National Bank of Canada (Banque Nationale du Canada) is Canada’s sixth-largest bank, headquartered in Montreal and founded in 1859. It operates 375+ branches concentrated in Quebec, with growing presence in major cities across Canada.
Its two nationally relevant standout products are NBDB (commission-free investing with USD accounts, options, and margin) and the Syncro Mastercard (4% on groceries, dining, and recurring bills with no annual fee). For Quebec residents, a competitive branch network and strong mortgage rates round out the picture. For Canadians elsewhere, National Bank is primarily a fintech play — NBDB for investing, Syncro for everyday spending.
National Bank at a Glance
| Feature | Details |
|---|---|
| Founded | 1859, Montreal |
| Rank | 6th largest Canadian bank |
| Branches | 375+ (primarily Quebec) |
| ATMs | 900+ owned; 3,000+ via THE EXCHANGE Network |
| CDIC insured | Yes |
| No-fee chequing | Yes (Digital Banking Account) |
| Savings rate | ~2.50% (HISA, TFSA, RRSP) |
| TFSA / RRSP | Yes |
| Investing platform | NBDB — $0 commission, USD accounts, options, margin |
| Best credit card | Syncro Mastercard — 4% groceries/dining/recurring |
Chequing Accounts
| Account | Monthly Fee | Waiver Threshold | Key Feature |
|---|---|---|---|
| Digital Banking Account | $0 | None | Unlimited transactions, unlimited e-Transfers |
| The Account | $4.95 | $1,500 balance | 12 transactions/month |
| The Account Plus | $14.95 | $3,000 balance | Unlimited transactions |
| All-In-One | $26.95 | $5,000 balance | Premium perks, travel insurance |
The Digital Banking Account is fully competitive with Simplii and Tangerine for no-fee digital banking. Branch transactions incur extra charges, so it is designed for digital-first users. The Account at $4.95 (waived at $1,500) is the best option for anyone who occasionally needs branch access.
NBDB: National Bank Direct Brokerage
| Feature | NBDB | Wealthsimple Trade | Questrade |
|---|---|---|---|
| Canadian stocks/ETFs | $0 | $0 | ETFs free to buy; $4.95–$9.95 sells |
| US stocks/ETFs | $0 | $0 (1.5% FX fee) | $4.95–$9.95 |
| USD accounts (no FX on each trade) | Yes | No | Yes |
| Options | $6.25 + $1.25/contract | No | $9.95 + $1/contract |
| Margin accounts | Yes | No | Yes |
| TFSA, RRSP, FHSA, RESP | All | TFSA, RRSP, FHSA | All |
| Research platform | Full | Basic | Intermediate |
The critical NBDB advantage over Wealthsimple Trade is the USD account. On a $5,000 US trade, Wealthsimple’s 1.5% FX fee costs $75. NBDB charges $0 once funds are in USD. For investors who buy US stocks or ETFs regularly, this difference compounds significantly over time.
Syncro Mastercard
| Feature | Details |
|---|---|
| Annual fee | $0 |
| Earn rate — groceries, dining, recurring bills | 4% |
| Earn rate — everything else | 1% |
| Income requirement | None |
| Redemption | National Bank rewards portal |
4% on three of the highest-spend household categories with no annual fee is exceptional. A household spending $800/month on groceries, dining, and bills earns approximately $384/year with no fee to offset.
National Bank vs Big Five
| Feature | National Bank | RBC | TD | CIBC | Scotiabank | BMO |
|---|---|---|---|---|---|---|
| No-fee chequing | Yes ($0) | $0 (limited) | $0 (limited) | $0 (limited) | $0 (limited) | $0 (limited) |
| Basic chequing fee | $4.95 | $4.00 (Day to Day) | $3.95 (Minimum) | $4.00 (Everyday) | $3.95 (Basic) | $4.00 (Practical) |
| Savings rate | ~2.50% | ~0.50% | ~0.50% | ~0.50% | ~0.50% | ~0.50% |
| Commission-free investing | Yes (NBDB) | No ($9.95/trade) | No ($9.99/trade) | No ($6.95/trade) | No ($9.99/trade) | No ($9.95/trade) |
| Quebec branch network | Excellent | Good | Good | Limited | Moderate | Limited |
Cluster Pages
- National Bank Fees
- National Bank Routing Number
- National Bank e-Transfer Limit
- National Bank Customer Service
- NBDB Review