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
Contents
The 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
View Comments (99)
blergh
Consumer accounts/assets that are ineligible for Qualifying Balance: insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts, including, but not limited to, IRAs, Keogh, Simple IRAs and 401(k) Plans; UTMA and UGMA accounts; commercial accounts; and revocable or irrevocable trust accounts.
Can you “invest” into something like SGOV? Essentially no risk and earning interests at about 4%. So totally 10% with no risk. Right?
If you have a 5% interest rate elsewhere...So, $248 bonus if you deposit 100k within 30 days and hold for 90 days. PASS!!
In many ways, it is a lot like the Wells Fargo Premier offer. It is a relationship bonus, in which you have to open a checking, however the balance requirement can be met by linked savings and brokerage account.
And that's the best case scenario... HSBC stiffed me last time.
What happened?
You can link a self directed brokerage that counts for the relationship balance.
Retirement accounts not eligible.
Pretty tempting to do after Wells Fargo!
@2 Extended thru 1/2/25
Are there any DPs of two bonuses paying out from the same household? T+C don't mention any household limitation and I am considering doing this for P2 before it expires on 11/22.
No household limitations. Worked for us back in February 2024. But if you ever had any HSBC accounts in the past, even years ago, forget about it.
Thanks!
Tried to connect with Robinhood but its routing number is recognized as Gold Coast Bank in Robinhood and it never received the trial deposits...
dang, only $98,000 short...
My personal experience was failure. I had permanent residency at that time already for 4.5 years.
I did applied to the account about March 20th this year for previous promotion iteration, with intention to do ACAT.
They were so slow on everything, and requested the whole list of additional docs, like paystubs, green cards, etc, which I provided them the same day,they requested.
Still it took them 2 months to process it, I already thought they don't want to open account for me. But surprisingly May 28th I am getting approval email, then I immediately applied for Brokerage, they requested docs again and... never responded, I called them to follow up, they said "we are processing", I am still did not get an answer for brokerage...
Due to my naiveness I thought they would open brokerage soon, so I was not able to fulfill checking account "top up in 20 days" reqs, due to my intention to do it with equities, and 8 did not had 100k in just cash(so my bad on that)
After having conversation with their VP whom in result wasn't anyhow helpful, I decided to give up on them.
Using that message info, I thought there is EATF here. To keep account free I put DD, having little hope to get at least DD bonus, did it for 3 full months - no bonus.
So that's my DP - waisted time and no money, mostly my mistake to not having free cash, and only counting on equity...
BTW I analyzed their schedule fee, seems like they remove EATF, so I would close it next week... So if anyone from moderation team reads this, please remove that... Hm why that @Chuck thing is not working anymore...
P.S. they advertise Referral program to do "New account opening bonus +500$" to referrer. So good to "refer" P2, if P2 never been a ln HSBC client.