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 alternative high interest savings accounts.
Maximum interest rate: 0.1% (minimum $5,000 balance to earn interest)
Monthly fee: $0
Cheque: USD$1.25/cheque
Pre-authorized debit: USD $1.25/transaction
Paper statements: $2.50
In-branch withdrawals, transfers and withdrawals for bill payment: $0 (other bill payments cost $2)
National Bank savings account interest rates
Depending on the National Bank savings account you have, the interest rate can vary from 0% with the USD Progress Account to 1.15% with the High Interest Savings Account.
If you’re searching for a high interest savings account, you might want to consider the EQ Notice Savings Account, which pays 3.5%–3.65% interest. Alternatively, the Laurentian Bank High Interest Savings Account is also worth a look with its 3.75% interest rate and $0 monthly fee.
Another option is to consider a high interest savings account with a bonus introductory rate. One account you might like to check out is the Simplii High Interest Savings Account, which pays a bonus rate of 6.00% before reverting to a base rate that starts at 0.35%.
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. (But you’ll need a minimum $5,000 balance to earn interest with the National Bank The USD Progress Account.)
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.
Automatic savings plans. 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. NB 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.
If you want to open a USD Progress Account, you’ll need to visit your nearest National Bank branch to apply. But you can open a National Bank High Interest Savings Account online.
Eligibility requirements
You can open an NB savings account if you meet the following requirements:
Canadian resident
Be at least 14 years old
Have a Social Insurance Number (SIN) for tax reporting purposes
Provide photo ID
Required information
Make sure you have the following details on hand:
First and last name
Email and phone number
Address
Birth date
Occupation type, job title and start date
Country(ies) in which you reside for tax purposes
Purpose of your account (daily transactions, travel, save etc.) and source of funds (salary, investment etc.)
National Bank fees
Here are some National Bank fees and charges you should be aware of before opening an account:
Debit card purchase: $5 with the High Interest Savings Account, not available with the USD Progress Account
Interac e-Transfer: $1.25, not available with the USD Progress Account
Bill payment service: $2 per bill when paid in branch
Paper statement: $2.50 per month per account
Foreign currency bank drafts (the USD Progress Account): US$9 per foreign currency bank draft of up to US$5,000 (US$12.50 for bank drafts over US$5,000)
National Bank savings account FAQs
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 is no minimum balance for either of National Bank's savings accounts. However, you'll need a minimum $5,000 balance to earn interest earn interest with the USD Progress Account.
Yes. The minimum contribution for a National Bank systematic savings plan is $25.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Your guide to choosing a high-interest savings account and boosting your bank balance.
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