National Bank The Minimalist Chequing Account review

National Bank The Minimalist Chequing Account: The basics

If you’re looking for a basic account for occasional use, the National Bank The Minimalist Chequing Account offers all the essential features. You get the following:

• Linked debit card. Your account is linked to a National Bank debit card you can use to make purchases in-store and online.
• 12 transactions a month. This includes debit card purchases, withdrawals and domestic and international transfers. Two in-branch transactions are included in this limit.
• ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without for no charge.
• Mobile or contactless payments. You can also use your The Minimalist Chequing Account to pay for purchases using Apple Pay or Google Pay on your smartphone, plus make Interac Debit contactless payments.

What are the benefits of the National Bank The Minimalist Chequing Account

On top of these basic benefits, you also get the following:

• Low (or no) monthly fees. If you’re aged 25–59, you’ll pay a $3.95 monthly fee. However, this fee is waived if you’re 24 or younger or if you benefit from the government aid programs (RDGS, GIS).
• Free Interac e-Transfers. It’s free to send an e-Transfer from your account, provided you don’t exceed the monthly transaction limit.
• Easy application process. You can apply for a National Bank The Minimalist Chequing Account online within minutes.
• Mobile cheque deposits. With the National Bank mobile app, you can take a photo of your cheques using your phone or tablet to deposit funds into your account.
• Free statements. You can access free account statements online or by mail.

What are the drawbacks of the National Bank The Minimalist Chequing Account

However, make sure you’re aware of the potential drawbacks of this account:

• Exceeding the transaction limit. You’re only entitled to 12 transactions per month with The Minimalist Chequing Account, so keep in mind that transactions beyond this limit will incur a fee. For example, a debit card purchase will incur a $1.25 fee as will a withdrawal or transfer.
• Fee varies depending on your age. If you’re in the 25–64 age bracket, you’ll need to be prepared to pay a monthly fee.
• Limited features. If you’re looking for a chequing account with more features, for example a line of credit or discounts on other National Bank products, you’ll need to look elsewhere.

What should I know before I apply?

To open a National Bank The Minimalist Chequing Account online, you’ll need to meet the following criteria:

• Be a Canadian resident.
• Be 14 years of age or older.
• Verify your identity online 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, you can sign in to online banking to apply for an account. If you’re a new customer, here’s what you need to do:

1. Click the “Open an account” link for The Minimalist Chequing Account on the National Bank website, then click on “Become client”.
2. Specify how you intend to use your account and the main source of your funds.
3. Provide your name, date of birth, address and contact details.
4. Provide your employment and tax details.
5. Verify your identity online by uploading a selfie and a picture of your photo ID.

If your application is approved, your account will be activated and ready for use within two business days.

Compare other chequing accounts

Bottom line

If you only need to use your account occasionally – and particularly if you’re the right age to qualify for no monthly fee – the National Bank The Minimalist Chequing Account is worth a look. However, you’ll need to compare its features with those of other low- or no-fee chequing accounts before deciding whether it’s the best choice for you.