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$75 Bonus for HSBC Interest Checking Account - Update

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HSBC
HSBC is offering a $75 cash bonus for opening its Interest Checking Account. Here's the promotional page. The bonus requires an initial deposit of $3,000 of money new to HSBC. The Interest Checking Account has 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. This is important since the interest rate of the checking is only 0.05%. To keep the bonus, the account must remain open for 180 days. The offer expires on 9/30/2007. 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 disclosures for these accounts are available at this HSBC page.

Credit for this find goes to this FW thread. There was a similar deal to this in February. In that February post some readers reported being told by HSBC that this was only for those who received a mailer. You may want to call to confirm the bonus before signing up. And if you do sign up, be sure to save the webpage for future reference.

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.
  Tags: checking account, HSBC

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Good luck. HSBC stiffed me on a bonus for opening a checking account several months ago. They are one of the worst banks I have had dealings with.

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Comment #2 by Anonymous posted on
Anonymous
I'd like to know more about how they stiffed you. I will always submit a formal complaint to the proper authorities if a promotion like this is not fulfilled. The Attorney General is usually good for this sort of thing.

1
Comment #3 by Anonymous posted on
Anonymous
What's interesting here is that if you have to keep $3000 for 6 months in the account, your APY for that time will only be about 5.05%. You're better off taking the $25 dollar bonus on the free account - if you put in $100, your APY will be better than 25% for that money.

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
That's why it would be important to also open the Online Savings Account. Since the $3,000 is a combined balance, you can hold most of that $3k in the savings account where it'll earn a decent interest rate.

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Comment #5 by Anonymous posted on
Anonymous
Yes Banking Guy, I didn't think about the combined bbalance. That does make it more exciting...

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Comment #6 by daveboz (anonymous) posted on
daveboz
thanks for the tip. I opened an interest checking and online savings yesterday. The issue i had was the website only allows a max of 2,000 for an initial deposit. I called in and they said no problem on making the later 1,000. Also asked about the bonus confirmation. I printed off the web page and header showing offer code. So we will see. I will transfer the three back to the savings as insurance in case since no opportunity is really lost at 5%. I will send in monthly ach's into the checking for a vacation account.

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