HSBC Up To $2,500 Checking Bonus

Update 11/24/24: Deal is back and valid until January 2, 2025

Offer at a glance

• Maximum bonus amount: $2,500
• Availability: Nationwide
• Direct deposit required: Yes
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: $50, avoidable
• Early account termination fee: $25, 180 days
• Household limit: None listed
• Expiration date:November 22, 2024

The Offer

Direct link to offer

• HSBC is offering a $1,500 or $2,500 bonus when you open a new Premier checking account. Bonus you receive depends on the amount you deposit or invest the following for 3 full consecutive months following the new account opening month:
  • Receive a cash bonus of $1,500 when you deposit or invest $100,000 to $249,999.99
  • Receive a cash bonus of $2,500 when you deposit or invest $250,000+

The Fine Print

• Offer valid from January 8, 2024, through and including March 27, 2024 (“Offer Period”). Only New Customers are eligible for this offer.
• Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.
• 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

$25, 180 days

Our Verdict

The lowest tier is the best rate of return at ~6%. It does say you can have the funds invested, but not sure how that works in practice. Premier checking itself earns a 0.01% interest rate so probably not worth considering for most people as the 6% rate is only marginal when compared to other high interest accounts. Better than the previous bonus offered.

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