Posted by Chuck on May 18, 2017
Bank Account Bonuses

Published on May 18th, 2017 | by Chuck

141

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

01/07/18: Bonuses have been reduced to $200/$100/$50

Bonuses have been reduced to $200/$150/$50.

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



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Dave
Dave

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

Superchurn
Superchurn

ouch…i guess I don’t qualify then 🙁 Just closed HSBC yesterday 😀

Leon
Leon

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

shawn
shawn
Hannah
Hannah

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
Mike

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.

Daniel
Daniel

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

Matt
Matt

I honestly can’t recommend HSBC as a good bank though. Their mobile app sucks and god forbid you have to call them about, well, anything.

Matt
Matt

Name for referral is Matthew Ivan

Jason jiang
Jason jiang

Hi,matthew.can you leave your full name ??? bank required full name to qualify referral bonus

Matthew Weyer
Matthew Weyer

Oh yes. Thanks Jason!

Matthew Weyer
My referral code is S013433282

Matthew

Thanks, Jason or anyone that used my code – discovered two $100 credits in my account today! <3

Jags
Jags

Never again with HSBC

anthonyjh21
anthonyjh21

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
PJ

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
Jeff H

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.

Ryan
Ryan

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.

Matt
Matt

And you have to call them to open it. And mention the code.

Yeah. Right.

MoreSun
MoreSun

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.

Ken
Ken

Fool me once HSBC…

jnrfalcon
jnrfalcon

So early termination period is still 180 days right?

Jason Jiang
Jason Jiang

anyone can send me a refer code?

William Charles
lingua
lingua

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.

Hannah
Hannah

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.

chengjiong jiang
chengjiong jiang

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

Enigma
Enigma

If anyone is still looking for referral code —

Your Personalized Referral Code:
[edited]

Jake
Jake

I think he told us not to do this

William Charles

+1. Gone through the comments and removed them. It’s very tedious and a waste of my time.

Yet Another Redditor
Yet Another Redditor

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).

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