Deal has been extended until June 29th, 2020
Update 3/5/2020: Extended until March 29th, 2020.
Offer at a glance
- Maximum bonus amount: $475
- Availability: Nationwide
- Direct deposit required: Yes, see below
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $25+, avoidable
- Early account termination fee: $25, 180 days
- Household limit: None
- Expiration date: March 1st, 2020
Contents
The Offer
- HSBC is offering a bonus up to $475. Bonuses are as follows:
- $475 bonus when you open a new Premier checking account and make recurring direct deposits totaling at least $5,000 for three consecutive months from the second full calendar month after account opening
- Bonus of up to $350 when you open an Advance checking account. Must set up qualifying direct deposits and then you receive 2% cash back on qualifying direct deposits up to $30 per month for the first 12 calendar months
The Fine Print
- HSBC Premier $475 Welcome Deposit Offer Terms and Conditions: This offer is available only online for applications completed using the Apply now button on the offer 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 two years to apply for a deposit account online. To qualify for the HSBC Premier $475 Welcome Deposit you must: (1) open your new HSBC Premier checking account from January 7, 2020 through and including March 1, 2020; and (2) make recurring Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
- You will automatically receive the $475 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. Qualifying Direct Deposits are electronic deposits of regular periodic payments (such as salary, pension, Government Benefits or other monthly income) made into your HSBC Premier checking account from third parties at least once per calendar month. Customers who held any HSBC consumer deposit or investment account from January 6, 2017 through and including January 6, 2020 are not eligible for this offer.
- 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 the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities. HSBC reserves the right to change or terminate these offers at its sole discretion. 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. Your HSBC Premier checking account must be open without being changed to a product with lower balance requirements and in good standing at time of gift fulfillment. The Welcome Deposit to your HSBC eligible checking account will be reported on the applicable IRS form. To be eligible for the offer, your HSBC Premier checking account must be open without being changed to a product with lower balance requirements, in good standing at the time of fulfillment.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
According to this document the monthly maintenance fee is waived for the first six months for the HSBC Premier checking account. It’s not clear if something similar also applies to the Advance checking account.
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 ($475 Bonus)
This account has a $50 monthly fee, this fee is waived if you do any of the following:
- Maintain balances of $75,000 in combined U.S. Dollar personal deposit accounts and investment* balances OR
- Recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s) per calendar month OR
- Any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. Business owners may use their qualifying HSBC U.S. Dollar commercial balances to qualify for a personal Premier relationship
Early Account Termination Fee
There is a $25 fee for closing the account within 180 days (Link). This fee does not apply to the Premier Checking account.
Our Verdict
Previously the Premier checking bonus was $750, that was significantly better than this offer. In addition the $350 bonus only required a $5,000 direct deposit. Because those better offers were offered so recently, I wouldn’t recommend doing these much worse bonuses. Because of that I won’t be adding this to our list of the best checking bonuses.
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
