HSBC $600 Checking Bonus – Direct Deposit IS Required

Update 7/1/20: Maximum bonus has been reduced from $700 to $600. Deal now ends September 30th, 2020.

Update 4/4/20: Promotion is now slightly different. You get 3% of your direct deposit for six months, up to $120 per month. Hat tip to reader Jim R

Offer at a glance

• Maximum bonus amount: $600
• Availability: Nationwide
• Direct deposit required: Yes, you receive 3% of your direct deposit (maximum of $120 per month)
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $25+, avoidable
• Early account termination fee: $0-$25
• Household limit: None
• Expiration date: March 1st, 2020 June 29th, 2020 September 30th, 2020

The Offer

Direct link to offer

• HSBC is offering a bonus of up to $600. Must set up qualifying direct deposits and then you receive 3% cash back on qualifying direct deposits for the first six calendar months (up to $100 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:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• 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
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times