HSBC Bank Accounts No Longer Available: Here Are Alternatives

Yes, it looks like the purchase of HSBC Canada by the Royal Bank of Canada is close to being finalized. If you were considering opening a new chequing account, the window of opportunity is closing fast.

Below I show some alternatives to the HSBC chequing accounts we have come to love over the years.

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HSBC Bank Account Alternatives

While their High Rate Savings Account is still open for applications, you can no longer access promotions on their student, premier or advance chequing accounts.

Alternate bank accounts to consider include premium chequing accounts like the Scotiabank Ultimate or Preferred Banking Packages ($350 welcome bonus) and everyday no-fee chequing accounts like the Simplii No-Fee Chequing Account ($400 signup bonus).

Premium Bank Account Alternatives

Scotiabank Ultimate Package

Monthly fee: $30.95/month, or $0 with a minimum daily balance of $5,000.

Free transactions: Unlimited debits, Interac e-Transfers, and no-fee Scotia International Money Transfers.

Sign-up bonus: Earn a $350 welcome bonus if you do 2 of the 3: set up an automated recurring direct deposit for at least 3 months, set up 2 separate recurring pre-authorized transactions worth $50 or more for at least 3 months, or make one $50 bill payment.

Interest earned on deposit: 0%

APPLY NOW

On Scotiabank’s website

No monthly fee if you keep a minimum daily closing balance of $5,000. Otherwise, pay $30.95 monthly.
Unlimited debit transactions, no-fee Scotia International Money Transfers, and Interac e-Transfers.
No fees for overdraft protection.
Get ultimate rates on select GICs and 10 free equity trades at Scotia iTRADE in the first year.
Withdraw money for free at global non-Scotiabank ABMs.
Get free personalized cheques and drafts, along with a free small safety deposit box.
Access the Scene+ program, where you can earn points for food, entertainment, grocery, and other purchases.
Earn 1 Scene+ point for every $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex.
Get your credit score checked for free.
Deposit cheques on the mobile app for free.
Get free e-statements or pay $2.25 monthly for paper statements.

Access the Scene+ program and earn points on all purchases

Free, unlimited debit transactions and transfers

Free withdrawals at non-Scotiabank ABMs

No interest paid on your balance

Pay $30.95/month if you don’t keep a minimum balance of $5,000

The Scotiabank Ultimate Package is a simple bank account for those who don’t need interest earned on their balance. Pay no monthly fees if you keep a minimum daily balance of $5,000 or more, and enjoy free, unlimited debit transactions, Interac e-Transfers, and Scotia International Money Transfers.

Scotiabank Preferred Package

Monthly fee: $16.95/month, or $0 with a minimum daily balance of $4,000.

Free transactions: Unlimited debits and Interac e-Transfers.

Interest earned on deposit: 0%

APPLY NOW

On Scotiabank’s website

$16.95 monthly fee, or $0 with a minimum daily closing balance of $4,000.
Free, unlimited debit transactions and Interac e-Transfers.
Send money worldwide for $1.99 with Scotia International Money Transfer.
Add optional overdraft protection, either pay-per-use or a monthly plan.
Get preferred rates on select GICs.
Get one free non-Scotiabank ABM withdrawal per month in Canada.
Get the first year annual fee waived on select credit cards.
Access the Scene+ Rewards program.
Earn 1 Scene+ point for every $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex.
Check your credit score for free.
Deposit cheques on the mobile app for free.

Unlimited debits and Interac e-Transfers

Earn and redeem points with the Scene+ program

Check your credit score for free

No interest paid on your balance

Pay $16.95/month if your balance is under $4,000

Only 1 free non-Scotiabank ATM withdrawal per month

The Scotiabank Preferred Package is a basic chequing account for those who want to pay a low monthly fee and don’t mind earning no interest on their balance. You get free, unlimited debit transactions and Interac e-Transfers, as well as access to the Scene+ Rewards program.

No-Fee Chequing Account Alternatievs

Simplii Financial No-Fee Chequing Account

Monthly fee: $0

Free transactions: Unlimited debit purchases, bill payments, and withdrawals.

Sign-up bonus: Get a $400 bonus when you add an eligible direct deposit of at least $100 per month for 3 months. Earn 6.00% interest on a free Simplii savings account.

Interest earned on deposit: Up to 0.10%.

APPLY NOW

On Simplii Financial’s website

Unlimited debit purchases, withdrawals, and bill payments with no fees.
Earn 0.05% or 0.10% interest, depending on your balance.
No minimum balance is required.
Overdraft protection can easily be added, and you can qualify for limits up to $5,000.
Access over 3,400 CIBC ATMs across Canada for free.
Receive a free Debit Mastercard that can be used online and in-store, wherever Mastercard is accepted.
Get real-time USD exchange rates when shopping in the US.
Your paycheque and pension can be deposited directly into your account.
Set up automatic bill payments and account-to-account transfers easily.
Use Global Money Transfer to send money worldwide with no fees.
Refer a friend and earn $50, with no limits to the number of referral bonuses you can get.

No fees and unlimited debit transactions

Earn 0.05% or 0.10% interest on every dollar

Easily set up automatic direct deposits, bill payments, and transfers

Only earn 0.10% interest on balances over $100,000

Overdraft protection costs $4.95 monthly plus a 19% interest rate

The Simplii Financial No-Fee Chequing Account does exactly as the name says – charges no fees for everyday transactions, including debit purchases, Interac e-Transfers, bill payments, and withdrawals. Get a Debit Mastercard, access thousands of CIBC ATMs across Canada, and send money worldwide with no fees. On top of that, earn up to 0.10% in interest on your balance.

For hybrid accounts that combine savings and chequing features, consider the EQ Bank Savings Plus Account and Neo Money Account.

EQ Bank Savings Plus Account

Monthly fee: $0

Free transactions: Unlimited debits, Interac e-Transfers, and bank-to-bank transfers.

Sign-up bonus: N/A

Interest earned on deposit: Up to 3.00%

APPLY NOW

On EQ Bank’s website

Combined chequing and savings account that earns you 2.50% interest.
Zero monthly or yearly fees.
Free Interac e-Transfers, EQ to EQ transfers, electronic funds transfers, and bill payments.
No minimum balance is required.
Link other bank accounts to the EQ Savings Plus Account.
With your Account, categorize your spending, savings, and track your goals.
Mobile Cheque Deposit on the EQ Bank app.
No debit card or access to ATMs. To withdraw cash or access your funds, you must send money to your linked accounts.
Get a $20 bonus for each friend you refer, up to $500 total.
To open an EQ bank account, you must be 18 years of age or older, be the age of majority in your province, and have a SIN.
Note that EQ Bank is not available in Quebec.

Earn 2.50% interest on every dollar

No fees

Mobile app available

No debit card or ATM access

Not available in Quebec

The EQ Bank Savings Plus Account is a combined chequing and savings account that earns you 2.50% interest on every dollar, higher than any other online bank in Canada. Although it does not offer a debit card or access to ATMs, it is easy to send money to your linked accounts and withdraw cash. You get free transfers and bill payments with no minimum account balance.

Neo Money Account

Monthly fee: $0

Free transactions: Unlimited debits, Interac e-Transfers, bill payments, and deposits.

Sign-up bonus: $20 welcome bonus (after funding and making your first purchase), up to 15% cash back on your first purchases at partner stores.

Interest earned on deposit: 2.25% for spending account. Earn average of 5% cash back on purchases using the Neo Money card.

APPLY NOW

On Neo Financial’s website

Earn 2.25% interest on your balance.
Earn an average of 5% cash back at thousands of Neo partners and up to 15% cash back on your first purchases.
Interest is calculated daily and paid monthly.
Transactions, including purchases, bill payments, transfers, and direct deposits, are free and unlimited.
No minimum deposit or balance is required.
Easily set up automatic bill payments.
Fund your account in 3 ways: Interac e-Transfer, link your existing accounts, or set up direct deposit.
Neo Money now comes with a Mastercard that gives you access to your balance for POS and online purchases.
Available throughout Canada, except Quebec.

Earn 2.25% interest on your balance

Up to 5% cash back on purchases

Easily fund your account in one of 3 ways

No minimum deposit or balance required

No free ATM withdrawals

A hybrid spending and savings account, Neo Money pays 2.25% interest on your balance with no monthly fees or balance requirements. It includes unlimited, free transactions, bill payments, payroll deposits, transfers, and more. You can easily request a Neo Money card to earn cash back.

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HSBC Bank Accounts No Longer Available: Here Are Alternatives