How do I qualify for the HSBC Newcomers Program?

To qualify for the HSBC Newcomers program, you will need to prove that you have become a Canadian permanent resident, student, or work permit holder within the past five years. There are also minimum monthly account balances that you’ll have to maintain to avoid fees.

Which chequing account is best for a newcomer?

HSBC offers two chequing accounts for newcomers: the Advance Chequing Account and the Premier Chequing Account. While the Advance Account will be satisfactory for the majority of everyday needs, the Premier account is more appropriate for anyone with high-scale banking needs or who already owns a Canadian mortgage or investments with HSBC.

What is the minimum balance for an HSBC savings account?

There is no minimum balance for an HSBC savings account. However, the amount of interest that your account attracts will vary depending on your balance. Any balance of $25,000 or under receives 1.05% while accounts with a balance of $100,000 or higher will receive 1.55%.

Rachel Cribby

Rachel is a professional writer, editor, and transcriptionist from Canada with six years of experience. She holds degrees in Creative Writing and Urban Studies from Concordia University. Although finances once seemed overwhelming to her, she has made great progress in her effort to demystify them. She now considers herself “very financially literate for somebody who has trouble with numbers.” Rachel’s favourite things to budget for are fancy coffee and rare vinyl records.