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HSBC Canada Premier Chequing Account Review (2022)

The HSBC Premier Chequing Account fits the bill if you want a premium bank account loaded with VIP perks.

Accountholders get unlimited transactions, access to premium credit cards, and a dedicated Premier Relationship Manager. Simply put, this chequing account is your key to a white-glove service with all the trimmings you can think of.

Is an HSBC Premier Account worth it? We cover its features, benefits, eligibility requirements, fees, and more below.

HSBC Premier Chequing Account Features

The Premier Chequing Account comes with unlimited transactions and several premium features:

Unlimited Transactions

You get unlimited withdrawals and deposits.

Accountholders get no-fee access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada. When you use a non-bank ATM in Canada, the withdrawal fee is rebated up to $2 per use.

Interac e-Transfer® transactions are also free.

Access to Premium Credit Cards

HSBC Premier customers can apply for the HSBC Premier World Elite Mastercard and get a $50 annual fee rebate.

This credit card waives foreign transaction fees (usually 2.50% or higher) and includes a $100 annual travel enhancement credit.

Cardholders can also access a 31-day travel and medical insurance coverage.

Other HSBC credit cards you can get are:

  • HSBC +Rewards Mastercard
  • HSBC Travel Rewards Mastercard
  • HSBC Cash Rewards Mastercard

Dedicated Relationship Manager

Get customized financial planning services covering your investments, mortgages, and more. This benefit also comes with priority phone support to make your banking convenient.

Premier Perks

When you are a Premier client in Canada, you enjoy Premier perks in other countries where HSBC operates. If you have HSBC accounts in multiple countries, you can view them all in one place using Global View. Transfers between these accounts are also free and occur instantly.

When sending foreign exchange wires less than $10,000 CAD, the wire transfer fee is waived.

Lastly, you can access emergency cash at any HSBC branch abroad.

Premier Status for your Family

If you have an HSBC Premier Account, your family enjoy Premier benefits, including the following:

  • Access to your Relationship Manager.
  • Up to 4 authorized user credit cards for your family with no extra fees.
  • Mortgage solutions for your children when they decide to buy a home.
  • Youth Savings account for children under age 28, with competitive interest rates and unlimited transactions.

HSBC Premier Chequing Fees

The standard monthly fee for the HSBC Premier Chequing Account is $34.95. This fee is waived if you meet at least one of the eligibility criteria below:

  1. Have a minimum combined personal deposit and investment worth $100,000 with HSBC Bank Canada.
  2. Have a mortgage with HSBC that was valued at $500,000 or higher when you obtained it.
  3. Receive monthly income deposits of $6,500 or higher in your Premier account and have $100,000 or higher in your Canadian investment accounts.
  4. Already have a Premier account in another country.

Monthly account fees are waived for the first 6 months, so new customers can use this time to meet one or more of the eligibility requirements.

image showing a transaction on premiere chequing account

Pros of HSBC Premier Chequing Account

To summarize, the top benefits of this account are:

  • Unlimited transactions, including debits, withdrawals, deposits, and e-Transfers.
  • Access to a dedicated relationship manager.
  • Discounted annual fee for premium credit card.
  • Premier status extends beyond Canada into 29 other markets.
  • Your spouse and children enjoy global Premier privileges.
  • No wire transfer fees on FX transfers under $10,000 CAD.
  • Easy access to savings accounts denominated in foreign currency, such as Euro, HKD, USD, GBP, and RMB.
  • Free personalized cheques.

Cons of HSBC Premier Chequing Account

  • If you don’t meet the eligibility requirements, a $34.95 fee applies.
  • Only $50 is rebated from the $149 annual fee for the HSBC Premier World Elite Mastercard.

HSBC Premier Chequing Account Offer

New HSBC clients can get up to a $500 cash back bonus when they open a new Premier account.

This is how the promotion works:

You get a $100 bonus when you open an account online, and an extra $300 if you complete two out of four of the following actions:

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

Lastly, you get $100 if you deposit $25,000 in your new account within 30 days of opening and maintain it for 6 months.

Overall, you could score $500 in free cash by getting the HSBC Premier Account.

An extra $100 is up for grabs if you send 2 international foreign exchange wire transfers within 6 months ($50) and open a safety deposit box within 6 months ($50).

How to Open an HSBC Bank Account

You can open a Premier Chequing Account online.

You will need to provide identification documents, such as a passport or driver’s license.

You can also open an account by visiting one of their branches.

About HSBC

HSBC is one of the world’s largest banks. It operates in 63 countries and territories and has almost $3 trillion in total assets.

Its Canadian subsidiary, HSBC Bank Canada, won The Cosmopolitan Business “Best International Onboarding Experience in Canada” and “Best Small Business Bank” Awards in 2022.

HSBC Premier Account Alternatives

 HSBC Premier AccountScotiabank Ultimate PackageRBC VIP Banking
Monthly fee$34.95$30.95$30
Minimum balance to waive feeN/A$5,000N/A
Number of debit transactionsUnlimitedUnlimitedUnlimited
Number of Interac e-TransfersUnlimitedUnlimitedUnlimited
Annual fee waived for credit card$50Up to $150Up to $120
Annual fee waived for safety deposit boxN/AUp to $60Up to 460
Premium perksDedicated Premier Relationship Manager, priority phone support, no wire transfer fees on FX wire transfers under $10,000 CAD, access to emergency cash abroad, free cheques, family members get Premier statusFree cheques and drafts, overdraft protection fee waived (interest applies), Earn Scene+ points, free global ATM withdrawalsFree cheques, 12 free bank drafts/year, monthly overdraft fee waived (interest applies)
CDIC insuredYesYesYes
More detailsOpen an accountLearn moreLearn more

Top Banking Offers in December

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

Unlimited debits and Interac e-Transfer transactions.

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

Up to $400 cash bonus when you meet minimum requirements.

Access to a high-interest savings account (up to 4.90% interest rate* offer).

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.

Earn 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.

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 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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