National Bank is one of the largest banks in Canada, offering a variety of bank accounts, credit cards and loan options. Looking for a low-risk way to grow your money? Compare National Bank savings accounts. If you’re not quite sold, check out some digital alternatives.
What savings accounts does National Bank offer?
Unlike other Big Banks in Canada, which typically offer a selection of different savings account options, National Bank offers only one standard savings account, the High Interest Savings Account. While its standard interest rate is often higher than some Big Bank offerings, you can typically find higher rates from digital banks. Keep reading to learn more about this account and its alternatives.
The National Bank High Interest Savings Account (HISA) is a traditional savings account that lets you earn 0.55% interest on every dollar you deposit with no minimum balance or monthly fees. Interest is calculated daily and paid monthly, helping you steadily grow your savings while keeping your money fully accessible at any time. You can make free unlimited transfers between your National Bank accounts, and your deposits are protected by the Canada Deposit Insurance Corporation (CDIC).
No monthly fees or minimum balance requirement
Interest paid monthly
Free unlimited transfers between your National Bank accounts
The National Bank High Interest Savings Account is the bank’s best option for savers looking to grow their money while keeping it accessible. It offers 0.55% interest, calculated daily and paid monthly, with no minimum balance or monthly fees. You can make free unlimited transfers between your National Bank accounts, and deposits are protected by the CDIC.
Advantages of opening a National Bank savings account
National Bank savings accounts come with the following features:
No monthly fees. There are no fixed monthly fees that eat into your account balance.
No minimum balance. You don’t need to maintain a minimum balance to avoid monthly fees.
Free unlimited transfers. Take advantage of free unlimited transfers between your National Bank accounts. Plus, it’s easy to manage your money via online and mobile banking.
Systematic savings plan. You can create an automatic savings plan by setting up regular transfers to your account. This allows you to grow your savings balance without lifting a finger.
Easy online application. You can apply for an account in minutes by filling in an online application form.
CDIC coverage. National Bank savings accounts are insured by the Canada Deposit Insurance Corporation, so your funds are insured up to $100,000 in the unlikely event that National Bank becomes insolvent.
Disadvantages of opening a National Bank savings account
Limited National Bank savings account options. There’s only one traditional National Bank savings account available, the National Bank High Interest Savings Account. However, National Bank offers registered savings plans and accounts like a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA).
Modest interest rate. The National Bank High Interest Savings Account offers a modest interest rate of 0.55%, which is lower than the rates many digital banks offer.
Bonus or promotional rates are uncommon. Unlike the other Big Six banks, National Bank generally doesn’t offer high introductory or bonus rates.
What other types of savings options does National Bank offer?
In addition to its high-interest savings account, National Bank offers a range of specialized savings and investment options designed to help your money grow more efficiently. Many of these accounts provide tax advantages, higher interest rates or reduced currency conversion fees, giving your money the potential to grow faster than in a standard savings account.
Several of these accounts can also be paired with National Bank Direct Brokerage for self-directed investing. These accounts allow you to hold investments like GICs, mutual funds and ETFs, giving you tax-efficient ways to grow savings for retirement, education or homeownership.
The types of specialized savings accounts National Bank offers include:
The USD Progress Account (combines the features of a savings account and a chequing account)
Open your National Bank savings account online, on the National Bank Mobile App, over the phone or in a local branch. The online application only takes around five minutes; here are the steps you can follow to complete it:
Head to National Bank’s website and select the High Interest Savings Account or a registered account of your choice.
Select Open a savings account.
Sign in if you have an existing account or select Become a client.
Input your name, birthday, email address, phone number, occupation, tax information and SIN.
Review the attached documents, including the account agreement and privacy policy.
Choose how to verify your identity. You can take a photo of your government-issued ID and a selfie or consent to National Bank comparing your personal information to your credit file and phone provider.
Alternative to opening a savings account with National Bank
National Bank only offers one traditional savings account, its High Interest Savings Account, so you may want to look elsewhere if you want to maximize your savings with higher interest rates. Online-only banks like EQ Bank, Simplii and Tangerine typically have no monthly fees, no minimum balance requirements and rates that are significantly higher than the 0.55% offered by National Bank’s HISA. If you don’t mind a lack of in-person branch support, one of these digital alternatives may be right for you.
Some top alternatives to National Bank savings accounts
The Tangerine Savings Account offers a high promotional rate of 4.5% for the first 5 months, with no monthly fees or minimum balance. When the promotion period ends, the rate drops to 0.3%, which is lower than National Bank's High Interest Savings Account rate, making this account best suited to short-term savings goals.
EQ Bank's Notice Savings Account lets you choose a notice period of 10 or 30 days before withdrawals in exchange for a higher interest rate than many standard accounts, including the National Bank HISA. Earn 2.75% interest if you choose a 30-day withdrawal notice period or 2.35% interest if you choose a 10-day notice period. This account also comes with no monthly fees or minimum balance requirements and CDIC protection.
Simplii's online-only High Interest Savings Account offers a competitive promotional rate of 4.50% for the first 5 months, then shifts to a tiered ongoing rate of 0.3%–1.50%. Although this account comes with no monthly fees, minimum balance requirements or transaction fees, you won't earn more interest than the National Bank High Interest Savings Account unless you have more than $100,000 saved.
Scotiabank's MomentumPLUS Savings Account features a high promotional interest rate of up to 4.75% for 3 months, 0.40% thereafter. Plus, you can earn 0.20% and 0.45% for premium periods or 0.05%–0.10% if you're a Preferred or Ultimate Package holder. It offers unlimited self-service transfers and no monthly account fees, making it a solid alternative to National Bank's HISA for Canadians who want to stick with a Big Six bank and earn a higher rate.
No monthly fee or minimum balance
Promotional and premium interest options
Unlimited transfers to other Scotiabank accounts
Additional rate boosts with Ultimate or Preferred Package
National Bank’s High Interest Savings Account is a safe, no-fee option for Canadians who value simplicity, branch access and the security of a Big Six bank. With no minimum balance and CDIC protection, it works well for holding accessible savings. But, its modest 0.55% interest rate falls short of the higher returns offered by digital banks like Simplii, Tangerine and EQ Bank.
Frequently asked questions about National Bank savings accounts
Yes. National Bank is a member of the CDIC, so maximum protection of up to $100,000 is available.
You can use online and mobile banking to check your balance and track your transactions. However, you can't carry out any transactions online or at an ABM.
No, there's no minimum balance for the High Interest Savings Account. However, you'll need a minimum $5,000 balance to earn interest earn interest with the USD Progress Account.
There's no minimum contribution required when transferring funds from your High Interest Savings Account to your systematic savings plan. However, when transferring from a registered plan or non-registered account, the minimum contribution is $10. When transferring from an NBI portfolio, the minimum contribution is $25.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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