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HSBC Student Chequing Account Explained

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:

Unlimited Transactions

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

You could also qualify for the HSBC +Rewards Mastercard or HSBC World Elite Mastercard if you meet the eligibility requirements.

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 Offers

You can get up to $150 when you open a new HSBC Student Chequing account as follows:

  • $100: When you open the account online
  • $50 when you deposit at least $1,000 within one month of opening the account

An additional $100 is up for grabs as follows:

  • $50: When you send 2 international FX wire transfers within the first 6 months.
  • $50: When you open a safety deposit box within the first 6 months.

If you are a newcomer to Canada, you can check out the HSBC Newcomer Program for details on how to get up to a $1,000 value.

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 AccountTD Student AccountBMO Student Account
Monthly fee$0$0$0
Minimum balance to waive feeN/AN/AN/A
Number of debit transactionsUnlimitedUnlimitedUnlimited
Number of Interac e-TransfersUnlimitedUnlimitedUnlimited
CDIC insuredYesYesYes
Non-bank ATM fee in Canada$2$2$2
ATMs outside Canada$5$3-$5$5
More detailsOpen an accountLearn moreLearn more

FAQs

Is HSBC a good bank for students?

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.”

At what age can you open a bank account with HSBC?

You can open an HSBC Student account starting at age 17.

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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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  • Earn 5.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to a free chequing account with $350 bonus.
*Terms and conditions apply. Limited time offer.
Earn one of the highest savings rates in Canada! Get a 5.00% interest rate + $350 bonus with a free chequing account.*
*Terms and conditions apply. Limited time offer.