The National Bank Connected Chequing Account must have been created with the modern digital lifestyle in mind – the unlimited digital transactions, free Interac e-Transfers, mobile cheque deposits, and other features are precisely what today's mobile-friendly clients are looking for.
Of course, if you don't spend much time online or prefer to do your banking at an actual branch, you'll find the National Bank Connected Chequing Account may not be suited to your needs. The standard features are there, like a linked debit card and access to certain banking machines, but even these components come with caveats.
National Bank Connected Chequing Account features
Let's get down to brass tacks. Here is all the National Bank Connected Chequing Account has to offer clients.
Why You Want It
Unlimited digital transactions + $30 annual credit card discount.
Eligibility
- Be a Canadian resident
- Be 14 years or older (to open an account)
Provinces
ALL
Features
Minimum Balance To Waive Fee
$4,500
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$15.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$30
Maximum Welcome Bonus
N/A
Promo End Date
October 02, 2024
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
National Bank Connected Chequing Account product rating: 3.6 stars
It can't be denied that the National Bank Connected Chequing Account is a sweet looking bank account for millennials, Gen Z-ers, and others who prefer to do as much of their banking as possible online – and even more specifically, on a mobile device. Clients are rewarded with unlimited transactions, as long as those transactions are online.
What makes us scratch our heads is the fee for transactions made within a National Bank branch. Sure, other banks offer free online services for clients, but there aren't many premium accounts like this that charge fees for doing business at a branch.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of National Bank Connected Chequing Account
Here are a few areas where we feel the National Bank Connected Chequing Account excels.
Pros
Enjoy unlimited digital transactions
Want to send an Interac e-Transfer rather than give someone cash? No problem. Prefer to use Apple Pay or Google Pay instead of carrying around your debit card? You've got it. Usually pay all of your bills through online banking? Perfect. The National Bank Connected Chequing Account lets you do all of these things as much as you want for no extra charge. And of course, your debit transactions are free too.
Discounts on monthly fees for certain age groups
If you're 24 years old or younger, you won't have to pay anything to hold this account, and those over the age of 59 only pay $10.95 per month. And even if you do fall into the age group required to pay the full bank fee, $15.95 isn't that bad, considering the unlimited digital transactions that accompany it.
Discount on credit card fees
Account holders receive a $30 discount if they have one of the following 6 National Bank credit cards: the ECHO Cash Back Mastercard, Syncro Mastercard, Platinum Mastercard, World Mastercard, or World Elite Mastercard. It's important to note that this is a one-time discount, not an annual one. Yes, a higher discount would be nice, considering some of these cards come with annual fees that go north of $100. But not all chequing accounts include this perk, so we'll take it.
The cons of National Bank Connected Chequing Account
There are a few areas where we think the National Bank Connected Chequing Account has room for improvement – here are a few examples.
Cons
High minimum balance for waiving the fee
While it's true that the $15.95 monthly fee isn't that bad, the $4,500 minimum balance required to bypass that fee is a bit of a stretch. Some of the best premium chequing accounts in Canada only require a $5,000 minimum to waive fees, and they offer considerably more features and perks than the National Bank Connected Chequing Account.
You have to pay for in-branch transactions
If you walk into a National Bank branch and want to make a withdrawal or transfer funds from your National Bank Connected Chequing Account into another account, you'll be charged a $1.50 fee for each transaction. If you want to pay a bill there, it'll be $2 per bill. If you think about the number of bills a household pays in the run of a month, these fees would add up to quite a large amount for someone who prefers to do their banking in-branch.
ABM fees are tricky to decipher
Any withdrawals or transactions made at a National Bank ABM are free, as are those made at an ABM within THE EXCHANGE NETWORK. But any such transactions made at a Cirrus network ABM will cost you $5, and an Interac network machine will cost you $2. So, in order to avoid any surprise fees, you'll need to be very selective with the banking machines you use or your budget plan will be shot.
National Bank Connected Chequing Account alternatives
Let's put things to the test: here's how the National Bank Connected Chequing Account measures up against the competition.
 |  |  | |
|---|---|---|---|
| Account | Scotiabank Preferred Package | BMO Performance Chequing Account | Coast Capital Free Chequing, Free Debit, and More Account |
| Genius Rating | |||
| Why You Want It |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
|
| Minimum Balance To Waive Fee | $4,000 | $4,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | 0 |
| Monthly Fee | $16.95 | $17.95 | $0.00 |
| Excess Transaction Fee | N/A | N/A | N/A |
Show More | |||
| I Want This Deal See more Scotiabank products Compare | I Want This Deal See more BMO products Compare | I Want This Deal See more Coast Capital Savings products Compare |
FAQ
What are the pros and cons of the National Bank Connected Chequing Account?
There are several pros and a few cons associated with the National Bank Connected Chequing Account. For instance, this account comes with unlimited digital transactions and offers discounts on the monthly fee for clients of certain ages. However, account holders have to pay for transactions made at a branch, and the minimum balance required to waive the monthly fee is rather high.
What is the minimum balance required to waive the National Bank Connected Chequing Account monthly fee?
You'll need a minimum balance of $4,500 in order to waive the National Bank Connected Chequing Account's monthly fee. We feel this is a bit high, especially considering other premium chequing accounts with more perks require only $5,000 to waive their fees.
Is National Bank a good bank?
Yes, National Bank is a solid, secure, and well-respected banking institution in Canada. It's one of the top 6 banks in the country, is CDIC insured, has 587 branches across Canada, and has been operating in Canada since 1979.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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