Types of the National Bank of Canada deposits
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Savings accounts:
- High-Interest Savings Accounts with no minimum balance and monthly fees have a 0.80% interest and free unlimited transfers between your NBC accounts. One ABM withdrawal per month is free. Service charges like Interac e-Transfer and debit transaction fees may be applied.
- Savings plans are government-registered and non-registered accounts that are available for new clients, and NBC clients who want to open an account or contribute to the existing one.
- A Registered retirement savings plan (RRSP) lets you defer income tax and save for retirement. Registered Retirement Income Fund (RRIF) is made to transfer your RRSP funds after retirement. Unlimited withdrawals are considered taxable income and the remaining balance is staying tax-free.
- Locked-In Retirement Account (LIRA) allows you to transfer a pension to an individual tax-free account to hold without contributions till retirement.
- Life Income Fund (LIF) are sheltered from tax and are made to help manage and withdraw your retirement funds. LIF is an extension of your LIRA and has an annual limit of the withdrawal amount.
- Group Pension Plans (GPP) are available for business owners.
- A Tax-free savings account (TFSA) allows you to grow money tax-free and withdraw anytime. Contribution limits are applied.
- A registered Education Savings Plan (RESP) is a tax-sheltered plan which is made to save up for your children's post-secondary education and use governmental grants.
- Non-registered plans offer you to grow your money without contribution limits.
- USD Progress Account is a savings account in American dollars with a current maximum interest rate up to 0.100%, $5,000 of minimum daily balance required to generate interest, and free withdrawals and transfers at NBC branches. Other transactions are charged for each in USD.
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Chequing accounts: The Minimalist, The Modest, The Connected, The Total, and special offers for professionals, students, newcomers, children, and youth.
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Business chequing, savings accounts in CAD, USD, and foreign currencies.
Requirements
To open a TFSA or RESP you must:
- Be a Canadian resident
- Be the age of majority in your province or territory
- Have a valid Social Insurance Number (SIN)
For a TFSA you should make the minimum deposit of $1,000. The minimum withdrawal amount is $500. The annual contribution limit in 2022 and 2021 is $6,000.
For an RESP: the maximum contribution is $50,000 per beneficiary over the lifetime of the plan.
You must transfer the funds from your LIRA to a LIF and an RRSP to a RIF no later than December 31 of the year you turn 71. The government requires you to make a minimum withdrawal each year. Withdrawals that exceed the minimum amount are taxed as income. The maximum withdrawal you can make is calculated based on your age, the balance of your LIF, and the LIF reference rate that is set each year. The minimum RRIF percentage is based on your age.
Pros and cons
Pros
- No fee, no minimum balance savings accounts
- A systematic savings plan is available
- The competitive interest rate for savings accounts
- A full range of savings registered plans
Cons
- The low-interest rate at the USD account
- Some accounts require a minimum balance
- Other fees may apply
How to make a deposit?
Apply for a savings account, by clicking «Open a savings account» below the product. Sign in or become a new client. Fill in an application form and deposit funds from your online bank.
You may transfer your funds between your NBC accounts free of charge using an online account or mobile app. With a systematic savings plan your funds will be deposited into your savings account, RRSP, RESP, and TFSA.
You may also make an appointment or call at +18888356281.
