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If you’re in need of a low-cost checking account ideal for those who make fewer transactions, the (Hongkong and Shanghai Banking Corporation) HSBC Performance Chequing-Limited is ideal. This account offers simplified day-to-day banking at an affordable price.
The HSBC Performance Chequing-Limited offers limited transactions for a monthly fee, with a fee waiver for specific groups. Other HSBC options include the Premier, Advance, and Performance Chequing-Unlimited accounts.
The Student Chequing and Youth Savings accounts cater to younger clients. Opening a Performance Chequing-Limited account can be done online, by phone, or in person at HSBC branches.
Here, we look in-depth at its features, pros, cons, fees, and how to open this impressive chequing account.
HSBC Performance Chequing-Limited features
The HSBC Performance Chequing-Limited account offers:
- 14 free monthly transactions.
- A low $4.00 monthly admin fee.
- Easy access to online and telephone banking.
- Convenient access to HSBC Bank Canada and the Exchange network ATMs across Canada.
- Optional overdraft protection with a personal line of credit.
- A monthly fee waiver for youth, students, seniors, and Registered Disability Savings Plan (RDSP) beneficiaries.
HSBC Performance Chequing-Limited pros
Affordability
This chequing account is a pocket-friendly choice for those who perform a limited number of monthly transactions. The low monthly fee of $4.00 makes it an excellent account for budget-conscious customers. You can meet your basic banking needs without the added cost of features you don’t use.
Waived Monthly Fees
HSBC offers a monthly fee waiver for specific demographics, making the account even more affordable. You won’t have to pay the monthly administrative fee if you’re a student, senior citizen, youth, or an RDSP beneficiary. This feature further enhances the account’s value.
Convenient Access
With the HSBC Performance Chequing-Limited account, managing your money is easy. You have various avenues such as Online Banking, Telephone Banking, Interac® Direct Payments, pre-authorized and electronic debits, and cheques at your disposal. The first 14 transactions of each month are included, offering convenient day-to-day banking.
HSBC Performance Chequing-Limited cons
Limited Transactions
One limitation of this chequing account is that it only includes 14 free monthly transactions. Additional fees can quickly add up if you frequently use your account for various transactions. Those with higher transaction needs might find the HSBC Performance Chequing – Unlimited account more suitable.
Geographic Availability
Unlike the Big Six banks in Canada, HSBC has fewer branches, mainly concentrated in Ontario and British Columbia. If you value in-person banking and live outside these regions, you might find access to services more challenging.
HSBC Performance Chequing-Limited account fees
This chequing account comes with a $4.00 monthly administrative fee, waived for youth, students, seniors, and RDSP beneficiaries.
However, be mindful of potential fees incurred from exceeding the monthly limit of 14 free transactions. For full details regarding any applicable fees, refer to the Personal Service Charges/Statement of Disclosure provided by HSBC.
HSBC Performance Chequing-Limited special offers
When writing, HSBC offers up to $500 with a new HSBC chequing account, with the potential for an additional $958 in cash back and savings. Check their website for current offers and complete terms and conditions.
Other HSBC chequing accounts
If the HSBC Performance Chequing-Limited account doesn’t meet your needs, consider other chequing account options offered by HSBC:
- HSBC Premier: Unlimited transactions, $0 wire transfer fees for transactions under $10,000, and a dedicated relationship manager.
- HSBC Advance: Unlimited transactions, $25 monthly fee (waived under certain conditions), and international account view.
- Performance Chequing-Unlimited: Unlimited transactions for a $14.95 monthly fee, seniors’ discounts available.
- Student Chequing Account: Designed with students in mind, this account offers no monthly administration fee, free unlimited transactions, and a free HSBC Bank Canada Student VISA card.
How to open the HSBC Performance Chequing-Limited Account
Opening this sought-after chequing account is straightforward.
- Online: Visit the HSBC Canada website and click on “Open an account“. Fill in your personal information, choose the Performance Chequing-Limited account, and submit your application. An HSBC representative will get in touch to finalize your account opening.
- By Phone: Contact HSBC’s customer service line and express your interest in opening a Performance Chequing-Limited account. A representative will guide you through the process.
- In-Person: Visit a local HSBC branch. A staff member will assist you in opening the account. Remember to bring identification documents and proof of address.
HSBC Performance Chequing-Limited conclusion
The HSBC Performance Chequing-Limited account is an economical option for customers with limited transaction needs. The fee waiver for youth, students, seniors, and RDSP beneficiaries is an added advantage.
However, if you make frequent transactions, consider other HSBC offerings, such as the Performance Chequing-Unlimited or HSBC Advance account. Before choosing a bank account, consider your individual needs, compare various offerings, and choose one that fits your lifestyle.
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