Update: HSBC no longer has chequing account offers or promotions. Here are some alternatives.
The HSBC Student Chequing Account is an excellent bank account for students, with unlimited transactions and no monthly fees.
This student bank account can be combined with an HSBC credit card so that you can begin building a credit history.
How does the HSBC Student account work? We cover its top features, benefits, downsides, and eligibility requirements below.
HSBC Student Chequing Account Features
The HSBC Canada Student Account is available to residents who are at least 17 years old and are enrolled in full-time study at a Canadian post-secondary school.
Its main features include the following:
This account includes unlimited chequing account transactions, so you can make as many withdrawals and deposits as you wish at HSBC ATMs and branches or by using online banking.
Accountholders also pay no fees at THE EXCHANGE Network ATMs across Canada.
Interac e-Transfer® transactions are also free.
No Monthly Fees
The HSBC student account has no monthly fees or minimum balance requirements. Service fees may apply to some transactions, such as overdrafts and wire transfers.
Access to Credit Cards
Students can apply for an HSBC credit card and get a minimum credit limit of $1,000.
Two no-fee credit cards you can apply for include:
- HSBC Cash Rewards Mastercard
- HSBC Travel Rewards Mastercard
HSBC Student Account Fees
The student account from HSBC Canada does not have a monthly fee.
However, depending on your transactions, some charges may apply.
Some transactions that may incur fees are:
- Non-HSBC or THE EXCHANGE Network ATMs in Canada
- ATMs outside Canada
- Wire transfers
- Safety deposit boxes
You can view a complete list of fees here.
HSBC Student Account vs. International Student GIC Program
The HSBC International Student GIC Program allows international students to meet the financial requirements required to apply under the Student Direct Stream Program.
You can open a GIC account from abroad and fund it with $10,000.
A chequing account is also opened on your behalf, and it will hold funds to cover fees associated with the GIC program and the principal payments deducted from your GIC every 60 days.
How to Open an HSBC Student Account
To be eligible for this account, you must be at least 17 years old. You must also show proof of enrollment in full-time study at a post-secondary school program.
To apply, visit the HSBC website and complete the application form. You can also visit a branch.
You will need your Social Insurance Number (SIN), government-issued ID (such as a passport or driver’s license), proof of enrollment at an eligible school, and a secondary ID, such as your student ID Card.
Pros and Cons of the HSBC Student Account
The top benefit of the HSBC student chequing account is that you don’t pay monthly fees.
There is no minimum balance requirement to waive this fee, and you get unlimited transactions.
The student account can remain open for 5 years after opening, and a 2-year extension is granted if you provide proof that you are still enrolled in post-secondary education.
Lastly, HSBC clients in Canada can use HSBC ATMs and over 3,500 ATMs on THE EXCHANGE Network.
One downside of this account is that it does not include fee rebates for credit cards.
HSBC Student Account Alternatives
|HSBC Student Account||TD Student Account||BMO Student Account|
|Minimum balance to waive fee||N/A||N/A||N/A|
|Number of debit transactions||Unlimited||Unlimited||Unlimited|
|Number of Interac e-Transfers||Unlimited||Unlimited||Unlimited|
|Non-bank ATM fee in Canada||$2||$2||$2|
|ATMs outside Canada||$5||$3-$5||$5|
|More details||–||Learn more||Learn more|
Yes, HSBC offers one of the best student bank accounts in Canada with no monthly fee and unlimited transactions. It recently received an award for offering the “best international onboarding experience in Canada.”
You can open an HSBC Student account starting at age 17.