National Bank of Canada is the sixth and smallest of Canada’s Big Six banks — but only by national footprint. In Quebec, they’re the dominant bank, ahead of RBC and TD. They’ve been quietly innovative on a few products: free brokerage trades, strong World Elite card, mobile-first banking. Worth knowing about even if you don’t live in Quebec.
Last reviewed: May 2026. No affiliate relationship.
Where National Bank wins
- National Bank Direct Brokerage: $0 commission stock + ETF trades. Since 2021 — well before the Big Six matched. No minimum balance required. This is genuinely competitive with Wealthsimple Trade, with the advantage of National Bank’s broader research tools.
- Strong branch network in Quebec. ~400 branches concentrated in Quebec and eastern Ontario. If you live there, they’re convenient and often better-staffed than RBC/TD locally.
- National Bank World Elite Mastercard. 5x points on grocery + restaurants (capped at $80K spending), 2x on other categories, 1x rest. $150 annual fee, $90 with $80K relationship balance. Solid travel rewards card if you prefer Mastercard over Amex.
- The All-In Banking package. $30/month bundle (waived with $5,000 balance or $40K mortgage). Includes unlimited transactions, free Interac e-Transfers, free certified cheques, free international wires up to 10/month, free safety deposit box, premium rewards card included.
- Forward-thinking on tech. National Bank was the first Canadian bank to fully support Apple Pay back in 2017. Their mobile app + online banking are consistently top-rated for UX.
- Newcomer Program with the same standard benefits as the other Big Six — year-1 fee waivers, credit access, low-fee international transfers.
Where National Bank loses
- Limited reach outside Quebec. Maybe 50-100 branches in all of Ontario; very thin in Western Canada. If you live in Toronto/Vancouver/Calgary and want branch access, RBC/TD/BMO win.
- Savings rates. National Bank High Interest Savings pays 0.2-1.0%. Same Big Six story — savings should sit at EQ Bank, not here.
- Standard mortgage pricing. Same 0.20-0.40% premium over broker rates as other Big Six.
- USD account costs. Standard fees. Wealthsimple Cash + EQ USD do this better.
- Mutual funds. Same 2.0-2.5% MER trap.
National Bank Direct Brokerage specifically
This is the standout product. Since 2021, National Bank Direct Brokerage offers $0 commission on stocks, ETFs, and options for self-directed accounts — no minimum balance. Compare to TD Direct ($9.99 below $50K), BMO InvestorLine ($9.95 below $250K), or CIBC Investor’s Edge ($6.95 below $100K).
What’s missing vs Wealthsimple Trade: fractional shares (NBDB requires whole shares), some advanced order types, and the slick mobile UX. What’s better vs Wealthsimple Trade: actual options trading, margin accounts, deeper research tools (Morningstar + Argus reports), and a broader range of account types (RESP, LIRA, RIF, corporate accounts).
For investors who want $0 commissions + options trading + variety of account types, NBDB is genuinely the best Canadian brokerage in 2026. It’s underappreciated because it’s tied to a bank most Canadians outside Quebec don’t think of.
Who National Bank is right for
- Quebec residents who want a bank where the staff actually speak French as the default
- Self-directed investors who want $0 commissions WITH options trading and variety of account types (NBDB beats both Wealthsimple Trade AND the other bank brokerages on this combination)
- National Bank World Elite cardholders who travel and earn at the 5x grocery + restaurant rate
- All-In Banking package customers who fully use the bundled benefits
- Tech-forward customers who value the mobile-first app experience
Who should look elsewhere
- Anyone outside Quebec who needs heavy branch access — RBC/TD/BMO have far better coverage
- People who hold large cash balances — savings still belong at EQ Bank
- People who don’t use the World Elite card or NBDB — the appeal narrows significantly
The hidden play: NBDB + EQ Bank
One configuration worth considering: use National Bank Direct Brokerage as your primary self-directed investment account (free trades, options + margin if you want them, RRSP/TFSA/RESP all in one place), use EQ Bank for everyday chequing + savings (3-4% interest, no fees), and skip having any traditional Big Six everyday banking relationship. This setup is virtually free to operate and gives you better investment tools than what RBC/TD/BMO/Scotia offer their own customers below $50K.
A friend who arrived from Lebanon in 2020 set this exact stack up after a year of doing the Big Six song-and-dance. She saved roughly $400/year in fees AND got into options trading (which Wealthsimple doesn’t support) — all without setting foot in a branch.
Frequently asked questions
Is National Bank Direct Brokerage safe?
Yes — it’s the brokerage arm of National Bank of Canada, a federally regulated Schedule I bank. NBDB is a member of CIPF (Canadian Investor Protection Fund), which insures investor assets up to $1 million per account category against broker insolvency. Same protection level as TD Direct, Wealthsimple Trade, Questrade.
Does National Bank Direct Brokerage support USD accounts?
Yes, USD-denominated cash and securities are supported with no FX conversion required for US-listed stocks held in USD accounts. This is meaningful for investors who don’t want the 1.5% FX fee that Wealthsimple Trade Core charges on USD purchases. NBDB also supports Norbert’s Gambit for converting CAD ↔ USD at minimal cost.
Can I open a National Bank account online if I live outside Quebec?
Yes — National Bank accepts online applications from anywhere in Canada. The lack of branches outside Quebec is mostly a non-issue if you’re comfortable with phone + online support. Some specific products (mortgages, complex business accounts) work better in branch, but for everyday banking + investing, online-only works fine.
How does National Bank’s mortgage compare to other Big Six?
Similar posted rates (within 0.05% of other Big Six), similar prepayment privileges (15-20% annual). National Bank is often more willing to compete on rate for borrowers with strong credit + larger down payments. Worth getting their quote alongside a mortgage broker quote before signing.
Should I switch from my current Big Six bank to National Bank for free trades?
You don’t have to switch — you can open NBDB as a self-directed account alongside your existing bank. Many investors keep their everyday banking at one bank (TD, RBC) and run their investments through NBDB or Wealthsimple Trade. The $0 commission is the only reason to open NBDB; doesn’t require uprooting your other relationships.
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