[Expired] HSBC $500 Checking Bonus

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

Update 8/16/22: Deal is back and valid until 2/15/23. Now excludes all previous HSBC customers “Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer”. Hat tip to Bertrand

Update 4/4/22: Bonus is now $500, but requires $10,000 in direct deposits per month. Valid until 6/30/22. Hat tip to Sweepster

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 March 31, 2022

The Offer

Direct link to offer

  • HSBC is offering a checking bonus of $200 or $500 when you open a new checking account. Bonuses are as follows:
    • $500 bonus when you open a new Premier checking account and make recurring direct deposits totaling at least $10,000 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 from August 31, 2018 through and including August 31, 2021 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

Useful posts regarding bank bonuses:
    William Charles
  • On August 16, 2022, 20:57
Tags: HSBCnationwide bank bonusesno credit card fundingsoft pull

View Comments (381)

    • "Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer"

  • Just got the bonus today 4/03/23

    TRANSFER
    Z@BN00117
    500.00
    SYSTEM GENERATED

    I hit it from Chase checking, Discover savings, Charles Schawb brokage, and capital one checking, so not sure which one triggered it but grateful it worked. Opened the account 12/19 /22 and pushed every month from all four accounts.

    • Has anyone ever received two bonus' for one account? I got the one above on 4/03/23 and then it deposited another $500 in my account with the same title on 4/28/23. I am shocked and feel very fortunate for this.

  • Received the $500 bonus today (2/28) as well. A mix of real and Chase pushes in September, October, and November.

    • Also got mine, same day. Just pushes from ally for Sep thru Dec. I glad, I got lazy about closing the account.

  • Did 10k push from Relay september, october, november of 2022.
    2/28/2023 received $500

    surprised they actually followed through as it took forever.

  • Just got $500 bonus. Opened account end of August 2022 and did $10k Chase pushes every month starting in October 2022, last one in February 2023. Will now just do $5k Chase pushes till I get around to closing it.

  • Anyone get their bonus? I opened in August and still no bonus. Pushed from Discover each month.

  • I opened in August and did 10k worth of legit DDs in Sept, Oct, Nov, Dec. No bonus yet.

    • Good news for those of us who didn't use real DD. Can you contact them and ask about it for us?!

      • I talked to them about this on the online chat function. Here is what the rep said:

        I have reviewed the records and see that the account was opened on 31st of August 2022 with the offer online and up on meeting the requirements for 3 consecutive months, you will receive the bonus after 8 weeks, it should be the first week of February 2023

        I would request you to wait till 2nd week of Feb and get back to us if you have not received the bonus up on meeting the requirements and we will help you further with an investigation.

          • Chatted with them again today since bonus still has not posted. They opened a case for review and told me I'll get a response in 3-5 business days.

          • Let us know if you get a response from hsbc.

            I was going to do this, but if they aren't even paying out for real DD's, it sounds like it would be too much of a headache to pursue given the amount of DD's to tie up and the timeline.

          • Chatted with them again today, was told "I am showing the case was closed saying to check back because it showing too early to tell if the account qualified for the promotion.

            If the qualifying activity was met for the promotion the $500 welcome bonus is applied 8 weeks after meeting the qualifying activity."

            I responded by saying I am well past the 8 weeks and that is why the case was opened in the first place, and the rep said "Yes, he opened the case and I have provided information that is showing from the back office about the case. I will send an email to the representative to have the case reopened for further review."

            Here we go again...

          • Got my bonus on 2/28. I don't think it had anything to do with my escalation based on the fact that everyone else seemed to get it on the same day too.

          • I hope you get it, since you had legit DD's. The rest of us with fake dd's just have to move on and take the L.

        • I also spoke with the chat support. She said I wasn't eligible due to not meeting the direct deposit requirement.. even though my Schwab pushes have been waiving the monthly maintenance fees for over 4 months.

          Ended up just cutting my losses and closing it down.

          The cartel bank wins again. : /

          • Wow. You didn't do real DD & you actually asked them why you didn't get your bonus? 🤣 I honestly still would have waited to see if it would pay out. I wouldn't have closed it. Better luck next time.

          • worth a shot if I'm closing it down anyways. I don't make anywhere near 10k a month either. sucks to be poor.

    • I wonder if they are just not paying out bonuses now, since no one has gotten one recently. Did you contact customer service to see what's going on?

    • I used ally, no bonus yet. Another user used chase, they haven't received anything either. Wondering if no ach work now?

      • a real tragedy. might try to call in for a hail mary before closing her down.

        somehow the monthly fee is being waived though?

        **Recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s) per calendar month**

        • That's what I thought too but on this page under avoiding fees section it says "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".

          It would be helpful if we had more recent data points on what people used, account to account transfer and real dd. Also, if anyone has gotten the bonus at all since July.

  • Anyone who opened their account in august get their bonus yet?

    Opened mine Aug 18th.
    Pushed 10k from Ally for months Sep, Oct, Nov and even Dec just to make sure.
    Nothing yet as of Dec 8th.

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