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HSBC Advance Chequing Account Explained (2023)

HSBC’s two most popular chequing accounts are HSBC Premier and HSBC Advance.

The Advance Chequing account includes unlimited transactions, and its monthly fee is waived if you meet minimum balance requirements.

Is this account worth it? Read on to learn what it offers.

HSBC Advance Chequing Account Features

The Advance Chequing Account includes unlimited day-to-day banking transactions and more:

Unlimited Transactions

Accountholders enjoy unlimited account transactions each month.

This includes debits, withdrawals, deposits, and Interac e-Transfer® transactions.

You can access HSBC and EXCHANGE Network ATMs for free in Canada. And for non-HSBC and non-EXCHANGE Network ATMs, you receive 5 rebates each month to cover convenience fees.

Note that the maximum rebate per transaction is capped at $2.

Access to HSBC Credit Cards

The Advance Chequing account provides access to HSBC credit cards, including:

  • HSBC World Elite Mastercard
  • HSBC +Rewards Mastercard
  • HSBC Cash Rewards Mastercard
  • HSBC Travel Rewards Mastercard

Other Perks

With Advance Chequing, you can view your HSBC accounts in over 30 countries and regions on one dashboard using Global View.

You can also access personalized investment recommendations through HSBC Wealth Compass.

Lastly, it is easy to add-on the High Rate Savings Account to your portfolio of accounts which earns high-interest rates on your deposits.

HSBC Advance Minimum Balance And Fees

HSBC Advance has a $25 monthly account fee, which is waived if you maintain a minimum balance as follows:

  • $5,000 minimum balance in personal deposits and investments (combined), or
  • A $150,000 minimum mortgage (original amount)

Other service fees may apply depending on your transactions.

Here are some fees to watch for:

  • Safety deposits box: Starts at $54
  • Wire transfers (sending): $35 – $80 per transfer
  • Bank drafts: $7.50 per item
  • Inactive accounts: $30/year
  • Overdraft protection: $5/month + 21%
  • Non-Sufficient Funds (NSF): $48

HSBC Advance Chequing Account Promotion

For a limited time, you can get up to a $400 bonus when you open a new Advance Chequing Account.

This is how the promotion works:

You  receive a $100 bonus when you open the account online and an additional $300 if you complete two of four actions:

  • Set up a recurring payroll deposit within 6 months of opening an account.
  • Complete 2 online bill payments to different merchants within the first 3 months.
  • Send 2 Interac e-Transfers to different people within the first 3 months.
  • Complete 2 pre-authorized debit (PAD) transactions to different merchants within the first 3 months.

In total, you could get $400 cash back by meeting these requirements.

An extra $100 bonus is available if you send two international money transfers and open a safety deposit box within the first 6 months of account opening.

How to Open an HSBC Bank Account

HSBC chequing and savings accounts can be opened online. You can also book an in-person appointment at a branch.

You will need to provide one government-issued photo ID, such as a passport or driver’s license.

Pros of HSBC Advance Chequing Account

The benefits of this account are:

  • Access to unlimited withdrawals, cheques, and e-Transfers.
  • Rebates of ATM convenience fees (Up to 5/month).
  • Easy access to international money transfers.
  • Can waive monthly fees by maintaining $5,000 or more.
  • One banking portal for HSBC accounts in multiple countries.
  • Access to emergency cash at HSCB branches while abroad.
  • Access to multi-currency accounts (USD, GBP, HKD, Euro, and RMB).

Cons of HSBC Advance Chequing

You should watch out for:

  • $25 monthly account fee if you don’t meet the minimum balance requirements.
  • You don’t get a discount on credit card annual fees.

Other HSBC Chequing Accounts

In addition to Advance Chequing, HSBC also offers these chequing accounts:

HSBC Advance vs. Premier

HSBC Premier is the bank’s most premium chequing account offering. Here’s how it compares to HSBC Advance.

 HSBC AdvanceHSBC Premier
Monthly fee$25$34.95
Debit transactionsUnlimitedUnlimited
Interac e-TransfersUnlimitedUnlimited
Non-HSBC ATM rebatesUnlimited (up to $2 per withdrawal)5/month (up to $2 per withdrawal)
Personalized chequesFreeHas a fee
Wire transfers$0 fee for transfers under $10kHas a fee
Dedicated Relationship ManagerYesN/A
Monthly fee waived$100,000 minimum combined balance in personal deposits & investments; or $500,000 mortgage; or $6,500 monthly income deposit$5,000 minimum combined balance in deposits & investments; or $150,000 minimum mortgage amount

HSBC Advance Account Alternatives

 HSBC Advance AccountScotiabank Preferred PackageRBC Signature No Limit Banking
Monthly fee$25$16.95$16.95
Number of debit transactionsUnlimitedUnlimitedUnlimited
Number of Interac e-TransfersUnlimitedUnlimitedUnlimited
Minimum balance to waive fee$5,000$4,000N/A
Non-bank ATM rebate5/month1/month3/month
Annual rebate for credit card$0Up to $150Up to $48
Other perksEasily view and transfer money between HSBC accounts in 30+ countriesEarn Scene+ pointsEarn Avion Points through Value Program
CDIC insuredYesYesYes
PromotionUp to $400Up to $350Airpods offer
More detailsOpen an accountLearn moreLearn more

 

HSBC Overview

HSBC Bank Canada was founded in 1981 by its parent, HSBC, one of the world’s largest banks.

It has over 130 branches in Canada and has its headquarters in Vancouver.

It won the “Best International Onboarding Experience” and ‘Best Small Business Bank” awards in the Cosmopolitan The Daily Business Awards in 2022.

Related:

Top Banking Offers in January

Get a top-rated chequing account and up to a $400 bonus

Unlimited debits and Interac e-Transfer transactions.

Monthly account fee is waived if eligible (and 5 ATM fees rebated/mo.).

Get up to $400 cash bonus when you meet minimum requirements.

Access a high-interest savings account.

Get a free chequing account and a $350 cash bonus

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly account or transaction fees.

$350 cash bonus when you deposit $100 for 3 months.

Get a high-interest rate on your savings (5.00% limited-time interest rate offer).

Best no-fee cashback credit card with a $150 bonus

Earn 2% unlimited cash back in three spending categories - no annual fees!

Get a $150 welcome bonus with $1,000 spending in first 2 months.

0.5% unlimited cash back on all other purchases.

1.95% low-interest balance transfer rate and insurance coverage benefits.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Best free chequing account offer in Canada!
  • Get a $350 cash bonus*
  • Unlimited free transactions and no monthly fees.
  • Unlimited free Interac e-Transfers® 
*Terms and conditions apply. Limited time offer.
Get a free chequing account and $350 cash bonus! Unlimited free transactions and no monthly fees!
*Terms and conditions apply. Limited time offer.