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Those looking for a chequing account designed to give you more from your banking experience, should consider the HSBC Premier Chequing Account.
This incredible account offers a plethora of features that surpass the typical banking account. If you want to elevate your banking experience, this chequing account could be your best bet.
With the HSBC Premier Chequing Account, you can enjoy a superior banking experience that includes unlimited transactions and priority service.
Eligible customers enjoy no monthly fees, special offers, and extended benefits for their families. (Hongkong and Shanghai Banking Corporation) HSBC offers other chequing accounts to cater to various needs, including low-cost, comprehensive, and student-friendly options.
Let’s explore what this phenomenal chequing account has to offer and how you can open your account today.
HSBC Premier Chequing Account Features
This chequing account comes with an impressive array of features:
- No monthly fee when you meet the eligibility criteria.
- Enjoy unlimited transactions in both CAD and USD.
- No minimum balance required for your account.
- Gain access to premium credit cards with competitive rewards programs.
- Receive priority servicing through dedicated Premier phone support.
- Unlock exclusive Premier mortgage benefits.
- Extend family privileges, including Premier status for your spouse and children.
- Access international Premier privileges with HSBC.
- Have the convenience of emergency cash at any HSBC branch while abroad.
- Discover HSBC credit cards tailored to match your lifestyle.
- Benefit from preferred phone trading rates and priority service with HSBC InvestDirect.
- Receive investment guidance from a Premier Relationship Manager.
- Explore flexible mortgage options with competitive rates and terms.
HSBC Premier Chequing Account pros
A Comprehensive Service
This chequing account is not just an ordinary bank account. It goes beyond offering basic banking services, giving you access to global Premier privileges and preferred rates.
With features like priority phone support and tailored banking advice from a dedicated Premier Relationship Manager, the Premier Chequing Account has been designed to cater to every financial need you might have.
Financial Benefits for the Entire Family
HSBC also extends the Premier benefits to your immediate family, providing your loved ones with rewards, offers, and partnerships that most banks won’t give you. This includes preferred financial planning services, supplementary credit cards, and family mortgage solutions, to name a few.
Global Reach
HSBC Premier Chequing Account holders enjoy global benefits that extend beyond Canadian borders. With this chequing account, you’ll have access to services such as free overseas account opening, no wire transfer fees on foreign exchange wire transfers below $10,000, and access to emergency cash when abroad.
HSBC Premier Chequing Account cons
Monthly Fee
Failing to meet any of the eligibility criteria will result in a monthly fee of $34.95 being applied. Although the criteria are relatively flexible, this could be a deterrent for those unable to fulfill them.
Branch Locations are Limited
HSBC has a smaller number of branch locations compared to Canada’s major banks, known as the “Big Six”. This may cause inconvenience for those who prefer in-person banking.
Strict Criteria for Fee Waivers
You must meet specific requirements to qualify for a fee waiver, such as maintaining a balance of $100,000 in HSBC deposits or holding an HSBC mortgage of at least $500,000. These criteria may be challenging to meet for some people.
HSBC Premier Chequing Account fees
To maintain the HSBC Premier Chequing Account, a monthly fee of $34.95 is applicable. However, this fee can be avoided by meeting any of the following eligibility criteria:
- Keeping a combined total of $100,000 in personal deposits and investments with HSBC Bank Canada and its subsidiaries.
- Having a personal residential mortgage from HSBC Bank Canada with an original amount of $500,000 or more.
- Depositing a minimum of $6,500 in income within a calendar month, along with $100,000 or more in assets under management in Canada.
- Qualifying for HSBC Premier status in another country.
HSBC Premier Chequing Account special offers
HSBC Premier Chequing Account holders have the opportunity to earn up to $500 and unlock additional savings and cash back amounting to $958. Moreover, HSBC Premier clients can enjoy a rebate of up to $50 on the annual fee for select credit cards.
Special partnerships offer the following perks:
- Discounts on services such as 10% off select hotel bookings with Expedia and Agoda.
- Discounts on award-winning online education and training courses.
- A 15% discount on a range of services, including travel assistance provided by qualified nurses, paramedics, or doctors. These services encompass in-home or hospital support, as well as travel assistance and health search.
The Share the Experience Program also invites you to introduce family and friends to the HSBC Premier experience and receive a $300 bonus in return.
Other HSBC chequing accounts
HSBC offers other chequing accounts that cater to various needs. These provide options for low-cost banking, comprehensive services, and student-friendly banking experiences, as follows:
- Performance Chequing-Limited: A low-cost account with a $4 monthly fee, 14 free monthly transactions, and no fees for youth, seniors, or RDSP beneficiaries.
- HSBC Advance: Waive the $25 monthly fee if eligible, unlimited day-to-day transactions, 5 rebates on non-HSBC ATM fees, free INTERAC e-Transfers, a $25 rebate on select HSBC credit card fees, and online money transfers.
- Performance Chequing-Unlimited: A comprehensive account with a $14.95 monthly fee, unlimited transactions, free INTERAC e-Transfers, seniors discount, and convenient access to your funds.
- Student Chequing Account: Experience banking without the burden of monthly fees, with limitless transactions, complimentary Interac e-Transfers and mobile cheque deposits, as well as unrestricted access to HSBC and Exchange Network ATMs. This student-oriented account is designed to provide seamless and convenient banking services.
How to open the HSBC Premier Chequing Account
Opening an HSBC Premier Chequing Account is a straightforward process:
- Visit the HSBC Website: Start the application process by visiting the HSBC website.
- Locate the Correct Account: Navigate to the page for the Premier Chequing Account.
- Click ‘Apply Now’: Click the ‘Apply Now’ button to start the online application process.
- Fill Out the Application: You’ll need to provide personal details such as your name, email address, Social Insurance Number, and birthdate. You’ll also need to meet one of the eligibility criteria.
- Review the Application: Carefully review and cross-check your application to ensure the accuracy of all the provided information before proceeding with its submission. Then, submit your application with the click of a mouse.
- Await Confirmation: You will receive an email confirmation after submitting your application. HSBC will then review your application and, if approved, send you details on accessing and managing your new account.
Keep in mind that as a new HSBC customer, you have a six-month window to meet the eligibility criteria and qualify for the no-monthly fee offer. It is important to ensure that you fulfill one of the eligibility criteria during this time to avoid any charges for the monthly fee.
HSBC Premier Chequing Account conclusion
With all its remarkable features, benefits, and potential drawbacks in mind, the HSBC Premier Chequing Account remains an exceptional banking product for those who meet the qualification requirements.
This account may be an excellent fit for Canadians looking for a premium, global banking experience with robust perks and personalized service.
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