Student Chequing Accounts – HSBC Student Chequing Vs DUCA Student & Young Adults Chequing
The HSBC Student Chequing Account is for full-time Canadian students enrolled in post-secondary education programs. Besides meeting your banking needs, it helps you in building a credit history. Click here to open.
The second on our agenda today is the Student and Young Adults Chequing Account offered by DUCA Financial Services Credit Union. It is a part of the Aim for More Bundle and is only available for students between the ages of 16 and 29. Open this account here.
Let us compare these chequing accounts and see the perfect option for you.
1. HSBC Student Chequing Account
WELCOME OFFER
As part of the opening bonus, you can earn up to $150. This offer is valid up to December 31, 2022. To avail of this benefit, you must maintain a Total Relationship Balance (TRP) of $1,000 within 30 days of account opening. Read more about the related terms and conditions here.
FEATURES
- Eligibility
| a. | You are a Canadian resident with a residential address |
| b. | You are at least 17 years old and enrolled as a full-time student in a Canadian post-secondary school education program |
| c. | You must have your valid ID |
Also, keep the following information ready while applying:
- Your current email address and telephone number
- Primary addresses you’ve lived at for the last 3 years
- Any of the following documents:
- Student ID
- School schedule
- Recent transcript
- Acceptance letter
- Letter from Registrar’s Office confirming enrollment
- Any valid government-issued photo ID
- Any one of the following original documents:
- ABM card
- Credit Card
- College/University Student ID
- CNIB Card bearing photo and signature
- Tax residency information including SIN/SSN/TIN (if available)
- Interest Rate:
- This chequing account does not offer any interest on balances maintained.
- Minimum Balance:
- There is no requirement for any minimum balance
- Transactions:
- Unlimited chequing account transactions
- Free but limited Interac e-Transfer
- Monthly Fees:
- There is no monthly fee
Additional Benefits
2. Student and Young Adults Chequing Account – By DUCA Financial Services Credit Union
WELCOME OFFER
Presently, DUCA Credit Union is not offering any introductory offer or an opening cash bonus.
FEATURES
- Eligibility
| a. | You are a Canadian resident |
| b. | You are between the ages of 16 and 29 |
| c. | You have a valid government-issued ID, like a Driving License, passport, etc. |
- Interest Rate:
- You do not get any interest in this chequing account
- Minimum Balance:
- There is no requirement for any minimum balance.
- Transactions:
- Three free Interac e-Transfer per month. Additional will cost you $1.50 each
- Three free debit transactions in a month. Additional will cost you $1.25 each
- Free Me-to-Me Money transfers
- Monthly Fees:
- There is no monthly fee
Additional Benefits
HSBC VS DUCA STUDENT CHEQUING ACCOUNTSCOMPARATIVE ANALYSIS
We compare the features of the accounts through a table.
| Parameters | HSBC Student Chequing Account | Student and Young Adults Chequing Account – By DUCA Financial Services Credit Union |
| Monthly Fees and Interest Rates | $0 and 0.00% p.a. | $0 and 0.00% p.a. |
| Minimum Qualifying Age | 17 years | 16 years |
| Minimum Balance | $1,000 (TRP for opening cash), otherwise $0 | Not required |
| Free Debit Transactions | Unlimited | 3 per month, additional at $1.25 each |
| Free Interac e-Transfer | Restricted up to a certain limit | 3 per month, additional at $1.50 each |
Out of the five parameters mentioned above, Student and Young Adults Chequing Account scores higher in three, while HSBC Student Chequing Account wins in two parameters.
OPINION of ExpertByArea.Money
As young adults, when you do little banking–All you need is a flexible chequing account, which understands your requirements, has zero monthly fees, and is easy to operate.
The Student and Young Adults Chequing Account does the same. It offers you three free debit and Interac e-Transfer transactions every month. Also, all your me-to-me money transfers are free. For more information about rates and fees, access the list here.
We found the HSBC Student Chequing Account complex. It binds students in several conditions. For instance, there is a long list of required documents to open your account. Similarly, to get an opening bonus, you need to maintain a minimum TRP of $1,000 (this can be tough for young students).
Thus, Student and Young Adults Chequing Account offered by DUCA Credit Union can be the perfect option for you.
Always evaluate your requirements and choose the best account that better serves your needs.
