HSBC $$450 Checking Bonus

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Update 9/27/21: Deal is back, but this time only for the $450 bonus.

Update 1/8/21: Deal has been extended until March 31, 2021.

Update 10/11/20: Deal has been extended until January 7, 2021

Update 7/1/20: Bonuses have been reduced by $25 to $200 and $450.

Offer at a glance

  • Maximum bonus amount: $450
  • Availability: Nationwide
  • Direct deposit required: Yes
  • 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: June 29th, 2020 September 30th, 2020 January 5, 2022

The Offer

Direct link to offer

  • HSBC is offering a checking bonus of $200 or $450 when you open a new checking account. Bonuses are as follows:
    • $450 bonus when you open a new Premier checking account and make recurring direct deposits totaling at least $5,000 for three consecutive months from the second full calendar month after account opening
    • $200 bonus when you open a new Advance checking account and make recurring direct deposits totaling at least $500 for three consecutive months from the second full calendar month after account opening

The Fine Print

  • HSBC Premier $475 Welcome Deposit 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 the HSBC Premier $475 Welcome Deposit you must: (1) open your new HSBC Premier checking account from March 30, 2020 through and including June 29, 2020; and (2) make recurring monthly Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $475 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all 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 any HSBC consumer deposit or investment account March 29, 2017 through and including March 29, 2020 are not eligible for this offer.
  • 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 the form of merchandise and/or cash bonus that are offered to consumers who open an eligible checking account and satisfy qualifying activities.
  • All promotional offers, products and services offered by HSBC are subject to updates, modifications and/or termination by HSBC. Limit one Welcome Deposit per customer, including all individual and joint accounts — the first line name on the joint account is considered the customer for gift purposes.
  • Your HSBC Premier checking account must be open without being changed to a product with lower balance requirements and in good standing at time of gift fulfillment.
  • The Welcome Deposit to your HSBC eligible checking account will 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

According to this document the monthly maintenance fee is waived for the first six months for the HSBC Premier checking account. It’s not clear if something similar also applies to the Advance checking account.

Advance Checking ($225 Bonus)

This account has a $25 monthly fee, this fee is waived if you maintain linked combined balances of at least $10,000 or with a recurring direct deposit from a third party to an HSBC advance checking account at least once per monthly cycle.

Premier Checking ($475 Bonus)

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

Our Verdict

The $475 bonus isn’t new, but the $225 bonus is. Recent deals have been for 2% back on your direct deposit. The best bonuses were probably when it was $350/$750 and that required $5,000 in direct deposits. Personally think those offers are probably better for most people, but if you can only meet a smaller direct deposit requirement then this option would be better. Although you’re still going to run into the problem of trying to keep the account fee free.

Hat tip to thedeets4321 & Drinks_TigerBlood

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