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National Bank of Canada at a glance
The National Bank of Canada was founded in 1859 and is the country’s sixth largest commercial bank.
- National Bank of Canada account optionsSavings
Mastercard credit cards
- Other National Bank of Canada servicesMortgages
Loans and lines of credit
Small business banking
National Bank of Canada overview
In 1979, Bank Canadian National and The Provincial Bank merged to form The National Bank of Canada, sometimes known as NBC CA or just NBC. Today, NBC is one of the country’s largest financial institutions, with more than 29,000 employees and $400 billion in assets as of October 31, 2022.
The National Bank of Canada provides bank accounts, lending and investment products, and wealth management services to millions of individuals and businesses across the country. Although it primarily services Quebec, the National Bank of Canada has 462 branches and over 1,904 banking machines across Canada, Cambodia and the United States.
Online banking capabilities at National Bank of Canada
Like most of Canada’s major banks and credit unions, the National Bank of Canada offers a full suite of online banking services through its website (www.nbc.ca) and mobile app.
NBC customers can use the online portal and app to conduct just about any banking transaction, and enjoy access to features such as mobile cheque deposit, mobile payments and Interac e-transfers. To log-in to the National Bank of Canada, visit its online banking portal via your desktop or mobile device. If you’re a new account customer, you may need to register your account first.
Is my money safe at the National Bank of Canada?
The National Bank of Canada is a member of the Canada Deposit Insurance Corporation, or CDIC, providing protection of up to $100,000 of chequing, savings and other funds in the unlikely event of bankruptcy.
Furthermore, NBC says that it ensures the confidentiality and security of customers’ financial information through 128-bit encryption systems, optional SecurID tokens for business clients, and features that block access to accounts if log-in attempts are made from an unrecognized device.
National Bank of Canada account types
National Bank of Canada saving accounts
- High-interest savings account (HISA): Earn elevated interest rates with no fixed monthly fees.
National Bank of Canada chequing accounts
Many of the National Bank of Canada’s chequing accounts have monthly fees that vary by the age of the account holder and their account balance. Clients can also take advantage of the banking offers customized to their profession.
- Minimalist chequing account: Up to 12 transactions a month and free Interac e-transfers.
- Modest chequing account: Up to 30 digital transactions and free Interac e-transfers.
- Connected chequing account: Unlimited digital transactions, and free Interac e-transfers.
- Total chequing account: Unlimited digital and branch transactions, unlimited Interac e-Transfers, free safety deposit box rental for the first year, 100 free cheques per year, and more.
- Newcomers: Discounted chequing and debit card services designed for immigrants.
- Students and Youth: Discounted chequing account services for those enrolled at a post-secondary institution, or in the 0-24 age bracket (limited time offer).
- USD Progress account: Hybrid account services for those who travel to the US or transact in US dollars. Earn modest interest with a minimum balance of $5,000.
National Bank of Canada credit cards
The National Bank of Canada offers a variety of branded Mastercard options, including:
- World Elite Mastercard.
- MC1 Mastercard.
- Syncro Mastercard.
- Allure Mastercard.
- ECHO Cashback Mastercard.
National Bank of Canada investing accounts
- Registered retirement savings plan (RRSP).
- Tax-free savings account (TFSA).
- Registered education savings plan (RESP).
- Registered retirement income fund (RRIF).
- Locked-in retirement income account (LIRA).
- Life income funds (LIF).
Other National Bank of Canada services
- Guaranteed investment certificates (GICs).
- Personal loans and lines of credit.
- Mortgages and home equity lines of credit (HELOCs).
- RRSP loans and lines of credit.
- Car loans.
- Private wealth management.
- Estate planning.
- Business banking services for entrepreneurs.
National Bank of Canada fees
Banking fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using the National Bank of Canada’s financial products and services:
- Non-sufficient funds fee: $45.
- Overdraft fee: $5 per transaction.
- Mailed statements: $2.50 for some accounts.
- Dormant account fee: $20 to $60.
- Transfer funds to another financial institution: $17.00.
Who the National Bank of Canada is best for
Quebecers who want a big bank that offers a wide variety of chequing or registered account options.
The National Bank of Canada’s long history and big bank reputation mean that it can offer a wide variety of banking products to customers of all ages and financial backgrounds. If you prefer to bank in person, branches may be harder to find outside of Quebec, but if you’re comfortable with online banking, NBC’s suite of digital banking features will make it easy to deposit, transact and transfer money on the go.
Pros and cons of National Bank of Canada
There’s plenty to like about the National Bank of Canada, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.
Pros of National Bank of Canada
- Ability to bank online or in-person.
- A wide variety of chequing and registered account options.
- Discounted services available for customers of a certain age, newcomers to Canada and professionals in certain industries, such as healthcare or IT.
Cons of National Bank of Canada
- Limited savings account options.
- Fewer branch locations outside of Quebec.
How the National Bank of Canada compares to other big banks
|National Bank of Canada||CIBC||Scotiabank|
|Number of countries served||At least 3||Global||More than 30|
|Number of branches in Canada||Over 400||Over 1,000||More than 900|
|Are deposits insured?||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.||Yes, by the Canada Deposit Insurance Corporation.|
Frequently asked questions about the National Bank of Canada
Most of the National Bank of Canada’s customers and branch locations are concentrated in Quebec. However, the bank serves all provinces, and has foreign-exchange counters, commercial banking centres and automated banking machines in several countries around the world, including the US.
No, despite its name, the National Bank of Canada is a privately-owned commercial bank. The Bank of Canada, a different institution, is federally controlled.
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