Update 12/16/19: Deal has been extended until January 6th, 2020.
Update 8/12/19: The $750 bonus now requires direct deposits totaling at least $5,000 for 3 consecutive calendar months from the second calendar month after account opening. Previously it was the first calendar month. This might mean you’ll be forced to pay the $50 monthly fee once, more details on that here.
Update 7/31/19: Deal has been extended until December 31st, 2019. Looks like the requirements are the same as before.
Reposting as we had a lot of incorrect information in the first post, it’s much easier to keep the account fee free than it has been in the past. This makes the $750 bonus now worth considering/completing. Thanks to all the readers that pointed this out in the comments below.
Offer at a glance
- Maximum bonus amount: $750
- Availability: Nationwide
- Direct deposit required: Yes
- Additional requirements: Deposit requirements, see below
- 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: July 31st, 2019
Contents
The Offer
- HSBC is offering a checking bonus of up to $750. Bonuses are as follows:
- Earn $750 when you open a new Premier checking account and complete the following requirements:
- Make recurring direct deposits totaling at least $5,000 from a third party to your HSBC Premier checking accounts per calendar month
- Receive monthly direct deposits totaling at least $5,000 for 3 consecutive calendar months from the second calendar month after account opening
- Earn $350 when you open a new Advance checking account and complete the following requirements:
- Deposit a minimum of $5,000 or more in new money in combined checking and savings accounts within 30 days of account opening and maintain at least the minimum qualifying balance for 90 days from the date you deposited the money
- Set up a recurring direct deposit from a third party to an HSBC advance checking account at least once per calendar month for 3 consecutive months following account opening month
- Earn $750 when you open a new Premier checking account and complete the following requirements:
The Fine Print
- This offer is available only online for applications completed using the Apply now button on this 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 three years to apply for a deposit account online.
- Customers who held an HSBC consumer deposit or investment account from June 2, 2016 through and including June 2, 2019 are not eligible for this offer.
- Customers who maintain(ed) a HSBC Mortgage and/or Credit Card without a consumer deposit or investment account are eligible.
- All qualifying activities must be completed within the stated time frames in order to be eligible for the Welcome Deposit.
- 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.
- 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 ($700 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 it was possible to get either of these bonuses without the direct deposit requirement. That being said the $750 bonus required a massive $100,000 deposit. That’s no longer the case, you can just do a recurring $5,000 monthly direct deposit to trigger the bonus and keep the account fee free (and you don’t need to worry about monthly fees for the first six months). That makes this new bonus significantly better than the old bonus as there is no need for the $100,000. The downside is that a direct deposit is required and we don’t know how strict HSBC will be on that requirement.
If you’re seriously considering going for this bonus, then I’d also recommend reading this post detailing some of the issues with HSBC and getting the bonus. Despite the issues that people have had, this bonus is still worth considering and will likely be the top nationwide bank bonus if the direct deposit requirement isn’t too strict.
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
made transfer from PNC to external account at HSBC personal. It was codified “Deposit From Pncbk Sv, Webxfr-p2p, Ypep0000, System Generated 2”
Are any of the pushes described as DDs?
6/2: p1 & p2 opened acct w/$1 push from chase
6/22: $5099 push from chase
7/14: $5000.03 push from pnc
8/6: $5010 push from chase
9/2:$5002 push from chase
9/4: $475 2020 q2 online acquisition campaign
When you say push from PNC, you’re talking about an ACH transfer from PNC to “your external account”?
I have the same question.
Does DD mean I should do an External transfer to my HSBC account?
OK, so first time I have posted, so my apologies if this has already been explicitly answered. But, in all fairness, I did read through the posts (well I searched them for a keyword) and could not find a direct answer to my question about the coding of the ACH transfer from PNC to HSBC.
It reads “ACH WEBSINGLE XXXXX9565 HSBCBK CK WEBXFR TRANSFER”
Does the fact that it codes as WEBSINGLE become problematic as it infers it is NOT a recurring monthly push?
Thanks to anyone, in advance, who chimes in.
Regards,
I was trying to get the Discover push in during August, but it didn’t make it. I wanted to be safe as the DP on Sofi aren’t a sure thing and I didn’t see any DPs on SchoolsFirst.
6/29 Opened Account (did $500 pull)
7/15 Push from Sofi Money – $5000
7/22 Push from SchoolsFirst CU – $5000
8/12 Push from Sofi Money – $5000
8/21 Push from SchoolsFirst CU – $5000
9/02 Push from Discover – $5000
9/04 First Bonus Paid – $120
So, can anyone tell, was the bonus paid on 9/04 a result of the Discover push that just went through? Or was it more likely from one of the July pushes?
Either way, I was pretty excited to get this one. There seems to be some mixed results. Looking forward to the next 5 months.
9/4 bonus is for your July DDs
Updated DP:
Chase Instant Transfer don’t count as DD in HSBC.
Real time transfer from Chase to HSBC $5000 on July 21.
Code as “RTP TRANSFER from ***”
Different from previous code as “DEPOSIT FROM DISCOVER BANK-P2P” when I use Discover to get the bonus.
$50 maintenance fee post on statement on Aug 11th.
I will try Chase standard transfer next time.
Thank you for your sacrifice in the name of science! <3
so when it shows up as “DEPOSIT FROM DISCOVER BANK-P2P” it works (even though it says p2p) ?
I chatted w/ rep after not receiving bonus for a while, evidently my Ally pushes were considered regular ACH transfers and not “direct deposits”, although the rep didn’t seem confident. She even asked me if they were direct deposits before claiming they didn’t “appear” that way. Supposedly she was going to open an inquiry. No clue why one account bonus triggered with same timeline/approach and the other didn’t.
After waiting several months for this bonus, I had virtually the same conversation with a CSR this week. I did not bring up Ally, but indicated that the deposits from a business should have qualified. She said that the bonus should have been paid on June 6 if the deposit criteria were met. Also waiting for the outcome of an inquiry. I plead guilty to the sin of contacting the bank, but frankly this issue needs to be resolved one way or another. It really is not useful for many people to waste time, effort, and money trying to obtain a bonus that a bank will never issue.
I did not have any hopes with this bank and waited for a couple of years before applying after reading all the comments and experiences but I got $750 but with split deposits each month from ally and discover and did for 4 months. I read some posts below that said they had not received after 3 monthly deposits and kept doing for another month and was told by some bank reps and after the 4th month they received the bonus. I opened at the end of Dec. and did deps from Jan through April and the bonus posted in May. Also, this is my highest bonus so far and the account opening was not hard as others pointed.
Did you do Ally expedited push (next day deposit)? Or the 2-3 day?
With Ally I have never seen or used the expedited push option – I have not paid attention – usually based on the bank that I am transferring to, ally tells the processing and deposit dates during the transaction and I think in this case they were all processed the following day but I am not sure.
1/6/2020 – Account Application Submitted Online
1/31/2020 – Account Approved
3/12/2020 – Ally ACH Push $5001
4/14/2020 – Ally ACH Push $5001
5/18/2020 – Ally ACH Push $5001
6/25/2020 – Ally ACH Push $5001
6/30/2020 – $750 Bonus Received
ACH Pushes appeared as “DEPOSIT FROM ALLY BANK-P2P”
Thanks, DoC!
That’s odd, I did basically the exact same thing (same app date, all ACH pushes from Ally) and still nothing =/ Did you transfer the money out after the pushes or leave it in there for a while?
Joe – I did transfer the money out but always left about $5k in (basically transferred out once the next one was in). Did you have a deposit from Ally at least once on every statement?
Did you do Ally expedited ACH push (next day deposit)? Or the 2-3 day?
Did you do Expedited ACH Push (next day) or standard delivery time (2-3 day)?
Schwab Brokerage ACH did NOT work as DP for me.
Were you able to trigger your bonus? Did Schwab Brokerage come through eventually or did you use another ach / direct deposit method?
Opened 2 accounts end of December
I did 3 pushes from Chase in Jan, Feb, Mar.
In April $750 posted on both accounts.
When can I close both accounts, since I’m close to 6 months now?
Do you ming sharing how did it code? mine is “DEPOSIT FROM JPMORGAN CHASE-EXT TRNSFR #### SYSTEM GENERATED”
I closed the accounts, so I don’t have the info anymore. It was a slow push from Chase.
Does anyone know if you can use the same $5k to fund this account? As in deposit $5k and then withdraw and redeposit. I bank with Chase and SoFi. Does anyone have an opinion on which ACH transfer would best trigger the DD requirement? Thanks!
I was cycling between Chase, HSBC and Citi, and it was fine.
Successful DP:
Applied 12/25/19. Was NOT initially approved, apparently there was an ID check that required manual verification of the documents I uploaded (Driver’s license, SS card, maybe Green Card? etc) and they were really backed up.
1/16/20- APPROVED. Called in and confirmed with the rep that even though I was approved after the promotion expiry of 1/6/20, that for promotion purposes it is as if I opened in December. The account opening date for the DD timing was still 1/16/20, she said, so that I would have the same time as everyone else to set up the DD. Basically the better of both worlds, though this was only fair as the large delay was no fault of my own. I was skeptical but she was VERY certain. She also confirmed that it went by the second full month, so with a January opening I needed the $5k DD in March, April, and May.
(Note: I cannot stress enough how important it is, usually, to NOT call the bank. I only did here because of the very unusual circumstance of the large delay between application and approval which pushed me over the expiry date, and I needed to know what my story was. Also I made sure of course to only call BEFORE I ever did any DD, so that there would be no problem at all if there were human eyes on me at that point.)
3/19/20: ~$2500 from Serve
3/27/20: ~$2500 from Chase (regular transfer, NOT real-time)
4/28/20: ~$2500 from Serve
4/30/20: ~$2500 from Chase
5/19/20: ~$2500 from Serve
5/21/20: ~$2500 from Chase
5/29/20: $750 bonus posted, yay!
Main takeaway here is that that starting the DDs from the second full month after opening worked to get the bonus. From earlier data points, it seems that starting from the first month- as the terms used to state- ALSO worked to get the bonus, even for those accounts opened after the terms changed. So it looks like EITHER one worked. It’s also helpful to know that if there is a significant delay between application and approval, you will still qualify for the promotion based on when you originally applied.
Overall, this was probably the best bonus I have completed over years of doing these (thanks to Doc!). There has never been anything close to a $750 bonus without having to deposit a significant sum and maintain it for a while, and it seems that many different ACH methods worked to trigger it. Here’s hoping it returns and congrats to everyone who got it!
This is exactly how mine coded, verbatim.
There are many situations in which even a waiver a monthly fee does not guarantee you will get the bonus. Sometimes a transaction may qualify as DD for purposes of monthly fee waiver but not for bonus purposes- this has happened before with other banks.
But I can tell you that if you did a standard transfer (NOT real-time) from Chase to HSBC (not the other way around of course), this counts for bonus purposes as of May.
what is dp meaning