Personal Finance

NBC 350$ for new account/CC/Saving

  • Last Updated:
  • Aug 19th, 2017 4:10 pm
Tags:
[OP]
Deal Addict
Mar 11, 2007
3768 posts
1080 upvotes
QC

NBC 350$ for new account/CC/Saving

Just saw that on my Facebook feed

https://www.nbc.ca/personal/campaign/ca ... count.html

200$ for chequing account
You have to keep account opened for 12 months
Minimum account fee is 8,25$ or 2500$ in account
EDIT: Needs to be used at least once

100$ for credit card
EDIT: Platinum (125$), World (125$), or World Elite (150$)

50$ for saving account

EDIT: 8.25$ minimum fee or 2500$
EDIT: Added infos
Last edited by jfmartel on Aug 15th, 2017 6:35 pm, edited 2 times in total.
9 replies
Deal Fanatic
User avatar
Jan 31, 2006
6397 posts
1405 upvotes
Toronto
The promotional offer is valid from July 10 to October 31, 2017.
This offer is intended for clients who do not have a National Bank transaction account.

To qualify, you must open a transaction account at a branch and sign up for an eligible product during the promotional period.
The offer may be modified, extended, or withdrawn without prior notice at any time. Employees of National Bank and its subsidiaries and entities are not eligible.
The offer may not be combined or used with any other National Bank offer, promotion or benefit and cannot be applied retroactively.
There is a limit of one cashback per subscribed product during this promotion.
The offer can only be applied once for each type of product. Only the primary cardholder is eligible for the offer.
The cashback amount varies according to the number of products held, but cannot exceed $350.
Cashback calculation
1. You will obtain a cashback of $200 if you sign up for a Direct Access®, AccessPlus or Virtuoso® package or financial package for professionals, our Internet Banking Solutions and eStatements and carry out at least one transaction in your account.

2. You will obtain a cashback of $100 if you do not have a credit card and you sign up for a National Bank Mastercard® credit card or replace an existing card with one of National Bank's eligible Mastercard credit cards (Platinum, World®, or World Elite®), and activate it. Credit cards offered with National Bank financial packages are included in the offer.

3. You will obtain a cashback of $50 if you open a High Interest Savings Account with National Bank.

Products must be activated within 60 days of subscription. Cashbacks will be deposited in your designated National Bank account within 90 days of the activation date for the subscribed products. Clients will receive their cashbacks by February 6, 2018.
Deal Addict
Nov 25, 2014
1739 posts
949 upvotes
Newton Brook, ON
jfmartel wrote: Minimum account fee is 8.95
Correction: Direct Access monthly fee is $8.25 - or $2500 minimum balance.
You need someone with an umbrella not a fork
Jr. Member
Jul 13, 2017
150 posts
46 upvotes
Seen better deals BUT at least this bank does offer a minimum balance option to waive monthly fees unlike the recent crappy Scotiabank deal.

Anybody have experience in dealing with this bank (I'm out "West" & National Bank isn't that big here - at least for the "regular joe customer" vs business customer).
Deal Addict
Feb 26, 2008
1821 posts
1271 upvotes
This is actually a pretty good deal for those of us who keep money in high interest savings account. I am one of those people who plays the game of transferring money from Zag Bank to PC Financial to Tangerine as I attempt to achieve the best average interest rate...and, overall, I'd expect that my average interest rate from that game would be about 3% during 2017.

The NBC deal is interesting because you need to deposit $2,500 for a year to earn a non-taxable bonus of $200. That's about 8% after-tax, not taking into account that you'll burn an hour of your time. If only it were scaleable!

Thanks OP!
Newbie
Jul 14, 2017
30 posts
29 upvotes
ForlornHope wrote: Anybody have experience in dealing with this bank (I'm out "West" & National Bank isn't that big here - at least for the "regular joe customer" vs business customer).
I don't have experience with National Bank but I remember reading a lot of complaints about their customer service with their World Elite mastercard. It was on the credit cards forum, a few months ago I think. That makes me think twice about trying the credit card, but I'm still considering going for the $200 chequing account promotion because it looks really low maintenance. I think customer service is more an issue on the WE card because the card rewards are complicated.
Newbie
Jul 14, 2017
30 posts
29 upvotes
kneevase wrote: This is actually a pretty good deal for those of us who keep money in high interest savings account. I am one of those people who plays the game of transferring money from Zag Bank to PC Financial to Tangerine as I attempt to achieve the best average interest rate...and, overall, I'd expect that my average interest rate from that game would be about 3% during 2017.

The NBC deal is interesting because you need to deposit $2,500 for a year to earn a non-taxable bonus of $200. That's about 8% after-tax, not taking into account that you'll burn an hour of your time. If only it were scaleable!

Thanks OP!
Good point! And there's also a similar CIBC promotion right now til August 31. CIBC is basically a 10% return on $3000, for only a little bit more work (setting up direct deposit or auto-debits).

With both CIBC and NBC, even if you don't maintain the minimum-for-no-fee balance, you still gain overall. CIBC is better than NBC for this. With CIBC, if your balance is below $3000, you pay 4.95 a month. NBC, balance below $2500, pay 8.25 a month. Let's say you keep the minimum balance for six months, then you need the money and have to take (most of) it out for the remaining 6 months.

CIBC: 4.95 x 6 months = 29.70. You've still gained $270.30 ($300 reward - 29.70 fees)
NBC: 8.25 x 6 months = 49.50. You've still gained $150.50 ($200 reward - 49.50 fees)

In fact, with both, you gain even if you never put in more than the bare minimum to pay the fees and transactions.
CIBC: $300-59.40=240.60.
NBC: $200-99=101.

The bonuses are kind of like the sign-up bonuses on many credit cards, and without the minimum spend that you usually get with the card, and without much (any?) risk of rejection.

There, you'd think I work for these banks, haha! Just thinking out loud, for what it's worth :)
Newbie
Jul 14, 2017
30 posts
29 upvotes
Actually, we should look at it this way. With each offer, what are you getting, as a minimum, no matter how little you put in. NBC, it's $101. CIBC, it's $240.60.
Then, what do you gain if you keep the minimum balance, and how does that gain compare with what you could get if you put that money elsewhere.
Let's compare it with if you put that money into EQ Savings at 2.3%.

NBC, if you put $2500 in for 12 months, you gain $99 (that is, you save $99 in monthly account fees, bringing your final "reward" up from 101 to 200.)
If you put $2500 into EQ for 12 months, you get $57.50. So in this case, you're getting more for your money if you can keep it in NBC for the year,

CIBC, if you put $3000 in for 12 months, you gain $59.40.
If you put $3000 into EQ for 12 months, you get $69. So in this case, it's better to put the money in EQ and pay the monthly CIBC fees.
Deal Addict
Feb 26, 2008
1821 posts
1271 upvotes
thomas20 wrote: Actually, we should look at it this way. With each offer, what are you getting, as a minimum, no matter how little you put in. NBC, it's $101. CIBC, it's $240.60.
Then, what do you gain if you keep the minimum balance, and how does that gain compare with what you could get if you put that money elsewhere.
Let's compare it with if you put that money into EQ Savings at 2.3%.

NBC, if you put $2500 in for 12 months, you gain $99 (that is, you save $99 in monthly account fees, bringing your final "reward" up from 101 to 200.)
If you put $2500 into EQ for 12 months, you get $57.50. So in this case, you're getting more for your money if you can keep it in NBC for the year,

CIBC, if you put $3000 in for 12 months, you gain $59.40.
If you put $3000 into EQ for 12 months, you get $69. So in this case, it's better to put the money in EQ and pay the monthly CIBC fees.

Good thought process, but don't forget income tax.
Newbie
Jul 14, 2017
30 posts
29 upvotes
kneevase wrote: Good thought process, but don't forget income tax.
Ahhhh, right. Thanks for pointing that out. So even the CIBC deposit is probably still better, basically 1.98% tax free.

Top