Dedicated to Deposits: Deals, Data, and Discussion

HSBC Savings and Checking Account Bonus Updates


There have been three HSBC bonuses in the last few months. The first was $25 for opening the Online Savings account. This one expired in February and there doesn't seem to be any new one.

The other two are for HSBC checking accounts. The first bonus is $50 for opening a new HSBC Smart Checking package. This had expired on March 15th but has now been extended to April 23rd. The second is a $10 bonus for opening a Free Checking account. This also expires on April 23rd.

Opening a HSBC Smart Checking Package

I finally signed up for the HSBC Smart Checking Package 12 days ago. One extra step that wasn't required when opening the Online Savings account was printing and signing the signature card. It took HSBC 10 days after I sent it in the mail before HSBC recorded receiving this.

One confusing thing about opening this Smart Checking Package is that in addition to the checking account it also requires opening the Premium Money Market Savings Account. I don't know why HSBC still offers this money market account which only pays 0.60%.

The funding and verification process was the same as that of the Online Savings account. You can make the initial deposits with an ACH transfer from an existing checking account. One thing to note is that you can't fund it with the same account that was used to fund the Online Savings account. The trial deposits showed up at my external checking account in two days.

I thought it might be useful to provide a recap of these two checking account bonuses:

Important details of the Smart Checking Package $50 bonus:
  • Promotion link is here.
  • Promotion code is GET50
  • Expiration date is April 23, 2006
  • You qualify as a new customer as long as you don't currently have any HSBC interest-bearing checking account
  • This requires all of the following: Interest Checking account or Interest Checking Plus account AND Premium Money Market account AND Debit Card.
  • The Smart Package Interest Checking account has no monthly fee if either direct deposit or a combined balance of $3,000 is kept in qualifying accounts. Your Online Savings account balance will be included for the balance requirement.
  • No charge for your first order of checks.

Important details of the Free Checking $10 bonus:
  • Promotion Link is here
  • Promotion code is Check
  • Expiration date is April 23, 2006
  • No monthly maintenance fees
  • If the Free Checking account is inactive for 3 consecutive months, the account will be converted to Basic Banking with a $3 monthly fee regardless of balance. Transfers to and from Online Savings Account may count as activity.

Here's a previous post on these checking account bonuses. This January post reports on the 4.80% Online Savings rate and provides links to many of my previous HSBC posts.