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HSBC chequing accounts

The range of HSBC chequing accounts range from basic to all the bells and whistles.

HSBC is an alternative to the big banks in Canada. The bank offers a full line of chequing accounts that give you a wide selection of products and services from low-fee banking to premier accounts with unlimited withdrawals. The account you select will ultimately depend on your banking needs, transaction requirements and on whether you’re willing to maintain a large balance with the bank.

HSBC Chequing accounts

HSBC offers these chequing accounts to Canadian residents.

  • HSBC Premier Chequing Account
  • HSBC Advance Chequing Account
  • HSBC Performance Chequing - Unlimited
  • HSBC Performance Chequing - Limited account
  • HSBC Student Chequing Account

HSBC Premier Chequing Account

The HSBC Premier Chequing Account offers the ultimate HSBC experience, but only if you qualify. Be a resident of Canada with a valid Social Insurance Number
Be 16 years of age or older
Have an email account
Maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $100,000, or Hold a personal HSBC Bank Canada residential mortgage with an original amount of $500,000 or greater, or Have income deposits of $6,500 within a calendar month plus confirmation of $100,000 or more in assets under management in Canada, or Qualify for HSBC Premier in another country

The account has some attractive features if you do qualify, including:

  • Transactions. This account gives you unlimited deposits and withdrawals.
  • Interac e-Transfers. You’ll have access to unlimited transfers made through Interac from your Canadian dollar account.
  • International money transfers. You’ll have access to free transfers between HSBC accounts in different countries using the Global Transfer tool.
  • Cheques. All personalized cheques are available for free.
  • Access to ATMs. Receive Free withdrawals at over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada, and unlimited rebates (up to $2.00 per withdrawal fee) on other bank's ATMs in Canada.
  • Premier Relationship Manager. Account holders receive a dedicated relationship manager for all their financial needs.

HSBC Advance Chequing Account

The HSBC Advance Chequing Account is one tier below the HSBC Premier Chequing Account, but it still offers flexibility and cost savings on everyday banking essentials. Some of the main benefits of this account option include the following:

  • Day-to-day banking. Conduct all your banking needs – deposits, withdrawals and personalized cheques – unlimited.
  • Transfers. You can send unlimited money transfers through Interac.
  • Mastercard access. All account holders can Earn up to $400 with an HSBC Advance chequing account. Get a $300 welcome offer reward. Plus, get a $100 digital account opening bonus. Valid until December 31, 2022.
  • ATM rebates. Receive 5 rebates per month in ATM convenience fees if you use a non-HSBC or non-Exchange Network ATM (Up to $2 per transaction).
  • Monthly account fee waived. Get no monthly fees for the first 6 months (and longer) when you maintain a $5,000 minimum balance in combined deposits and investments (including chequing, savings, RRSPs, TFSA’s and others). Or, pay no monthly fees when you hold a personal mortgage with an original amount of $150,000 or more..

HSBC Performance Chequing - Unlimited

The HSBC Performance Chequing - Unlimited account lets you conduct all your essential banking services for a flat monthly fee. It doesn’t have the same perks as Premier or Advance, but it will cost you less in terms of fees. The following are the main benefits of the HSBC Performance Chequing - Unlimited:

  • Flat monthly fee. Your everyday banking services cost only a flat fee of $14.95 per month.
  • Discounts. Full-time secondary or post-secondary students may be eligible for a reduced monthly fee. Seniors (those aged 60 and above) pay zero monthly fees..
  • Open to everyone. The minimum deposit requirement to open a this account is $0.
  • Overdraft protection available. A personal line of credit that acts as overdraft protection can be available to all account holders.

HSBC Performance Chequing - Limited account

As the most basic account option, the HSBC Performance Chequing - Limited account account provides essential banking services at the lowest possible price. It’s suited for people who make fewer transactions every month. Some of the main benefits include the following:

  • Low monthly fee. This account is the most affordable option at just $4 a month in administration fees.
  • Discounts. All youth, students, seniors and people receiving Registered Disability Savings Plan (RDSP) benefits pay no monthly fee.
  • Monthly transactions. Your have 14 transactions per month free of charge.
  • Optional overdraft. You can apply for a personal line of credit for overdraft protection.

How does it compare to other banks or services?

As far as banking services go, these HSBC chequing accounts aren’t a whole lot different than those offered by the Big Six banks. HSBC Canada is a regulated financial institution that is fully insured by the Canadian Deposit Insurance Corporation. Just remember that as of November 2019, there are only 145 HSBC branches across Canada compared with the thousands of TD, RBC, Scotiabank, CIBC and Bank of Montreal locations.

Why should I open an account at HSBC?

HSBC chequing accounts offer many of the same benefits you’re used to getting at the other major banks.

  • Wide selection of chequing accounts and savings accounts.
  • Option for unlimited transactions
  • Low-fee banking options

What should I look out for?

  • HSBC is at a disadvantage when it comes to geographic distribution and physical branches. Branches are located primarily in major urban centres in Ontario and British Columbia.

HSBC customer service

HSBC customer service is available online and over the telephone. For online and mobile banking inquiries, call 1-877-621-8811.

For a full list of contact numbers, check out its website.

Bottom line

HSBC offers some much-needed competition in Canada’s banking landscape. If you’re looking for premier banking services or just want to keep more of your hard-earned money, there are HSBC chequing accounts options available for you.

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