Are you a checking customer with HSBC yet? This could be good news for you. If you open a new eligible checking account with HSBC right now, you can qualify for a cash bonus of up to $500.

To be eligible for this bonus, you need to meet requirements for direct deposit transfer activity and cannot be an existing checking account customer with this bank. Is this checking account offer right for you? Let’s talk about why or why not.

How to Get a $500 Bonus

To qualify for the $500 welcome offer, you must open a new HSBC Premier Checking account. Then, you need to do the following:

• Receive a total of at least $10,000 in direct deposit transactions per month for three consecutive months after opening your account, starting with the second month your account is open.

After meeting this requirement, you will automatically receive your welcome bonus within eight weeks of qualifying. The direct deposit transactions must come from a third party such as an employer payroll or regular ACH transfer. Internal transfers, mobile deposits, and ATM deposits do not count.

There is no minimum balance or other activity requirement to qualify.

You must be a U.S. resident and at least 18 years old to be eligible for this offer. You will not qualify if you are an existing customer with HSBC (including checking and investment accounts) or had a deposit or investment accounts between March 31, 2019 and March 31, 2022, even if the account has since been closed. If you accept this offer, you will not be able to qualify for a future welcome offer with HSBC.

Be sure to use this link when opening your account to apply for the bonus offer. Note that this offer is only available online.

This offer is valid from now through June 30th, 2022. Open your account by this date to qualify. The account must be open and in good standing when the bonus is applied to your account.

HSBC Premier Checking Account Details

There is a $50 monthly maintenance fee that can be waived in one of three ways: 

• Maintaining an average daily balance of at least $75,000 across all your personal deposit and investment accounts with HSBC,
• Receiving at least $5,000 in recurring direct deposit transactions per calendar month, or
• Having an HSBC U.S. residential mortgage loan worth at least $500,000 when you opened it.

The fee will also be waived for you if you maintain Jade or Private Bank status. To reach Jade status, you need a combined relationship balance of at least $1,000,000 and this checking account needs to remain in good standing. To reach Private Bank status, you need an invitation from HSBC and your account will be reviewed by your Relationship Manager to determine your eligibility. You can ask about your eligibility without an invitation.

There are no minimum deposit or monthly balance requirements for this account.

This account includes up to five fee rebates per statement period when you use your debit card at non-HSBC ATMs and incur surcharges. You will not need to pay fees when using in-network ATMs in the U.S.

Technically speaking, this is an interest-bearing checking account. But it only earns 0.01% on all balance tiers at the moment, so it’s nothing to write home about. You need to have at least $5 in your account to earn interest. The national average rate for an interest checking account sits at 0.03%.

Note that the monthly direct deposit transfer requirement to qualify for the bonus offer is not the same as the minimum monthly direct deposit requirement to and waive the $50 maintenance fee. In other words, you can’t count the same direct deposit transactions twice to get the bonus and have the fee waived.

Opening an HSBC Premier checking account can start a Premier relationship with HSBC that comes with perks like professional support from a dedicated Relationship Manager, higher interest rates on savings accounts, and global perks like international banking services.

What about that higher savings yield? This account qualifies you for a relationship interest rate for the HSBC Premier Relationship Savings account. The relationship interest rate is currently 0.50% across all balance tiers. 

After linking your checking account with this savings account, you need to meet one of the following requirements each month to earn the relationship rate:

• Spend at least $500 with your HSBC Premier Debit World Mastercard or HSBC Debit Card on any transactions, excluding ATM withdrawals
• Receive at least $5,000 in qualifying direct deposit transactions into your HSBC Premier Checking account
• Have an HSBC U.S. residential mortgage loan worth at least $500,000 when you opened it
• Maintain Jade status

Otherwise, the standard APY for this savings account is just 0.05%. The national average rate for a savings account is 0.05% at the moment, for reference.

The HSBC Premier Debit World Mastercard charges no foreign transaction fees and you will not pay fees at most international HSBC ATMs.

Consider the HSBC Premier Credit Card to earn two points per dollar on all travel purchases and benefits like a TSA Pre-Check credit, phone protection up to $600, and global Wi-Fi.

Final Thoughts

This is a better bonus than most checking accounts are offering and that’s because it’s a bit harder to qualify for. This isn’t your average checking account. Far from free and certainly not basic, this account would be a good fit for anyone looking to do international banking or for premier customer service features. The HSBC Premier Checking account is pretty much your ticket to HSBC Relationship status.

This is not the account for you if you want a free and/or high-yield checking account. The $500 account bonus for new HSBC Premier Checking accounts is currently the only checking account offer available with HSBC.