National Bank The Modest Chequing Account review

The Modest Chequing Account: The basics

The Modest Chequing Account from National Bank includes these key features:

• Linked debit card. You can use the debit card linked to your The Modest Chequing Account to make purchases in-store and online.
• Free in-person and 30 digital transactions per month. With this account, you get 30 digital transactions a month, unlimited e-transfers and free in-person transactions. Digital transactions include debit card purchases, domestic and international transfers and withdrawals.
• No monthly fee (balance requirements apply). You can avoid paying any monthly fees if you keep your balance at $3,000 or above. The monthly fee is also waived for account holders aged 24 and under.
• Easy application process. You can fill out an online application for a National Bank The Modest Chequing Account in less than 10 minutes.
• ABM access. In addition to National Bank ABMs, you can also use ABMs in THE EXCHANGE Network without incurring any extra fees.
• Mobile cheque deposits. Using the National Bank mobile app on your smartphone or tablet, you can take a photo of your cheques to deposit them into your bank account.

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

On top of those basic features, a National Bank The Modest Chequing Account also offers some extra perks:

• Free Interac e-Transfers. You can send and receive money from your account quickly using Interac e-Transfers.
• Free online statements. Want to check your transaction history or track your spending? Free statements are available online.
• Mobile or contactless payments. You can link your account and tap to pay with your smartphone using Apple Pay or Google Pay. Interac Debit contactless payments are also supported.
• Overdraft protection. The Modest Chequing Account comes with up to $5 of overdraft protection per transaction.

What are the drawbacks of the National Bank The Modest Chequing Account?

While it does have its fair share of benefits, there are also a few drawbacks to be aware of with this account:

• Limited transactions. You can only make up to Free in-person and 30 digital transactions per month. Subsequent transactions like making a debit card purchase or sending a transfer to someone else will incur a $1.25 fee.
• Fees for branch transactions. There are no free branch transactions included with this account. Each branch transaction will incur a $1.50 fee plus $2 per bill payment in-branch.
• Maintaining minimum balance to avoid fees. If you’re aged 25–59, you’ll need to maintain a balance of at least $3,000 to avoid paying a $10.95 monthly fee. If you’re aged 60 and over, you’ll get a $5 rebate.
• Limited range of benefits and features. If you’re looking for an everyday chequing account that provides access to a range of bonus offers and discounts, you may want to consider other options.

What should I know before I apply?

To qualify for this account online, you will need to meet the following criteria:

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

How do I open an account?

If you’d like to open a National Bank The Modest Chequing Account, here’s how:

1. Click the “Open an account” link on the National Bank website.
2. If you’re already a customer, log into online banking to continue your application. If not, click “Become client” and follow the steps below.
3. Specify how you intend to use the account and the main source of your funds.
4. Enter your name and date of birth.
5. Provide your contact details and address.
6. Provide your occupation and tax information.
7. Upload a selfie and a picture of your photo ID.
8. Submit your application.

If your application is approved, you’ll be able to access and use your account within two business days.

Compare other chequing accounts

Bottom line

The National Bank The Modest Chequing Account is worth considering if you’re confident you won’t need to exceed the monthly transactions limit. And if you can maintain a balance of at least $3,000 to avoid paying a monthly fee, this account could be a cost-effective option for you.

Ultimately, make sure you compare The Modest Chequing Account with a range of other everyday chequing accounts to find all the key features you need.