National Bank of Canada · 2-Year FixedNational Bank of Canada 2-year fixed mortgage, compared.
National Bank of Canada isn’t posting a broker-channel 2-year fixed on our rate board today — the best 2-year fixed across our network is 3.99%. We get National Bank of Canada’s broker pricing — typically 15-30 bps below posted — and compare it across 100+ lenders.
How does National Bank of Canada’s 2-year fixed compare?
National Bank of Canada isn't currently posting a broker-channel 2-year fixed on our rate board, so the rate above is the best 2-year fixed across our 100+ lenders — not National Bank of Canada's own. For this term we shop your file across the full shelf, National Bank of Canada included, and bring back the sharpest fit.
The trade-off, and what drives the rate
The trade-off. You pay for a very short rate hold and the certainty of re-shopping soon, sometimes at a premium.
What drives the rate. Priced off the 2-year Government of Canada bond, the 2-year fixed is highly sensitive to the near-term rate outlook. In a falling-rate market it can undercut longer fixed terms; in a flat market it usually prices above them because lenders prefer to lock you in longer.
What would my payment be with National Bank of Canada?
About $2,943/month. On a $700,000 home with 20% down, the mortgage is $560,000. That’s at the network’s best 2-year fixed rate of 3.99% over a 25-year amortization. At National Bank of Canada’s consumer rate (~15-30 bps higher) the same mortgage costs $50-100 more a month. Model your numbers in the National Bank of Canada calculator.
What a 2-year fixed with National Bank of Canada means in practice
National Bank is Canada's sixth-largest bank and its strength is Quebec: market depth, underwriting flexibility on Quebec-specific files, and French-language service. Outside Quebec its branch network is thin, which is exactly where getting its 2-year fixed through a brokerage rather than a branch is most useful.
More on National Bank of Canada's 2-year fixed: penalties, privileges and programs
The product to understand is the All-in-One — a readvanceable mortgage, similar in spirit to Manulife One, that is collateral-charged and breaks differently from a standard 2-year fixed. On a standard fixed term, National Bank applies posted-rate IRD (we model its 5-year posted rate at 6.79%). With two years of term there is little time for the IRD to build, so three months' interest is usually the practical cost of leaving early.
National Bank's annual privilege on our table is 15% of the original principal as a lump sum each year, plus the right to double payments, once per year — up to $84,000 a year on $560,000. On a 2-year fixed that room is mostly about arriving at renewal with a smaller balance.
It also runs the NBC Newcomer program for new arrivals, so recent immigrants in Quebec in particular should see its 2-year fixed alongside the rest of the market. And since National Bank acquired Canadian Western Bank in 2025, CWB's Western Canada lending — and its Optimum and Bridgewater arms — now sit in the same group; we still compare CWB's rates separately on our board.
Against the other Big-6. On a 2-year fixed, all six big banks use posted-rate IRD, so the method won't separate National Bank; its representative posted rate (6.79%) is the same figure we model for TD and BMO. On prepayment National Bank sits mid-pack at 15% plus double-up — the others: TD (15% lump sum plus double-up), RBC and CIBC (10% lump sum plus double-up), Scotiabank (15/15), BMO (20/20).
How does National Bank of Canada price the broker channel?
Canada's sixth-largest bank, strongest in Quebec. Competitive newcomer program (NBC Newcomer), good underwriting flexibility on Quebec-specific files, and the All-in-One readvanceable mortgage (similar to Manulife One).
National Bank of Canada's rate sheets and strengths
National Bank of Canada runs a consumer 2-year fixed sheet and a wholesale broker-channel sheet, usually 15-30 bps lower — on a $700,000 mortgage, 20 bps is roughly $1,400 a year.
- Quebec market depth
- All-in-One readvanceable mortgage
- NBC Newcomer program
- Bilingual service
Why get National Bank of Canada’s 2-year fixed through a broker?
Because the rate National Bank of Canada quotes you directly is rarely its best 2-year fixed. We can help you save money.
Access the broker channel
National Bank of Canada's broker-channel 2-year fixed rate is typically 15-30 bps below the rate you would be quoted directly — and you can only reach it through a licensed brokerage like ours.
Switch or renew without overpaying
At maturity we benchmark National Bank of Canada's renewal/switch offer against the whole market so you never auto-renew high.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions
Whatever your situation with National Bank of Canada
We submit to National Bank of Canada’s broker desk and 100+ other lenders on one application — whichever prices your file lowest wins.
First-time buyers
5% down with FHSA + RRSP HBP optimization — National Bank of Canada or whichever lender prices you lowest.
Refinancing
Tap your home equity for renovations, debt consolidation or investing.
Renewing
Don't auto-renew with National Bank of Canada — but check whether it's collateral-charged before switching, since that decides the cost of moving.
Self-employed
Business-for-self files priced right across A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit back to A-pricing.
Breaking a National mortgage
Estimate the National Bank of Canada posted-rate IRD penalty before you switch.
National Bank of Canada 2-year fixed rate — FAQ
What is National Bank of Canada's 2-year fixed mortgage rate today?
The best 2-year fixed across our 100+ lender network is approximately 3.99% as of Oct 24, 2026. As an FSRA-licensed brokerage we quote National Bank of Canada's broker-channel sheet, typically 15-30 bps below its consumer rate. Your exact rate depends on your file.
Is a National Bank of Canada 2-year fixed registered as a collateral charge?
National Bank's All-in-One readvanceable is collateral-charged and breaks differently from a standard mortgage. Ask whether your 2-year fixed sits inside the All-in-One — if it does, both the break rules and the cost of switching at maturity change.
What prepayment privileges come with a National Bank of Canada 2-year fixed?
For National Bank of Canada, our privilege table records 15% of the original principal as a lump sum each year, plus the right to double payments. On a $560,000 mortgage that allows up to $84,000 a year in lump sums. Prepaying within the allowance also lowers the balance a later break penalty is calculated on. The exact privilege is set in your commitment letter.
How does breaking a National Bank of Canada 2-year fixed work?
The greater of three months' interest or IRD, but with so little term length the IRD is rarely large, and three months' interest is often the binding (and modest) figure. National Bank applies posted-rate IRD on fixed mortgages; the All-in-One readvanceable product is collateral-charged and breaks differently. Estimate it with the National Bank of Canada penalty calculator; National Bank of Canada's written payout statement is the binding number.
Can I get a lower 2-year fixed rate than National Bank of Canada's?
Sometimes. Another of our 100+ lenders may price your specific 2-year fixed better — we put National Bank of Canada and the rest of the network on one application, then you choose.
Get National Bank of Canada’s best 2-year fixed — and 100+ others.
One application, no credit pull to begin. We submit to National Bank of Canada and shop the whole network for your file.