The National Bank The Minimalist Chequing Account is a basic-level chequing account that provides clients with just enough features and transactions to cover the necessities. It's even free for children, students, and seniors – no extra services, points accumulation, or anything else necessary. This is a factor that sets it apart from most other similar accounts on the market.
It's clear that the National Bank The Minimalist Chequing Account was created with a very specific type of client in mind, one who appreciates the few, solid features it does offer and is unconcerned about the lack of bells and whistles. For this type of person, the National Bank The Minimalist Chequing Account is an excellent choice.
National Bank The Minimalist Chequing Account features
Here's an overview of everything the National Bank The Minimalist Chequing Account has to offer.
Why You Want It
$0 monthly for kids, students, and eligible seniors + Free Interac e-Transfers.
Special Features
- Free for children, students, and eligible seniors 65+
Eligibility
- Be a Canadian resident
- Be 14+ years old
Provinces
ALL
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
12
Monthly Fee
$3.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$1.25
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
National Bank The Minimalist Chequing Account product rating: 2.8 stars
This is a relatively bare-bones chequing account, and you know what? That's fine! It's not claiming to be better than it is. And what it is is a low-cost, straightforward option for people who typically use credit cards or other methods to pay for most things anyway.
But speaking of credit cards, it would be nice if this account came with even a small credit card waiver – perhaps for the National Bank mycredit Mastercard – or something like that to offset the mere 12 transactions provided per month. It could also do with a welcome bonus.
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 The Minimalist Chequing Account
If it's a simple, no-frills chequing account that you're looking for, the National Bank The Minimalist Chequing Account has a few points to recommend it.
Pros
Pay low fees – or none at all
The simplicity of this account is reflected in its low fees: it's only $3.95 per month for those in the 25 to 64 age group. If you're in the 0 to 17 age group you'll pay $0, as will eligble seniors over the age of 65. While we all love the idea of paying nothing for our chequing accounts, one that's under $4 per month is a solid alternative.
A bit of overdraft protection
It may not be comprehensive, but overdraft protection of up to $5 per transaction is nothing to sneeze at. This includes situations involving insufficient funds for cheques, pre-authorized debits, payment instructions, debit card purchases, and ATM withdrawals.
Fast and simple application process
Opening a National Bank The Minimalist Chequing Account can take as little as a few minutes online. When opening an account online, you'll need to verify your identity, but this simply requires taking a picture of your photo ID and then a selfie. Of course, you can always go into a branch to apply instead and the process will still be pretty simple, but it'll take a bit longer.
The cons of National Bank The Minimalist Chequing Account
Unfortunately, nothing's perfect. Here are a few details where we think the National Bank The Minimalist Chequing Account can improve.
Cons
Only 12 free transactions
With only 12 transactions per month, it won't take you long to go through these. Of course, we realize that this account wasn't created for avid spenders, but this is still a particularly low number of transactions. You'll have to be diligent about using credit cards or other forms of payment to avoid overage fees.
ABM fees are tricky to decipher
National Bank The Minimalist Chequing Account account holders can use any ABM on THE EXCHANGE network for free, but using another bank's ABM costs $2 each time, and the fee for using a Cirrus machine is $5 each time – and we don't even know about ABMs outside of Canada. Your best bet is to stick with only the National Bank's own ABMs as those will always be free.
No welcome bonus for new clients
Again, this account isn't designed for big spenders, so we know that National Bank isn't expecting to make big bucks from National Bank The Minimalist Chequing Account account holders. But a welcome bonus or other promotion would still be nice and would make new customers feel valued, even if it was just something small.
National Bank The Minimalist Chequing Account alternatives
There are several accounts that are similar to the National Bank The Minimalist Chequing Account, and here's how they stack up.
 |  |  |  | |
|---|---|---|---|---|
| Account | National Bank The Minimalist Chequing Account | Coast Capital Free Chequing, Free Debit, and More Account | BMO Premium Chequing Account | RBC Advantage Chequing Account |
| Genius Rating | ||||
| Why You Want It | $0 monthly for kids, students, and eligible seniors + Free Interac e-Transfers. |  $100 GeniusCash +
Get unlimited day-to-day transactions* with no monthly fee and no minimum balance.
| $75 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | Unlimited debit transactions + Rebates help to lower fees. |
| Minimum Balance To Waive Fee | N/A | N/A | $6,000 | N/A |
| # Of Free Monthly Transactions | 12 | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | 12 | 0 | Unlimited | Unlimited |
| Monthly Fee | $3.95 | $0.00 | $30.95 | $12.95 |
| Excess Transaction Fee | $1.25 | N/A | N/A | N/A |
Show More | ||||
| Open an account See more National Bank products Compare | I Want This Deal See more Coast Capital Savings products Compare | I Want This Deal See more BMO products Compare | Learn More See more RBC products Compare |
FAQ
What is the National Bank The Minimalist Chequing Account?
The National Bank The Minimalist Chequing Account is a chequing account for individuals who don't need many monthly transactions. This account is limited to 12 transactions per month, not including transfers between National Bank accounts.
Does the National Bank The Minimalist Chequing Account have fees?
The National Bank The Minimalist Chequing Account costs $3.95 per month for those between the ages of 25 and 64 years of age. Those outside of this age range (children, students, and seniors) won't have a monthly fee.
Does the National Bank The Minimalist Chequing Account provide overdraft protection?
Yes, the National Bank The Minimalist Chequing Account provides overdraft protection of up to $5 per transaction. This covers insufficient funds for transactions involving cheques, pre-authorized debits, payment instructions, debit card purchases, and ATM withdrawals.
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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