National Bank of Canada Review: Is It Safe and a Good Bank?

National Bank of Canada is not a lesser-known financial entity — it is a central pillar of Canadian banking with roots in 1859. For anyone in Quebec seeking a secure home for savings or a first account, the choice is straightforward: it is one of the country’s Big Six banks, federally regulated and backed by CDIC insurance.

Founded: 1859 ·
Headquarters: Montreal, Quebec ·
Assets under management: CAD 422 billion (2024) ·
Big 6 rank: 6th largest commercial bank in Canada ·
CDIC insured limit: CAD 100,000 per depositor ·
Number of employees: 27,000+

Eight key facts about National Bank of Canada, each confirmed by official sources:

Is National Bank of Canada a Real Bank?

Is National Bank of Canada a real bank? (Yes, it is a major Canadian bank)

• National Bank of Canada is a federally chartered bank and the sixth largest commercial bank in Canada (NerdWallet Canada (personal finance publisher)).
• Headquartered in Montreal, it has been operating since 1859 (Wikipedia (encyclopedia)).
• It is a member of the Canada Deposit Insurance Corporation (CDIC) and regulated by the Office of the Superintendent of Financial Institutions (OSFI) (NerdWallet Canada).

The implication: National Bank is as real as any major bank in Canada — its charter, membership in the Big Six, and regulatory oversight place it firmly in the same league as Royal Bank or TD.

Who Runs the National Bank of Canada?

Who is the CEO?

• Laurent Ferreira has been the CEO since 2021 (National Bank of Canada (official website)).
• He leads a management team overseeing more than 27,000 employees.

What is the board structure?

• The bank is publicly traded on the Toronto Stock Exchange under the ticker NA.TO (Wikipedia).
• A board of directors, elected by shareholders, provides governance and oversight.

The pattern: National Bank’s leadership is transparent and publicly accountable — a structure typical of large, publicly traded financial institutions.

Is National Bank of Canada Safe to Use?

CDIC insurance coverage

• CDIC insures eligible deposits up to CAD 100,000 per depositor, per insured category at each member bank (CDIC (Canada Deposit Insurance Corporation, federal insurer)).
• National Bank is a CDIC member, meaning savings, chequing, and term deposits are protected up to that limit.

Regulatory oversight

• OSFI oversees National Bank’s compliance with capital adequacy and liquidity requirements (OSFI (Office of the Superintendent of Financial Institutions, Canadian regulator)).
• The bank also adheres to Bank of Canada monetary policy and anti-money laundering regulations.

Financial stability

• National Bank has a credit rating of Aa3 from Moody’s, reflecting strong financial health (Moody’s (credit rating agency)).
• It reported total assets of CAD 422 billion in 2024 and maintains a capital ratio well above regulatory minimums.

Why this matters: With CDIC insurance, OSFI oversight, and strong credit ratings, National Bank offers deposit safety on par with any Big Six bank.

Is National Bank a Good Bank in Canada?

Services overview

• Full-service personal banking: chequing accounts, savings accounts, mortgages, credit cards, and loans (National Bank of Canada (official website)).
• Business banking and wealth management (Private Wealth 1859) for high-net-worth clients.
• Newcomer programs with discounted services and tailored products.

Upsides

• Strong digital banking platform with two-factor authentication and encryption.
• Discounted packages for newcomers, seniors, and professionals (healthcare, IT).
• Wide ATM network (950+ ATMs) and 400+ branches, concentrated in Quebec but growing.

Downsides

• Limited branch presence outside Quebec compared to Royal Bank or TD.
• Only one savings account option available.
• Customer service wait times can be longer during peak hours.

The trade-off: National Bank is ideal if you live in Quebec or want a bank that actively courts newcomers and professionals. If you need nationwide branch access, a larger Big Six bank might be more convenient.

Who Are the Big 6 Banks in Canada?

List of the Big Six

• Royal Bank of Canada (RBC)
• Toronto-Dominion Bank (TD)
• Scotiabank (BNS)
• Bank of Montreal (BMO)
• Canadian Imperial Bank of Commerce (CIBC)
• National Bank of Canada (NA)

National Bank’s position

• National Bank is the smallest of the Big Six by assets and market capitalization (Wikipedia (encyclopedia)).
• It is the only one headquartered in Quebec, giving it a strong regional identity.

The pattern: National Bank’s smaller size means it can be more agile with niche services, but it lacks the sheer scale of its larger peers.

What Is the Safest Bank in Canada?

Bank safety rankings

• All Big Six banks are considered highly stable, with strong capital adequacy ratios and consistent profitability (OSFI (Office of the Superintendent of Financial Institutions, Canadian regulator)).
• None have failed or required a government bailout in modern history.

Role of CDIC

• CDIC insurance ensures depositors can recover up to CAD 100,000 even in the unlikely event of bank failure (CDIC (Canada Deposit Insurance Corporation, federal insurer)).
• Since CDIC covers per-depositor, per-bank, splitting savings across multiple Big Six banks is a common strategy to protect larger sums.

Risk of bank runs

• Canadian banks are subject to strict liquidity requirements, making bank runs extremely unlikely.
• National Bank’s capital ratio (CET1) remains above OSFI’s minimum threshold.

The catch: No single bank is categorically “safest” — all Big Six members offer comparable protection. The real risk lies in exceeding CDIC limits, not in choosing one bank over another.

What Bank Do Most Millionaires Use in Canada?

High-net-worth services at National Bank

• National Bank’s Private Wealth 1859 division offers personalized investment management, tax planning, and estate services (National Bank of Canada (official website)).
• It is a top choice for high-net-worth clients in Quebec.

Comparison with other banks

• Millionaires often hold accounts at multiple institutions to maximize CDIC coverage and access specialized services.
• Royal Bank’s RBC Wealth Management and TD’s Private Banking are larger competitors, but National Bank competes strongly on personalized service.

The implication: Millionaires don’t put all their money in one bank. National Bank is a strong regional contender in wealth management, but nationwide RBC and TD lead.

Comparison: National Bank vs. Royal Bank of Canada

Three key differences that matter most for depositors:

The implication: National Bank is smaller and more regionally focused, but offers identical deposit protection and competitive services for Quebec-based clients.

Specifications: Account Types and Fees

Six account categories, each with distinct features:

The pattern: National Bank offers multiple chequing options but only one standard savings account — a limitation for savers who prefer tiered savings products.

Pros and Cons of National Bank of Canada

The trade-off: National Bank excels for Quebec residents, newcomers, and those who value personalized wealth management. Outside Quebec, branch access is a genuine drawback.

Confirmed Facts vs. What’s Unclear

Confirmed facts

• National Bank is a CDIC member with up to CAD 100,000 deposit insurance (CDIC (Canada Deposit Insurance Corporation, federal insurer)).
• It is regulated by OSFI and the Bank of Canada (OSFI (Office of the Superintendent of Financial Institutions, Canadian regulator)).
• CEO Laurent Ferreira took office in 2021 (National Bank of Canada (official website)).
• The bank has over 400 branches and 950+ ATMs (NerdWallet Canada (personal finance publisher)).

What’s unclear

• Exact number of high-net-worth clients served by Private Wealth 1859.
• How the $3,000 bank rule (a US concept) would apply under Canadian CDIC rules, if at all.

The implication: The confirmed facts show a well-regulated, stable institution. The gaps are minor and unlikely to affect everyday depositors.

What Regulators and Leaders Say

“Canada’s deposit insurance system protects eligible deposits up to $100,000 per insured category at each member institution.”

CDIC (Canada Deposit Insurance Corporation, federal insurer)

“OSFI requires all federally regulated financial institutions to maintain adequate capital and liquidity to withstand severe economic shocks.”

OSFI (Office of the Superintendent of Financial Institutions, Canadian regulator)

“National Bank is committed to supporting newcomers and high-net-worth clients with tailored financial solutions that reflect our Quebec heritage.”

National Bank of Canada (official website)

These statements reinforce the message: National Bank is a safe, well-regulated institution with a clear focus on specific client segments.

Summary: Is National Bank Right for You?

For anyone living in Quebec or planning to move there, National Bank offers a compelling mix of deposit safety, competitive rates, and newcomer-friendly policies. Its smaller size means more personalized service but fewer branches elsewhere. For depositors outside Quebec, the bank’s limited national footprint is a genuine constraint — you might get better convenience from RBC or TD. National Bank remains a strong pick for Quebec-based clients; those needing coast-to-coast branch access should look elsewhere.

Related reading: Bank of Canada Interest Rate Announcement

Investors interested in the bank’s financial performance may also find the National Bank of Canada stock analysis useful for understanding its market position.

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