HSBC Student Chequing Account Review
- Monthly Account Fee
- $0
Our verdict
Get unlimited transactions and no monthly fee with this HSBC chequing account tailor-made for students.
Pros
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No monthly fee
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Unlimited transactions
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No monthly minimum balance
Cons
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Available exclusively to full-time post-secondary students with proof of enrollment for a five-year period after account opening
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Fees for other services
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
How do I open an HSBC Student Chequing Account?
- From HSBC’s website, select Banking then Student Chequing in the drop-down menu.
- 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.
- Enter your full name, contact details and your preferred appointment date and click Submit.
- 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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