HSBC $350-$475 Checking Bonus – Direct Deposit IS Required

Deal has been extended until June 29th, 2020

Update 3/5/2020: Extended until March 29th, 2020.

Offer at a glance

  • Maximum bonus amount: $475
  • Availability: Nationwide
  • Direct deposit required: Yes, see below
  • 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: March 1st, 2020

The Offer

Direct link to offer

  • HSBC is offering a bonus up to $475. Bonuses are as follows:
    • $475 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
    • Bonus of up to $350 when you open an Advance checking account. Must set up qualifying direct deposits and then you receive 2% cash back on qualifying direct deposits up to $30 per month for the first 12 calendar months

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 January 7, 2020 through and including March 1, 2020; and (2) make recurring 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 January 6, 2017 through and including January 6, 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. HSBC reserves the right to change or terminate these offers at its sole discretion. 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

Monthly 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 ($350 Bonus)

This account has a $25 monthly fee, this fee is waived if you maintain linked combined balances of at least $10,000 or at least $5,000 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

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

Previously the Premier checking bonus was $750, that was significantly better than this offer. In addition the $350 bonus only required a $5,000 direct deposit. Because those better offers were offered so recently, I wouldn’t recommend doing these much worse bonuses. Because of that I won’t be adding this to our list of the best checking bonuses.

Useful posts regarding bank bonuses:
    William Charles
  • On January 16, 2020, 11:00

View Comments (60)

  • Did this promotion, never got the bonus. Response from HSBC:

    Upon review, we show the research into your eligibility for the
    promotion has been completed. We apologize but after review, we show you
    are not eligible to receive the promotion. The reason for this, is due
    to your account not being opened through the campaign landing page.

  • 6/30: Account Opened
    7/23: $5,001 Discover Transfer (P2P
    8/25: $5,001 Discover Transfer (Prearrange)
    9/3: $5,001 Discover Transfer (Prearrange)
    10/9: $475 Bonus Posted

  • Speak of the devil. My $475 bonus deposited yesterday. Was wondering where the extra money in Mint came from. Thank you HSBC. It has been a pleasure knowing you.

    Opened and approved in June.
    July - 5K Ally Push
    August - 5K Ally Push
    September - 5K Ally Push
    10/9 - 5K Ally Push Posted
    10/9 - $475 bonus posted (Q2 Online Acquisition Campaign)

    I wonder if it was the 4th deposit in October that triggered it. That's a hell of a coincidence to get paid out same day. I did the 4th because I saw some DPs here saying to do a 4th deposit. The terms only say you need 3 deposits from the second month, but I'll take it...

    • Also was paid out Oct09 $475, with June, July, Aug Ally Push, applied Apr28, approved Apr30

    • I've seen a DP now in the other thread for the lower bonus amounts (up to $450) for the newer Q3 campaign where a CSR said second full calendar month, meant the 3rd month after opening month...That's certainly an interesting take...but would line up with my DP.

      Terms also state: (2) make recurring 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.

      That is very open to intepretation. I thought this meant If I open in June, the second full calendar month is July...but...July is the first full calendar month, not the second. That would imply that with June opening date, my Aug, Sep, Oct DD's triggered it. But I'm not sure as there are conflicting DPs from the Q1 promo which took place before and supposedly under different terms that did not include the "2nd full calendar month" verbiage.

      If I was doing this bonus again, I would just do the DD in every single month, including the opening month. And just keep DD'ing for 5 consecutive months until the bonus post so that all bases are covered.

    • Still waiting on mine too.
      Deposits made from discover savings on 7/23, 8/25 and 9/03. Was expecting to see bonus payment the end of September, but nothing came through.

  • DP:
    5/10: Account opened
    5/28: $5,000 Deposit from Ally Bank-P2P
    6/25: $5,000 Deposit from Ally Bank-P2P
    7/8: $5,000 Deposit from Ally Bank-P2P
    7/31: $475 Bonus

    • I opened on 5/12 and my bonus hasn't posted.

      5/12: Account Opened
      5/19: $5,000 Deposit from Ally Bank-P2P
      6/19: $5,000 Deposit from Ally Bank-P2P
      7/19: $5,000 Deposit from Ally Bank-P2P
      8/19: $5,000 Deposit from Ally Bank-P2P

      EDIT: Rechecked my dates. My 1st FULL month is June, so my 3rd deposit took place in August. Per previous DPs, for me bonus should post on the last calendar day of August .

      EDIT 2: Per DPs, other people have gotten credit for a deposit even if it was half way through a month when they opened the account, weird that I didn't. Will wait until Aug 31 before contacting them.

      • Any update? Also making $5,000 deposits from Ally — coding as "P2P" — and curious if I should explore another deposit avenue, or if you figured out the issue.

        • Luke, I'd like to know as well. I did same as you via Ally but diverted to do Chase this month just in case due to the P2P wording. I've only done 2 so far since August

          • @guest_1051614, finally got my first bonus — $120 on September 4th — using only Ally deposits. Here are my datapoints:

            6/25: Opened account
            7/9: ~$2,500 deposit from Ally — coded as "Deposit from Ally Bank-P2P"
            7/24: ~$2,500 deposit from Ally — coded as "Deposit from Ally Bank-P2P"
            8/7: ~$2,500 deposit from Ally — coded as "Deposit from Ally Bank-P2P"
            8/21: ~$2,500 deposit from Ally — coded as "Deposit from Ally Bank-P2P"
            8/28: Two ~$2,500 deposits from Ally — coded as "Deposit from Ally Bank-P2P"
            9/4: ~$2,500 deposit from Ally — coded as "Deposit from Ally Bank-P2P"
            9/4: $120 bonus paid as "2020 Q2 Online Acquisition Campaign"

            Your guess is as good as mine on the logic for the bonus payout, but the $120 payout has my faith renewed that I'll (eventually) get the $700 bonus in full.

            Also realizing that I'm doing the 3% cash back — up to $700 — bonus which may be different than this one :/

          • These are good data points for Ally as DD, even if it was for another bonus program! I’ll keep the faith & see when I get my bonus which is still prob little over month away.

  • DP:
    4/29 – Opened
    5/21 – $5k from Chase checking [DEPOSIT FROM JPMORGAN CHASE-EXT TRNSFR].
    6/12 – $5k from Chase checking [DEPOSIT FROM JPMORGAN CHASE-EXT TRNSFR].
    7/03 – $5k from Chase checking [DEPOSIT FROM JPMORGAN CHASE-EXT TRNSFR].
    7/31 – $475 posted.

  • 5/24 - opened
    5/27 - $5k Schwab brokerage. Coded as Deposit from Schwab Brokerage - Moneylink
    6/24 - $5k Schwab brokerage
    7/13 - $5k Schwab brokerage
    7/31 - $475 posted. Posts around midday FYI.

  • DP:

    April 1st: 5,000 funded from WF
    May 5,000 PULL from WF to HSBC
    June: 5,000 pull from WF to HsBC
    July 1st: $475 posted

    planning on transferring the 5,000 every month until 6 months hits to keep the account fee free, then closing it out.

    PS: I transferred the 5k out every month back to WF. Never had money sitting in the checking account except a day or two.

    • @guest_1013235 Just so you know, I successfully closed my account over the phone w/o early termination fee. I would just do that because in case you forget the monthly fee is steep.

  • DP:

    2/25 $5k+ push from Schwab Brokerage (codes as DEPOSIT FROM SCHWAB
    BROKERAGE-MONEYLINK)
    3/24 $5k+ push from Schwab
    3/25 $2.5k tax refund from NY
    4/20 $5k+ push from Schwab
    4/30 Bonus Posted

    @don-l for data point

  • P1:
    1/15 Account Opened
    1/23 $5k+ push from Alliant
    2/28 $5k+ push from Alliant
    3/26 $5k+ push from CO360
    3/30 Bonus Posted

    P2:
    1/22 Account Opened
    2/6 $5k+ push from Alliant
    3/23 $5k+ push from CO360
    4/7 $5k+ push from CO360
    4/30 Bonus Posted

    Was worried about P2 as the time period b/w the 1st and 2nd transfer ended up being long enough that there was an entire statement period that showed no activity, but the terms did say calendar months and not statements.

    @don-l tagged for posting time data points

Leave a Comment