Available nationwide, HSBC is offering up to a $4,000 welcome bonus when you open a new HSNC Premier checking account and complete qualifying activities. Direct deposits will add a little bit of a kicker to the bonus, but ultimately, HSBC wants your money, and a lot of it.
This is a tiered bonus, the more you can deposit, the more you can earn. The minimum tier for a $1,500 bonus requires a whopping $100,000. The upper tier requires $500,000 to earn $3,500. What's even more? You can connect your direct deposits totaling $5,000 or more per month to earn an extra $500.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. *Investment and annuity products are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. HSI is an affiliate of HSBC Bank USA, N.A.
How To Earn The Bonus
The HSBC Premier promotion requires you to deposit and maintain a minimum balance, and optionally, set up direct deposits in order to earn the up to $4000 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.
- Offer Period is defined as January 8, 2024 through March 27, 2024.
- To qualify for an Extra Cash Bonus of $500, new customers must: Meet all the requirements for the Cash Bonus AND During the Offer Period, begin receiving Qualifying Direct Deposits totaling at least $5,000 per calendar month into the New Account on which the New Customer is “primary”; AND Maintain the recurring Qualifying Direct Deposits for 3 full consecutive calendar months.
- The date of the first Qualifying Direct Deposit posted to the New Account starts the count of 3 full consecutive calendar months.
- If all offer requirements are met, the Extra Cash Bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified for the Extra Cash Bonus.
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:
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 Premier
Premier Checking is HSBC’s top-tier option for checking accounts. The account comes with a $50 monthly maintenance fee, which you can avoid by enrolling in direct deposit of at least $5,000 or more monthly or having an HSBC U.S. residential mortgage loan with an original mortgage value of at least $500,000.
Perks include unlimited rebates on non-HSBC ATM withdrawals, global transfers, and preferred HSBC mortgage rates.
Fees
HSBC Premier does charge a monthly maintenance fee of $50, but there are ways to get this waived:
- Maintain a minimum balance of $75,000
- OR, receive $5,000 in direct deposits each month
- OR, hold a HSBC U.S. residential mortgage with an original loan of at least $500,000
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