The National Bank Modest Chequing Account is one of the more basic accounts offered by the National Bank, which gives you big bank security without a huge amount of bank fees. For a max of $10.95 each month (depending on your age and minimum), this chequing account will let you hold and spend your money with ease.
This account is designed to be used online – you apply online, get free online statements, and have 30 digital transactions included per month. Mobile cheque deposit is also provided, and the account is compatible with Apple Pay and Google Pay.
What you get with the National Bank Modest Chequing Account
Here's an overview of all the features the National Bank Modest Chequing Account has to offer.
Verified on September 9, 2025
Why You Want It
Enjoy 30 digital transactions per month + Discounts for youth and seniors.
Special Features
- $5 discount for people 60 and older
- Free for youth under 25
Eligibility
- Be a Canadian resident
Provinces
ALL
Features
Minimum Balance To Waive Fee
$3,000
# Of Free Monthly Transactions
30
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$10.95
Excess Transaction Fee
$1.50
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
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
Our rating for the National Bank Modest Chequing Account: 3.1 stars
This is definitely a no-frills type of chequing account. In fact, it could easily be mistaken for a student bank account, since anyone under the age of 25 isn't required to pay a monthly fee. And many Canadians in that age group are very used to conducting as much of their daily lives in an online setting as they can, which makes the digital transactions, mobile cheque deposits, and other features very handy for the younger generation.
It is discounted for seniors too, though. And while we're sure there are plenty of seniors who are adept at keeping up a digital lifestyle, there are also many who prefer to visit their local branch and make transactions with a teller. Unfortunately, this account doesn't offer those for free – nor does it have a welcome offer or provide any credit card waivers.
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.
What's good about the National Bank Modest Chequing Account
Take a look at a few of the highlights of the National Bank Modest Chequing Account.
Pros
Discounts available for certain age groups
The National Bank Modest Chequing Account has a bit of an odd fee structure, but it's quite beneficial for certain age groups. Seniors receive a $5 discount and therefore only pay $5.95 per month, and account holders who are age 24 and under pay $0. Anyone between the ages of 25 and 59 will be required to pay the typical monthly fee, which is a fairly reasonable $10.95. This fee is waived if you maintain a $3,000 minimum balance.
Interac e-Transfers are free
You'd expect Interac e-Transfers to be included in the "digital transaction" category, and they are. But even if you go over the limit for digital transactions, you won't have to pay extra for e-Transfers. Whether you're sending or receiving money, these are free at all times.
What to watch out for with the National Bank Modest Chequing Account
Despite its benefits, there are still a few areas where we think the National Bank Modest Chequing Account could use improvement.
Cons
Limit of 30 transactions per month
Every month, you can complete 30 transactions for no extra charge. This is a fairly low limit, especially considering that it includes all debit purchases and National Bank ABM usage. Once you reach this limit, you'll be charged a fee.
Lack of credit card fee waivers
Several other chequing accounts from National Bank provide waivers or discounts for the annual fees of a few approved credit cards, but this one does not. It might not be such a noticeable downside if the other accounts didn't offer it, but as such, it's a rather glaring omission.
No welcome bonus offer
Even though it's one of the top 6 banks in Canada, there's really no extra incentive for new National Bank clients. While most of the big banks in Canada offer welcome bonuses along with their chequing accounts, National Bank doesn't follow the trend.
Complicated ABM fees
As a National Bank Modest Chequing Account account holder, you'll be able to use the National Bank's own ABMs for free, but if you want to use any other ABM, be prepared for some confusion. You can use any ABM on THE EXCHANGE network for free, but transactions with another bank's machine will cost you $2 each, and using a Cirrus machine will cost $5.
Best alternavtives to the National Bank Modest Chequing Account
Of course, this isn't the only chequing account available for Canadians. Take a look at how the National Bank Modest Chequing Account stacks up against its competitors.
 |  |  | |
|---|---|---|---|
| Account | BMO Plus Chequing Account | Scotiabank Preferred Package | PC Money Account |
| Genius Rating | |||
| Why You Want It | Get a $100 welcome bonus + 25 transactions per month. |  $100 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases. | Earn 5 PC Optimum points per $1 spent everywhere + No monthly fees. |
See Issuer for Details |
| ||
| Minimum Balance To Waive Fee | $3,000 | $4,000 | N/A |
| # Of Free Monthly Transactions | 25 | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $11.95 | $16.95 | $0.00 |
| Excess Transaction Fee | $1.25 | N/A | N/A |
Show More | |||
| Open an account See more BMO products Compare | I Want This Deal See more Scotiabank products Compare | Learn More See more PC Financial products Compare |
National Bank Modest Chequing Account frequently asked questions
What is the National Bank Modest Chequing Account?
The National Bank Modest Chequing Account is a fairly basic chequing account offered by one of Canada's largest banks. It comes with 30 digital transactions per month – which does include debit transactions and National Bank ABM usage – and free Interac e-Transfers. You can read more about this account's features here.
What is the National Bank Modest Chequing Account's monthly fee?
The monthly fee for the National Bank Modest Chequing Account depends on your age. Those between the ages of 25 and 59 pay $10.95 per month and those ages 60 and up pay $5.95. But if you're younger than 25, you won't have to pay anything at all to hold this account.
Is the National Bank Modest Chequing Account shutting down?
Yes, the National Bank Modest Chequing Account package will no longer be available as of October 26, 2025. If you have this account, you'll be able to switch to an alternative National Bank package or explore other options before this date. No new clients for the National Bank Modest Chequing Account are currently being accepted.
How do I open a National Bank Modest Chequing Account?
Most clients open their National Bank Modest Chequing Account at the National Bank's website, but you can go into a branch to open one if you prefer. With 660 branches across Canada, it shouldn't be difficult to find one near you.
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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