Posted by William Charles on January 16, 2020
Bank Account Bonuses

Published on January 16th, 2020 | by William Charles

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HSBC $350-$475 Checking Bonus – Direct Deposit IS Required

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

The Offer

Direct link to 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:



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Duke I.
Duke I.

Those who couldn’t open the $750 bonus account because they had an account back in 2016 should be eligible for this since the date changed.

January 6, 2017 through and including January 6, 2020 are not eligible for this offer

Chow Tai Fook
Chow Tai Fook

Woof, that makes many of us ineligible.

bambinone
bambinone

FWIW, I was able to meet the DD requirements for the prior Premier checking bonus ($750) via Schwab brokerage.

Paul
Paul

DoC – why would you do this over the referral offer? You can get a $200 referral bonus + the person who opens the account gets $500 for the premier account. I would point this out in the article. See https://www.us.hsbc.com/share-the-experience/#personal

Rico
Rico

To receive credit for the referral, the new account must be opened in an HSBC branch or over the phone.

Monica
Monica

Any chance they night bring back the 750? I totally missed the deadline by mistake..one of the worst mistakes I made in 2019.

Bungholio
Bungholio

If that was the worst, you’re doing just fine…

Monica
Monica

Heh hey heh…

Bobby
Bobby

Lol. Btw, my worst mistake in 2019 happens to be missing the Dec deadline on HSBC business checking $350 offer. Appears I am doing just fine too, per Bungholio!

J T
J T

Someone can explain me what the heck this means : make recurring direct deposits totaling at least $5,000 for three consecutive months from the second full calendar month after account opening. it is saying 5k after second month ?

Dan
Dan

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.

Zack
Zack

>Eligible customers who take advantage of this offer cannot receive any other New Consumer Deposit Offers provided by HSBC Bank USA, N.A.

Does the above mean that we can only get a once per lifetime bonus with HSBC, i.e. no churning possible regardless of time between accounts?

Steve

That’s a good question. The $750 offer from last year said the same thing.

It might just mean that you won’t be eligible for another offer right now, but you can still be eligible a few years in the future, after you’re out of the date range they specify. (Though this is kinda redundant with “Limit one Welcome Deposit per customer”.)

If it meant you’ll never be eligible in the future, then it’s kinda redundant to also have the “through and including January 6, 2020 are not eligible for this offer” part, though they could cover some different situations.

HSBC has had redundant terms in the past, so it’s hard to tell which is the correct interpretation. I’m leaning towards the first (that you can still be eligible in the future; I would just go with what the terms of the offer in the future say).

Zack
Zack

I think the difference though is that the date range restriction is just with respect to having had an HSBC account at all during that time, regardless of whether you received a bonus or not, whereas the other statement is specifically about receiving an actual bonus. Guess we have to be our own data points.

SeanK
SeanK

The premiere account has a 2% cashback bonus on direct deposit as well, up to $700 ($60 per month max). So $3000 a month to max out the 2% cash back but need to maintain it for 12 months so it’s more of a hassle compared to the previous $750 bonus, but still an option.

SeanK
SeanK
Zauch
Zauch

The trouble is getting the deposit going for 12 mos instead of three.

Jlong
Jlong

I had an account with HSBC 10 years ago. I opened online and when I went to close it at the branch, they couldn’t do it. I made me contact the relationship manager in NY. WTF!

I would avoid HSBC and get the bonus from Chase, Citi (make sure to open the account at a branch), US Bank and First Republic.

Flea
Flea

They made me close mine locally, after my home branch was sold in the First Niagara sale.

At the time, they also had zero idea whether or not the branches in NYC (not my home branch) would “stay open”; and in fact they went dark for several months after the sale, IIRC; which was a large part of the reason why I closed mine (it had been my primary).

Now, of course, they are open in NYC again, as HSBC Bank. ???

I still don’t know what’s going on with that.

According to Wikipedia, they also went through the time and trouble to buy back/open a new branch near the original headquarters of its predecessor, Marine Midland, in Buffalo. Weird, very weird.

To their credit, they did give me the bonus in 2019.

Rico
Rico

Those that got the HSBC bonus and did DD’s from Chase. Did it code like this for you in the HSBC account: “DEPOSIT FROM JPMORGAN CHASE-EXT TRNSFR”?

Steve

Yes.. search the comments in the post about the HSBC $750 bonus.

Rico
Rico

I saw your reply to my other post. Thanks Steve.

Jun
Jun

I just did an ACH transfer from chase and it coded as
“DEPOSIT FROM JPMORGAN
CHASE-EXT TRNSFR”

but I never did this bank bonus before.

sudo
sudo

Hate HSBC, couldnt get bonus last time and I just gave up

Sean
Sean

I am still waiting on my $350 from the last offer. It was completed Nov 28. It’s a shame because I read everyone who did the $700 offer received their payment almost immediately. I am hoping I don’t have to get the CFPB involved but the cutoff is 1/28 on when it should be paid

Zauch
Zauch

What was the reason?

Sean
Sean

I am not sure why it is taking so long. The folks taht did the other offer were paid quickly. They are technically still within their timeframe as stated by the terms, but others were paid in 1-3 weeks after completing. I am basically on week 7 of their stated 8. I fear I will have to submit the CFPB complaint if they jerk me around.

Zauch
Zauch

This is is considerably okay if you are not a citizen. They allow you to open account online and mail W8BEN later.

Radar
Radar

So i applied on Jan 13th, the app went to pending, on Jan 14th received an email asking me to confirm the trial deposit amounts. Which i did and it showed application is being reviewed. Have not heard anything since.

John
John

I applied on Jan 16th and have not heard back since. I just asked a CS representative and he told me it might take 10+ more days due to high demand. Great

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