Update: HSBC no longer has chequing account offers or promotions. Here are some alternatives.
HSBC offers various financial products to its Canadian clientele, including savings accounts, chequing accounts, credit cards, mortgages, and more.
Its most popular chequing accounts are HSBC Premier and HSBC Advance. And you can also open a student chequing account with unlimited transactions and no monthly fees.
This guide compares the Advance and Premier chequing accounts in detail.
HSBC Chequing Accounts in Canada
The five HSBC Chequing accounts are:
- HSBC Premier Chequing
- HSBC Advance Chequing
- HSBC Student Chequing
- HSBC Performance Chequing-Unlimited, and
- HSBC Performance Chequing-Limited
All five accounts provide no-fee access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs in Canada.
HSBC Premier Chequing Account Overview
HSBC Premier Chequing Account
Monthly fee: $34.95 if you do not meet the eligibility criteria.
Free transactions: Unlimited debits and Interac e-Transfers.
Sign-up bonus: n/a.
Interest earned on deposit: N/A
On HSBC’s website
This chequing account offers perks you would expect for a full-service premium account. It includes unlimited transactions, fee rebates when you use another bank’s ATMs, and access to premium credit cards.
Premier clients also get a dedicated Premier Relationship Manager who services their day-to-day banking needs, and they enjoy exclusive privileges in other countries where HSBC operates.
This chequing account has a $34.95 monthly fee, although this fee is waived if you meet specific criteria.
HSBC Advance Chequing Account Overview
HSBC Advance Chequing Account
Monthly fee: $25, waived if you keep a minimum balance of $5,000.
Free transactions: Unlimited day-to-day banking and free Interac e-Transfers.
Sign-up bonus: n/a.
Interest earned on deposit: N/A
On HSBC’s website
The HSBC Advance Chequing Account offers unlimited day-to-day banking privileges at a lower cost.
Account holders get rebates on ATM convenience fees when using non-HSBC ATMs and a $25 annual fee rebate for select HSBC credit cards.
This account has a $25 monthly fee; however, this fee is waived when you maintain a minimum deposit balance.
HSBC Advance vs. Premier: Monthly Fees
HSBC Advance costs $25 monthly, while HSBC Premier has a $34.95 price tag.
To waive the monthly fee for Advance, you must maintain a minimum deposit or investment balance of $5,000 with HSBC. Alternatively, if you have an HSBC mortgage with an original amount of $150,000 or higher, this fee is also waived.
Getting your fee rebated for HSBC Premier requires one of the following:
- You must maintain combined personal deposits and investment balance of at least $150,000 with HSBC.
- Have a residential mortgage with a starting balance of at least $500,000.
- Receive monthly payroll deposits of $6,500 or more and $100,000 or more in investment assets in Canada.
- Have a Premier account in another country.
HSBC Advance vs. Premier Minimum Balance
If you are okay with paying the monthly fees for either account, you don’t need to maintain a minimum balance.
To waive monthly account fees, these minimum balance thresholds apply:
- HSBC Advance: $5,000
- HSBC Premier: $100,000
HSBC Advance vs Premier: Credit Cards
Premier account holders get up to a $50 rebate on the annual fee for credit cards like the HSBC World Elite Mastercard and HSBC +Rewards Mastercard.
Advance account holders get a $25 rebate on the annual fee for select HSBC credit cards.
HSBC Advance vs. Premier: Perks
The HSBC Premier Account provides access to exclusive privileges and priority support for you and your family.
You get access to a Relationship Manager who provides financial planning services, and this perk extends into 29 global markets.
Premier account holders get dedicated priority phone support, access to foreign currency savings accounts, emergency cash at any HSBC branch, and pay no wire transfer fees when sending foreign exchange wire transfers of less than $10,000 CAD.
You can also get up to four supplementary credit cards for family members and pay no extra fees.
With the Advance account, you get five (5) rebates monthly for fees incurred when using other banks’ ATMs. You can also easily transfer money between your HSBC accounts in multiple countries.
How to Open an HSBC Bank Account
You can easily open an HSBC account online, or you can visit one of the bank’s branches across the country.
Bring along a government-issued ID, such as a Passport or driver’s license to verify your identity.
