[Expired] HSBC $350-$750 Checking Bonus - Direct Deposit IS Required

Update 12/16/19: Deal has been extended until January 6th, 2020.

Update 8/12/19: The $750 bonus now requires direct deposits totaling at least $5,000 for 3 consecutive calendar months from the second calendar month after account opening. Previously it was the first calendar month. This might mean you’ll be forced to pay the $50 monthly fee once, more details on that here.

Update 7/31/19: Deal has been extended until December 31st, 2019. Looks like the requirements are the same as before.

Reposting as we had a lot of incorrect information in the first post, it’s much easier to keep the account fee free than it has been in the past. This makes the $750 bonus now worth considering/completing. Thanks to all the readers that pointed this out in the comments below.

Offer at a glance

Maximum bonus amount: $750
Availability: Nationwide
Direct deposit required: Yes
Additional requirements: Deposit requirements, see below
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: July 31st, 2019

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
  - 3.1.1 Advance Checking ($350 Bonus)
  - 3.1.2 Premier Checking ($700 Bonus)
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

HSBC is offering a checking bonus of up to $750. Bonuses are as follows:
- Earn $750 when you open a new Premier checking account and complete the following requirements:
  - Make recurring direct deposits totaling at least $5,000 from a third party to your HSBC Premier checking accounts per calendar month
  - Receive monthly direct deposits totaling at least $5,000 for 3 consecutive calendar months from the second calendar month after account opening
- Earn $350 when you open a new Advance checking account and complete the following requirements:
  - Deposit a minimum of $5,000 or more in new money in combined checking and savings accounts within 30 days of account opening and maintain at least the minimum qualifying balance for 90 days from the date you deposited the money
  - Set up a recurring direct deposit from a third party to an HSBC advance checking account at least once per calendar month for 3 consecutive months following account opening month

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 June 2, 2016 through and including June 2, 2019 are not eligible for this offer.
Customers who maintain(ed) a HSBC Mortgage and/or Credit Card without a consumer deposit or investment account are eligible.
All qualifying activities must be completed within the stated time frames in order to be eligible for the Welcome Deposit.
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.
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 ($700 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 it was possible to get either of these bonuses without the direct deposit requirement. That being said the $750 bonus required a massive $100,000 deposit. That’s no longer the case, you can just do a recurring $5,000 monthly direct deposit to trigger the bonus and keep the account fee free (and you don’t need to worry about monthly fees for the first six months). That makes this new bonus significantly better than the old bonus as there is no need for the $100,000. The downside is that a direct deposit is required and we don’t know how strict HSBC will be on that requirement.

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. Despite the issues that people have had, this bonus is still worth considering and will likely be the top nationwide bank bonus if the direct deposit requirement isn’t too strict.

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