HSBC Student Chequing Account Review

Get unlimited transactions and no monthly fee with this HSBC chequing account tailor-made for students.

Post-secondary students enrolled in full-time studies in Canada can take advantage of the HSBC Student Chequing Account. There’s no monthly fee, no minimum balance required and unlimited transactions, making it a useful account for busy students on a budget.
No reviews yet. Write a review

$0

Account Fee

$0

Minimum Deposit To Open Account

Please note: All information about HSBC Student Chequing Account has been collected independently by Finder and this product is not available through this site.

30-second take

  • No monthly fee and unlimited transactions for full-time university and college students in Canada.
  • You will need to provide proof of full-time enrollment and find a new chequing account solution if you’re no longer a full-time student.
  • There is no minimum balance required.

What are the benefits of the HSBC Student Chequing Account?

The HSBC Student Chequing Account is designed specifically for Canadian residents who are full-time post-secondary students. The chequing account comes with a number of perks, including the following:

  • No monthly fee. Banking with this account is free.
  • Unlimited transactions. Enjoy no limits on transactions, including Interac e-Transfers.
  • No monthly minimum balance. You don’t have to worry about keeping cash in this account.
  • Free mobile cheque deposit. Enjoy both mobile and online banking.
  • Free withdrawals. Free ATM withdrawals from HSBC and EXCHANGE Network ATMs across Canada.
  • Welcome bonus. Earn up to $150 when you open an HSBC Student chequing account. Valid until March 31, 2023.

What should I look out for?

Before applying for an HSBC Student Chequing Account, keep these following factors in mind:

  • Five-year limit. The Student Chequing account is available exclusively to full-time post-secondary students with proof of enrollment for a five-year period after account opening. You will be responsible for finding another chequing account with HSBC or another bank when your eligibility period expires.
  • Fees for other services. Overdraft protection, non-sufficient funds, stop payments and other similar services are not free with this account.

HSBC Student Chequing Account‘s ATM network and fees

Wherever you are in Canada, you can utilize HSBC’s network of ATMs or EXCHANGE Network ATMs at over 3,500 locations across the country. The Student Chequing Account comes with free ATM withdrawals with either option. Non-HSBC and EXCHANGE Network withdrawals within Canada cost $1.50 each. Outside of Canada, each ATM withdrawal costs $5.

It’s worth noting 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. HSBC has a strong presence in British Columbia and Ontario, with several branches located in major cities. If in-person banking is important to you, it’s worth checking to see if there’s an HSBC branch location near you. To open a Student Chequing Account, you’ll need to apply in person.

What other chequing account options does HSBC offer?

HSBC offers a full line of chequing accounts to suit your banking needs. Whether you’re graduating and need to switch accounts or you’re looking for a chequing account with added features, here’s a brief description of some of your options:

  • HSBC Performance Chequing - Limited Account This is the most basic chequing account option, providing 14 transactions per month and the lowest monthly fee at $4. All youth, students, seniors and people receiving Registered Disability Savings Plan (RDSP) benefits pay no monthly fee.
  • HSBC Performance Chequing - Unlimited. For a flat monthly fee of $14.95, account holders gain access to unlimited account transactions per month, including Interac e-Transfers. Seniors can apply to have the monthly fee waived.
  • HSBC Advance Chequing Account For a $25 monthly fee, account holders have unlimited access to all of their banking needs, including deposits, withdrawals and personalized cheques. You’ll also receive five rebates per month on ATM convenience fees when using non-HSBC ATMs.
  • HSBC Premier Chequing Account This premium account comes with unlimited transactions per month and unlimited rebates on ATM convenience fees. It comes with a hefty $34.95 monthly fee, but you can have it waived if you keep a $100,000 balance in personal deposits and investments or have an HSBC mortgage of at least $500,000.

Compare with other chequing accounts

1 - 7 of 7
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer CDIC Insured Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95
unlimited
$0
Earn $400
Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until April 30, 2023. Plus, earn a 5% bonus interest rate when you add a Savings Amplifier Account.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
Earn $400
Earn $400 when you become a new client. Plus, pay no monthly fees. Offer ends June 30, 2023.
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $400
Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends June 30, 2023.
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30
unlimited
$0
Earn $400
Earn $350 with a Premium Chequing Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until April 30, 2023.
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until May 31, 2023.
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95
unlimited
$0
N/A
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
loading

How do I open an HSBC Student Chequing Account?

  1. From HSBC’s website, select Banking then Student Chequing in the drop-down menu.
  2. Under Open an Account, click Book an appointment. While you can apply online for other HSBC chequing accounts, you’ll have to make an appointment at a branch for the Student Chequing Account.
  3. Enter your full name, contact details and your preferred appointment date and click Submit.
  4. Attend the meeting and discuss opening an HSBC Student Chequing Account.

Eligibility requirements

To apply for an HSBC Student Chequing Account, you must meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
  • Enrolled as a full-time student in a Canadian post-secondary school.

Required information

During the application process, you will be asked to provide the following information:

  • Full name.
  • Date of birth.
  • Phone number.
  • Email address.
  • Primary addresses you’ve lived at for the last three years.
  • Valid government-issued identification documents.
  • Secondary ID, including a college/university student ID.
  • Proof of full-time enrollment in a Canadian post-secondary school program.
  • Tax residency information including SIN/SSN/TIN.

How do I deposit or withdraw my money?

Student Chequing account holders can deposit and withdraw cash at any HSBC branch or ATM using their debit card. Customers can also use EXCHANGE Network ATMs in over 3,500 locations across the country. Account holders also have access to free Interac e-Transfers, so you can deposit or send money to another bank account electronically.

Depositing cheques can be performed online, at a branch or at an ATM. Most banking can be done using HSBC’s mobile and online banking.

Expert review

The HSBC Student Chequing Account is a great option for full-time post-secondary students. Cash-strapped students don’t have to worry about monthly fees or maintaining a minimum balance and they have access to unlimited transactions. Check on whether there is an HSBC branch location near you – you’ll need to book an in-person appointment to open this account.

If you’re no longer eligible for the Student Chequing Account, you can look into other HSBC chequing account options.

Frequently asked questions

Go to site