Dedicated to Deposits: Deals, Data, and Discussion

$150 Gift Checking Account Bonus at HSBC Bank

POSTED ON BY

HSBC
HSBC Bank is having a promotion for its Plus Checking. Open a Plus account with a qualifying balance by 2/28/2009 and receive a free PowerCost Monitor ($150 value according to HSBC). Note 8 on the bottom of the Plus Checking page has the details of this promotion. Here are some of the important points:
  • Offer valid for opening a new Plus relationship and depositing a minimum of $8,000 in new money
  • Must maintain at least $8,000 in new money in total combined balances through 3/31/09
  • Existing HSBC checking customers can qualify by upgrading to Plus and meeting new money requirements
  • Qualified customers will be notified via mail by 5/31/09; notification will include instructions for redeeming gift of choice. Gifts not redeemed by 9/30/09 will be forfeited.
  • The cost of the gift will be reported on IRS Form 1099
  • Plus relationship must remain open for 180 days or value of gift will be deducted from account proceeds at closing
The main issue with this promo is listed in note 3 of the small print: To avoid a $15 monthly maintenance fee, you need to maintain $15,000 in total combined balances including personal deposit, investment and qualifying credit balances. However, it seems like the balance in the Online Savings Account (OSA) should qualify for avoiding the fee. Even though the $8,000 initial deposit can't be into the OSA, you should be able to transfer the money from the Plus Checking Account into the OSA, and keep most of your money in this account to avoid the monthly fees as it earns a decent yield (currently 2.60% APY).

Thanks to the reader who emailed me news of this promotion.

  Tags: checking account, HSBC

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Comments
13 Comments.
Comment #1 by Anonymous posted on
Anonymous
How stupid HSBC thinks we are.

Actually, HSBC will make twice as much money on us than the gift is worth. On top of that we will be liable for tax on an imaginary $150.

This is the most lousiest deal that I have ever seen. HSBC is trying to fool an honest customer.

This is a simple robbery, stay away.

1
Comment #2 by Anonymous posted on
Anonymous
Nothing good ever comes from HSBC Bank. They are the most customer unfriendly bank with all kind of fees and got you mentality.
I'm passing on this deal, oops, the most ridiculous deal I have heard off.

1
Comment #3 by Anonymous posted on
Anonymous
Way to go HSBC!!!. A $15 value peddled as $150 gift and they put so many restrictions and rules.
It is like stealing a candy from a kid in this case a customer. Childish behavior of an English Bank.

1
Comment #4 by Anonymous posted on
Anonymous
This promo and bait are not worth our time reading about. Shame on you HSBC,

1
Comment #5 by Anonymous posted on
Anonymous
HSBC promo reminds me of a global warming theory fanatic who said:

"GLOBAL WORMING IS MAKING THE EARTH COOLER"

What HSBC is trying to pull?

1
Comment #6 by Anonymous posted on
Anonymous
Let me get this right:

We have to keep $15,000 for 6 months at 2.6% APY to get imaginary gift that will be reported to ITS as a value of $150 taxable.

WHAT IS HSBC SMOKING !!!!!!!!!!!!!!!!

1
Comment #7 by Anonymous posted on
Anonymous
HSBC is so cheap. Only losers will bite this pathetic bait.

1
Comment #8 by Anonymous posted on
Anonymous
I wish HSBC realize that customers are smarter than they think and stop their gimmicks. Last time they had $75 promo for interest checking, they made me hate myself for falling into their trap.

1
Comment #9 by Andy (anonymous) posted on
Andy
I too was cheated by HSBC on previous deals like this one. I'd recommend people not apply for this deal.

You'll end up frustrated, upset and wasting your time.

1
Comment #10 by Anonymous posted on
Anonymous
I signed up for the HSBC $25 cash gift, new-to-HSBC Choice Checking Account with an initial deposit of $500.

LOUSY BANK, LOUSY deals.

1
Comment #11 by Anonymous posted on
Anonymous
HSBC is a great bank for Online Savings and Online Billpayment.

HSBC isn't putting a gun to your head. Do the math. If its better you will use it, if not you won't.

In my opinion the best accounts are HSBC but if you can't qualify, HSBC Plus checking gives perks that may actually be beneficial to you in the long run.

Every customer is unique and has a different situation.

I am sure that this HSBC Plus Checking account does have a customer for which this product is just right.

1
Comment #12 by Anonymous posted on
Anonymous
HSBC Direct has just dropped their online savings account rate to 2.45% apy.

1
Comment #13 by Anonymous posted on
Anonymous
I'm glad to know other people have bad experiences with HSBC too. So it wasn't just me. Their CS are terrible. They are not mean but definitely not friendly and difficult to understand. I used to get people from Indian. I signed up with an online saving a couple years ago when it ranked with one of the highest APY rates, then a Plus checking later. They offered me a $50 for Direct Deposit by May in the mail. Called the CS to verify if it does matter whether the DD should go to Checking or Saving. He said no. I started the deposit in Apr and still did not see the $50 three months later. They said it'll be credited by Aug. Oct came and still no credits. They then told me in Nov that the DD should be deposited in Checking. I banked about $50k with them and they refused to honor a $50 credit due to a mistake from their own CS! Another silly thing was when i accidentally did a transfer twice between my saving and checking that caused a sufficient fund in my checking for one day. I called and it took a long wasteful time to ask the CS to reverse the insufficient fund until i asked to speak to the supervisor. I've closed my accounts since it's not worth it to invest with them.

1