Best HSBC Chequing Accounts - Comparewise

Best HSBC Chequing Accounts

Finding the best HSBC chequing accounts can be challenging. However, several options exist to cater to different needs. Whether you frequently travel to the U.S., make several debit transactions, or want to waive monthly fees.

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Last Updated: Feb 19, 2024

Compare 5 Best HSBC Chequing Accounts

5 Results

#1 Choice
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HSBC Premier Chequing

$34.95
Monthly Fee
Unlimited
Transactions
  • Unlimited withdrawals and deposits
  • Available in Canadian and US Dollar
  • Free personalized cheques
Pros & Cons
Extra Details
Popular
Get Started

HSBC Advance Chequing

$25
Monthly Fee
Unlimited
Transactions
  • $25 monthly account fee can be waived
  • Unlimited day-to-day transactions
  • Free INTERAC® e-Transfers
Pros & Cons
Extra Details
Best Value
Get Started

HSBC Student Chequing Account

$0
Monthly Fee
Unlimited
Transactions
  • No monthly fees
  • No minimum balance
  • Unlimited transactions
Pros & Cons
Extra Details
Get Started

HSBC Performance Chequing – Unlimited

$14.95
Monthly Fee
Unlimited
Transactions
  • Available in Canadian and US Dollars
  • $14.95 monthly fee
  • Unlimited transactions
Pros & Cons
Extra Details
Get Started

HSBC Performance Chequing – Limited

$4
Monthly Fee
14
Transactions
  • Low $4 monthly admin fee
  • 14 free monthly transactions
  • Don’t pay for features you don’t use
Pros & Cons
Extra Details

Best HSBC Chequing Accounts

HSBC Canada has a broad local and international reach. In Canada, it has more than 140 branches, while it operates in over 60 countries worldwide. HSBC provides banking solutions that fit different preferences, such as various savings and chequing accounts.

HSBC has everything from Premier and Advance accounts with unlimited transactions to Performance Chequing accounts offering lower fees and exemptions.

This guide explores the key features, benefits, and costs of the best HSBC chequing accounts. Let’s dive into the chequing accounts HSBC offers.

What chequing accounts does HSBC have?

HSBC has five chequing accounts, including the following:

  • HSBC Premier Chequing
  • HSBC Advance Chequing
  • HSBC Student Chequing
  • HSBC Performance Chequing – Unlimited
  • HSBC Performance Chequing – Limited

You can access HSBC online banking and free withdrawals from HSBC Canada and THE EXCHANGE Network ATMs with every account. The Canada Deposit Insurance Corporation (CDIC) will also protect your account deposits. Below we explore the best HSBC chequing accounts in detail.

HSBC Premier Chequing

If you’re looking for a personalized banking experience without limits, the HSBC Premier Chequing account is worth checking out. With this account, you’ll receive unlimited monthly transactions, free personalized cheques, and access to emergency cash while abroad.

Plus, you can earn up to $500 as a welcome bonus and receive priority phone support. With a dedicated relationship manager, you’ll have someone to help you with your wealth management needs and the latest mortgage offers. Overall, the HSBC Premier Chequing account is one of the best HSBC chequing accounts you can have.

Account Type

Personal

Best for

Personalized banking without limits.

Key Features

  • Available in Canadian Dollars and U.S. Dollars
  • Family members get Premier benefits too
  • $0 wire transfer fees for amounts below $10,000
  • Free access to 3,300+ HSBC ATMs and THE EXCHANGE ATMs across Canada
  • Unlimited monthly transactions
  • Free personalized cheques
  • No minimum balance required
  • Access to emergency cash while abroad

Benefits

Up to $500 Welcome Bonus

With the HSBC Premier chequing account, you can earn up to $500. You’ll receive the first $100 if you open your account online. An additional $100 will be rewarded if you deposit $25,000 into your account within 30 days of opening your account. The remaining $300 is awarded when you complete two of the following four actions:

  • Set up a recurring payroll deposit
  • Make two pre-authorized debit transactions
  • Make two digital bill payments
  • Make two outgoing Interac e-Transfers
Priority Phone Support

Premier clients receive priority phone service. Therefore, you won’t have to wait hours if you need to contact your bank.

$50 Annual Credit Card Rebate

As an HSBC Premier chequing account holder, you’ll receive a $50 annual rebate for the HSBC World Elite® Mastercard®. This card can earn you up to 6 points per $1 spent on purchases. And you can receive up to 80,000 points as a welcome bonus. The points you accumulate can be put towards redeeming travel rewards.

Dedicated Relationship Manager

The HSBC Premier chequing account comes with a dedicated relationship manager. They will handle your day-to-day banking, help you with your wealth management needs, and get you the latest mortgage offers.

Drawbacks

High Requirements for Monthly Fee Waiver

While the monthly fee waiver is a great touch to this account, the eligibility requirements are high. To qualify, you’ll need to meet one of the following criteria:

  • Have a $100,000 minimum balance in combined personal deposits & investments with HSBC, or
  • Have an HSBC mortgage with a minimum amount of $500,000, or
  • Have income deposits of $6,500 per month plus $100,000 in assets under management elsewhere in Canada, or
  • Be a Premier HSBC client in another country
No Full Credit Card Fee Waiver

A free premium credit card would be the cherry on top of this chequing account. As that is common practice with other banks in Canada for their highest-value chequing account. However, HSBC only offers a partial rebate.

Limited Branch Locations

HSBC’s geographic distribution and physical locations are limited compared to some of Canada’s big five banks. You will primarily find branches in major urban centers in Ontario and British Columbia.

Costs & Fees

  • Monthly fee: $34.95
  • Interac e-transfers: $0
  • Account transaction fees: $0
  • ATM convenience fee in Canada: $0
  • ATM convenience fee outside of Canada: $0
  • Non-HSBC Canada/non-THE EXCHANGE Network ATMs convenience fee: $2.00 rebate per withdrawal fee
  • Credit card annual fee rebate: up to $50

HSBC Advance Chequing

The HSBC Advance Chequing is one of the best HSBC chequing accounts, offering premium features for a $25 monthly fee. It has unlimited free account transactions per month and no-fee access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada.

Furthermore, the account offers a $400 welcome bonus and unlimited Interac e-Transfers. However, several other features make this account a rightful contender for the best HSBC chequing account.

Account Type

Personal

Best for

Anyone seeking affordable access to premium benefits.

Key Features

  • Unlimited free account transactions per month
  • No fee access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada
  • Easy online international money transfer to 30 countries
  • Access to HSBC Wealth Compass for personalized investment recommendations

Benefits

$400 Welcome Bonus

When you open an HSBC Advance chequing account online, you’ll earn a $100 HSBC welcome bonus. To unlock the remaining $300, you’ll need to complete two of four eligible actions. Those include setting up or making a recurring payroll deposit, two pre-authorized debit transactions, two digital bill payments, and/or two outgoing Interac e-Transfers.

Unlimited Interac e-Transfers

With the HSBC Advance chequing account, you can send Interac e-transfers without being charged a fee.

Monthly Fee Waiver Available

You can get the $25 monthly fee waived by meeting one of the following conditions:

  • Maintain a minimum balance of $5,000 in combined personal deposits and investments or
  • Hold a $150,000 minimum mortgage amount with HSBC
Access to Emergency Cash While Abroad

If you’re outside Canada and urgently need extra cash, you can receive emergency cash at no charge.

$25 Rebate on Credit Card Annual Fee

You’ll receive a $25 rebate on the annual fee for select HSBC credit cards.

Drawbacks

Limited Branch Locations

HSBC has fewer physical branches than some of the big five banks in Canada.

Monthly Fee Higher Than Competitors

Compared to other chequing accounts, this account has a higher monthly fee. The typical cost for an account with similar features is $17. Therefore, the HSBC Advance chequing account is costly in comparison.

Costs & Fees

  • Monthly fee: $25
  • Interac e-transfers: $0
  • Account transaction fees: $0
  • ATM convenience fee in Canada: $0
  • ATM convenience fee outside of Canada: $5
  • Non-HSBC Canada/non-THE EXCHANGE Network ATMs convenience fee: 5 rebates/month of $2.00 each
  • Credit card annual fee rebate: $25

HSBC Student Chequing

HSBC offers a Student chequing account with no monthly fees, unlimited monthly transactions and overdraft protection. You also receive free withdrawals from over 3,300 HSBC and THE EXCHANGE ATMs across Canada.

With unlimited Interac e-Transfers and no account transaction fees, this account provides a range of features that make banking hassle-free. Therefore, it’s the best HSBC chequing account for students to consider opening.

Account Type

Student

Best for

Students looking to build credit.

Key Features

  • Unlimited monthly transactions
  • HSBC credit card with a minimum $1,000 credit limit
  • No minimum balance required
  • Mobile and online banking
  • Free access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada

Benefits

$150 Welcome Bonus

With an HSBC Student chequing account, you can earn up to $150. To qualify for this HSBC welcome bonus, you must deposit a minimum of $1,000 in your Total Relationship Balance with HSBC. That will unlock $50. You must sign up for your HSBC chequing account online to receive the remaining reward.

No Monthly Fee

You won’t need to factor in the cost of maintaining your chequing account in your budget. Therefore, you can enjoy free banking.

Included Overdraft Protection

You’ll receive a minimum limit of $500 to cover occasional shortfalls in your account. This can come in handy as a student, and it’s why this account is one of the best HSBC chequing accounts.

Free Withdrawals

Withdrawing from HSBC and THE EXCHANGE Network ATMs across Canada will incur no charges.

Unlimited Interac e-Transfers

If you need to send money through Interac e-Transfer, you can do so at no cost.

Drawbacks

Five-Year Limit on Free Monthly Fee

The monthly fee exemption on the HSBC Student chequing account only lasts five years. This is because the account is meant for full-time post-secondary students. After those five years, you’ll qualify for another two years if you have proof of tertiary enrollment.

Additional Service Charges

You’ll still incur some charges on your student account, including non-sufficient funds and stop payment.

Costs & Fees

  • Monthly fee: $0 (for five years)
  • Interac e-transfers: $0
  • Account transaction fees: $0
  • ATM convenience fee in Canada: $0
  • ATM convenience fee outside of Canada: $5.00
  • Non-HSBC Canada/non-THE EXCHANGE Network ATMs convenience fee: $2.00

HSBC Performance Chequing – Unlimited

The HSBC Performance Chequing – Unlimited account is an impressive addition to the available HSBC chequing accounts. It offers unlimited monthly transactions and free access to HSBC and THE EXCHANGE ATMs across Canada. Therefore, you won’t have to worry about transaction fees or account limitations.

You can also benefit from optional overdraft protection and unlimited Interac e-Transfers. Anyone over the age of majority, a resident of Canada, and a new HSBC customer can apply. Therefore, it’s one of the best HSBC chequing accounts. The monthly fee is $14.95, but seniors over 60 get a waiver for the CAD account.

Account Type

Personal

Best for

Anyone who frequently travels to the U.S.

Key Features

  • Available in Canadian Dollars and U.S. Dollars
  • Mobile and online banking
  • Unlimited monthly account transactions
  • Free access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada

Benefits

Optional Overdraft Protection

By signing up for a personal line of credit, you can enable overdraft protection for your chequing account.

Unlimited Interac e-Transfers

You can send as many Interac e-Transfers as needed without worrying about incurring charges.

Available to Anyone

Since there’s no minimum deposit required for this account, anyone can open it. You simply need to be over the age of majority, a resident of Canada, and a new HSBC customer to qualify.

No Monthly Fee for Seniors

The monthly fee is waived for individuals over the age of 60 years, however, only for the CAD account.

best hsbc chequing account - comparewise

Drawbacks

Monthly Fee

You’ll pay $14.95 monthly to keep your account active, which the features don’t justify.

Limited HSBC Branch Locations

Compared to the big five banks in Canada, HSBC is not as widely located. Its branches are mainly populated in major British Columbia and Ontario urban centers.

Costs & Fees

  • Monthly fee: $14.95/account ($0 for seniors for CAD account)
  • Interac e-transfers: $0
  • Account transaction fees: $0
  • ATM convenience fee in Canada: $0
  • ATM convenience fee outside of Canada: $5.00
  • Non-HSBC Canada/non-THE EXCHANGE Network ATMs convenience fee: $2.00
  • Credit annual fee card rebate: $0

HSBC Performance Chequing – Limited

Suppose you’re looking for the best HSBC chequing account at a low cost. In that case, the HSBC Performance Chequing – Limited account is worth the bet. This personal account will cost you $4 per month. However, students, youth, seniors, or Registered Disability Savings Plan (RDSP) beneficiaries aren’t charged a fee.

You get 14 free monthly transactions, but exceeding this will result in additional fees. However, you can bank online and via the mobile app. Plus, you can withdraw from over 3,000 HSBC and THE EXCHANGE ATMs within Canada.

Account Type

Personal

Best for

Anyone who doesn’t make many debit transactions.

Key Features

  • Available in Canadian Dollars and U.S. Dollars
  • 14 account transactions per month
  • Mobile and online banking
  • No fee access to over 3,300 HSBC ATMs and THE EXCHANGE ATMs across Canada

Benefits

Low Monthly Fee

The HSBC Performance Chequing – Limited costs $4, a considerably low charge for features such as no-fee ATM withdrawals.

Monthly Fee Exemptions Available

Youth under 18, students, and Registered Disability Savings Plan (RDSP) beneficiaries can do away with the monthly fee. The same goes for seniors. However, this is only applicable to the USD account.

Drawbacks

Limited Free Monthly Transactions

This HSBC chequing account only offers 14 free transactions per month. If you exceed these, you’ll pay additional fees.

Limited HSBC Branch Locations

HSBC has a smaller geographic distribution than other banks in Canada. Its physical locations are mainly in major urban areas in Ontario and British Columbia.

Costs & Fees

  • Monthly fee: $4 ($0 with the student, youth, senior, or Registered Disability Savings Plan (RDSP) beneficiary discount)
  • Interac e-transfers: Included in 14 transactions/month
  • Account transaction fees: $1.25/transaction (after using 14 free monthly transactions)
  • ATM convenience fee in Canada: $0
  • ATM convenience fee outside of Canada: $5.00
  • Non-HSBC Canada/non-THE EXCHANGE Network ATMs convenience fee: $2.00
  • Credit card annual fee rebate: $0

How to open an HSBC chequing account

You can open an HSBC chequing account online or visit one of their branches. First, ensure you meet the following eligibility requirements:

  • You’re applying for a sole account only
  • You’re a new HSBC Canada Customer
  • You’re at least 17 years old
  • You have a residential address in Canada

Upon confirming that you meet those requirements, go to the HSBC chequing account page. Select the appropriate account for your needs and tap ‘Get Started.’ Before starting the sign-up process, ensure you have your passport, driver’s license, or government-issued ID.

You must provide your current email address and mobile phone number. And primary residence addresses from the past 3 years. Additionally, where applicable, you’ll need to provide your employment, annual income, and tax residency information.

Best HSBC chequing accounts: the bottom line

HSBC offers a range of chequing accounts suitable for different lifestyles and banking needs. Whether you are a frequent traveller, a student, or someone who doesn’t make many debit transactions, HSBC has an account for you.

With mobile and online banking features and free access to thousands of ATMs, HSBC makes banking convenient and accessible. When looking for the best HSBC chequing accounts, consider your banking habits and choose one that suits your needs.

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FAQs about the best HSBC chequing accounts

What's the difference between HSBC advance and premier?

The HSBC Advance and Premier accounts are two of the best HSBC chequing accounts with distinct features. With the HSBC Premier account, you get more than the unlimited free transactions available with the HSBC Advance account. These include a $0 fee for wire transfers below $10,000, a dedicated relationship manager, and priority phone support.

Is it safe to bank with HSBC?

Yes, it's safe to bank with HSBC. The Canada Deposit Insurance Corporation (CDIC) protects up to $100,000 of chequing and savings account deposits thanks to HSBC’s membership.

What is the HSBC chequing account minimum balance?

There's no HSBC chequing account minimum balance. Therefore, anyone can open and keep an account without worrying whether the balance is sufficient.

How can I avoid monthly fees with an HSBC chequing account?

You can qualify for waivers to avoid monthly fees with an HSBC chequing account. The monthly payment for the HSBC Performance chequing accounts is waived for students, seniors, youth, and RDSP beneficiaries. However, with the other HSBC chequing accounts, you can only waive the monthly fee by meeting certain conditions.

Where can I find the most HSBC branch locations?

British Columbia and Ontario have the most HSBC branch locations. Other provinces have fewer branches, with most being concentrated in major cities.

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