High Interest Savings Account

1 - Table of Content

1.1 What are the main features of National Bank’s High Interest Savings Account?

  • The High Interest Savings Account offers a higher rate of interest than our other traditional savings accounts. Interest is payable on daily account balances of CDN $5,000 or more. Interest is calculated daily, at the end of each day, and added monthly to your total account balance.
  • As soon as the balance reaches $5,000, an annual interest rate is applied to the entire daily closing balance. Interest is paid monthly.
  • The National Bank High Interest Savings Account gives you immediate access to your funds.
  • The National Bank High Interest Savings Account allows you to make one free ABM withdrawal per month. A fee applies to subsequent withdrawals. 
  • There is no fee for transfers made using our Electronic Banking Solutions to one of your transaction accounts at National Bank.
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1.2 Will the National Bank High Interest Savings Account always offer a higher interest rate than traditional savings accounts?

  • The interest rate may change from time to time according to market conditions, but it will always be higher than that of our traditional savings accounts.
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1.3 Is the National Bank High Interest Savings Account available as a registered TFSA or RRSP?

  • No, the account is only available in non-registered form. However, depending on your needs, a variety of savings solutions are available. For more information, please contact one of our advisors.
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1.4 Can this type of account be opened for an estate or as a trust?

  • Yes, however this type of account may only be opened at a branch. For more information, please contact one of our advisors.
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1.5 How do I open a National Bank High Interest Savings Account?

  • In-branch with an advisor
  • If you are already a client:   
    By opening an Internet Banking Solutions session from the transaction site.
  • If you are a new client: 
    From our website.
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1.6 How long does it take to open an account remotely?

  • If you are a new client:
    • Allow 13 to 15 business days from the time the account application is submitted:
      1. The account application form takes 5 to 10 minutes to complete.
      2. The account opening process takes 3 to 5 business days.
      3. The Client Card can take up to 10 business days to be issued.
  • If you have an account at National Bank:
    • Account openings take 24 to 48 business hours
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1.7 Is the National Bank High Interest Savings Account covered by the Canada Deposit Insurance Corporation (CDIC)?

  • Yes, the National Bank High Interest Savings Account is eligible for CDIC deposit insurance, up to the authorized limit.
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1.8  Is there a hold on funds transferred from my National Bank transaction account to my High Interest Savings Account?

  • No, there is no hold on funds transferred to your National Bank High Interest Savings Account.
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1.9 What is the daily limit on transfers from my National Bank transaction account to my High Interest Savings Account?

  • There is no limit.
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1.10 Does the High Interest Savings Account allow for periodic savings?

  • No, this feature is not yet available on this account. However, you can set up regular transfers from your National Bank transaction account to your High Interest Savings Account using our Electronic Banking Solutions.
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1.11 Are there transactions that cannot be made with my High Interest Savings Account?

  • Yes, you cannot pay bills or make transfers at an ABM with the National Bank High Interest Savings Account.
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