HSBC Premier Chequing Account review

The HSBC Premier Chequing Account comes with unlimited day-to-day transactions, $0 wire transfer under $10,000 (though agency/beneficiary bank fees may apply), free personalized cheques and much more.

30-second take

• Think about an HSBC Premier Chequing Account if you want a ton of special perks.

• This account comes with a $34.95 monthly fee unless you meet specific eligibility requirements.

The basics

If you’re looking to enjoy a premium bank account with a number of special account features, you could benefit from opening an HSBC Premier Chequing Account.

• Unlimited transactions. Withdraw and deposit as much money as you want without paying additional fees (including waived Interac e-Transfer fees). However, other regular transaction fees may apply, and exchange rates will 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 unlimited rebates (up to $2 per withdrawal) on the fees you pay to withdraw money from non-HSBC or non-Exchange Network ATMs in Canada.
• Monthly fee waived. it waived if you keep a $100,000 balance in personal deposits and investments or have an HSBC mortgage of at least $500,000.
• One-on-one support. Take advantage of dedicated support from an HSBC Premier Relationship Manager who will be assigned to your account.
• $0 wire transfers. Send money globally with $0 wire transfer fees for foreign exchange transfers less than $10,000 (though agency/beneficiary bank fees and other conditions may apply).
• Emergency cash access. Access emergency cash of up to US$2,000 at any HSBC branch worldwide. (Other regular transaction fees may apply. Exchange rates will apply.)

The perks

Along with the basic benefits that are included with this account, you’ll also enjoy a number of other exclusive perks:

• Investment advice. Get unique global expertise and reach to diversify your wealth management options internationally.
• Multi-currency bank drafts. Order bank drafts in CAD, USD and most other major world currencies.
• Free personalized cheques. Request a book of free personalized cheques embossed with your name when you sign up for this account.
• Mobile and online banking. Access and manage your account quickly and easily from your computer or mobile phone.
• Free mobile cheque deposit. Deposit cheques by taking a picture of them with your mobile phone and uploading them to the HSBC app.

What to watch out for

While the HSBC Premier Chequing Account offers a wealth of benefits, you should also keep an eye out for these potential drawbacks:

• Monthly fee. You’ll be required to pay a monthly fee of $34.95 to maintain your account unless you’re eligible to have your fee waived.
• Limited branch locations. HSBC offers far fewer branch locations than some of Canada’s Big Five banks.
• Strict criteria for fee waivers. You’ll have to keep $100,000 in HSBC deposits or meet other eligibility requirements to qualify for a fee waiver.

What should I know before I apply?

To open an HSBC Premier 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

As a new customer, you have 6 months to qualify for the no monthly fee offer. During this period, the Premier monthly fee will not be charged. To be eligible, you’ll need to meet the following criteria:

• 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.
• Qualify for HSBC Premier through the Household Qualification program, which takes into consideration the combined balances and mortgage amounts that you and your spouse or common law partner hold individually and jointly at HSBC.

How do I open an account?

To open an HSBC Premier 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 trusted financial institutions. You can open an HSBC Premier Chequing Account to enjoy special account features and high-end perks. These include unlimited transactions, $0 wire transfer fees under $10,000, free personalized cheques and more. Learn more about how you can apply for this account to start enjoying its long list of benefits today.

Frequently asked questions about the HSBC Premier Chequing Account

• How can I qualify to have my monthly fee waived?

  You can get your monthly fee waived in the following circumstances:

  • You have $100,000 in deposits with HSBC Bank Canada and its subsidiaries.
  • You have an HSBC BankCanada residential mortgage worth $500,000 registered to your account
  • You deposit at least $6,500 per month into your HSBC Premier Chequing Account and have another $100,000 invested with another Canadian institution

• How is my money protected?

  Any money you invest with HSBC will be protected by the Canadian Deposit Insurance Corporation (CDIC) up to $100,000. This means that you won’t need to worry about losing money if HSBC becomes insolvent.

• Can I qualify for any discounts on my fees?

  You may be able to take advantage of a seniors discount if you’re 60 years of age or older. Just be aware that you’ll only get this discount once you’ve informed HSBC that you’ve turned 60. You’ll also be required to show proof of age to qualify.

• 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.