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:
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
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 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 Advance||HSBC Premier|
|Non-HSBC ATM rebates||Unlimited (up to $2 per withdrawal)||5/month (up to $2 per withdrawal)|
|Personalized cheques||Free||Has a fee|
|Wire transfers||$0 fee for transfers under $10k||Has a fee|
|Dedicated Relationship Manager||Yes||N/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 Account||Scotiabank Preferred Package||RBC Signature No Limit Banking|
|Number of debit transactions||Unlimited||Unlimited||Unlimited|
|Number of Interac e-Transfers||Unlimited||Unlimited||Unlimited|
|Minimum balance to waive fee||$5,000||$4,000||N/A|
|Non-bank ATM rebate||5/month||1/month||3/month|
|Annual rebate for credit card||$0||Up to $150||Up to $48|
|Other perks||Easily view and transfer money between HSBC accounts in 30+ countries||Earn Scene+ points||Earn Avion Points through Value Program|
|Promotion||Up to $400||Up to $350||Airpods offer|
|More details||Open an account||Learn more||Learn more|
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.