Montreal-based National Bank of Canada (TSX:NA) has added a new high interest savings account to its range of savings solutions.

The new account offers a promotional interest rate of 1.50% on accounts with a balance of at least $5,000 — a much higher annual rate than the one offered on traditional savings accounts.

The account allows holders one free ABM withdrawal per month and unlimited free electronic transfers.

The product is eligible for Canada Deposit Insurance Corporation (CDIC) coverage.

In addition to the high interest savings account, the bank also offers the Altamira high-interest CashPerformer savings account, a high-interest investment vehicle that the banks says has been very successful. This product is available at National Bank branches and from investment advisors at the bank’s securities brokerage subsidiaries.