HSBC Advance Chequing Account

HSBC Advance Chequing Account is one of the best chequing account options today in Canada. It offers day-to-day transactions and free Interac e-Transfer.
There are many other money saving features in this account that make it stand out from others.
Want to know more about the HSBC Advance Chequing Account? Check out this review.

Key Account Details

HSBC Advance Chequing Account Benefits

1. No monthly fee

There’s no monthly fee for the first six months after opening your account. After that, the monthly fee will be waived if you maintain a $5,000 minimum balance in combined deposits and investments, including chequing, savings, RRSPs, TFSA’s, and more. Or when you hold a personal mortgage with us with an original amount of $150,000 or more.

2. Free Unlimited Transactions

The HSBC chequing account is your secure, convenient way to manage your money. You can access your funds 24/7 and enjoy unlimited chequing account transactions at no extra cost.

3. Free wire transfer

There are no wire transfer fees when transferring amounts less than $10,000. However, additional conditions may apply, such as agency/beneficiary bank fees.

4. International money transfer

With the HSBC free mobile app, you pay bills from anywhere, anytime. You can also transfer funds between your HSBC accounts or send money to family and friends in over 30 countries by using the HSBC online transfer service.

5. Free Mastercard

The chequing account comes with a free HSBC advance Mastercard debit card so you can use it anywhere Mastercard is accepted in Canada and around the world.

6. Investment Advice

As an HSBC customer, you get exclusive access to a wealth of information and resources, including financial planning tools and calculators that can help you make smart decisions with your money.

HSBC Advance Chequing Account Downsides

The HSBC Advance Chequing Account offers several perks, such as free Interac e-transfers and HSBC rewards. However, there are some drawbacks to consider before opening an account:

1. Monthly fee

You must meet up with the HSBC requirements to qualify for the monthly fee waiver. Otherwise, you’ll be charged a monthly fee of $25 to maintain your account.

2. No interest on accounts

The account does not earn interest. The lack of interest may not matter if you’re using the account for short-term savings or if you want to avoid bank fees. But it could be a problem if your balance sits idle for long periods. However, you can open an HSBC high-interest savings account if you want to earn some extra cash on your money.

In conclusion

The HSBC Advance Chequing Account is designed to help you save time, increase efficiency, reduce costs and give you peace of mind. The account offers free Interac e-Transfers and access to the HSBC low-interest rate credit card.
Overall, this is a great banking solution, with HSBC being one of Canada’s largest and most stable financial institutions.