Posted by William Charles on January 31, 2020
Bank Account Bonuses

Published on January 31st, 2020 | by William Charles

33

HSBC $700 Checking Bonus – Direct Deposit IS Required

Offer at a glance

  • Maximum bonus amount: $700
  • Availability: Nationwide
  • Direct deposit required: Yes, you receive 2% of your direct deposit (maximum of $60 per month)
  • 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 of up to $700. Must set up qualifying direct deposits and then you receive 2% cash back on qualifying direct deposits for the first 12 calendar months (up to $60 max per month)

The Fine Print

  • HSBC Premier 2% Cash Back 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 2% Cash Back (rounded up to the nearest dollar) on Qualifying Direct Deposits up to $700 ($60 max per month), during the first 12 calendar months after account opening you must: (1) open your new HSBC Premier checking account from January 7, 2020 through and including March 1, 2020 and (2) set-up recurring Qualifying Direct Deposits from a third party to an HSBC Premier checking account at least once per calendar month for 12 consecutive calendar months following account opening month.
  • The 12 calendar months from account opening begins with the first full calendar month after your Premier checking account is opened.
  • You will automatically receive the 2% cash back in your new HSBC Premier checking account approximately eight weeks after completing that month’s 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 an HSBC consumer deposit or investment account from January 6, 2017 through and including January 6, 2020 are not eligible for this offer.
  • All qualifying activities must be completed within the stated time frames in order to be eligible for the 2% Cash Back.
  • 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 a form of merchandise and/or cash bonus that are offered to customers who open an eligible checking account and satisfy qualifying activities.
  • HSBC reserves the right to change or terminate this offer at its sole discretion.
  • Limit one 2% Promotional Offer or New Consumer Deposit Offer per customer, including all individual and joint accounts — the first line name on the joint account is considered the customer for gift purposes.
  • The 2% cash back to your HSBC Premier checking account may 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

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

Not as good as the $750 bonus that just required a direct deposit of $5,000+ for three months. To max this out you basically need to do a $3,000 direct deposit for 12 months. Personally I’d just wait for the bigger easier bonus to return. There is also a $350/$475 bonus that is also not worth doing. I won’t be adding this to our list of the best bank account bonuses.

Useful posts regarding bank bonuses:



33
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
RMM
RMM

Customers who held an HSBC consumer deposit or investment account from January 6, 2017 through and including January 6, 2020 are not eligible for this offer.
This is kind of significant restriction

Duke I.
Duke I.

Most of the longtime regulars won’t be eligible yet. I opened my first account 9/2016 and closed April 2017.

Boozi
Boozi

Is there anyway to check? I closed my account in Jan 2017 sometime, but not sure about the dates….

Jim
Jim

Yes. Keep a spreadsheet of all of your CC + bank account activity with this data.

Chang
Chang

Any clue if HSBC Savings account considered a consumer deposit account?

Josho
Josho

How is this not a better bonus? 2% on $5000 meets the max of $60/mo. If it takes 3 months to get the bonus this is an $880 bonus all together. What am I missing?

H.P.
H.P.

I don’t know how you arrived at the $880 amount. Also, the terms say you’ll get the 2% cash back during the first 12 months, effectively capping it at $720 (or $700 per the ad).

Burton

It is up to $700 bonus (max $60/mo) not $700+$60/mo bonus.

I don’t know why it isn’t max $720, unclear if that was intentional.

Hari
Hari

DoC is right. This is a bad offer. You’d end up all or most of the DD from your pay into this for the next 12 months and be restricted from signing into other better offers that comes. Unless you are out of options, stay away!

Sim
Sim

To be fair. This is exactly what these offers are designed to do. Attract long term customers. So its not necessarily a bad offer. It actually is a well designed offer, but bad for our hobby.

aquac
aquac

Hope other banks don’t start following this trend

H.P.
H.P.

If one does an ACH of $5K each month (and accepted as DD) to waive the $50 monthly fee, then transfers the money out to a hub bank, “rinse and repeat” for 12 months, then $700 total in bonus on a $5K outlay is 14% APY return. Not too shabby if all the other deals had been done.

Dracula
Dracula

HSBC is auditing all of your transactions on your accounts and their security department will flag you for regular in/out ACH transfers (by locking your account) from your account, asking you directly why are you doing this. You have been warned.

H.P.
H.P.

I’m not challenging your info, just wondering if HSBC had locked up forum members’ account regularly. With the deal I’m doing ($5K per month for 3-4 months), I push in $5K by ACH each month and pull out $4850 by ACH each month. Did that in Dec and Jan, two more months to go.

Dracula
Dracula

Watch your third and fourth months. Good Luck!

Dubya
Dubya

It sounds like you are doing the $475 deal. I disagree with DoC that it is not worth doing. Especially if you are using ACH. HSBC has been known to crack down on ACH method. 3 months allows you to get in and get out before they start looking closely at your account. A lot of bonuses are making you wait 90 days anyway for like $200. Let us know if they pay out.

H.P.
H.P.

I’m doing the $750 deal which was closed on 12/31/2019. It requires 3 monthly DDs of $5K each. My account was opened on 12/1/19. The terms were poorly written, some think the DDs need to be done in Jan, Feb, Mar; some think they need to be done in Dec, Jan, Feb. Just to be sure, I made DDs in Dec, Jan and will do Feb, Mar.

Burton

True. I would caution that even though this may currently work, over the course of 12 months the ACH method may stop working and then you are out of luck with no recourse.

Ignoring that the previous deal was awesome, this one is still solid for a non-churner that can do a bi-monthly DD of $2,500. Equivalent of 3-4 smaller bank bonuses and can set it and forget it, no minimum balances to worry about, etc.

Aby
Aby

this is BS

Greg Z
Greg Z

Any way to check if I’ve had an account back in ’17?

I keep really good records for credit cards but just not checking accounts. Fixed this now as this seems like where the $ is now days.

G
G

Most banks send out an email during signup. If you don’t delete your emails, a quick search should yield results.

Bossman
Bossman

How is HSBC as a bank? I’ve been seeing a lot of negative reviews…

Monica
Monica

I don’t know about other things but their
banking website sucks whoever designed it.

Rico
Rico

Have you banked with Citi yet? You think HSBC has a bad website, wait until you see Citi. lol.

Burton

I had no issues. It isn’t the best interface but I’ve seen worse. I have since closed the account as the monthly fee/waiver requirement was too high to justify keeping it open and it didn’t offer anything I didn’t already have in other banks.

AllenW
AllenW

Once you get setup it’s nice. Their fraud prevention can be annoying. I had an account temporarily frozen over an ach push. The guy ask if I had ABC company as an internet provider. Which I had to say no I have ABC company. I thought was clever however his tone when I answered the question made me want to punch him.

Xander
Xander

I do not recommend. I opened an account with them last year July, shooting for the $750. Completed all the requirements. Guess what? They still haven’t posted my bonus.

tavert
tavert

The $750 for 3 months of $5k dd was way better, but who knows if it’ll come back at that level. This isn’t bad, considering you can buy $5k of 1-month treasury bills if doing ACH transfers to satisfy the terms seems too risky. The other option that’s better than the $475 / 3 month public offer (but a little less convenient since you need to get a code from someone then apply over the phone or in branch) is via referrals for $500 / 3 months: https://www.us.hsbc.com/share-the-experience/share-the-experience/

Rico
Rico

according to the fine print – the person with a current account gets 100 per referral, while the new account created over the phone gets 500 (if premier checking is opened)

Ann
Ann

I’m giving this a hard pass. 12 months! Really! After the $750 bonus was so good.

Patti
Patti

If anyone would prefer a lump sum bonus of up to $500 with no direct deposit requirement, I was sent a personal referral code if anyone is interested. New account must be opened in branch or over the phone and this offer expires 2/29/20.
My referral code is S014867354. (I believe it’s a zero after the S.)
Here are the details.
https://www.us.hsbc.com/share-the-experience/

honey dew
honey dew

You can do $3000 DDs for the first 6 months when monthly fee is waived. Another 6 month you have to do $5000 DDs to avoid monthly fee of $50. I signed up for the deal – account that earns $60 per month sounds good to me 🙂 Set up 3k DDs for February and hope to get my first cashback in May. I don’t mind that it’s longer deal than the previous bonus. It took about 3 weeks from application to account opened. Still waiting for a debit card.

honey dew
honey dew

BTW I like their website, don’t see what other people are complaining about.
Signing into online banking could be difficult with their Digital Security Device (app on the phone) and 6-digit code. I had issues with it before when opening another account with HSBC. I advise if you don’t get your 6-digit code right away after your account is open, don’t panic, stay calm, wait for the debit card. After you get your debit card and PIN for it in separate letter – you can sign into online banking without 6-digit phone code. You still will need an iphone for Digital Security Device. But in case you don’t have an iphone, they send you physical Security Device. I installed their app on the phone, got some activation code on it (this is a “digital security device”) and that’s it – enrolled into online banking with my account. Since that I don’t need any codes to log into my account every days, just normal login and password.

Back to Top ↑