Originally posted on 9/8/16. Reposting on 11/17/16 since this deal is expiring tomorrow. While this bonus is excellent, beware that it’s an extended process and hassle getting approved and setting up this account (and some people end up getting denied). Only do it if you have the time and patience to deal with it and feel it’s worth the $350.
Offer at a glance
- Bonus amount: $350
- Availability: Nationwide
- Direct deposit required:Â No (optional)
- Additional requirements:Â Some bill payments
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees:Â Waivable with $1,500 balance
- Early account termination fee:Â $25 if closed within 180 days
- Expiration date:Â November 18, 2016
The Offer
- Open a new HSBC Choice checking, Advance checking, or Premier checking by November 18, and get a $350 bonus with qualifying activities
Here’s the qualifying activity:
Either:
Pay at least two bills per month from your new HSBC checking account via HSBC’s online Bill Pay for three consecutive months within 120 calendar days of account opening.
Or:
Receive at least one qualifying direct deposit per month into your new HSBC checking account for three consecutive months within 120 calendar days of account opening. A minimum cumulative amount of $3,000 is required.
The Fine Print
- Offer valid from September 6, 2016 through November 18, 2016
- Customers who held any HSBC personal account between June 6, 2016 and September 6, 2016 are not eligible for this offer (this includes credit cards according to this comment)
- Limit one welcome deposit of $350 per customer, including all individual and joint accounts
- The first line name on the joint account is considered the customer for gift purposes
- The welcome deposit to your HSBC checking account will be reported on the applicable IRS form(s)
- Qualified customers will automatically receive a $350 welcome deposit into their new HSBC checking account approximately eight weeks after completing all offer requirements
Avoiding Fees
Early Termination Fee
There is a $25 fee for closing the account within 180 days (Link).
Monthly Fees
- The easiest way to avoid a monthly fee is to choose the Choice checking account. The $15 monthly fee is waived with $1,500 balance or with direct deposit. (Link)
- The Advance account has a $20 monthly fee which is waived with a $10k balance.
- The Premier account has a $50 monthly fee which is waived with $100k balance.
Our Verdict
Previous HSBC offers needed $10k tied up and direct deposit, but this one is from the best offers we’ve seen in a while. It clicks all the right boxes:
- no hard pull
- available nationwide
- can be opened online
- just a few bill pays to be eligible
- only ties up $1,500 for around six months (or do direct deposit and have $0 tied up)
The only downside is that it doesn’t offer credit card funding.
If you want this bonus, I’d recommend doing this one sooner rather than later as banks have recently made a habit of pulling offers early. We’ll add this to our list of Best Bank Bonuses.
In the comments to this post, readers note that the application process is long and cumbersome, and that they are denying lots of applications for reasons which aren’t clear.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
Hat tip to reader Pier
