Dedicated to Deposits: Deals, Data, and Discussion

HSBC Checking and Savings Account Bonuses


Update 4/22/08: The expiration date for these promotions has been extended to 5/31/2008.

HSBC has another $75 cash bonus for opening its Interest Checking Account. Here's the new promotional page. This new one is good through 2/29/08. This seems to have the same terms as the one I reported on in August 2007. 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 the 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.

Also, there are two bonuses for HSBC savings accounts: $50 for opening a Premium Money Market Plus Savings Account or $25 for opening a Regular Savings Account. Both also expire on 2/29/08.

The $50 bonus requires an initial deposit of $3,000 of new money. Only customers with an Interest Checking, Interest Checking Plus, EmployeePlus, Interest Free Checking or HSBC Premier checking account are eligible to open a Premium Money Market Plus account.

The $25 bonus requires an initial deposit of $500 of new money and authorize automatic transfer of $10 or more from your HSBC checking account to your HSBC savings account.

Credit for this find goes to the FW member who posted it on this FW thread. He mentioned that the mailer he received regarding these bonuses has an expiration date of 3/31/08 rather than 2/29/08.

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

There was a similar deal to this in February 2007. In that 2007 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. Also, be sure to save the webpage for future reference.

In 2006 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. Regarding hard credit inquiries, I did not receive any for opening the checking or savings accounts. Please refer to my 2006 HSBC post for details of opening an HSBC checking account.

When HSBC Direct's Online Savings Account was a rate leader, it wasn't bad to have this checking account. Since the Online Savings Account rates have been lagging, I recently closed the checking account so I wouldn't have to worry about monthly fees. I still have the Online Savings Account opened with a few dollars just in case they do another promotion like they did last year (although I doubt we'll see another 6% promotion).

  Tags: checking account, savings account, HSBC

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