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HSBC Advance Chequing Account Explained (2024)

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Fact Checked

Update: HSBC no longer has chequing account offers or promotions. Here are some alternatives.

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.

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 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

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 Premier
  • HSBC Student Chequing
  • HSBC Performance Chequing-Unlimited
  • HSBC Performance Chequing-Limited

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
More detailsLearn 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 for June

Stop paying monthly fees with a free chequing account + $400 bonus

Get $400 cash bonus when you direct deposit $100 for three months.

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

No monthly account or transaction fees.

Get a high interest rate on your savings (6.00% interest rate offer).

Get the TOP spending and savings account with 5% rewards and $20 bonus

Instant approval and a $20 welcome bonus when you make your first purchase.

Earn up to 5% unlimited cashback on purchases while paying no fees!*

Earn 5.00% interest on your entire account balance.

Free debits, e-Transfers, bill payments, budgeting app, and access to credit building.

Earn a regular 4.00% interest on your savings account

Earn up to 4.00% interest on every dollar when you set up a direct deposit.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.5% cashback on all purchases.

No monthly or annual account fees; free ATMs in Canada.

Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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