Posted by Chuck on May 18, 2017
Bank Account Bonuses

Published on May 18th, 2017 | by Chuck

93

HSBC $250/$500 Checking Promotion + up to $200 For Referring A Friend

Offer at a glance

  • Maximum bonus amount: $500 + referral bonus for referrer
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: Deposit of $10,000/$100,000
  • Hard/soft pull: Soft pull
  • Credit card funding: None
  • Monthly fees: $25-$50, waiveable 
  • Early account termination fee: $25
  • Expiration date: July 28, 2017

The Offer

Direct link to offer

$500 HSBC Premier Checking Bonus

Receive a sign up bonus of $500 when you open an Premier checking account with HSBC, using somebodies unique referral code in branch or by calling 866.909.1271. You need to fund the account with at least  $100,000 in combined U.S. personal deposit and investment balances.

$250 HSBC Advance Checking Bonus

Receive a sign up bonus of $250 when you open an Advance checking account with HSBC, using somebodies unique referral code in branch or by calling 866.909.1271. You need to fund the account with at least  $10,000 in combined U.S. personal deposit and investment balances or you can set up a $5,000 monthly direct deposit.

$50 HSBC Choice Checking Bonus

Receive a sign up bonus of $50 when you open a Choice checking account with HSBC, using somebodies unique referral code in branch or by calling 866.909.1271.

$100-$200 Referral Bonus

For the first two friends you refer with your unique referral ID you’ll receive a $100 bonus. For referrals # 3 – 6 you’ll earn $200 each. You can earn a maximum of $1,000 per calendar year. To refer a friend go here and follow the prompts.

The Fine Print

  • Referral bonus is valid through July 28, 2017 (terms indicate that the Advanced and Premier referral bonus will work past that date as well while the Choice referral bonus will end then)
  • To receive the referral credit:
    • The individual you refer must keep their account open for at least 15 days
    • The individual you refer must not currently hold, nor have held in the past 90 days, an HSBC personal account; and the individual you refer must provide your personalized referral code at account opening for you both to qualify to receive credit for the referral bonus
  • Account must be opened in branch or over the phone
  • Allow 8 weeks for referral bonuses to post; this includes the referral bonus and the new account bonus
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
  • Referral bonus is limited to one per household
  • New member must fund the account by December 29, 2017
  • To receive your referral bonus, you must have an HSBC Premier, HSBC Advance, or HSBC Choice Checking relationship in the United States and not be an HSBC employee.
  • The individual you refer must not currently hold, nor have held in the past 365 days, a consumer HSBC account

Avoiding Fees

Early Termination Fee

There is a $25 fee for closing the account within 180 days (Link).

Monthly Fees

  • The Choice account has a $15 monthly fee which is waived with direct deposit or with a $1,500 balance.
  • The Advance account has a $25 monthly fee which is waived with a $5k direct deposit or a $10k balance.
  • The Premier account has a $50 monthly fee which is waived with $100k balance.

Our Verdict

The $50 Choice bonus is very little and only makes sense for someone who wanted that account anyway. The more interesting bonuses are the $250 and $500 offers. Let’s take a look at the numbers.

To get the $500 bonus, you’ll have to lock up $100k for eight weeks and then pay the $25 early termination fee. Assuming you have that kind of money earning around 1% APY in a savings account, you’ll end up ‘losing’ around $200 on the interest + ETF. Net gain would still be around $300 which sounds pretty good. Of course, most people don’t have $100k sitting around like that in a 1% account.

To get the $250 bonus, you’ll have to lock up $10k for eight weeks or get a $5k monthly direct deposit. If you can easily do the direct deposit option, this should be an easy $250 bonus. Otherwise, if you have $10k sitting in a 1% account, by doing this bonus you’ll lose a bit of interest + $25 EFT, but overall it can still be a net of around $200 or more.

Both bonuses sound interesting, especially if you’ll be helping a friend/family earn $100-$200 along the way. We’ll add this our list of Best Bank Bonuses.

There was a public $350 bonus on the Choice account which a lot of us did, though we learned the hard way that HSBC bonuses aren’t always painless. Hopefully, this one will work out more easily. If you closed out an account more than 90  365 days ago, you’re eligible for another bonus.

Do not leave referrals in the comments to this post. We created a dedicated page where you can leave a referral or find a referral.

Hat tip to reader Lexi



93 Responses to HSBC $250/$500 Checking Promotion + up to $200 For Referring A Friend

  1. Dave says:

    Looks like 365 days not 90.
    The individual you refer must not currently hold, nor have held in the past 365 days, a consumer account held by any member of the HSBC Group in the U.S

  2. Leon says:

    Thanks for the post. Question about a slight different topic: you mentioned “most people don’t have $100k sitting around like that in a 1% account”

    What are the better investment choices if I have $100K? Investment horizon is about 2 – 3 years

  3. Hannah says:

    If I closed my account six months ago, am I eligible for the bonus?
    Can i open one account for myself and one for my Husband? It states limit one per household

    • Mike says:

      The individual you refer must not currently hold, nor have held in the past 365 days, a consumer account held by any member of the HSBC.

  4. Daniel says:

    Looking for a referral for the $250 HSBC Advance Checking Bonus, DM me on twitter — dan_i_e_l

  5. Jags says:

    Never again with HSBC

    • anthonyjh21 says:

      This. Just the application process alone was a joke. Anyone that’s opened an account knows what I mean. Tedious process and takes weeks to complete.

    • PJ says:

      Came here to echo this. Worst application process and service. Talking to their customer service is like getting clearance for an operation which involves Tom Cruise.

    • Jeff H says:

      I would not wish HSBC on my worst vilest enemy. not even the politicians I would like to supply a one way ticket to Siberia.

  6. Ryan says:

    This post is missing a key portion-

    “To refer a friend, you must be an HSBC Premier, Advance, or Choice Checking customer. Learn more about our banking relationships.”

    So, for example, my wife would have to have an account with HSBC, send a referral to me (she would then get $100) and I could then get the 50, 250 or 500 bonus.

    Given my experience with HSBC, I don’t think I’ll be doing that.

  7. MoreSun says:

    Pass as well. After the last one I’m not gonna touch this for $50. And I’m not gonna let 10K sit at a bank that was awful to deal with about everything. And then the 1099 debacle to top it off? Cross your t’s & dot your i’s & bring your patience with HSBC.

  8. Ken says:

    Fool me once HSBC…

  9. jnrfalcon says:

    So early termination period is still 180 days right?

  10. Jason Jiang says:

    anyone can send me a refer code?

  11. lingua says:

    Well, there are some DPs of the process going smoothly…and 600 for spouse and I (bonuses + 1 referral) is worth a leap :/ bank bonus spree from Dec.-Feb. has slowed down anyways.

  12. Hannah says:

    HSBC Personal Internet Banking is required to obtain the personalized referral code. To receive your referral bonus, you must have an HSBC Premier, HSBC Advance, or HSBC Choice Checking relationship in the United States and not be an HSBC employee. The individual you refer must not currently hold, nor have held in the past 365 days, a consumer account held by any member of the HSBC Group in the U.S.; and the individual you refer must provide your personalized referral code at account opening for you both to qualify to receive credit for the referral bonus.

    The individual you refer must not currently hold, nor have held in the past 90 days, an HSBC personal account; and the individual you refer must provide your personalized referral code at account opening for you both to qualify to receive credit for the referral bonus
    Where do you see the term of 90 days? From the opening page it says 365 days. Please clarify.

  13. chengjiong jiang says:

    anyone can send me a referral code?jcj19853276@gmail.com

  14. Enigma says:

    If anyone is still looking for referral code —

    Your Personalized Referral Code:
    [edited]

  15. Yet Another Redditor says:

    I opened online and it took over a month to open the account.
    SO opened in branch and it took 15 minutes to do it.
    Bonus posted as expected
    Mobile app is very weird and their website is bare bones.
    But worth it for $700 between the 2 of us.
    I closed mine a month back – no questions asked in about 2 minutes (in branch).

  16. Dan says:

    No way, mate.

  17. Kenny says:

    If anyone is still looking for referral code

    Your Personalized Referral Code:
    [edited]

    Thanks for using my refferal!

  18. Mike says:

    Important fine print:
    The individual you refer must not currently hold, nor have held in the past 365 days, a consumer account held by any member of the HSBC.

    Referral bonus is limited to one per household.

    The qualifying new account must be opened only in a branch or over the phone.

    • Chuck says:

      Thanks, Mike, I missed that. I had the 90 day lingo from an old post, but you are right, it’s 365 which is quite important. Updated now.

  19. Al says:

    Horrible, horrible bank! Applied, called 3 times to check the status, got bounced around. Wait time for each call – over 30 min.
    If you apply for account with this bank – I really pity you. Banks like this one should die and should never be allowed to operate for the sake of humanity.

  20. Paris says:

    I opened my HSBC checking in branch and got my bonus very SMOOTHLY without calling them once after I met all the requirements. Not bad experience for me and you can find my referral code [edited] in DoC’s dedicated page.

  21. MontyFC says:

    Can someone explain what this mean “Referral bonus is limited to one per household.”?

    If the household has 3 adults (A,B, C), can A refer B and C, or A refers B and B refers C?

    The nearest branch is 5 mi away, so plan to open it in branch.

  22. Joe says:

    Referral code [edited] if anyone would like to use it. Thanks!

  23. Zhang says:

    Here is my personalized code
    [edited]

    Thanks!

  24. John says:

    Can one referral code be used several times by different people or if somebody has already used it, I can’t use again to open a new account?

    Thanks

  25. Sully says:

    Based on the wording for eligibility of the Advance checking account it looks like you only need to park $5k for the 8 weeks, and have a “qualifying direct deposit”, though I can’t find what the necessary amount is for the DD. This makes it more attractive than having to sit the $10k in there for 8 weeks or have $5k in direct deposit. Anyone already signed up and can provide clarification on what the qualifying amount is for DD to keep the account fee free?

    • Chuck says:

      I interpreted the terms differently, as written in the post, that you need either $10k parked or $0 parked and $5k monthly DD.

  26. Saf says:

    Reading the fine print it doesn’t say anything about how long the money needs to sit there, or when the bonus will post, anyone have any DP’s? Specifically for $500 bonus, thanks!

  27. Steve says:

    Has anyone who previously had an HSBC account and closed it then opened an account again? I’m curious if the application process is the same as the first time, or much easier since they already have your info.

    I agree with most people that HSBC is a pain to deal with, and I probably won’t go through the hassle of opening an account again; but if the process is much easier the second time, maybe I’d do it.

  28. Frank says:

    I smite thee HSBC – trying to open an account like you is like heading down a rabbit hole. Word to the wise: consider the value of your time dealing with this company.

  29. MontyFC says:

    Is there a better way to provide referral w/o disclosing the full name on the blog?

  30. Jim Reeves says:

    TLDR; Thanks to this site & others like it and especially the user comments, we learned a lot this year and this is our give back

    HSBC: Reached out online to both HSBC Premier & Business – clearly stating that we have Chase CPC & Wells PMA relationships but are looking to open an HSCB relationship as a small biz trying to go overseas …
    They sent a response telling us to communicate via a secure message link, the only problem is that links was so secure that it had expired within a few mins (usually institutions give you at least 24hrs to respond) … and the best part is that we had no way to get thru … and all online/email/calls got ZERO result!

    CITI: Set up a test relationship with Citi, the joke is all their alerts come the next day WT*! (how can an entity not have that level thats beyond me)

    GSBank: could not open an account as the verification asked us about random places in NY and we do not live in NY

    DISCOVER: Transferred money from Discover Bank to Citi – Discover auto cancelled the transfer and the money was missing for 4+ days and thanks to escalations and 1 manager we got our monies and closed out. Not to mention they had 30day caps to withdraw etc. Discover Card are great though

    AMEX: Amex Cards have deteriorated but Amex Bank is excellent when it comes to getting your money out… and FYI: their systems are one of the best out there (heard: they invest in heavily in predictive analytics/security)

    We came to know about DOC and others only in Q3 2016 when we started to review banks … and these are experiences … as simple folks, new to this wold,

    Our 2-cents: When looking at banks — FOCUS on being able to GET your money — withdrawal caps, delays in transfer, fees …

    DoC: Suggest a new dimension to you stack – Small Biz trying to go overseas …

    • Jim Reeves says:

      *** excuse grammar and typos … just wanted to get the caution out … after all we benefited from other users’ comments … thanks DoC for keeping us in the loop, hope you can create a new dimension … Cheers!

    • What information about small businesses going overseas would you like? I have some experience in that field.

  31. lingua says:

    Opened new account in branch last week with referral from dedicated post. Full name and code required.

    Great CSR and a quick 20 min. Funded with $10 cash, no CC funding. CSR followed up with email to confirm code was inputted.

    Next day email with temporary registration code, and text with temporary password received. Had mobile banking up and running easily and pushed 10k from chase Friday (pending).

    To get your referral code, use the DoC link and login to mobile banking that way, not through your regular account access. Will be posting mine now and will update when bonus posts. Fingers crossed for smooth sailing despite the hatred for hsbc on here:)

  32. Brian W says:

    Just to be clear — do I need a referral code if I open the account by phone? Or do I need the referral code only if I open the account in person at a branch?

    Offer language is a bit ambiguous:

    “Receive a sign up bonus of $250 when you open an Advance checking account with HSBC, using somebodies unique referral code in branch or by calling 866.909.1271.”

    • lingua says:

      Wording seems clear to me that a referral code is needed, though only know for sure if you call. Definitely needed in branch.

  33. Trippy says:

    Anyone willing to mail me the code and name? Email is nitrideucsb (gmail)

    • Skor says:

      Emailed

      • Trippy says:

        Thanks

        Spent 40 mins on phone only for their system to get stuck on address verification or something and asked me to come to branch anyway

        So, a pass on this one, unless I am going nearby for some other work. Seems like reports of HSBC being difficult are correct.

  34. john says:

    So there is no certain time that money needs to sit in HSBC account? Does this mean that I can deposit the money ,get the bonus and close the account right away without being penalized?
    Thanks

    • Chuck says:

      The money might have to remain in the account until the bonus posts. That’s why we wrote to leave it for 8 weeks.

      • lingua says:

        post indicates an early account termination fee but I couldn’t find that in the terms…appears we can close right after bonus posts unless I’m missing something

        • Chuck says:

          Source link is in the post

          • lingua says:

            sorry Chuck, don’t see it. Am i totally missing it? The bank’s offer post says nothing of an ETF.

          • lingua says:

            thanks for adding. much appreciated!

          • lingua says:

            lol ok. I guess my adblock was not only blocking the ads in the post but also made the last paragraphs disappear!

            I would then check on my phone and everthing was normal….so confusing

            Disabled adblock for the sacred DoC!

  35. Ravi says:

    Any one willing to send me referral code at crreddy2007@outlook.com

  36. lingua says:

    link removed for referrals?

  37. Abhishek garg says:

    Anyone interested to get a Referal code or a personalized referral form, please email me at gargabhishek1@gmail.com

  38. xjimxj JsLstNam says:

    I can use a Referral Code – plz include your full name; seems HSBC requires that – ( or a personalized Referral form ), please email me at xjimxj@yahoo.com,
    – – sorry mis-typed = typo, in earlier msg – –
    Thanks,
    xjimxj,

  39. lingua says:

    first all my stupid comments above because my adblocker was on, and then everyone continuing to not following simple instructions on referrals. what a mess 🙂

  40. DirtyLilRat says:

    So, basically, nobody who did the ‘public $350 bonus on the Choice account which a lot of us did’ is eligible for this offer, since you have to have had closed your previous account 365 days ago?

  41. Jake says:

    Is a referral code required to get the bonus? I was kinda hoping to skip that and just open the account in branch

  42. Boris says:

    Just got targeted offer in the mail for Advance ($350) and cc ($250).
    NJ, 10K, 3 out of 5 months DD 3K.
    CC spend 1,5K for 3 months.

  43. NL says:

    Looking for a referral code. Please email to anonturbo@protonmail.com. Thanks a bunch!

  44. Jake says:

    How painful is the phone call? I went it branch today hoping that it would be painless but it was just the opposite. Had to leave. That’s how bad it was.

    • Steve says:

      Jake,

      I heard phone was bad so I went in branch. Took about 25 min. and prefaced everything with fact I really just want to take advantage of bonus. CSR seemed to take the hint and only go through basics of setting up account.

  45. Jiang says:

    Hi.anyone want to share a portion of the referral bonus.
    use my referral code:S013531408
    name:chengjiong Jiang
    email:jcj19853276@gmail.com

  46. Sully says:

    DP: Phone call took about 75 minutes end to end. I let the CSR know I was interested in the bonus for the account signup. It’s all the same info you’d expect from signing up for an account online, but just takes a long time to go back and forth on the questions and have the CSR type in the response.

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