HSBC Direct Online Payment Account $50 Bonus

HSBC Direct is offering $50 for opening its Online Payment Account and making 3 eligible purchases using the HSBC Debit MasterCard with PayPass. Here's the promotional page link. Some of the important small print:

• To be eligible you must have been an existing HSBC Direct Online Savings Account customer as of September 8, 2009
• Must open an Online Payment Account by September 30, 2009
• Must make three debit card purchases with your HSBC Debit MasterCard with PayPass by October 31, 2009
• ATM transactions and cash withdrawals do not qualify
• Limit one bonus per household
• Bonus will be reported on IRS Form 1099

Credit for this find goes to FW member Squeezer99 who posted it at this FW thread. In some previous HSBC promotions, a few readers reported being told by HSBC that the promos were only for those who received a mailer. So your miles may vary. Be sure to save the webpage if you try this promotion. In a similar promotion in 2007 a reader reported receiving the bonus but only after a lot of emails to HSBC.

The Online Payment Account (OPA) is a free online checking account without paper checks similar to ING Direct's Electric Orange account. All payments are designed to be done using their free online bill pay. There's no minimum balance or fees. The current yield is 0.85% APY as of 9/11/09 on all balances over $1. I have more info on the OPA and my experiences opening this account in my HSBC Direct OPA review post.

In regards to a hard credit inquiry, I did not receive any for opening the OPA in 2007.

HSBC Direct 2.00% 12-Month CD

HSBC Direct continues to offer a 2.00% APY 12-month CD as of 9/11/09. Minimum deposit is only $10, and the early withdrawal penalty is only 30 days of interest (see post).

Other Bank and Credit Union Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Tags: checking account, HSBC Advance