Posted by Chuck on November 17, 2016
Checking Accounts

Published on November 17th, 2016 | by Chuck

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[Expired] HSBC $350 Checking Account Bonus – Nationwide, Easy Requirements

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: No (optional)
  • Additional requirements: Some bill payments
  • Hard/soft pull: Soft
  • Credit card funding: None
  • Monthly fees: Waivable with $1,500 balance
  • Early account termination fee: $25 if closed within 180 days
  • Expiration date: November 18, 2016

The Offer

Direct Link

  • 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.

Screen Shot 2016-09-07 at 11.56.33 PM

 

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:

Hat tip to reader Pier



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Peace frog
Peace frog

I was declined! Why would I be declined for this? I have amazing credit, and this was just a soft pull anyway.

David
David

Be very aware that these people give HORRENDOUS customer service. In the space of time it took to open my account, I’ve had to call them several times. Each call took 25-40 minutes, and sometimes I gave up on waiting and tried again.

Not to dissuade anyone from trying, but be prepared to wait.

JimT
JimT

Don’t bother. According to a banker friend within HSBC, this offer is just a bait for your info for future marketing. They either decline your application, or won’t open acct by the offer expiry date (so that they don’t have to pay bonus), or not pay your bonus at all by dragging after all. Just move on. Anything too good is indeed too good to be true. Follow the US banks, at least they are honest in this issue.

Ray
Ray

I applied 10/15 and trial deposits into bank account on 10/18, but didn’t receive an email or notice if approved or not… anyone have a timeline of about how long it takes to deny or approve account?

Ken
Ken

Roughly a month. Yes, four weeks. They move glacially slow. I applied Oct 6th and have head nothing from them so far. Tomorrow will be two weeks. I will probably call them because people who have entered “self employed” have been held up for some reason.

Ray
Ray

I finally today got 10/28 several emails saying my account was approved and was given a temp registration ID, but it says I have to wait 4-6 business days for the password via snail mail.

Joe Anderson
Joe Anderson

Applied September 12th. They contacted me on Sep 14th for ID which I sent that day.

Over a month later, they contacted me on October 21st to ask me verification questions and let me know I would be getting my passcode in the mail.

Code came October 31st, and now, finally, I’m in–after various security questions, passcodes, reauthorization codes and mobile device code. I’ve had a security clearance which required less, well, security to access their systems.

Tobias Kaplan
Tobias Kaplan

I would like to point out that they ask you for a RIDICULOUS amount of information when applying for an account. So it will probably take 15 minutes of your time to fill everything out, and it doesn’t open automatically. They have to process your application

Tobias Kaplan
Tobias Kaplan

in contrast to chase where it takes less than 5 minutes and opens automatically

Tomtoo
Tomtoo

HUH? Chase usually makes you open an account IN BRANCH. Did you have a different experience?

William Charles

Previously you could open them online.

scotty
scotty

You’re right on that. I had to make an appointment at a chase branch back in May. Got my checking bonus in June and Savings bonus in Aug. Now just waiting to close accounts in Dec.

Sandra
Sandra

“First World” Problems. LOL

D
D

They did get hammered by the government for lax anti-money laundering controls (literally billions transferred that violated sanctions and AML laws) earlier this year, so I’d guess that’s why the application is so ridiculous.

Max
Max

They got fined a tiny percentage of their illegal profits.

John
John

I applied and it was a long application to say the least.

But, it is well worth it if I can get approved.

Mark
Mark

Can me and my wife both apply or is it one bonus per family/same address?

NoonRadar

Anyone has experience/data points with HSBC denials for too many recent ChexSystems inquiries?

Johnny
Johnny

Very long app! Took ages.

Sandra
Sandra

Another “First World” Problems. LOL
How would you all have survived if you had to hand write applications like back in the day!!! LOL

JP
JP

anywhere you guys see confirmation of bonus?

Patrick
Patrick

My app was declined. 15 min wasted?

jeein
jeein

how many inquiries have you had recently?

kevin
kevin

application declined.

sad@

Eddy Cue
Eddy Cue

@Kevin, Patrick any ideas why the denial?

TU HO
TU HO

A minimum cumulative amount of $3,000 is required.
Is it for 6 months or 3 months?

Jason
Jason

“or three consecutive months within 120 calendar days of account opening.”

3 months.

Ryan
Ryan

Quick shout out to this site for the continued amazing checking account bonus recommednations.

My wife and I have already earned in excess of $3000 in this year alone.

My only wish is that I had started chasing checking bonuses 5 years ago.

Thanks DOC!

Harrison Logan
Harrison Logan

Do you have large direct deposit income that’s easy to split amongst multiple checking accounts? I’d love to chase more bonuses, but i guess i dont have enough income to split to multiple accounts simultaneously.

William Charles

You know you don’t always have to use a real direct deposit, right? Lots of times a simple ACH transfer will trigger that requirement. This page has datapoints for different banks (and is always linked to from our individual bonus pages): https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

sara
sara

It doesn’t list any data points for HSBC.

William Charles

Harrison was just talking about bank bonuses in general, HSBC doesn’t require a direct deposit.

MT
MT

same here, I am on track to receiving more than 5000 combined with SO not including 700 from this offer. I have had 9 accounts so far. this will be the 10th, but will be opening it around nov timeframe.

Captain_America
Captain_America

So many banks; so little time.

Tim
Tim

Declined. I’ve opened several checking accounts for bonuses in the last 12 months.

Eddy Cue
Eddy Cue

Did they give that as the reason?

Tim
Tim

No specific reason. I was given the option to email or call back for clarification. Stand by…

Tim
Tim

UPDATE: I yolo’d and reapplied.

Tim
Tim

… to continue. I reapplied and the app went to pending awaiting the trial deposits. I did not get a flat out denial the second app.

FB
FB

For those declined, were you given a reason?

Nick
Nick

Damn, what a long app. No word on the result yet but I’ll report back.

Dave
Dave

Those of you who are getting declined, is is because of too many recent new checking accounts? My most recent checking account was last November. Before that was a few years ago. How strict is HSBC?

Peace frog
Peace frog

I opened one personal and one business checking account within the last month and was declined / denied, and no reason is given on HSBC’s website. Prior to those, I opened only one personal checking and one personal savings account this April. I haven’t opened any checking or savings accounts prior to those in several years. I have a clean chexsystems report I THINK, but I just ordered a copy so I’ll try to update when I receive it next week.

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