For the past few years, HSBC has been regularly offering checking account bonuses. Now through November 20, 2017, there are three separate bonuses available ($200, $350, and $700), with the $350 checking bonus on new HSBC Advance checking accounts probably having the best return on the investment.
Earning the $350 Bonus
When I wrote about the $350 bonus about a year ago, the requirements included Direct Deposits (aggregate of $3k) or two monthly bill payments, both for three consecutive months. This time around, there are no activities associated with the bonus.
Open your new HSBC Advance checking account online by November 20, 2017; and
Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening; and
Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
The $350 bonus will be deposited in the new HBSC checking account approximately eight weeks following completion of the above requirements.
- Customers who "held any HSBC personal account between October 1, 2016 and October 1, 2017 are not eligible for this offer."
- Checking account must be open and in good standing when the $350 bonus is deposited.
- Limit of one $350 bonus per customer.
- Offer cannot be combined with any other deposit account opening offers
There are potential fees associated with the HSBC Advance checking account including,
- $25 month fee if a $10k monthly minimum balance is not maintained.
- $25 early closing fee if the account is closed within 180 days of opening.
In addition to these fees, if the balance should fall below $10k within 90 days of being deposited, the bonus will not be paid. If the account is closed before the $350 is awarded, the bonus will be null and void.
HSBC is also offering a $200 bonus when opening a new Choice Checking account and a $750 bonus when opening a Premier Checking account. The end-date for both is November 20, 2017, and both require a minimum deposit of new money that must be maintained for 90 calendar days.
- $200 bonus – minimum $1.5k deposit
- $750 bonus – minimum $100k deposit
Complete details about the three checking accounts are available on the Bank’s website.
Although previous bonuses were available in-branch, applying for the $350 HSBC checking bonus must be done online.
This offer is available only online for applications
completed using the Apply Online button on this webpage.
HSBC has an overall health rating of "B+" on DepositAccounts.com, with a Texas Ratio of 5.55% (excellent), based on June 30, 2017 data. HSBC has an excellent capitalization level of 12.97%, a result of holding $191.93 billion in assets, with $24.89 billion in equity. Please refer to our financial overview of HSBC (FDIC Certificate # 57890) for more details.
How the $350 Checking Bonus Compares
This comparison assumes an Advance Checking account is 1) opened with the required $10k minimum deposit, 2) the $10k is left on deposit for the required 90 days, and 3) the account is open and in good standing when the bonus is awarded approximately eight weeks later. The total time frame would probably be about six months.
- $10k in an Advance Checking account for six months = $350 bonus
- $10k in a Savings Account* earning 1.50% for six months = $75 interest
*1.50% is currently the best nationally available savings account rate.
Other Promotions and Bonuses
Not eligible for the HSBC $350 checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.