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:
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Receive a cash bonus of $1,500 when you deposit or invest $100,000 to $199,999.99
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Receive a cash bonus of $2,000 when you deposit or invest $200,000 to $299,999.99
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Receive a cash bonus of $2,500 when you deposit or invest $300,000 to 499,999.99
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Receive a cash bonus of $3,500 when you deposit or invest $500,000+
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- 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
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