If you're looking for a top-tier National Bank chequing account, complete with unlimited transactions, overdraft protection, and rebates for your credit card fees, the National Bank Total Chequing Account is the one you want. Account holders even have access to complimentary legal assistance via phone or videoconference, which includes help with estate planning.
There are a few surprising details, though, that may cause you to pause before signing on the dotted line. First, there's no welcome offer, which seems odd for a premium account like this. And the tiered monthly fee is based on age, ranging from $13 to $28.95.
National Bank Total Chequing Account account features
Here's a look at all that the National Bank Total Chequing Account has to offer for features and services.
Why You Want It
Unlimited transactions and eTransfers + Up to $150 credit card rebate.
Special Features
- Integrated line of credit up to $5,000
- Free legal and estate assistance
- $150 cash back for eligible National Bank credit card applications
- Overdraft protection
- 100 cheques per year, free of charge
Eligibility
- Be a Canadian resident
Provinces
ALL
Features
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$28.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$150
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0%
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 Total Chequing Account product rating: 3.9 stars
There's a lot to like about this National Bank chequing account – but there are a couple of features that we're unsure of. The National Bank Total Chequing Account has many of the features you'd expect from a premium account, including unlimited transactions, but at the same time is missing a few standards, like a welcome bonus.
The tiered system for the monthly fee is certainly eye-catching, and it's nice to see that kids and seniors pay less than typical working adults. But it can add a level of complication that you may not want when it comes to your money and your chequing account. All of this to say, the National Bank Total Chequing Account can still be a fantastic account for many people, but it may take some time to figure out how everything works.
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 Total Chequing Account
There's a lot to like about the National Bank Total Chequing Account. Here are some of its best features.
Pros
$150 credit card rebate provided
It's offered as cash back rather than a straight rebate, but this account provides $150 towards the annual fee for 5 different Mastercards: National Bank World Elite Mastercard, World Mastercard, Platinum Mastercard, Syncro Mastercard, and Echo Cashback Mastercard. The annual fees for these cards range from $30 to $150, making this an extra convenient perk.
Enjoy unlimited transactions
You read that right: you have unlimited transactions with this account. That means there's no limit on any online transactions, no limits on transactions made at a National Bank branch, and absolutely no limits on how many Interac e-Transfers you send and receive. And all of this, in turn, means you don't have to worry about being charged for overages.
Pre-authorized line of credit available
Along with this chequing account, you'll also have access to a line of credit with up to $5,000 available. Now, this is essentially a fancy way to describe overdraft protection, but it's still an important feature to note. It could come in very handy in an emergency situation. However, it's important to note that this benefit, unsurprisingly, isn't available for account holders under the age of 18.
Complimentary, unlimited legal and estate advice
This isn't a feature you see offered very often with chequing accounts, but the National Bank Total Chequing Account does indeed provide free assistance from a lawyer via phone or videoconference. This also includes free notary services, will-writing assistance, and answers to your estate planning questions. Again, it's important to note that these services are only offered to National Bank clients over age 16 and up.
Receive 100 free cheques a year
As it's a chequing account, it shouldn't be a surprise that you can get cheques, but free cheques is a feature to be thankful for. It's not unheard of for a chequing account to include a few free cheques each year, but the National Bank Total Chequing Account has taken it up a notch – 100 is a lot! So go ahead and write cheques for your rent every month, send your nieces and nephews birthday cheques, and/or go old school and pay that magazine subscription with a personal cheque. You've got lots to use up.
The cons of National Bank Total Chequing Account
Unfortunately, there are a few areas where the National Bank Total Chequing Account disappoints.
Cons
Unusual range of monthly fees
It's difficult for us to tell you what the monthly fee is for this account because there are 4 different possibilities, all based on the age of the account holder: $18 for ages 0-17, $13 for ages 18-24, $28.95 for ages 25-59, and $23.95 for the 60+ age group. While we do think this is an interesting and unique way of doing things, it can be very confusing. Sticking with one flat fee would make things much simpler for everyone.
The minimum balance for waiving fees is rather high
Just because the monthly banking fee varies, doesn't mean the minimum amount to waive those fees does. It's a flat $6,000 across the board. That's a lot of money, especially for anyone between the ages of 0 and 17, who are able to hold a National Bank Total Chequing Account, but they aren't likely to have $6,000 to store in it.
No welcome bonus incentive
At the time of writing, the National Bank Total Chequing Account has no welcome bonus offer at all, which is very disappointing. A promo of any kind would go a long way towards making this National Bank chequing account look more appealing, especially when online institutions like Simplii Financial and Tangerine seem to always have some kind of valuable promotion running for new chequing clients.
National Bank Total Chequing Account alternatives
Of course, there are plenty of alternatives to this National Bank chequing account. Take a look at how it stacks up against competing accounts.
FAQ
What is the National Bank Total Chequing Account?
The National Bank Total Chequing Account is a premium chequing account from one of Canada's biggest banks, the National Bank of Canada. With unlimited transactions, an impressive credit card rebate, and complimentary legal assistance services, this account boasts plenty of impressive features.
What is the minimum balance required for the National Bank Total Chequing Account?
The National Bank Total Chequing Account does require a minimum balance of $6,000 to waive the monthly fee, but not to have the account open. It's quite a high minimum requirement for many people – one of the highest we've seen, in fact.
What are the National Bank chequing account fees?
The National Bank has an odd system for its National Bank Total Chequing Account's monthly fees. It's a tiered system that's based on the age of the account holder. Clients of ages 0 to 17 years pay $18, 18 to 24 pay $13, 25 to 59 pay $28.95, and 60+ pay $23.95.
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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