HSBC Advance Chequing Account Review

The HSBC Advance Chequing Account sets itself apart from its competition by offering unlimited day-to-day transactions and waived Interac e-Transfer fees (though other regular transaction fees may apply). Learn more about the perks on offer from HSBC and sign up for an account today to start saving.

30-second take

• Think about an HSBC Advance Chequing Account if you want unlimited transactions.

• This account comes with a $25 monthly fee unless you meet specific eligibility requirements.

The basics

If you want to take advantage of a number of account perks with a reputable Canadian bank, you might be interested in an HSBC Advance Chequing Account.

• Unlimited transactions. Spend money on your debit, pay your bills or set up automatic withdrawals from your account.
• Free Interac e-Transfers. Avoid paying fees to send money to family or friends when you use Interac e-Transfers (though other regular transaction fees may apply).
• Free ATM withdrawals. Get free ATM withdrawals at any HSBC or THE EXCHANGE Network ATMs (with over 3,500 locations across Canada).
• ATM rebates. Enjoy a rebate on any fee you pay for up to 5 withdrawals from non-HSBC or non-Exchange Network ATMs in Canada. (Maximum rebate of $2.00 per transaction).
• Monthly 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.
• $0 wire transfer fees. Get $0 wire transfer fees on transferred amounts under $10,000 when wire transfer is in different currency from account (Agency/beneficiary bank fees may apply and additional conditions apply).
• Welcome offer. Earn up to $400 with an HSBC Advance chequing account. Valid until March 31, 2023.

The perks

Along with its handful of basic benefits, the HSBC Advance Chequing Account offers a wide range of exclusive perks that you can take advantage of:

• Send money internationally. Send money between your HSBC accounts in 30 countries with the click of a mouse.
• Mobile and online banking. Access and manage your account quickly and easily from your computer or mobile phone.
• Mobile cheque deposit. Deposit cheques by snapping a picture of them with your mobile phone and uploading them to the HSBC app.
• Investment advice. Get personalized investment recommendations and put your money into high-performing exchange-traded funds (ETFs) with HSBC Wealth Compass.

What to watch out for

Despite the number of perks that an HSBC Advance Chequing Account offers, there are also a couple of potential drawbacks you should be aware of:

• Monthly fee. You’ll have to pay a monthly fee of $25 to maintain your account unless you meet the eligibility requirements for an HSBC fee waiver.
• Charges for certain ATMs. You’ll be charged a small fee every time you withdraw cash on an ATM that isn’t an HSBC or THE EXCHANGE network ATM.
• No interest on account. You won’t earn any interest on the balance you hold in your account (which is an attractive feature offered by some digital banks).
• Limited branch locations. HSBC offers far fewer branch locations than some of Canada’s Big Five banks.

What should I know before I apply?

To open an HSBC Advance Chequing Account, you’ll need to meet the following criteria:

• Be a resident of Canada with a valid Social Insurance Number
• Be 16 years of age or older
• Have an email account

How do I open an account?

To open an HSBC Advance Chequing Account, you’ll need to fill out a quick and easy online application. Follow these steps to get started:

1. Visit HSBC’s website to start the online application.
2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
3. Review the details of your account and apply with the click of a mouse.

Bottom line

HSBC is one of Canada’s largest and most reputable banks. It offers a range of top-rated financial products, including the HSBC Advance Chequing Account. This account comes with unlimited transactions, monthly fee waivers and a number of other perks. It also gives you the chance to earn a welcome bonus if you’re a new HSBC client. Find out what you need to qualify for this type of account and learn more about how you can apply online today.

Frequently asked questions about the HSBC Advance Chequing Account

• Is my balance insured?

  Your deposits are protected by the Canadian Deposit Insurance Corporation (CDIC) up to $100,000. This means you won’t have to worry about losing money if HSBC were to become insolvent.

• Where can I find the most HSBC branch locations?

  You’ll be able to find the most HSBC branches if you live in Ontario or BC. There are fewer branch locations in other provinces – and most are concentrated in big cities.