HSBC Bank is one of the world’s largest banks and now they’re offering one of the largest bonuses as a welcome deposit.
It’s becoming increasingly popular for banks to offer large bonuses if you open a new checking account, deposit new money, and satisfy a few other conditions. HSBC is getting into the game and the welcome bonus depends a lot on the account you open, the amount you’re able to deposit, and whether or not you can satisfy the other conditions.
If you’re in the mood to learn about some bonuses, I’m in the mood to share them with you!
We will update this page with the latest welcome promotions as they are refreshed.
Editor’s Note: As of March 2024, HSBC is no longer offering this new account bonus. For other bank bonuses, check out our post on the best bank bonuses and promotions or click here to sign up for our email newsletter and get notified of new bank promotions.
HSBC Premier Checking – up to $4,000
Enjoy the benefits of a Premier relationship
As an international bank, we understand that you have global, complex financial needs. We can help you make the most of your money, anywhere your money goes.
- Access to wealth solutions offered through HSBC Securities (USA) Inc.
- Move money domestically and globally seamlessly and securely with our flexible money movement services
- Credit portability that allows you to live, work and travel with HSBC Premier status around the world
Get rewarded with a higher savings rate
Earn a higher Relationship APY when you open an HSBC Premier Relationship Savings account and link your eligible Premier checking account and meet least one of the following eligibility criteria each month:
- Spend $500 on your debit card: Make $500 or more in purchases or payments (excluding ATM withdrawals) using the HSBC Debit Card associated with your linked HSBC Premier checking account
- Receive $5,000 in direct deposits: Qualifying direct deposits of $5,000 or more into the linked HSBC Premier checking account
- Have a $500,000 mortgage: HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
- Hold Premier Elite status
Learn more about this promotion
(Offer expires 3/27/2024)
Definition of Key Terms
There are a few terms and conditions of this offer. First, you must be 18 years of age, have a Social Security number, a U.S. residential address and had U.S. residency for the past three years.
Next, New Money is defined as deposits “not previously held at any member of the HSBC Group in the U.S. You also need to keep those funds in your account and keep that account in good standing until the gift fulfillment. One gift per customer, including all individual and joint accounts (the first line name is what counts on joint accounts).
Finally, there are monthly maintenance fees on all of these accounts. You can avoid them by maintaining certain balances or meeting other conditions:
- HSBC Advance Checking Account: A $25 monthly maintenance fee if you do not maintain a combined U.S. personal deposit and investment balance of $10,000+ or $5,000+ and maintain a recurring direct deposit from a third party at least once per monthly cycle.
- HSBC Premier Checking Account: A $50 monthly maintenance fee if you do not maintain a combined U.S. personal deposit and investment balance of $75,000+.
The terms are pretty straightforward, nothing stands out as being particularly onerous.
How Does This Compare?
HSBC Bank offers some of the richest bank promotions and the monthly balance requirements are in line with similar offers. The highest bonus, $600, is on their Premier Checking product which requires a very high balance – a tall order but it comes with one of the biggest bonuses I’ve seen.
Barclays – $200
Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information.
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They used to have an affiliate program on CJ that paid pretty good. It was under the Beneficial bank brand.