Posted by William Charles on June 18, 2019
Bank Account Bonuses

Published on June 18th, 2019 | by William Charles

183

HSBC $350-$750 Checking Bonus – Direct Deposit IS Required [Important Update]

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

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 first full 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.

Useful posts regarding bank bonuses:



183
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
A M
A M

Slickdeals promo may stack with these too, no?

Rolando
Rolando

I don’t see why not.

joe
joe

Forgive my ignorance, but how can you can stack it? Isn’t the SD bonus just for the savings acct whereas this is for a checking?

A M
A M

Yeah, but what people did and what worked for last bonus from HSBC was opening the checking account, funding it to meet bonus terms, and then opening the savings account via slickdeals. That savings account would then hold the funds so as to waive fees and also waive interest while you wait for the bonus

Rob
Rob

technically this wouln’t be relevant anymore right? As there is no minimum balance required (if you have $5000 in monthly DD)?

A M
A M

Well, the slickdeals bonus isn’t bad, and that would be the reason to do it I think. And for the advance checking one, it appears they still have a deposit requirement for the bonus, and doing the SD + savings account opening would gain you interest and an easy extra bonus

AlarmingConsequence
AlarmingConsequence

I’m not familiar with the slickdeals account you are referring to? you provide a link?

Mimi
Mimi

Yes, this is how I understand it also since there’s no maintenance fees with $5K monthly DD. I’m hoping they’re not meticulous with “DDs” like WF. This will be another blockbuster if stacked with the SD bonus on savings account. I’ve noticed S/BB codes as PPD to banks I push them so I’ll continue with that.

SB
SB

Mimi “S/BB”? “PPD”?

Mimi
Mimi

@SB

S/BB refers to Serve/Bluebird (google for more info if interested)
PPD is the code I noticed aside from a string of numbers that pass with a lot of banks as employer’s direct deposit. A PPD Entry is a credit or debit initiated by an organization after receipt of an authorization from a consumer to transfer funds to or from the consumer’s account. I am NOT saying this works for all banks but it has worked for me to get SUB in a lot of bank transactions I’ve done the past several years.

CJ
CJ

It does. I did it when it was 100 but it has gone up to 125 now.

Nick
Nick

Why not do the $750 and pay the fees – wouldn’t you still come out ahead vs the $350

C
C

It’d be close after taxes. $750 after tax (30%) is $525 then take off 5 months of fees ($250) and the closing ($25) to get $250.

Lower bonus would be $245 after taxes.

Largely depends on your tax bracket and how quickly you think you’ll get the bonus paid so you can cancel to avoid more fees.

Mimi
Mimi

I asked via chat and the banker told me with the premier checking, there is no monthly fee for the first 6 months although the first four months, you have to comply with the $5K (one time or cumulative) DDs starting the full calendar month you open account. IF, by chance she was wrong, the first 4 months should still be fee free and if one quits doing the $5K DD on the 5th and 6th month, will be $50. Hopefully, the bonus posts within the 60 days after meeting the $15K total DDs.

Burton
Burton

Probably, but depends how many months they waive fees and how many months you have to keep it to get the bonus. That additional $400 is taxable and the fees are not deductible so if you pay fees more than five times you are losing money. Even if they pay the bonus quickly you are likely looking at having it open for a minimum four months… so look for DP on monthly fee waivers and the bonus payout times before going for the $750.

US Bank had a similar offer a few months ago and they waived fees for three months so most were able to close or downgrade to avoid fees without ever being assessed the monthly fee. Not all banks are as generous.

Mike
Mike

According to the Terms & Charges Disclosure for Premier Checking – https://www.us.hsbc.com/content/dam/hsbc/us/docs/pdf/deposit-terms-and-charges/hsbc_premier_tcs.pdf

“You will not be assessed a Monthly Maintenance Fee for the calendar month in which you opened your account. In addition, you will have the next 6 months after the account opening month to meet the minimum balance requirement or direct deposit requirement or the qualifying mortgage requirement before being assessed a Monthly Maintenance Fee.”

Also regarding ETF for Premier Checking ONLY: “$0 If your account is closed within 180 days of opening.”

Advanced Checking ETF is still $25 if closed in 180 days.

So it seems if you can make the $5000 DD/month requirement you might actually be able to pull everything off fee-free

Dayn_Perrys_Vape
Dayn_Perrys_Vape

Terms also say they’ll pay the bonus approximately 8 weeks after you hit the requirements. Time it right and you can hit the requirements in 2 months and a day from opening, and have the bonus approximately 4 months and a day from opening.

Oscar
Oscar

You probably could do this and then downgrade the account after the bonus hits.

John
John

I think the Premier checking waives the $50 fee with $5K in monthly DDs, which are also a requirement for the bonus:

To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and 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. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained.

Dan
Dan

3 years loockback!

arch
arch

So there are no DD datapoints for Hongkong and Shanghai Banking Corporation? Odd, given the length of time it has been posted here. So no one has been able to do a faux DD?

Olly
Olly

You can qualify for HSBC Premier and have the fee waived by having a $5k/mo DD now instead of having to hold cash with them…

2 To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and 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. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained.

CtownBin
CtownBin

William Charles Why are you assuming that the previous bonus was easier to complete? For that one you had to deposit $100,000, I would think that would be a lot harder for most people than simply DD of $5,000. Unless I’m missing something- did cumulative deposits work on the last one? Do “fake” DD not work with HSBC?

Jim W.
Jim W.

He’s saying it’s easier to keep the account “fee free”, not “easier to complete.” First sentence in the article.

AKJohnny
AKJohnny

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.

i think this disqualifies most of us here 🙁

joe
joe

Hey William Charles the way i undestand it, the $50 maintainece fee looks like it can be waived as long as you keep having the monthly direct deposit. Per the T&Cs: ” To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and 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. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained.”

Burton
Burton

Your understanding seems to be confirmed by navigating directly to hsbc’s checking page and then the requirements to avoid the fee show the same three items – including the $5k DD. That’s a legit DD requirement for likely 4-5 months but the bonus is probably worth it.

You also get “Professional support with a Relationship Manager” not sure if that is a pro or con LOL.

If you do this, make sure to sign up in the next few days or the first half of July so you have time to set up your employer DD for the following month. Mine is bimonthly and needs to be updated at least a week before payday or it won’t process until the 2nd monthly paycheck.

Matt
Matt

Approved right away – shocker! All was smooth sailing until…online account registration errored out! ugh! Had it reset by a rep by chat and will try again in a few hours.

Matt
Matt

update: apparently this is a problem a lot of people are experiencing…i suggest maybe waiting one day to sign up for online banking. thank goodness i had the foresight to only open with $25!

Mark
Mark

According to this Terms & Charges Disclosure for the Premier Checking (dated June 3, 2019), HSBC is not charging monthly fees until 6 months after account opening:

“You will not be assessed a Monthly Maintenance Fee for the calendar month in which you opened your account. In addition, you will have the next 6 months after the account opening month to meet the minimum balance requirement or direct deposit requirement or the qualifying mortgage requirement before being assessed a Monthly Maintenance Fee.”

https://www.us.hsbc.com/content/dam/hsbc/us/docs/pdf/deposit-terms-and-charges/hsbc_premier_tcs.pdf

Might make this bonus more worth considering…

Steve

A couple typos/mistakes: $5,00 should say $5,000. The balance to avoid fees for Premier Checking seems to be just $75,000, not $100,000; or as someone else said, DD of $5,000 each month also avoids the fee. $700 should say $750.

Maybe the $750 bonus is worthwhile, since you can get the bonus & avoid a fee just by doing $5,000 DD every month. But there aren’t many datapoints for what counts as DD for HSBC.

ChurnBro52
ChurnBro52

Wouldn’t it still be worth it even if you eat the fee?

$750 – $150 in fees would be $600 still?

Steve

Yeah, it could still be worth it even if you pay monthly fees. Though, the bonus is taxable, and you’ll probably have to keep the account open for at least 4 months, plus $25 early termination fee if you close before 6 months. So maybe $225 in fees, but you’d still make some money.

But, if you’re paying fees because you didn’t do a DD or your “DD” didn’t count, that probably also means that you don’t qualify for the bonus. So I think the risk is that you pay $225 in fees and don’t get anything in return.

Angie
Angie

You can avoid the fee by having 5k direct deposit. Also note the fee will not be charged for the first six months.
Fine Print:
Monthly Maintenance Fee $50
If your U.S. personal and qualifying commercial related combined deposit balance in U.S. Dollar accounts
and investment balance are below the required $75,000 OR your total recurring direct deposits are less than
$5,000 from a third party to your HSBC Premier checking account(s) per calendar month OR you do not have
an HSBC U.S. residential mortgage loan with an original loan amount greater than or equal to $500,000. For
purposes of this disclosure, the month for qualifying deposit accounts is the calendar month prior to the
assessment of the Monthly Maintenance Fee. Qualifying investment balances are determined on the last
business day of the calendar month prior to the assessment of the Monthly Maintenance Fee. A calendar
month is defined as the period of duration from the first date of one month to the last date of the same month,
and thus can be 28 (29 during a leap year), 30, or 31 days long. For example, the duration from January 1 to
January 31. Please see “QUALIFYING BALANCES” section for more information. 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 per calendar month.
The Monthly Maintenance Fee will be assessed on the second Business Day following the first Friday of the
next calendar month unless New Year’s Day falls on a Friday, then the assessment is delayed by one week.
You will not be assessed a Monthly Maintenance Fee for the calendar month in which you opened your
account. In addition, you will have the next 6 months after the account opening month to meet the minimum
balance requirement or direct deposit requirement or the qualifying mortgage requirement before being
assessed a Monthly Maintenance Fee.
The Monthly Maintenance Fee is waived for HSBC Jade customers.

anthonyjh21
anthonyjh21

Three year window, wow. Opened September 2016 and closed circa March 2017. Looks like I have some waiting to do. The $700 looks good despite them being a horrible experience.

AlarmingConsequence
AlarmingConsequence

What did you find so horrible? Lots of steps or HSBC not timely completing their steps, like in the linked write up?

AD
AD

————–
2 To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and 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. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained.
————–

Fees can be avoided by having 5k DD, you don’t have to park 75k in here

Am i missing something or William Charles maybe needs to update below line
————-
This account has a $50 monthly fee, this fee is waived if you have $100,000 or more in combined balances.
————-

Alex
Alex

Ya needs to be updated. This is actually probably the best nationwide bonus right now with $5000 DD requirement to qulify for both bonus AND keep account fee free. Seems like a no brainer to me.

Back to Top ↑