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HSBC Student Chequing Account Review

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HSBC Student Chequing Account
Monthly Account Fee
$0
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Our verdict

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.

Pros

  • No monthly fee
  • Unlimited transactions
  • No monthly minimum balance

Cons

  • Available exclusively to full-time post-secondary students with proof of enrollment for a five-year period after account opening
  • Fees for other services

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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.

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 the fee waived if you complete at least one of the following: (1) Maintain combined personal deposits/investments with HSBC Bank Canada and its subsidiaries of $100,000. (2) Hold a personal HSBC mortgage with an original amount of $500,000 or more. (3) Have income deposits of $6,500/month plus $100,000 or more in assets in Canada. (4) If you qualify for Premier in another country.

Compare with other chequing accounts

1 - 16 of 16
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $450
Earn $350. Plus, earn an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until February 29, 2024. Plus, earn a 5.5% bonus interest rate when you add a Savings Amplifier Account.
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 February 29, 2024.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
Up to $450
Coast Capital is available to BC residents only. New members can earn 20% cashback on household bills (up to $450). Valid until November 30, 2023.
Innovation Federal Credit Union No-Fee Chequing Account
Innovation Federal Credit Union No-Fee Chequing Account
$0
unlimited
$0
N/A
Open a No-Fee Bank Account and you could win a $2,500 pick-your-tech prize. Valid until December 31, 2023
Neo Money Account
Neo Money Account
$0
unlimited
$0
N/A
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95 (can be waived)
unlimited
$0
Earn $400
Earn a welcome bonus of up to $400. Valid until February 29, 2024. Plus, earn up to 5.60% interest for 3 months on your MomentumPLUS Savings Account.
EQ Bank Personal Account
EQ Bank Personal Account
$0
unlimited
$0
Earn 3.00% interest
Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes.
National Bank Modest Chequing Account
National Bank Modest Chequing Account
$10.95 (can be waived)
30/month
$0
N/A
National Bank Connected Account
National Bank Connected Account
$15.95 (can be waived)
unlimited
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30 (can be waived)
unlimited
$0
Earn $450
Earn $350 with a Premium Chequing Account. Plus, earn an additional $100 when you add a second member and make it a BMO Family Bundle. Valid until February 29, 2023. Plus, earn a 5.5% bonus interest rate when you add a Savings Amplifier Account.
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95 (can be waived)
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 November 30, 2023.
National Bank The Minimalist Chequing Account
National Bank The Minimalist Chequing Account
$3.95 (can be waived)
12/month
$0
N/A
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95 (can be waived)
unlimited
$0
Earn $450
Earn up to a $450 welcome bonus. Valid until February 29, 2024.
National Bank The Total Chequing Account
National Bank The Total Chequing Account
$28.95 (can be waived)
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
National Bank Newcomer Bank Account
National Bank Newcomer Bank Account
$0
unlimited
$0
N/A
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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.

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