Posted by William Charles on April 5, 2019
Savings Accounts no image

Published on April 5th, 2019 | by William Charles

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[Expired] HSBC Direct 2.25% APY Savings Account + $125 Slickdeals Bonus

Deal has expired, view more bank account bonuses by clicking here.

Update 4/5/19: Slickdeals now has a new rebate offer, this time increased to $125 (up from $100 last time).

Update 3/16/19: APY has been increased to 2.25%. Still not the best high yield account but useful for some with the $100 additional bonus.

Reposting as Slickdeals is offering an additional $100 bonus if opened when logged in using their link and completing the rebate form.

Offer at a glance

  • Interest Rate: 2.25% APY
  • Minimum Balance: None
  • Maximum Balance: None
  • Availability: Nationwide
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: $25, 180 days
  • Insured: FDIC

Contents

The Offer

Direct link to offer

Avoiding Fees

This account has no monthly fees to worry about. There is an early account termination fee of $25 if the account is closed within 180 days.

Our Verdict

2.25% APY isn’t the highest yield savings account currently being offered. That being said this account might be of interest to some readers because HSBC is also offering a checking bonus of up to $700. To get the highest bonus you need to deposit up to $100,000 and even though this account is HSBC direct rather than HSBC apparently funds in this account do qualify for the bonus (and also help to keep it fee free). That makes that offer significantly more attractive.

You should be able to do this deal and the checking bonus deal, I’d recommend opening the checking bonus first just in case you can only do one of these, as those bonuses are bigger.



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Mepo
Mepo

This ain’t bad for no ATM purchases or hoops to jump through

Ian
Ian

wait..are you sure the HSBC Direct Savings qualifies as a deposit account balance to waive monthly maintenance fees for the HSBC Advance checking? Is it linkable, and how do you do it?!

Looney Tunes
Looney Tunes

That’s what multiple agents contacted through chat told me both before and after I opened the savings account, it will waive the monthly fee and count towards the bonus requirement.

Mine automatically linked when I opened the savings account (and I confirmed that it was linked with online chat). Some other comments reported that they had more trouble getting the two to link so YMMV.

Won’t know for sure though until I get my first statement but no fees have shown up yet.

Jeremy
Jeremy

I’ve received my first statement. It counts.

Looney Tunes
Looney Tunes

Cool. Does it say fee is waived or there just isn’t a fee listed?

Know that some banks waive the fee for the first and even second months but not sure what HSBC does.

Ron
Ron

What do I have to do this properly? If you already have a HSBC Advanced checking and maintaining 10K balance to avoid monthly fees then can you open a HSBC Direct Savings and transfer all of 10K in funds to HSBC direct and still maintain HSBC advance without paying fees?

Looney Tunes
Looney Tunes

In that case, would say no as far as the interest rate is concerned. When you open the Direct Savings account, you have to fund it with new money not held at HSBC to get the rate, a transfer from the checking to savings probably won’t count.

Don’t know what rate you would get but with HSBC, I wouldn’t take a chance.

Yet Another Redditor

I think what Ron says would work. For HSBC Savings, it only says that the initial deposit needs to be new money. Once we fund the account with $1 or $100, the funds in HSBC Checking could be transferred over to the Savings account and keep that checking fee-free wit the $10K in Savings.

Looney Tunes
Looney Tunes

That’s true YAR, didn’t pay attention to that, I stand corrected.

Ron
Ron

Yes Yet Another Redditor you interpreted my question correctly. Thanks! The initial deposit in new money is not a problem as it can be any amount. And I am not worried about the checking bonus as I wont be eligible anyways since I got it recently.

Ian
Ian

thanks. off-topic, but, technically, from HSBC Advance checking T&C; “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 3 months after the account opening month to meet the minimum balance requirement or minimum balance with direct deposit requirement before being assessed a Monthly Maintenance Fee.” For the $350 Advance bonus, you might not see bonus until after 90 days if so.

Looney Tunes
Looney Tunes

To waive the fee maybe so, but in order to meet the bonus requirement, you have to “Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening”

Once you meet the bonus requirement within 30 days, you’ll automatically meet the requirement to waive the monthly fee.

You probably won’t see the bonus for 90 days plus 4-8 weeks after meeting the requirements.

Ace Malik
Ace Malik

Perhaps post the chat log for evidence in case any of us need it at some point

DD
DD

Run like the Wind.

chidori4
chidori4

whats wrong with this deal?

Ace Malik
Ace Malik

I dont entertain posts that barely give any information, its not worth it

Max
Max

HSBC is notorious for being seriously difficult to open accounts with.

Beefer
Beefer

Not anymore. Their whole signup process was revamped like a month or two ago. Much less issues now.

icemule1
icemule1

Mine was approved instantly, I was in my account minutes after I applied

khaeos
khaeos

Whats the difference between HSBC Direct and HSBC USA? I have a HSBC Premier checking and savings account which gives me a paltry 0.01% APR.

Eric
Eric

HSBC Direct is sort of their online/no-branch banking service. Think of it like AMEX high-yield savings, or GS Marcus. Of course, if you just move all your money into the Direct Savings and still keep your Premier Checking, you should still be able to access all the same benefits.

Stephen
Stephen

Does HSBC have a history of teaser rates or changing the rates frequently? As I see it, it’s certainly not the highest return, but many might find it useful as the requirements and fees are non-existent.

Looney Tunes
Looney Tunes

Just found out via multiple chats with different agents that the rate you open the account with stays with you even if rates rise (or fall), so you don’t have to worry about that (boy I hope they are all wrong on this, I opened the account when the rate was 1.80%).

Problem is, when rates rise, you won’t get the new higher rate without opening a new account. I also believe they have a 6 month early closure fee of $25 (it is that for their other savings accounts, haven’t been able to find it to confirm for this online savings account).

M
M

According to the fine print referenced to the 2.01% offer — “APYs are variable and subject to change after opening.”

Looney Tunes
Looney Tunes

Absolutely and in their terms that I finally found, they say: “Your interest rate and APY may change. We may change the interest rate, solely at our discretion, at any time”

Problem is, doesn’t sound like they’re going to honor the change from the 1.80% that some of us opened to the current rate of 2.01% like most savings accounts do. They are calling each a Promotional Offer subject to its own terms and rate.

In my phone conversation (after chats) with HSBC, the agent said that when I signed up with the 1.80% rate, that Promotional Offer rate stays with the account and any new money deposited will stay at that rate.

Those signing up now will be at the new Promotional Rate of 2.01% and will remain at that rate for as long as you have the account (and if it goes up again and again, etc.)

Shirley
Shirley

If this is true, I was going to transfer more money into my savings account (opened at the 1.80% rate) when I saw the rate go up to 2.01%, but now I’m not going to do so.

Hopefully when the statements come out, they will reflect the increased rate since I don’t see a way to see what the current rate is in my online account.

M
M

If the rates are indeed customized to a specific promotion and a higher promo comes along, one could simply open a new account with that higher promo. Then move the balance (minus $1) from the lower promo to the new account.

Shirley
Shirley

Good idea M that will show HSBC how ridiculous their current system is. I confirmed via chat that you can open as many as you want to open.

The problem I see with it though is if they raise the rate each month then you’d open additional accounts each month and you have to keep them all open for 6 months to avoid the $25 early closure fee. Would also affect when you could do the next checking bonus.

Guess it depends on how often and if you want to do another one of their checking bonuses (working on my third one so have profited nicely from doing them).

Segun
Segun

$25 early closure fee applies

icemule1
icemule1

I just signed up for the HSBC Advance Checking account today – anyone know if HSBC will pull Chex again if I sign up for this on the same day?

Shirley
Shirley

HSBC has never pulled chex on any of the previous accounts I’ve opened with them so unless that has changed recently, would say no they won’t.

icemule1
icemule1

What do they pull for you? EWS?

Shirley
Shirley

I didn’t see anything on my previous two EWS reports either so not sure what they use.

I remember seeing a comment on another HSBC thread that they showed a pull from HSBC on their chex report more recently than when I got my last chex report earlier this year, so maybe something has changed but he was the only one I could find.

Emporio
Emporio

I monitor my Chex report closely and when I applied for an HSBC Advance Checking account in Feb. 2018 there was no Chex inquiry

Onsale
Onsale

How do you monitor Chex?

Yet Another Redditor

The only hitch with using this account long term is that it may preclude you from being eligible for the HSBC Checking bonuses every ~12 months since terms for the Checking bonus say

> Customers who held an HSBC consumer deposit or investment account from August 31, 2017 through and including August 31, 2018 are not eligible for this offer.

and this HSBC Direct savings account would be considered as a “consumer deposit” account.

M
M

After 90 days would it be possible to change the checking account package to a lower level? Would that be considered “account closure” and subject to their fee?

Patrick
Patrick

Hmmm… Barclays gives me 1.85% and goes up/down with Fed rates.

However it’s not really somewhere to “bank”.

Wonder if HSBC is worth the pain.

Looney Tunes
Looney Tunes

Only think it is worth doing if you combine it with the checking bonus they are offering.

RD
RD

I’d highly discourage anyone from opening up accounts with HSBC. It’s a huge hassle and takes up to a month. I encourage people to read posts in DoC posts about HSBC checking bonuses.

Shirley
Shirley

Guess it depends on your tolerance level and if you have the patience.

I’m on my 3rd HSBC bonus and will have made over $1000 in a couple months even though they were a hassle to open, never a problem in actually getting the bonus.

Just like Citibank is a hassle also, think the $1200 I’ve made off of them in 4 bonuses is worth it to me, though others might disagree.

Understand what you’re saying, but making money can sometimes be frustrating.

Max
Max

$1000 from HSBC in a couple of months? How? Isn’t HSBC limited to once every 12 months?

Shirley
Shirley

Was referring to the fact that in a couple months when I get this latest bonus from HSBC ($350), I will have over a $1,000 cumulative from HSBC. The previous bonuses ($700) were received in 2016 and 2017.

Leah
Leah

I am skeptical once I open the account and lock the money in for 6 months, I then wait another three months for the bonus. Thereafter any money made in interest gets taxed by the government. What’s in your wallet? The government’s hand….

icemule1
icemule1

Not everyone has this experience. I opened an account with them a couple days ago and was instantly approved. Was able to get into my online account the same day.

MickeyMouse
MickeyMouse

Citi bonus so far has been the bane of my existence!!!

Opened Account in May, deposited 10k on 6/1, they’re saying bonus won’t post until November. Meaning I need to maintain 10k balance until then. Did not expect to tie up funds for 5 months 🙁

Nick
Nick

2nd this, would not touch HSBC and would recommend anyone making more than minimal hourly wage to be wary about making less per hour of your time fighting them.

even going into a Citi branch and having an hour long ‘friendly conversation’ with their bankers and branch manager became really easy and natural once you’ve flighted with HSBC.

Pang
Pang

Is it possible to deposit/withdraw money for this account in a physical HSBC branch? Or is Direct online only?

Andrew
Andrew

I’m interested in doing this deal paired with the $750 bonus on the checking account. Question regarding the sequence of opening the accounts: should I first open the checking and then the savings? Also, after making the 100k deposit in the checking how soon can I transfer over the funds to the savings? Should I wait the 30 days and keep the funds in the checking before transfering over to the savings? Is it easy to transfer? Are the accounts linked in the same login?

Jeremy
Jeremy

I did it the day after opening the savings account. I opened checking first. They linked my accounts automatically, and I can move money easily online.

jd
jd

That’s good to know. Will the fund available right away after the internal transfer from Direct Saving to Checking?

IS250
IS250

I feel like I’m missing something with this Slickdeals promotion. Assuming we get the account open, we just have to deposit $1 and get the $100 SD bonus? Which doesn’t even count as interest for tax purposes.

The only thing I see is $25 fee if closed within 180 days.

Credit
Credit

What is the catch? What information is slickdeals harvesting to entice us with the $100?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

“Sorry
The application is currently undergoing maintenance and will be back up shortly. Please try again at a later time.”

john m
john m

Logged in to SD. Clicked green Apply. Not working.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Apply now working, just applied and submitted my rebate request!

el_pistolero
el_pistolero

did you get approved? mine went pending

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No pending

Fred
Fred

Any confirmation or acknowledgement of receipt from the rebate request? If not, I’d love to get an update when you receive one. I’m thinking about waiting at least until I see the trial deposits.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Fred I did get get a receipt from the rebate request it just summarized the info I put down

denver
denver

So, did you get the bonus from SD?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

yes

Jason_08
Jason_08

I got this savings account a couple weeks ago, took 3 weeks to open (went to pending right away). Everytime I called, they said to be patient because they were having a huge influx of new applications coming in. And this was before the SD offer.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Ya HSBC is notoriously horrible

Pete
Pete

Any official confirmation that we can really this deal and the checking bonus deal? I wouldn’t put it pass them to invalidate the checking offer if savings rebate submitted before checking offer paid out..

Gadget
Gadget

Per the SlickDeals site, the rebate is coming from SD.

“The $100 bonus offer is provided solely by Slickdeals and is unrelated to any benefits or offers provided by HSBC. HSBC is not responsible for the $100 bonus”

Seems like that means HSBC shouldn’t be able to invalidate one over the other. As long as you met the terms on the checking offer, seems to me that would be a valid CFPB complaint if you got denied.

However, I am skeptical of this deal for other reasons. How can SD afford to give $100 to each new applicant? I realize they are probably getting a referral bonus, but what’s the cutoff date? What if they shut down the online form after I get savings account approval? Is there any way to track my SD rebate? I can’t imagine SD has a big staff, so they will probably shut this deal down quick when HSBC causes horrific amounts of pissed off patrons. HSBC might not pay SD if the referral is a current customer, so I think this offer this could blow up real quick.

Plus, I wouldn’t chance moving the funds later to the savings out of the checking. 2.0% interest isn’t worth the headache it could create, esp. if you only did the $200 checking bonus.

And, it’s well established HSBC is a horrible bank to deal with… I am on week 3 of waiting for my checking account. SO got hers in a week; She didn’t have to send in personal docs, and no opening deposit.

Shirley
Shirley

Some had that same question about the American Express Blue Cash Everyday $275 Signup Offer ($150 + $125 Rebate) that Slickdeals is currently offering and I just received the $125 bonus today along with the $150 from AMEX last week so that one works.

No one’s had time to see if this deal will actually work it is so new, but as Gadget states, the bonus is a Slickdeals bonus, unrelated to what HSBC offers. You can wait until some data points come in and maybe miss out on it if it expires, but sometimes you have to take a chance before knowing for sure.

Chris
Chris

Had an existing HSBC only MM account which they do not allow conversions since it’s across platforms. I clicked through the links at SD and opened a Direct account.
They do not allow you to fund first deposit from an existing HSBC account, only from outside funds first. Will update to see if I get my rebate.

Shirley
Shirley

Well, it’s a good thing they wouldn’t let you fund the initial deposit with HSBC funds since the “Initial funding deposit must be New Money” to open the account and they could close the account at their discretion.

Chris
Chris

That’s in the fine print? Good catch, and yes HSBC codes their routing number lookup to void / invalidate any HSBC number. Hard enough to find the HSBC routing number without google / live chat anyway!

Shirley
Shirley

Footnote #2 says they reserve the right to return the initial deposit money if it doesn’t meet their definition of new money. Sounds to me that they’d close the account if they were to return the money.

Krista check my posts
Krista check my posts

Wish there were a Little More Middle Ground between the 350 and the $750 bonus. (Maybe $500 for a$20,000 deposit.). This is it okay deal ( due to being able to get a decent APR) but I’ll be prioritizing the Huntington Bank Business checking bonus over this since I’m in their area. ($750 bonus with $25k dep.)

Looney Tunes
Looney Tunes

Applied for my second Direct Savings account (did the 1.80% one last month) to get the Slickdeals rebate and the 2.01% rate.

App went pending as the first one did and others have said so now waiting to see if they will approve a second savings account.

IS250
IS250

How long did your first account take to go from pending to approved? I’m in the pending boat as well.

Looney Tunes
Looney Tunes

Only took 3 days for it to show online with the checking account that I opened for the $350 bonus (that took almost 3 weeks to get up and running).

Hoping that having an existing account open with them speeds things up in spite of the backlog they now have.

D.
D.

Went pending, called in and they have a backlog of applications to get through. Any thoughts on the rebate form? Should I hold off until it is actually approved, or submit it now?

Gadget
Gadget

“Step 4: If you are approved for the HSBC Direct Savings account, please submit this form with your Slickdeals username and your PayPal email address.”

D.
D.

I saw that. I’m just concerned they’ll hose the deal and the form will disappear before it gets through the approval process. HSBC rep says backlog may be up to a week.

Shirley
Shirley

They do say “You must submit this form within 4 weeks of being approved” so think that should be enough time to get approved even with HSBC.

IS250
IS250

William Charles Please put $25 ETF if closed within 180 days.

IS250
IS250

For those who went to pending, after the initial funding step, did you get to a page that said “trial deposits failed” and they wanted us to mail in a check instead?

I got that error for some reason. Not sure if I should send in a check or just wait. It did say that account will be opened within 5 days after receiving the check.

luoluo
luoluo

Cannot fund either and get exactly same message to ask for sending the check, not sure if I should send the check or not

IS250
IS250

Got an email this morning saying more information was required. So I called in and they wanted more information about my source of income, including the address of my employer. Rep said my account should be approved within 48 hours and didn’t mention anything about sending in a check. Let’s see.

Looney Tunes
Looney Tunes

That’s just their way of letting you know that your bank account for the intial funding could not be verified for some reason so they are giving you a chance to fund it by check. You can send a check or just wait until the account is approved and then push money from your bank to meet the inital funding.

My bank was verified so they’ll pull the initial funding from my bank but probably like the last account I opened, the push I made for $10,000 will arrive before the initial funding is pulled, the pull took 5 days for HSBC to complete while the push from Ally took 2 days to complete.

9ballAJ
9ballAJ

Application Declined. It could be because of Chex, I don’t know exactly how many inquiries I have, but I have opened ~20 accounts in the last 12 months. Some (4-5) were with banks that don’t check Chex. I also have a freeze on all three credit reports so it could be that I suppose.

Edit: I got an email that stated it was “because we’re unable to verify the identity of the applicant.” So probably due to the CRA Freezes.

jz
jz

Mine got declined also. I didnt have much inquiries. Most likely cuz the freeze on Equifax.

zrzhu
zrzhu

I lifted the freeze on Equifax and was able to submitted the application.

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