Offer at a glance
- Maximum bonus amount: $4,000
- 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: March 27, 2024
Contents
The Offer
- HSBC is offering a $1,500 – $4,000 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:
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Receive a cash bonus of $1,500 when you deposit or invest $100,000 to $199,999.99
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Receive a cash bonus of $2,000 when you deposit or invest $200,000 to $299,999.99
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Receive a cash bonus of $2,500 when you deposit or invest $300,000 to 499,999.99
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Receive a cash bonus of $3,500 when you deposit or invest $500,000+
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- Earn an extra $500 when you set up recurring monthly Direct Deposit of at least $5,000 for 3 months
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.
Hat tip to churn_and_burn
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
My personal experience was failure. I had permanent residency at that time already for 4.5 years.
I did applied to the account about March 20th this year for previous promotion iteration, with intention to do ACAT.
They were so slow on everything, and requested the whole list of additional docs, like paystubs, green cards, etc, which I provided them the same day,they requested.
Still it took them 2 months to process it, I already thought they don’t want to open account for me. But surprisingly May 28th I am getting approval email, then I immediately applied for Brokerage, they requested docs again and… never responded, I called them to follow up, they said “we are processing”, I am still did not get an answer for brokerage…
Due to my naiveness I thought they would open brokerage soon, so I was not able to fulfill checking account “top up in 20 days” reqs, due to my intention to do it with equities, and 8 did not had 100k in just cash(so my bad on that)
After having conversation with their VP whom in result wasn’t anyhow helpful, I decided to give up on them.
Using that message info, I thought there is EATF here. To keep account free I put DD, having little hope to get at least DD bonus, did it for 3 full months – no bonus.
So that’s my DP – waisted time and no money, mostly my mistake to not having free cash, and only counting on equity…
BTW I analyzed their schedule fee, seems like they remove EATF, so I would close it next week… So if anyone from moderation team reads this, please remove that… Hm why that @Chuck thing is not working anymore…
P.S. they advertise Referral program to do “New account opening bonus +500$” to referrer. So good to “refer” P2, if P2 never been a ln HSBC client.
3.27 Opened Premier Checking and Relationship Savings Account
3.27 Initiated $5001 Wise ACH and luckily the money arrives the same day
4.1 to 4.14 Moved $100K into Premier Savings Account
7.23 received $500 DD bonus
7.25 received $1500 checking bonus.
Open account on March 27th, deposit completed by April 10th, received $1500 bonus on July 25th. Did three transfer from Chase in April, May, June. Still wait for the $500 dd bonus.
Received $500 dd bonus on 8/23
What do you guys plan to do after receiving the bonus? Does HSBC have checking options with no monthly fee to downgrade to? I wasn’t able to find it on their website. Are there any benefits to keeping this account?
ACATS settled on 3/25, no bonus yet
Posted today 7/23
I got the $500 direct deposit bonus but not the Balance bonus (which in my case would have been $1500). Did you get both?
Same. But since the $500 direct deposit bonus was supposed to be “extra” for meeting additional requirement after the balance requirement was met, I suppose there is not much to worry about and the balance bonus should be posted soon
$1500 Balance bonus posted for me today.
Thanks for sharing this information! I just checked mine and saw the bonus was posted today as well.
Upto $2500
https://www.us.hsbc.com/checking-accounts/campaigns/premier-relationship/
Assets transfer finished in March 15th time-frame, got the full/promised bonus posted today (June 26th) into Premier checking account. Sweet and timely bonus !
Checking with my HSBC account Rep – to see if we are good to fully move-out of HSBC at this point.
Did u open the account in Mar? I thought for account opening in March we will need to wait for three consecutive months after the opening month for the bonus to be posted which means we will not get bonus until July?
My transfer finished a week after you but no bonus yet. My account was opened in March. Did you open your account in February?
Did you get confirmation from HSBC rep whether it is good to pull money out after the bonus is received?
Did you receive the bonus yet? I opened on March 21 and deposited the 100k within 20 days and still no bonus
Not yet. Quoted from terms and conditions:
“The New Account will be reviewed at the end of the third full calendar month following the New Account opening month.
If all offer requirements are met, the Extra Cash Bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified for the Extra Cash Bonus. ”
For accounts opened in March, they have until the end of August to pay the bonus.
For those who opened and funded the account in March, are you guys going to pull the money out right after the end of June, or wait until the bonus is posted?
I would wait till the bonus is posted as I have the fund in the brokerage account which earns 4.8% APY which isn’t bad.
I opened my account in January and deposit my money 1/31/24. I still don’t see my bonus. When should I expect it to show up?
“If all offer requirements are met, the Cash Bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. ” It seems your three-month holding period ends at the end of April, and your bonus should be posted before the end of June.
Did your bonus post? If so, what date?
which fake dd is most reliable for getting the high interest rate on the premier savings? I tried fidelity push but didn’t seem to work (yet). any other recommendation?
I mean, I assume I will get an email confirming the premier relationship saving eligibility if the fake dd worked?
Did Fidelity push end up working? If not, did you try something else that did work?
I did both fidelity and capital one. I chatted with a rep and was told I will be getting the 4.40 premier savings rate in May (to be seen).
Great to hear, please let us know how it goes once the interest payment posts
Will do! I just wasn’t sure whether Fidelity or Capital One worked. Maybe both…
I honestly think most fake DD’s work with HSBC, (I used to use Chase personal push in the past and it worked). I’ve read other DPs in the past which showed that Fidelity and Capital One worked, too. I will be needing a fake DD too in a couple of months to avoid the monthly fee.
Did Fidelity work for May?