National Bank of Canada (Banque Nationale) is the sixth-largest bank in Canada and the largest bank headquartered in Quebec. While considered a mid-tier player nationally, National Bank is a dominant force in Quebec, with a deep branch network in Montreal, Quebec City, and across the province. For Quebecers and Canadians looking for an alternative to the Big Five, National Bank deserves serious consideration — especially for students, young adults, and those who value French-language service. This review covers everything you need to know about National Bank in 2025.
National Bank of Canada at a Glance
Quebec Note: National Bank is the most Quebec-centric of the major chartered banks, with bilingual service, French-language advisors in every branch, and a thorough understanding of Quebec's distinct financial laws (including the droits de mutation and provincial income tax specifics). For Quebecers, it deserves strong consideration over the Big Five.
National Bank Products Overview
| Product | Details | Bremo Take |
|---|---|---|
| The Total Account | $0 for students; $10.95–$15.95 for others | Best Big-Bank-style pricing for students in Canada |
| The Modest Account | $6.95/month, 12 transactions | Budget option for light users |
| The Unlimited Account | $15.95/month, truly unlimited | Most affordable unlimited plan of the major banks |
| Savings Account | Promotional high-interest periods; low ongoing | Watch for promos; ongoing rate is weak |
| Mortgages | Competitive rates; strong in Quebec market | Very good — particularly for Quebec properties |
| Mastercard Echoes World Elite | 2% cash back on all purchases — no category limits | Excellent flat-rate cash-back card |
| Mastercard à la carte | Low-fee card with custom rewards | Good for low-spenders wanting flexibility |
| National Bank Direct Brokerage | Low-cost self-directed investing; no commission ETFs | One of Canada's best brokerages — commission-free ETFs |
| Business Banking | Strong for Quebec SMEs and entrepreneurs | Best big-bank option for Quebec businesses |
National Bank's Biggest Strength: Student and Youth Banking
National Bank offers free banking (The Total Account at $0/month with unlimited transactions) to students at Canadian universities and CEGEPs. This is the best student banking offer from any major chartered bank in Canada — full stop. Students also get access to a Mastercard credit card, investment accounts, and mortgage pre-qualification, all with no monthly banking fees throughout their studies. For Quebec students especially, National Bank is the obvious starting point.
National Bank Echoes World Elite Mastercard: A Sleeper Hit
The Mastercard Echoes World Elite is one of the most underrated credit cards in Canada. It earns 2% cash back on all purchases with no category restrictions — no spending caps, no complicated categories to track. Combined with Mastercard's extensive acceptance network and World Elite travel benefits (airport lounge access with membership, travel insurance), the Echoes card is genuinely competitive with the top cash-back cards from the Big Five. For Quebec residents who bank with National Bank, this card is an easy recommendation.
National Bank Direct Brokerage: Commission-Free ETFs
National Bank Direct Brokerage (NBDB) stands out as one of Canada's best discount brokerages. NBDB offers commission-free trading on all ETFs — a rare feature in Canada that typically only fintech platforms offer. For index investors and ETF-focused portfolios, this eliminates transaction costs entirely. The platform is functional with all major account types (TFSA, RRSP, RESP, non-registered). For Quebecers who want a full-service brokerage with commission-free ETF investing, NBDB is an excellent choice.
National Bank Mortgages in Quebec
National Bank is one of the strongest mortgage providers in Quebec. The bank's mortgage advisors are deeply familiar with Quebec's specific real estate laws — including the droits de mutation (land transfer tax), the Loi sur la protection du consommateur, and the distinct notarization process used in Quebec. National Bank regularly offers competitive fixed and variable rates, and often has promotions specifically for Quebec buyers. For first-time buyers in Quebec, National Bank is worth getting a quote alongside a mortgage broker comparison.
National Bank's Weakest Area: Savings Rates
Like all chartered banks, National Bank pays near-zero on standard savings accounts (approximately 0.01%). While the bank runs promotional savings rate offers periodically, the ongoing rate is consistently well below digital alternatives. For Canadians holding $100 or more in savings, the difference between National Bank's standard rate and EQ Bank's 3.75% is approximately $374/year in lost interest. Move your savings to EQ Bank or KOHO while keeping your chequing at National Bank if you bank there.
National Bank Outside Quebec: Limited Branch Network
National Bank's branch network outside Quebec is limited compared to the Big Five. While the bank has branches in major cities across Canada (Toronto, Calgary, Vancouver, Ottawa), Canadians outside Quebec will find the network thin for in-person banking needs. National Bank's digital platform has improved, but for Canadians in Ontario, BC, or Alberta, the Big Five or even Tangerine/EQ Bank likely serve everyday needs better. National Bank is overwhelmingly strongest as a Quebec-based institution.
National Bank Pros and Cons
National Bank Pros
- Free banking for students (best student offer of any major bank)
- Lowest unlimited banking fee ($15.95) among major Canadian banks
- Echoes World Elite — excellent 2% flat cash-back card
- NBDB: commission-free ETF trading — rare in Canada
- Best-in-class Quebec mortgage expertise
- Bilingual service; deep Quebec market knowledge
- CDIC insured
National Bank Cons
- Very limited branch and ATM network outside Quebec
- Savings rates near zero on standard accounts
- Fewer no-fee account options for non-students
- Less brand recognition and resources than Big Five
- Weaker international banking options
- Customer service can lag in peak periods
Even National Bank Can't Beat KOHO for Daily Spending
National Bank has the best student banking in Canada — but still pays near-zero on savings. KOHO charges $0 and pays 3.0% — plus a $100 welcome bonus with code 45ET55JSYA. Use National Bank for your mortgage or Echoes card; use KOHO for savings and daily spending.
Referral code: 45ET55JSYA • Works everywhere in Canada
National Bank vs. Big Five: How Does It Compare?
| Feature | National Bank | TD | RBC |
|---|---|---|---|
| Monthly Fee (unlimited) | $15.95 | $14.95–$29.95 | $16.95–$29.95 |
| Student Banking | Free (best in Canada) | Free (limited features) | Free (limited features) |
| Best Credit Card | Echoes World Elite (2% all) | Aeroplan Visa Infinite | Avion Visa Infinite |
| Brokerage | NBDB (commission-free ETFs) | TD Direct Investing | RBC Direct Investing |
| Quebec Coverage | Best — dominant player | Good — national coverage | Good — national coverage |
| National ATM Network | 1,900+ (partner network) | 2,700+ | 4,900+ |
| Bremo Rating | 3.6/5 | 3.5/5 | 3.4/5 |
Bremo Verdict: 3.6/5 — Best Big-Bank Option for Quebecers
National Bank scores highest in our review series at 3.6/5, edging TD (3.5) and all other major banks. The bank earns its rating through genuinely differentiated products: the best student banking offer in Canada, the most affordable unlimited banking plan among chartered banks, an excellent flat cash-back credit card, and commission-free ETF investing through NBDB. For Quebec residents, National Bank is the strongest big-bank option available. For Canadians outside Quebec, the limited branch network reduces its utility for in-person banking, but NBDB and the Echoes credit card are worth considering regardless of province. As always: keep your savings at EQ Bank (3.75%) or KOHO (3.0%) — National Bank, like all chartered banks, pays near-zero on deposits.
Frequently Asked Questions — National Bank of Canada
Yes — National Bank is our highest-rated bank in this review series at 3.6/5, ahead of TD (3.5/5) and RBC (3.4/5). It stands out for student banking, affordable fees, the Echoes World Elite credit card, and commission-free ETF investing through NBDB. For Quebec residents, it is the strongest big-bank choice available. Outside Quebec, it is best used for specific products (Echoes card, NBDB) rather than as a primary everyday bank due to the limited branch network.
National Bank operates nationally in Canada with branches in major cities including Toronto, Ottawa, Calgary, and Vancouver. However, roughly 80% of its branches and ATMs are concentrated in Quebec. For Canadians outside Quebec, National Bank is primarily a digital banking option, and the limited in-person network is a real drawback for those who need regular branch access.
The Mastercard Echoes World Elite is National Bank's standout credit card. It earns 2% cash back on all purchases with no category restrictions or spending caps — making it one of the simplest and most generous flat-rate cash-back cards in Canada. World Elite Mastercard benefits include travel insurance and lounge access features. The annual fee is justified for moderate to heavy spenders who want straightforward cash back.
Yes — National Bank offers free banking for students (The Total Account at $0/month with unlimited transactions). This is the most generous free student account from any major chartered bank in Canada. For non-students, National Bank's fees start at $6.95/month and the unlimited plan is $15.95/month — the lowest unlimited fee of any major Canadian bank. However, KOHO still beats all of these with $0/month for everyone, not just students.
Yes — NBDB is one of Canada's best discount brokerages, particularly because it offers commission-free trading on all ETFs. This is rare among established Canadian brokerages and makes NBDB excellent for index investors and anyone building a diversified ETF portfolio. The platform supports all major account types (TFSA, RRSP, RESP, FHSA, non-registered). For cost-conscious long-term investors, NBDB is a strong choice.
Both National Bank and Desjardins are strong choices for Quebec residents. Desjardins, as a cooperative, offers unlimited deposit insurance through the AMF (no $100,000 cap), strong community reinvestment, and competitive mortgage and savings products. National Bank offers stronger credit card rewards (Echoes 2% cash back), better brokerage access (NBDB commission-free ETFs), and is a publicly traded Schedule I bank with CDIC coverage. Many Quebec residents bank with both for different products. If deposit protection beyond $100K matters to you, Desjardins' AMF unlimited coverage is a significant advantage.
Yes. National Bank of Canada is a federally regulated Schedule I chartered bank and a full CDIC member. Eligible deposits are insured up to $100,000 per depositor per category (chequing, savings, GICs up to 5 years, TFSAs, RRSPs, etc.). National Bank is one of Canada's systemically important financial institutions. Note: unlike Desjardins (which uses AMF unlimited protection), CDIC coverage is capped at $100,000 per category.