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$75 Bonus for HSBC Interest Checking Account


HSBC is offering a $75 cash bonus for opening its Interest Checking Account. Here's the promotional page. The minimum to open this account is only $1. However, there is an $8/month fee unless you either have direct deposit or if you have a combined balance of $3,000. The $3,000 combined balance should include the balance in your Online Savings Account. To keep the bonus, the account must remain open for 180 days. The offer expires on 4/10/2007. Cash bonus is considered interest income and will be reported on IRS Form 1099-INT.

There's also a $25 cash bonus for opening a Free Checking Account with an HSBC Debit MasterCard with PayPass. This can be done instead of the $75 bonus. The Free Checking Account doesn't have any monthly fees or minimum balance requirements. One important note regarding the Free Checking account is that if the account is inactive for 3 consecutive months, the account will be converted to Basic Banking which has a $3/month maintenance fee regardless of balance.

The terms and charges documentation for these accounts are available at this HSBC page.

Last year I signed up for the Smart Package for a $50 cash bonus. One nice perk of this Interest Checking Account is that your first box of checks is free. The Interest Checking Account has come in handy for linking other accounts that require a checking account (like ING Direct). Regarding hard credit inquiries, I did not receive any for opening the checking or savings accounts. Please refer to my last year's post for details of opening an HSBC checking account.

For more information on HSBC Direct's 6% New Money Promotion, please refer to this post.

Thanks to the reader who emailed me the info on this new bonus.

  Tags: checking account, HSBC

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Comment #1 by Anonymous posted on
Thank you for reminding the inactivity rule.
I just transferred $1 from savings account.

Comment #2 by Rammesh (anonymous) posted on
Do you know if this is valid for existing Savings Account customers?

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
I can't find anywhere in the terms that it excludes those with only a savings account. When I applied for a similar checking account bonus last year, I already had the savings account and still received the checking account bonus.

Comment #4 by Anonymous posted on
I can only see this promo from the link and not from the hsbc site itself. The rep that I spoke to was not aware of this promo.

Comment #5 by Anonymous posted on
After spending a ridiculous amount of time on the phone with 4 different hsbc reps, I was told that they don't understand why the promo doesn't show up on the webpage, but the promo exists and the code is SMT75. Also, not everyone will be eligible for it. You have to be deemed worthy through the application.

Comment #6 by Anonymous posted on
If I already have an interest checking account some time ago, do you think I can apply another one to get this bonus? I don't see any fine print that answers this question.

Comment #7 by Nick (anonymous) posted on
I called and they said "unless you received the mailer with this code, you won't get the bonus" I guess I'll sign up and create regular direct deposits and see if I get that $75...

Comment #8 by Rep (anonymous) posted on
I am an HSBC representative. If HSBC let you know that you could get this offer then you would get this offer. Clicking the link does not mean you will earn the money.

Comment #9 by Curtis (anonymous) posted on
Does anybody have a screen print of this promotion? I stupidly didn't keep one, and now HSBC is saying that I didn't meet the requirements (even though I opened the account, funded with $1 and established DD to avoid fees).