National Bank newcomer banking review (2026)

Who qualifies for National Bank’s newcomer offer?

National Bank says you qualify if you as of October 10, 2026:

• have lived in Canada 5 years or less, or will arrive within 90 days;
• are a permanent resident, or a temporary resident with a valid work or study permit (so international students can qualify);
• are 18 or older (this is also the minimum age for online opening and for a credit card);
• have not held certain National Bank accounts in the past 36 months, and are not an employee of National Bank or CWB.

To open online you need a Canadian phone number and one ID, such as a valid foreign passport or PR card. A Quebec health card (new model) also works. See ID to open a bank account.

What does the account cost over three years?

The package normally costs $15.95 a month. For newcomers, National Bank reduces it for three years:

Year-one extras include free withdrawals, transfers and bill payments at National Bank ATMs and at the counter. From month 13, National Bank lists a $2.50 fee for some of these; check the fee schedule. You also get a free first cheque order and free paper statements for 12 months (then $3.50 a month). Interac e-Transfers are unlimited. Fees as of October 10, 2026.

Worked example: three years at National Bank

Kwame opens the account and keeps about $1,500 in it. He uses e-statements but has no National Bank credit card.

• Year 1: $0
• Year 2: 12 × $7.98 = $95.76
• Year 3: 12 × $11.96 = $143.52
• Total: $239.28, compared with $574.20 at the full $15.95 a month

If Kwame adds a National Bank credit card and has his pay deposited, he meets the three-product rule. His fee in years two and three drops to $0. From year four, the regular Connected fee applies unless he keeps $4,500. Compare the 3-year cost with other banks in the cost of banking calculator.

Current cash back offer: up to $600

• $300: open the chequing account, sign up for online banking, make 20 eligible transactions (debit purchases and bill payments), and receive 3 automatic deposits of at least $100 each: one within 60 days, one in days 60 to 89, and one in days 90 to 120.
• $100: get an eligible National Bank Mastercard and make 20 purchases or cash advances within 120 days.
• $100: pay a National Bank mortgage by pre-authorized payment from the account.
• $100: open a High Interest Savings Account within 15 days and keep at least $5,000 in it until day 120.

Cash back is paid by a set date based on the month you open (for example, by May 15, 2027 for accounts opened November 1 to 3, 2026). You must keep the account, and any new card, for 12 months or repay part of it. The $300 part needs regular deposits, usually from a job; the mortgage part fits only home buyers.

Opening from abroad and moving money

National Bank lets you open the account online up to 90 days before you arrive. You then make one bank-to-bank wire (SWIFT MT103) before you land. Money transfer services do not qualify. After arrival, you book a branch visit to finish and get your debit card. National Bank says this online option from abroad is offered until November 3, 2026. Compare with other banks in opening an account before you arrive.

Sending money out: National Bank’s international transfers cost $5.95 each and take 3 to 5 business days, to the United States, India, the Philippines, the United Kingdom and 19 EU countries. The exchange rate also has a cost; see sending money home.

Legal help, credit and deposit insurance

• Free legal information by phone for 12 months through FBA Solutions, on topics such as immigration, housing and education. It gives general information, not a lawyer to act for you. For more help, see the legal help hub.
• Credit cards. National Bank says credit cards help build a Canadian history and approval is subject to its credit review. Its newcomer offer lists eligible Mastercard cards but does not state a credit limit for people with no credit history, so ask in the branch.
• Mortgages. National Bank says it can help newcomers buy a home even without Canadian credit history.
• Deposit insurance. National Bank says the account is covered by the Canada Deposit Insurance Corporation (CDIC), up to $100,000 per insured category. See CDIC explained.

Who National Bank fits, by situation

• You are moving to Quebec: National Bank is based in Montreal and says it has more than 360 branches. Compare with Desjardins for newcomers.
• You cannot keep a large balance: the three-product rule can keep years two and three free without $4,500 in the account.
• You want a long low-fee period: three years of reduced fees is longer than the one-year waiver at Scotiabank StartRight.
• You live outside Quebec: check the branch locator for your city first. If there is no branch near you, an online bank may suit you better.
• You only need basics: National Bank is one of the banks in the federal commitment to offer a no-cost ($0) account to newcomers in their first year in Canada (FCAC).

Common questions

Sources

• National Bank: Bank account for newcomers
• National Bank: Newcomer offer, no fixed monthly fees for 3 years
• National Bank: Banking products for newcomers
• National Bank: The Connected chequing account
• CDIC: What’s covered
• FCAC: Commitment on low-cost and no-cost accounts
• FCAC: Free and low-cost bank accounts with more monthly transactions (November 2025)
• FCAC: Opening a bank account

Checked against these sources on October 10, 2026. Spotted something out of date? Tell us.