HSBC Advance up to $240 Bonus

HSBC is offering a "cash back" bonus on your direct deposits into a new Advance personal checking account. The max bonus of $240 breaks down to being 3% cash back for 6 months, up to $40 each month. That means you'll need to have direct deposits of at least $1,333 each month to get the full amount – but you can earn any amount in between, too.

How To Earn The Bonus

The HSBC Advance promotion requires you to set up direct deposits in order to earn the up to $240 bonus.

Full requirements to receive this bonus are:

1. Open a new HSBC Advance checking account using the link below.
2. Set up qualifying direct deposits.
3. During the first 6 months after opening your account, HSBC will give you 3% cash back on your direct deposits, up to $40 each month.
4. The bonus will be credited to your account within 8 weeks of each month's direct deposit.

The fine print

• This offer is available only online for applications completed using the Apply now button on the offer webpage.
• You must be at least 18 years of age, have a Social Security Number, currently have a U.S. residential address and have had U.S. residency for the past two years to apply for a deposit account online.
• Qualifying Direct Deposits are electronic deposits of regular periodic payments (such as salary, pension, Government Benefits or other monthly income) made into your HSBC Premier checking account from third parties at least once per calendar month.
• Customers who held any HSBC consumer deposit or investment account January 7, 2018 through and including January 7, 2021 are not eligible for this offer.
• Limit one Welcome Deposit per customer, including all individual and joint accounts — the first line name on the joint account is considered the customer for gift purposes.
• Your HSBC Premier checking account must be open without being changed to a product with lower balance requirements and in good standing at time of bonus fulfillment.

How does this personal checking offer from HSBC compare?

To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:

U.S. Bank

U.S. Bank Smartly® Checking

Bonus

up to $1000

Account Type

Personal Checking

Expires In

36 days

Requires

• Direct Deposit
• Min Balance (optional)

Full Details

Citi®

Citi Priority Relationship Tier

Bonus

up to $2000 w/activities

Account Type

Personal Checking

Expires In

106 days

Requires

• Min Balance

Full Details

PNC

Virtual Wallet®

Bonus

up to $400

Account Type

Personal Checking

Expires In

36 days

Requires

• Direct Deposit

Full Details

Why HSBC Bank?

The American subsidiary of HSBC Bank is based out of New York City and has 160 branches in 10 states. Most of HSBC's brick and mortar banks are located in the NYC area, but they also have a presence in Los Angeles, Miami, and Washington, D.C. HSBC offers deposit accounts, personal and home loans, investment and retirement accounts, and credit cards.

Since 2005, HSBC has also been operating an online-only platform called HSBC Direct, which includes high yield checking, savings, and Certificate of Deposit accounts — all online or from your smartphone.

Overall, HSBC isn't our top pick if you're shopping for a new bank. With so few physical branches, you should consider them an online bank – but with worse rates, higher fees, and lagging tech. On the pro side, however, they consistently offer sign up bonuses (though many of which you'll need to claim in-branch). If you're eligible, we certainly recommend claiming the free cash – but otherwise stick to a different bank as your primary account.

HSBC Advance

Fees

HSBC Advance does charge a monthly fee of $25, but there are ways to get this waived:

• Receive any qualifying direct deposit
• OR, maintain a minimum balance of $5,000 in HSBC deposit or investment balances
• OR, hold a HSBC U.S. residential mortgage of any amount

HSBC Bank Locations

You may sometimes be required to visit a branch in-person to take advantage of a welcome offer. Or, you may just prefer the convenience of banking with institutions that have locations near you.

Get a better idea of how well HSBC Bank can serve you by checking out their branches closest to your area: