Offer at a glance
Maximum bonus amount: $4,000
Availability: Nationwide
Direct deposit required: Yes
Additional requirements: None
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: None
Monthly fees: $50, avoidable
Early account termination fee: $25, 180 days
Household limit: None listed
Expiration date: March 27, 2024
The Offer
HSBC is offering a $1,500 – $4,000 bonus when you open a new Premier checking account. Bonus you receive depends on the amount you deposit or invest the following for 3 full consecutive months following the new account opening month:
Earn an extra $500 when you set up recurring monthly Direct Deposit of at least $5,000 for 3 months
The Fine Print
Offer valid from January 8, 2024, through and including March 27, 2024 (“Offer Period”). Only New Customers are eligible for this offer.
Customers who have a current or past HSBC account in the U.S. on file are not eligible for this offer.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has a $50 monthly fee, this fee is waived if you do any of the following:
Maintain balances of $75,000 in combined U.S. Dollar personal deposit accounts and investment* balances OR
Recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s) per calendar month OR
Any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. Business owners may use their qualifying HSBC U.S. Dollar commercial balances to qualify for a personal Premier relationship
Early Account Termination Fee
$25, 180 days
Our Verdict
The lowest tier is the best rate of return at ~6%. It does say you can have the funds invested, but not sure how that works in practice. Premier checking itself earns a 0.01% interest rate so probably not worth considering for most people as the 6% rate is only marginal when compared to other high interest accounts.
Hat tip to churn_and_burn
Useful posts regarding bank bonuses:
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PSA: Don’t Call The Bank
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