HSBC Choice Checking $50 Referral Bonus

HSBC has launched their next iteration of their "Share The Experience" referral program, where current HSBC customers can earn up to $2,000 by referring friends and family to the bank.

The bonus for the new customer is lower than it was previously, but they now allow the accounts to be opened online – which is a pretty big perk compared the old requirement of only in-branch.

You'll need a custom referral code, but the requirements are otherwise fairly easy to hit.

How To Earn The Bonus

The HSBC Choice Checking promotion requires you to use a referral link, and optionally, set up direct deposits and deposit and maintain a minimum balance in order to earn the $50 bonus.

Full requirements to receive this bonus are:

1. Open a new Choice checking account using a referral code from an existing HSBC customer.
2. Deposit $1,500 in either this account or combined across other HSBC accounts, OR have a recurring direct deposit of any amount.

The fine print

• You must receive a referral code from an existing HSBC customer, but the account can be opened in-branch, by phone, or online.
• Customers who currently hold, or have held in the past 3 years, an HSBC consumer deposit or investment account are not eligible.
• You will receive the bonus within 8 weeks from the date the new account is fully qualified.
• The new account must be open without being changed to a product with lower requirements and in good standing at time of the 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:

Citi®

Citi Priority Account

Bonus

up to $2000

Account Type

Personal Checking

Expires In

14 days

Requires

• Min Balance

Full Details

U.S. Bank

U.S. Bank Smartly™ Checking

Bonus

up to $600

Account Type

Personal Checking

Expires In

21 days

Requires

• Direct Deposit

Full Details

Fifth Third Bank

Personal Checking

Bonus

$275

Account Type

Personal Checking

Expires In

101 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.

Choice Checking

Fees

Choice Checking does charge a monthly fee of $15, but there are ways to get this waived:

• Receive any qualifying direct deposit
• OR, maintain a minimum balance of $1,500
• OR, be a new to bank student (18+ year old who lists their occupation as student) to receive a 6 year maintenance fee waiver

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.

HSBC Bank has a total of 24 branches in the United States.

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