HSBC Advance Chequing Account review

HSBC’s Advance chequing account offers flexibility and cost savings on everyday banking services. 

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When it comes to chequing accounts, Canadians have no shortage of options. If you’re considering switching from one of the Big Six banks, the HSBC Advance Chequing Account offers an impressive suite of products and services.

For starters, the HSBC Advance Chequing Account gives you unlimited day-to-day banking, which includes cheques, withdrawals and deposits at HSBC. Get the monthly fee of $25 waived. To qualify for the offer, you must maintain personal deposits and investments of at least $5,000 or hold a personal mortgage with an original amount of at least $150,000.

What banking products does HSBC offer?

HSBC offers a range of banking services, including business accounts, chequing accounts, savings accounts and credit lines.

  • Chequing accounts: HSBC offers four chequing accounts: Premier, Advance, Performance Chequing-Unlimited and Performance Chequing-Limited.
  • Savings accounts: High Rate Savings Accounts, Tax-Free Savings Accounts and a variety of foreign currency savings accounts are all available with HSBC.
  • Credit lines: HSBC offers credit cards, lines of credit, home equity lines of credit and mortgages
  • Business banking: Owners of small businesses have dedicated chequing accounts and business loans to choose from.
  • Investment products: Investment options include GICs (guaranteed investment certificates), term deposits, TFSAs, RRSPs, mutual funds and portfolio management services.

How does it compare to other banks or services?

HSBC has carved out a strong presence in major metropolitan regions across the country. As a premier financial institution, it offers many of the same products and services as TD, RBC, Scotiabank, National Bank of Canada and Bank of Montreal.

Keep in mind that HSBC currently has only 145 branch locations across Canada, which pales in comparison to the Big Six banks. Before you decide to open an account with HSBC, it may be helpful to see if there’s a branch location near you.

HSBC reviews and complaints

HSBC Canada is not accredited by the Better Business Bureau (BBB), but it has received an A- rating from the organization based on its interactions with customers.

While HSBC is a reputable financial institution with locations all over the world, it has received a 1-star rating by consumers on the Consumer Affairs website. Keep in mind that people may be more inclined to visit Consumer Affairs in order to complain about an organization, which may help to explain the negative score.

Why should I open an account at HSBC?

Some of the main benefits of an HSBC Advance Chequing Account include:

  • Unlimited day-to-day banking. With the HSBC Advance Chequing Account, there are no limits on deposits, withdrawals and personal cheques.
  • Free transfers. Sending money through INTERAC is free of charge.
  • Complimentary Mastercard. All account holders can sign up for the HSBC Advance Mastercard, which carries no annual fee.
  • 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 the monthly fee of $25 waived. To qualify for the offer, you must maintain personal deposits and investments of at least $5,000 or hold a personal mortgage with an original amount of at least $150,000.

What should I look out for?

Some of the disadvantages of the HSBC Advance Chequing Account include:

  • Limited branch locations. Although HSBC branches are available across Canada, you won’t get the same coverage as the Big Six banks. Currently, there are only 145 HSBC branch locations in Canada.

HSBC customer service

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

The full contact page is available here.

Customer service is available in English, French, Mandarin and Cantonese.

The bottom line

If you’re looking for unlimited transactions and unlimited Interac e-Tranfers, the HSBC Advance Chequing Account could be your ticket to savings. You can also get access to a no annual fee HSBC Advance Mastercard. Keep in mind that in order to avoid paying the monthly account fee you’ll need to meet the eligibility requirements.

Frequently asked questions

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