National Bank of Canada (Banque Nationale du Canada) was founded in 1859 and is headquartered in Montreal, Quebec. Its branches are concentrated in Quebec, with a smaller presence in cities across the rest of Canada. On February 3, 2025, National Bank completed its acquisition of Canadian Western Bank (CWB), an all-share deal of roughly $5 billion that added CWB’s branches in Western Canada and Ontario, which have since been rebranded as National Bank.
For Quebec residents, National Bank is a full-service bank with a wide branch network. Elsewhere, its best-known product is its self-directed brokerage, National Bank Direct Brokerage (NBDB). Other Canadian banks are reviewed in the bank and fintech reviews.
National Bank at a Glance
| Feature | Details |
|---|---|
| Founded | 1859, Montreal |
| Branches | 375+ (mostly in Quebec) |
| ATMs | National Bank ATMs, plus surcharge-free access through THE EXCHANGE Network |
| CDIC insured | Yes (how CDIC coverage works) |
| Lowest monthly fee | $3.95/month (The Minimalist) |
| Savings rate | 0.55% (National Bank High Interest Savings Account, posted as of October 5, 2026) |
| Registered accounts | TFSA and RRSP |
| Institution number | 006 (National Bank routing number) |
| Customer service | National Bank customer service |
Chequing Accounts
| Account | Monthly Fee | Fee Waiver (Min Balance) | Transactions |
|---|---|---|---|
| The Minimalist | $3.95 | None (no balance-waiver option on this package) | 18 electronic transactions/month, no branch transactions included |
| The Connected | $15.95 | $4,500 | Unlimited electronic transactions; $2.50/branch transaction |
| The Total | $28.95 | $6,000 | Unlimited electronic and branch transactions |
National Bank’s current lineup runs from The Minimalist, a flat-fee account with no balance waiver, to packages with unlimited electronic transactions and a balance waiver, such as The Connected. Older names (the “Digital Banking Account”, “The Account”, “The Account Plus” and “All-In-One Account”) are no longer in National Bank’s fee guide. NSF, wire, draft and other service fees are on the National Bank fees page.
Savings
National Bank’s main savings product is its High Interest Savings Account, at a variable 0.55%; the bank’s high-interest savings page carries today’s figure. TFSA and RRSP savings are available too, and the cross-bank picture is in the best savings accounts in Canada.
NBDB: National Bank Direct Brokerage
NBDB is open to any Canadian, with no National Bank chequing account needed, and charges no commission on online Canadian and US stock and ETF trades; it also offers US dollar accounts, options and margin, with an annual administration fee unless you meet a waiver condition. Fees, account types, tools and how it compares with other brokers are covered in the NBDB review.
Credit Cards
National Bank issues a range of Mastercards, from the low-interest Syncro Mastercard (for people who sometimes carry a balance; it earns no rewards) to cash back and travel rewards cards such as the ECHO and World Elite cards. National Bank’s site has the current rates and fees, and cards from every issuer are compared in the credit card reviews.
Who National Bank Suits
Quebec residents who want a full-service bank with a wide local branch network and service in French and English.
Self-directed investors anywhere in Canada, through NBDB, which doesn’t require banking with National Bank.
Former Canadian Western Bank clients in Western Canada and Ontario, whose branches are now National Bank branches.
Less suited to: people outside Quebec and the CWB markets who want frequent branch access. National Bank against the other big banks is covered in the best banks in Canada; RBC, TD, BMO, Scotiabank, CIBC and Quebec’s cooperative, Desjardins, have their own reviews.