National Bank of Canada is the sixth-largest bank in Canada and the dominant bank in Quebec, where it holds a stronger position than any of the Big 5. While it's not officially part of the "Big 5," National Bank is often called Canada's "sixth bank" and is fully competitive with the larger institutions for most banking services. In recent years, National Bank has been expanding its reach across Canada, and with its 2024 acquisition of Canadian Western Bank, it is growing significantly in western Canada. This review examines National Bank's accounts, fees, and services in 2025.
Founded in 1859, National Bank has its headquarters in Montreal and operates approximately 400 branches — primarily in Quebec but with growing presence in Ontario and western Canada. The bank has around 3 million clients and is publicly traded on the Toronto Stock Exchange. National Bank is recognized for its customer service quality, particularly in Quebec, and consistently scores high in regional customer satisfaction surveys.
At $3.95/month, this account includes 12 transactions and one free e-Transfer per month. Straightforward for basic banking needs with a competitive entry-level price.
National Bank's mid-range account runs $12.95/month (waived at $3,000 minimum balance) and includes unlimited transactions plus unlimited Interac e-Transfers. This is notably more affordable than comparable unlimited accounts at RBC ($16.95) or TD ($16.95), making it an appealing option for everyday banking.
At $24.95/month (waived at $5,000 minimum balance), the Total Account adds overdraft protection, credit card fee rebates, and premium service tiers. The fee waiver threshold of $5,000 is between BMO's $4,000 and Scotiabank's $6,000 thresholds.
National Bank offers a free unlimited account for post-secondary students with unlimited transactions and e-Transfers — one of the most generous student banking packages among Canadian banks. Particularly valuable for Quebec students already within National Bank's stronghold.
National Bank's savings rates are similar to other major banks under standard conditions. The bank offers a Savings Account with competitive promotional rates for new deposits. National Bank's GIC rates tend to be slightly more competitive than RBC's and TD's for comparable terms, making GICs worth comparing if you're a fixed-income saver.
National Bank offers fixed and variable rate mortgages competitive with other Big 6 banks. The bank is known for its mortgage processing speed — often faster than the Big 5 — and has strong mortgage advisor networks in Quebec. National Bank's All-in-One, which combines a chequing account and mortgage in one integrated product, is an innovative approach that can accelerate mortgage paydown by sweeping daily cash balances against the mortgage principal. This product can save thousands in interest over the mortgage term for disciplined users.
This is National Bank's standout feature for investors. National Bank Direct Brokerage offers $0 commission stock and ETF trades — completely free for all clients. There are no minimums and no conditions. This positions BNCD alongside Wealthsimple Trade as the best option for commission-free investing at a Canadian bank, and unlike Wealthsimple Trade, BNCD is part of a full-service banking relationship.
For Canadians who want to keep investments and banking at the same institution, National Bank's combination of competitive chequing accounts and free trading is difficult to beat among bank-owned brokerages.
National Bank issues Visa and Mastercard credit cards under its own branding. The National Bank World Elite Mastercard is one of Canada's better travel credit cards, offering strong earn rates and comprehensive travel insurance. The National Bank Platinum Mastercard is a solid everyday card with competitive cashback rates on groceries and gas.
National Bank's mobile app has improved significantly in recent years and is well-regarded, particularly in Quebec. The app supports standard features plus National Bank's unique All-in-One mortgage management tools. Customer service quality is frequently cited as a strength — National Bank consistently outscores the Big 5 in Quebec-based customer satisfaction surveys.
Outside Quebec, National Bank operates fewer branches and has historically had less brand recognition. With the Canadian Western Bank acquisition completed, National Bank's western Canada presence is growing, but clients in BC, Alberta, and other western provinces may find branch access more limited than with the Big 5. Digital banking mitigates this significantly for most transactions, but in-branch service availability differs meaningfully from Quebec.
National Bank is an excellent choice for Quebec residents who want strong local service and competitive fees. It's also compelling for any Canadian investor who wants free equity trading integrated with a full banking relationship. The All-in-One mortgage product is worth serious consideration for disciplined homeowners who want to minimize interest paid. Outside Quebec, National Bank is growing but may still have branch coverage gaps depending on your city.
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Open KOHO Free — No Fees — Code 45ET55JSYANational Bank earns a solid 4 out of 5 — slightly above the Big 5 average — thanks to its $0 commission investing, lower chequing fees, and the innovative All-in-One mortgage product. For Quebec residents and self-directed investors, National Bank is genuinely among the best options at Canada's established banks. Its growing national footprint makes it increasingly relevant for all Canadians, not just those in Quebec.