The National Bank High Interest Savings Account is a product from National Bank that clients can use for funds they won't need to use on a regular basis, and it comes with a special interest rate so those funds can grow. It provides much-needed security and trustworthiness for many customers.
Unfortunately, the interest rate isn't as high as many other accounts we've reviewed, and there are a few frustrating details – like the Interac e-Transfer and debit transaction fees. There's something to be said for history and reliability, though, and National Bank is more than solid in those areas.
National Bank High Interest Savings Account features
Most high interest savings accounts have fairly standard features, but you might be surprised by some of the subtle differences the National Bank High Interest Savings Account has to offer.
Why You Want It
Effortless savings with 0.65% interest + No fixed monthly fees.
Special Features
- Access to the systematic savings plan for auto deposits
- Free automatic transfer tool
Eligibility
- Be a Canadian resident
- Be 14+ years of age
- Have a Social Insurance Number
Provinces
ALL
Interest Rates
Any balance
0.65%
Features
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
National Bank High Interest Savings Account product rating: 3.8 stars
At first glance, the National Bank High Interest Savings Account feels rather unremarkable – it doesn't offer much to make it stand out against the competition. Still, while we'd like to see a higher interest rate and a few more unique features associated with this account, this account and this bank provide superiorlevels of reliability and convenience.
Particularly if you're already a National Bank client, keeping all of your financial dealings under one roof can make things much easier, especially since transfers between accounts are always free. It's a convenient option for those saving for a short-term goal, building an emergency fund, etc.
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 High Interest Savings Account
Here are a few of the details we think this bank has gotten right with the National Bank High Interest Savings Account.
Pros
No minimum requirements to earn interest
Some banks require you to have $100,000 or more in your savings account before you can earn their premium interest rate, but this isn't the case with National Bank High Interest Savings Account. Whether you have $5, $500, or $500,000 in there, you'll still earn a consistent 0.65% on all funds.
Unlimited transfers between accounts
Especially if you're a loyal National Bank customer, you'll be happy to know that you can transfer money between accounts as often as you like – without having to pay a penny in bank fees. Whether you use online banking, the National Bank app, or telephone banking for your transfers, the $0 charge remains the same.
Set up auto transfers with a "systematic savings plan"
Speaking of free transfers, National Bank's systematic savings plan is a complimentary service that allows you to set up automatic transfers from one bank account to another, including your National Bank High Interest Savings Account. Using this auto feature can take a load off your mind, especially if you're trying to save for a specific reason.
The cons of National Bank High Interest Savings Account
There isn't much about the National Bank High Interest Savings Account to set it apart, and we think these are the main details that are holding it back. Take a look.
Cons
A standard interest rate
With other high interest savings accounts boasting rates as high as 2%, the National Bank High Interest Savings Account's rate of 0.65% is quite disappointing. It's typical for big banks to have lesser interest rates than you might expect, but even they go up to 0.75% and 0.85%, leaving National Bank trailing a bit behind.
Only one free withdrawal per month
Of course, with a high interest savings account, you're probably not going to want to take out money more than once a month. The point is to save, after all. But it's still your money and you should be able to have some flexibility. The National Bank High Interest Savings Account doesn't provide any free Interac e-Transfers, offers no free debit transactions, and allows only 1 free ATM withdrawal per month. This could certainly be better.
National Bank High Interest Savings Account alternatives
There are plenty of high interest savings accounts out there. Take a look at how the National Bank High Interest Savings Account compares to a few of its top competitors.
 |  | |  | |
|---|---|---|---|---|
| Account | National Bank High Interest Savings Account | Scotiabank Money Master Savings Account | Scotiabank MomentumPLUS Savings Account | Neo Savings Account for Youth |
| Genius Rating | ||||
| Why You Want It | Effortless savings with 0.65% interest + No fixed monthly fees. |  $50 GeniusCash + Automatically save with every debit purchase through Bank The Rest. | Get up to 4.75%* interest on your money + No monthly fees. | High interest rates + Prepaid Mastercard with unlimited transactions. |
| Interest Rates |
|
|
|
|
| # Of Free Transactions | 0 | 0 | 0 | Unlimited |
| # Of Free Interac E-Transfers | 0 | 0 | 0 | N/A |
| Max Promotion Rate | N/A | N/A | 4.75% | N/A |
| Welcome Bonus Value | N/A | N/A | N/A | N/A |
| Promo End Date | N/A | N/A | See Issuer for Details | N/A |
| Open an account See more National Bank products Compare | I Want This Deal See more Scotiabank products Compare | Open an account See more Scotiabank products Compare | Learn More See more Neo Financial products Compare |
FAQ
Is the National Bank High Interest Savings Account any good?
Yes, the National Bank High Interest Savings Account is a good choice for anyone looking for a way to house some of their highly-liquid savings. Especially if you have other National Bank accounts or products, the features of the National Bank High Interest Savings Account can be a convenient addition, providing an easy spot to house an emergency fund or other type of savings.
What is the interest rate for the National Bank High Interest Savings Account?
The interest rate currently earned by National Bank High Interest Savings Account is a rather lacklustre 0.65%. Still, while it's nowhere near the highest-earning savings account you can get, it's also not the lowest.
Is the National Bank a reliable bank to open an account with?
This is very reliable bank and is actually the leading financial institution in the province of Quebec. Currently ranking as the 6th largest bank in Canada, has more than 580 branches, and employs over 25,000 people.
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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