’re aware that you’ll be charged a monthly fee once you turn 25 (unless you satisfy the minimum monthly balance requirement).
• Branch transaction fees. If you like to do your banking in a branch, make sure you’re aware that a $1.50 fee applies to each transaction. A $2 fee is charged if you make an in-branch bill payment.

What should I know before I apply?

In order to qualify for a National Bank The Connected Chequing Account online, you will need to meet the following criteria:

• Be 14 years or older.
• Be a Canadian resident.
• Verify your identity remotely by uploading a selfie and a picture of your photo ID.

How do I open an account?

If you’re already a National Bank customer, click “Open an account” on the National Bank website and then log into online banking to submit an application.

If you’re a new customer, complete the following steps:

1. Click the “Open an account” link on the National Bank website and then click “Become a client”.
2. Select how you will be using your account and specify the main source of your funds.
3. Provide your name and date of birth.
4. Enter your phone number, email address and residential address.
5. Provide your occupation details and tax information.
6. Upload a selfie and a picture of your photo ID to verify your identity.
7. Submit your application.

Compare other chequing accounts

Bottom line

If you need an account that offers unlimited online transactions – and if you can maintain a balance of $4,500 or more to avoid paying a monthly fee – The Connected Chequing Account is worth checking out. Make sure you compare it with a range of other chequing accounts before deciding whether it’s right for you.