National Bank of Canada Review

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National Bank of Canada is one of Canada’s best commercial banking and financial service providers. National Bank’s operation and service placed it among the strongest and reliable financial institutions, not just in Canada, but all over the world.

The bank has a particular interest in providing personal and commercial banking, wealth management, financial markets, US specialty finance, and international services to its customers.

National Bank of Canada is Québec’s largest and Canada’s sixth-largest bank, providing several banking products and services to individuals, corporations, and government entities. National Bank of Canada aims to simplify its customers’ finances through its network of subsidiary services. These services include brokerage, investments, Trust, and Financial solutions.

Here’s how the bank compares to other top-rated financial institutions in Canada regarding its services, products, rates, ease of banking, and customer satisfaction.

About National Bank of Canada

National Bank of Canada (Banque Nationale du Canada) is a financial institution and one of Canada’s best banks. National Bank of Canada is the sixth-largest commercial bank in Canada; the bank is part of the “Big Six Banks” in Canada, including RBC, BMO, CIBC, TD Bank, and Scotiabank.

In May 1859, a group of French-speaking businessmen established Banque Nationale under the Québec provincial legislation. The bank’s operation was limited to Québec but merged with another financial institution to form Bank Canadienne Nationale (BCN) or Canadian National Bank.

After series of financial challenges and acquisitions, BCN merged with another leading Québec-based rival bank, Provincial Bank of Canada. Thus, in 1979, BCN and Provincial Bank of Canada merged under a new brand, “National Bank of Canada.”

As one of Canada’s largest banks, the National Bank of Canada has a network of over 420 branches and over 940 ATMs in Canada. Besides, the bank has a network of subsidiaries and partnerships in Canada and other countries. NBC offers retail, personal and business banking, corporate and investment banking, credit and debit cards, mortgages, auto loans, foreign currency exchange, wire transfers, and more.

National Bank of Canada Products and Services

National Bank of Canada provides various financial products and banking services to its Canadian and non-Canadian customers. The bank’s products and services are designed for people from all walks of life, including students, health professionals, legal professionals, business managers, and newcomers to Canada. These banking products and services can be categorized into Personal and Business.

National Bank of Canada Personal Banking

The Personal Banking products and services of the National Bank of Canada are designed for individual account holders or customers. They include:

Personal Chequing Accounts

NBC’s Personal Chequing Accounts are designed in different packages to give you effortless banking transactions. Each chequing account package comes with free Interac e-Transfers, in-branch and ATM access, and other exclusive offers for newcomers to Canada, students, youth, seniors, health professionals, liberal professionals, etc. NBC Personal chequing accounts include:

1. The Minimalist Chequing Account

This is a chequing account package from the National Bank of Canada, which comes with a monthly fee of $3.95 and up to 12 transactions per month for regular clients. Students (18-24 years), Young people (0-17 years), and seniors (65 years and above) enjoy zero monthly fees on this package.

2. The Modest Chequing Account

Just like the name, the Modest Chequing Account provides you with the correct number of e-transactions, including free Interac e-Transfers and 30 monthly digital transactions. The monthly fee for regular account holders is $9.95 and $4.95 for seniors. However, students and youth account holders with a balance of over $3000 and above can enjoy zero monthly fees on the modest chequing account. Account-holders enjoy access to THE EXCHANGE Network ATMs, online statements, among others.

3. The Connected Chequing Account

With this chequing account, you’ll enjoy unlimited digital transactions, free and unlimited Interac e-Transfers, and up to a $30 waiver on your credit card annual fee. The monthly fees on the account are $14.95 for regular clients, $5.00 for young people and students, and $9.95 for seniors. Account-holders with up to $4000 and above can enjoy zero fees on their monthly account balance.

4. The Total Chequing Account

Total chequing account comes with a range of value-added services and unlimited digital and counter transactions. Account-holders enjoy up to a $150 waiver on MasterCard credit cards and overdraft protection. If you have a balance of $6000, you’ll pay no monthly fees. Account-holders with a lower balance are charged $25.95 per month for regular clients, $20.95 monthly fees for seniors, and $16 monthly fees for students and young people.

NBC Personal High-Interest Savings Account (HISA)

The NBC high-interest savings account (HISA) earns you a high interest of 0.05% on your account balance, regardless of how high or low your balances. Also, account holders enjoy free unlimited funds transfers between National Bank accounts.

NBC USD Progress Account

With the USD Progress account, you could earn up to 0.100% on a balance of $5000. This account is ideal for travelers to the United States who would like to issue cheques in USD. Account-holders can make online, mobile, and telephone banking transactions, including account inquiries and statements. Similarly, there’s an in-branch transaction at National Bank branches for withdrawals, transfers, and bill payments.

National Bank of Canada Business Banking

The business banking and packages from the National Bank of Canada (NBC) are designed for everyday usage. The wide range of banking solutions are designed for all types of businesses and sectors, including real estate, technology, franchise, forestry, agribusiness, etc. Besides the exclusive products and tailored advice to help your business’s challenges, account holders also enjoy access to expert services and special offers on business incorporation, accounts, and human resources, etc.

NBC Business Banking Accounts

National Bank of Canada has designed different business banking accounts for its customers and businesses’ convenience and investment management. They include:

NBC Business Current Accounts

The NBC Business Current Accounts come in Canadian dollar (CDN) and US dollar (USD) accounts. Account opening is free, but a monthly transaction fee of $7.50 is applicable on all accounts.

1. CAD Account

The CAD Account is ideal for managing daily business transactions via the bank’s online channels and cheques imaging options. Account-holders can choose from any of the six business banking packages depending on their monthly transactions. All deposits in the CAD Account are protected by the Canada Deposit Insurance Corporation (CDIC).

2. USD Account

Unlike the CAD account, the USD business account is ideal for US dollar transactions. With this account, you can view your daily US dollar operations and manage conversion fees. A monthly transaction fee of $7.50 applies. USD account deposits are eligible for CDIC coverage.

Business Investment Account (BIA)

The business investment account comes with an attractive interest rate, overdraft protection and provides unhindered access to your funds anytime. Account-holders enjoy free monthly transaction fees and free account opening.

Foreign Currency Account

This account is suitable for corporations that transact in any particular currency. The foreign currency account is available in 15 currencies, including Euro (EUR), British Pounds (GBP), Renminbi (CNY), etc. There’s a $35.00 monthly fee and free account opening. Also, deposits in the foreign currency account are eligible for CDIC coverage.

NBC Business Banking Packages

National Bank of Canada has six business banking packages tailored to meet each customer’s and business’ needs. These are:

1. NBC e-Package 

  • Up to 20 electronic transactions and 2 sending Interac e-Transfers.
  • Monthly fee: $5.99
  • A $12.50 fee for non-electronic debit or credit transactions requiring an NBC agent.

2. 20 Transactions Business Package

  • Monthly fee: $15.99
  • Maximum of 20 debit and credit transactions.
  • Maximum of 15 cheque deposits per month.
  • $1000 maximum monthly deposit in banknotes and $500 in coins

3. 35 Transactions Business Package

  • Monthly fee: $26.99
  • Maximum of 35 debit and credit transactions.
  • Maximum of 20 cheque deposits per month.
  • Maximum monthly bank deposits are $3000 for banknotes and $500 for coins.

4. 50 Transactions Business Package

  • Monthly fee:$39.99
  • Maximum of 50 debit and credit transactions.
  • Up to 30 cheque deposits per month
  • The maximum bank deposit per month is $5000 in banknotes and $500 in coin

5. 75 Transactions Business Package

  • Monthly fee: $54.99
  • Up to 75 debit and credit transactions.
  • Maximum of $8000 banknotes deposit per month.
  • Up to 40 cheques deposit per month.
  • The maximum coin deposit per month is $500

6. 100 Transactions Business Package

  • The monthly fee is $77.99
  • Up to 100 debit and credit transactions.
  • The maximum cheques deposit per month is 60
  • The maximum banknote deposit per month is $15,000
  • The maximum coin deposit is $500 per month.

National Bank of Canada Mortgage

As a National Bank of Canada customer, you can rest assured of access to diverse mortgage solutions and exclusive services. NBC has a team of mortgage advisors to guide you through your mortgage needs. Whether you’re a first-time homebuyer, in need of secondary property, or renewing your existing mortgage, NBC mortgage solutions are one of the best for individual mortgage-related requirements.

Mortgage Loans

NBC mortgage loans are available in three categories – fixed-rate, variable-rate, and made-to-measure. Each type is designed to meet customers’ unique risk tolerance. Loan applicants can get up to $3000 cashback on a commitment of 4 years minimum (fixed or variable rate).

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Home Equity Line Of Credit

With NBC’s home equity line of credit, you can conveniently execute new projects, such as home renovations, car purchases, education financing, etc., by using the amount paid off your mortgage. The all-in-one mortgage solution helps finance your home purchase and gives you access to your repaid principal without applying for another loan.

Mortgage for the Self-Employed

This mortgage product is tailored to meet the mortgage needs of self-employed workers or business owners who cannot provide the required proof of income for standard loans. With as little as a 10% down payment, you can get a loan to finance or refinance your dream home to a maximum of $600,000. To qualify for this program, the property value must not exceed $1,000,000.00, and you must have been a self-employed worker or small business owner for at least two years.

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National Bank of Canada Insurance Products

Loan and Line of Credit Insurance

This insurance product covers you in the event of death, disability, or critical illness. Eligible loan types include personal loans, RRSP lines of credit, car loans, etc.

Travel Insurance

These are travel-related coverage and emergency services for every insured individual or family. You’ll get up to $5,000,000 in medical fees and other all-inclusive travel insurance benefits.

Mortgage Loan Insurance

This insurance product provides you with up to $1000 in cashback and mortgage coverage of up to $1,000,000 in the event of death, $3000 for disability, and $150,000 for critical illness.

Credit Card Payment Insurance

This insurance package provides coverage for MasterCard credit card payments and balances in the vent of job loss, disability, critical illness, accidental dismemberment, life insurance, etc. You could get up 5x the balance of your credit card to a maximum of $50,000.

National Bank of Canada Financing Solutions

Customers of National Bank of Canada can take advantage of its flexible borrowing and financing solutions for personal and business needs.

Personal Financing Solutions

Personal financing solutions are designed for individual customers to help them achieve their goals at fixed and variable interest rates. They include:

  • Personal loans
  • Lines of credit
  • Student lines of credit
  • RRSP loans and lines of credit
  • Car loans
  • Home equity lines of credit

Business Financing Solutions

These are tailored and specialized solutions for specific business needs. The business loan or financing solutions are designed and adapted to align with every business sector, including agribusiness, fishery, forestry, insurance brokers, real estate, technology, non-profit organizations, government and public entities, and more. They include:

  • Short-term
  • Long-term
  • Growth capital
  • Supply chain financing
  • Acquisition
  • Merchant services loan insurance

National Bank of Canada Investment Solutions

NBC’s investment solutions are designed to help individual customers and businesses achieve their dreams and projects.

Personal Savings and Investment

Whatever your saving reasons, NBC’s team of expert advisors and financial planners can assist you with investment options suitable for your financial situations.

Personal Savings Plans

  • Registered Retirement Savings Plan (RRSP)
  • Registered Education Savings Plan (RESP)
  • Registered Retirement Income Fund (RRIF)
  • Locked-in Retirement Account (LIRA)
  • Life Income Funds (LIFs)

Personal Investing Products              

  • High-interest savings account (HISA)
  • Guaranteed Investment Certificates (GICs)
  • NBI Funds
  • NBI Portfolios
  • Cash Advantage solutions
  • NBI Private Wealth Management

Business Investment Solutions

With NBC’s business investment solutions, you can put your surplus funds to work, with attractive returns on your investments. They include:

  • Business Investment Account (BIA)
  • Guaranteed Investment Certificates (GICs)
  • Mutual Funds and other investments
  • Trust services

National Bank of Canada Credit Cards

National bank’s MasterCard-issued credit cards are ideal for personal and business usage. You can use these cards anywhere MasterCard is accepted for payment around the world.

Personal Credit Cards

Personal credit cards come in different categories. MasterCard issues these cards. Hence, they’re equipped with MasterCard protection and benefits.

Personal Credit Cards Categories

  • No-fee credit cards
  • Cashback credit cards
  • Travel rewards credit cards
  • Low-interest rate credit cards
  • Rewards credit cards 

Personal MasterCard Credit Cards

1. World Elite MasterCard (Travel Rewards)

  • Annual fee: $150
  • Earn 2 points for every $1 spent
  • Earn $300 cashback for new cardholders
  • Redeem points for gift cards or travel expenses
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%
  • Unlimited access to National Bank’s lounge
  • Available to Canadian residents with a gross income of $80,000 or household income of $150,000.00

2. Syncro MasterCard (Low Interest)

  • Annual fee: $35
  • The annual interest rate on purchases is 8.90%
  • The annual interest rate on balance transfer and cash advances: 12.90%
  • The minimum credit limit is $500

3. MyCredit MasterCard (No Annual Fee)

  • Annual fee: $0
  • Earn up to 1% cashback on online subscriptions and purchases
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%

4. Allure MasterCard (Cash Back)

  • Annual fee:$0
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%
  • Associated with Québec Breast Cancer Foundation
  • Earn cashback on online and in-store purchases

5. MC1 MasterCard (Travel Rewards)

  • Annual fee: $0
  • The minimum credit limit is $500
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%

6. World MasterCard

  • Annual fee: $115
  • Earn 2 points for every dollar spent
  • Redeem points for merchandise, gift cards, plane tickets, etc.
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%
  • Eligible to Canadian residents with $60,000 gross individual income or $100,000 household yearly income.

7. Platinum MasterCard (Travel Rewards)

  • Annual fee: $89
  • Earn 1 point for every dollar spent
  • Redeem points for merchandise, gift cards, vacation packages, etc.
  • The minimum credit limit is $500
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%

8. CAA Rewards MasterCard (Cash Back)

  • Zero annual fee
  • A perfect card for CAA members to earn rewards
  • Earn 2% cashback in CAA Dollars on eligible purchases
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%

9. ECHO Cashback MasterCard (Cash Back)

  • Annual fee: $30
  • Get up to 1.5% cashback on everyday purchases
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%
  • The minimum credit limit is $500

Business MasterCard Credit Cards

1. MasterCard Business Card

  • No annual fee
  • The annual interest rate on purchases is 20.99%
  • The annual interest rate on balance transfer and cash advances: 22.99%
  • Minimum credit limit: $1000
  • Annual turnover: over $1 million

2. MasterCard Business Line

  • Annual fee: $50
  • Under $50,000 yearly turnover
  • The minimum credit limit is $1000

3. MasterCard Platinum Business Card

  • Annual fee: $125
  • Annual purchases interest rate: 20.99%
  • Earn 1.5% per dollar purchases

4. MasterCard Corporate Card

  • Annual fee: $35
  • The annual interest rate on purchases is 19.15%
  • The annual interest rate on cash advances: 9.9%

National Bank of Canada Ways of Banking

Apart from its numerous branches across Canada, customers of National Bank of Canada can interact with the bank’s services and perform other transactions via the internet and mobile banking solutions.

Besides, the bank has a mobile app for account management, funds transfer, and payment-related transactions. The National Bank app is available for download on the Google Play Store and the App Store.

National Bank of Canada Regulations

National Bank of Canada is a highly regulated commercial bank in Canada, established under the Bank Act. As a member of the Canada Deposit Insurance Corporation (CDIC), the bank ensures that customers’ deposits and investments are protected up to $100,000 per account.

National Bank of Canada Contact

For feedback, inquiries, or account opening, you can interact with NBC’s customer service through the following channels:

Phone: 1-888-835-6281

Email: On-Screen email form

Mail

National Bank Tower

800, Saint-Jacques Street West

Montréal, Québec

Canada

Editor’s Review

With over 2.4 million personal account holders and clients, the National Bank of Canada appears to be a reliable financial institution in Canada, providing valuable banking solutions. As one of Canada’s most significant and a part of the “Big Six Banks,” NBC’s commercial banking services are some of the best you can find among Canada’s major banks.

FAQs

How do I open a chequing account?

You can open a chequing account online through the bank’s official website or in person at any NBC branch of your choice.

What transactions can I carry out online or through the mobile app?

Customers of NBC can use the online and mobile app platform day-to-day banking transactions, including bills payment, funds transfers, Interac e-Transfers, account management, and viewing transaction history, etc.

Can I order foreign currency online?

When you sign in to your online bank or National Bank mobile app, you can order one of the foreign currencies below for delivery to a branch or post office near you:       

  • US dollar (USD)
  • Euro (EUR)
  • Pound sterling (GBP)
  • Swiss franc (CHF)
  • Mexican peso (MXN)
  • Japanese yen (JPY)
  • Chinese yuan (CNY)
  • Australian dollar (AUD)

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Odeyemi O.

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Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

Personal Finance and Travel Rewards Expert Contributor

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.