[Expired] HSBC $200-$750 Checking Bonus – Direct Deposit Not Required

Deal has expired, but there is a new offer for up to $750.

Update 3/29/19: Bonus has been extended until June 2nd, 2019. Eligibility has also changed:

Customers who held an HSBC consumer deposit or investment account from March 29, 2016 through and including March 29, 2019 are not eligible for this offer

Offer at a glance

• Maximum bonus amount: $750
• Availability: Nationwide
• Direct deposit required: Not required
• Additional requirements: Deposit requirements, see below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees:
• Early account termination fee: $25 if closed within 180 days
• Household limit: None listed
• Expiration date: December 1st, 2017 March 30th, 2018 June 29th, 2018 August 31st, 2018 November 2nd, 2018 December 28, 2018 March 29, 2019 June 2nd, 2019

The Offer

Direct link to offer

• HSBC is offering three new checking bonuses of $200, $350 and $750. Each level requires a different account and requirements.
• Choice checking $200 bonus requirements:
  • Open new HSBC Choice checking account by June 2nd, 2019
  • Deposit a minimum qualifying balance of $1,500 or more in new money in combined checking and savings accounts within 30 calendar days of account opening
  • Maintain at least the minimum qualifying balance for 90 days from the date you deposited the minimum qualifying balance
• Advance checking $350 bonus requirements
  • Open new HSBC Advance checking account by June 2nd, 2019
  • Deposit a minimum qualifying balance of $10,000 or more in new money in combined checking and savings accounts within 30 calendar days of account opening
  • Maintain at least the minimum qualifying balance for 90 days from the date you deposited the minimum qualifying balance
• Premier checking $750 bonus requirements:
  • Open new HSBC Premier checking account by June 2nd, 2019
  • Deposit a minimum qualifying balance of $100,000 or more in new money in combined checking and savings accounts within 30 calendar days of account opening
  • Maintain at least the minimum qualifying balance for 90 days from the date you deposited the minimum qualifying balance

 

The Fine Print

•  This offer is available only online for applications completed using the Apply now button on this webpage. You must be at least 18 years of age, have a Social Security Number, currently have a U.S. residential address and have had U.S. residency for the past three years to apply for a deposit account online. Customers who held an HSBC consumer deposit or investment account from December 28, 2015 through and including December 28, 2018 are not eligible for this offer. All qualifying activities must be completed within the stated time frames in order to be eligible for the Welcome Deposit.
• New Money is defined as deposits not previously held by any member of the HSBC Group in the U.S. Accounts/Assets that are ineligible for New Money include: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to IRAs, Keogh, Simple IRAs, and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts and estate accounts.
• HSBC reserves the right to change or terminate this offer at its sole discretion.
• For purposes of determining whether you have maintained the Qualifying Balance for the Welcome Deposit, a New Money average balance will be calculated every Friday to derive the average monthly balance throughout the total offer period.
• Limit one Welcome Deposit per customer, including all individual and joint accounts – the first line name on the joint account is considered the customer for gift purposes.
• The Welcome Deposit to your HSBC Choice Checking account will be reported on the applicable IRS form.
• Eligible customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA N.A
• New Consumer Deposit Offers are defined as incentives in a form of merchandise, cash bonus, and preferred rates on savings accounts and/or CDs that are offered to customers who open an eligible checking account and satisfy qualifying activities.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Offer History

• Update 11/03/18: Bonus has been extended until December 28, 2018. They also updated the cut off date ( Customers who held an HSBC consumer deposit or investment account from November 2, 2017 through and including November 2, 2018 are not eligible for this offer). Reposting because of this.
• Update 09/02: Bonus has been extended and is now valid until November 2nd. They also updated the cut off date (Customers who held an HSBC consumer deposit or investment account from August 31, 2017 through and including August 31, 2018). Reposting because of this.
• Update 07/01: Bonus has been extended and valid until August 31st, 2018. They have also updated the cut off date (if you were a customer from June 30, 2017 through June 30, 2018 you’re not eligible. Previous it was March so a new batch of people who have had accounts before will be eligible). Hat tip to reader Chex Party Mix.

Avoiding Fees

Choice Checking ($200 Bonus)

This account has a $15 monthly fee, this is waived if you meet either of the following requirements:

• Receive a direct deposit
• Have $1,500 in combined personal deposit and investment balances

Advance Checking ($350 Bonus)

This account has a $25 monthly fee, this fee is waived if you maintain linked combined balances of at least $10,000 or at least $5,000 with a recurring direct deposit from a third party to an HSBC advance checking account at least once per monthly cycle.

Premier Checking ($700 Bonus)

This account has a $50 monthly fee, this fee is waived if you have $100,000 or more in combined balances.

Early Account Termination Fee

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

Our Verdict

Last year they offered a bonus of $350 and you could receive this by opening the choice account and paying two bills. This is much better than this bonus, as this bonus requires an advance checking account for the $350 bonus and $10,000 deposited for at least 90 days (plus you need $10,000 to keep the account fee free as well, the other offer only required $1,500 to be kept in the account to be fee free). This does have the higher bonus of $700, but that isn’t seriously worth considering as you need to have $100,000 deposited for 90 days.

 

Personally I’d just give this bonus a miss, due to the fact that last year they offered such a better bonus but it is better than the recent referral bonuses. If you’re seriously considering going for this bonus, then I’d also recommend reading this post detailing some of the issues with HSBC and getting the bonus. I won’t be adding this to our best bonus page due to the recent history of a better bonus being offered.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times