Personal Finance

HSBC promo (upto $600 for new clients, requires mimimum $5,000 balance, direct deposit, credit card application/rewards)

  • Last Updated:
  • Oct 16th, 2018 9:08 pm
[OP]
Jr. Member
Jun 1, 2015
109 posts
40 upvotes
Calgary, AB

HSBC promo (upto $600 for new clients, requires mimimum $5,000 balance, direct deposit, credit card application/rewards)

Tried to search RFD and google for the recent HSBC thread in hot deals but i just see the message - "you are not authorized to view this thread". Mods - can you clarify if/why the thread got shut down?

Edit - no direct confirmation from mods but speculation is the previous thread was closed due to referral requests. As such, PLEASE AVOID ASKING FOR REFERRALS IN THE THREAD

Summary of Promo - HSBC is offering $300 to new clients who open Advance accounts, make a minimum deposit ($5,000 minimum if opening advance chequing account) AND register for online banking. The nice thing with HSBC is that clients are NOT required to maintain the $5,000 in their chequing account like many other banks stipulate, rather as long as you maintain the minimum $5,000 across ANY account with HSBC, the fees for the advance account are waived. If you open your account at a branch, ask about interest rates for their TFSA accounts. From my experience (as well as other RFDers), branch representatives can offer better interest rates compared to posted rates. I was offered a 6 month TFSA GIC at 2.25% and 15 month TFSA 2.5% GIC. Not the most lucrative interest rate out there but better than the $$ sitting in chequing not earning anything.

Keep in mind that the terms and conditions of the promo indicate that the $300 will be paid out after 3 months and that clients are required to keep the account open for a minimum of a year AFTER the $300 is paid out. As a result, the 15 month TFSA GIC might make sense to some since you will need to maintain the $5,000 balance in the account for roughly 15 month anyway. Personally, I took a chance and went with the 6 month GIC since interest rates are expected to rise and 6 months brings us to around the RRSP contribution deadline which is conventionally a time when FI's offer promotional interest rates.

To sweeten the deal -

1. There is a $100 referral bonus for both the existing (referring client) as well as the new client being referred. The referral bonus is quite generous but the way the referral process works is quite old school where the new client signing up has to have the existing client fill out their info on a form and the new client has to print the form and bring it with them at the time of opening the account. Here are the details and link to the form that needs to be completed/printed and presented at the time the new client opens their account
https://www.hsbc.ca/1/2/personal/specia ... ep-program

As stated above, PLEASE AVOID ASKING FOR REFERRALS IN THE THREAD as there is speculation that the previous extensive thread on RFD on this promo was closed due to RFDers requesting referrals.

2. $100 for setting up a recurring direct deposit within 3 months of opening the account - there was some discussion in the previous thread that any government related deposits (child benefits etc) do not count although I am not aware of if this was speculation or reported through experience.

3. 20k rewards sign up bonus + 10k rewards when you spend $1,000 within 3 months on the HSBC world elite mastercard (first year annual fee waived). Works out to around $100 in rewards value. There is a seperate thread on RFD discussing the credit card here https://forums.redflagdeals.com/hsbc-wo ... s-2211503/


Bank Offer details - https://www.hsbc.ca/1/2/personal/canadi ... QTT0000334

OFFER ENDS Nov 30, 2018 (as of posting on Sept 28)
Last edited by RigorMortis on Sep 28th, 2018 2:15 pm, edited 13 times in total.
252 replies
Deal Addict
Jan 21, 2014
3071 posts
892 upvotes
my guess is too many people asking for referral form
Deal Guru
Sep 2, 2008
10399 posts
684 upvotes
Yeah wtf? Too many referral requests just lock the thread...there was lots of info in the thread. I was looking for it because I was heading to the branch for my appointment. Turns out they lost my appointment and have no record and can't find anything under the reference number I was given. Great first impression.
Sr. Member
Dec 8, 2008
915 posts
91 upvotes
Montreal, QC
I'm going to setup an account next week, booked for Sept 6th.

As for referral forms, there should be a forum or subtopic or something. It doesn't cost/hurt RFD, and if people can earn $$ for it power to them
Member
Jun 27, 2010
407 posts
94 upvotes
Mississauga
DaSnipe wrote:
Aug 29th, 2018 1:00 pm
I'm going to setup an account next week, booked for Sept 6th.

As for referral forms, there should be a forum or subtopic or something. It doesn't cost/hurt RFD, and if people can earn $$ for it power to them
Agreed. There was plenty of good info on that thread.

Both my wife and I opened HSBC accounts this week.
More interestingly my wife opened a premier account and she got 12 months grace period to reach the 100k assets. The requirement to get the $500 is to deposit 25k within 30days.
If you transfer investment from another bank to HSBC, thats extra $$ -https://www.hsbc.ca/1/2/personal/specia ... QTT0000091
Also the premier HSBC world elite is also 30k points + FYF. (I am not sure you get the FYF on the application but the advsior waived the first year fees)

account opening: $500
referral: $200
payrol: $100
funds transfer: $250

It is worth spreading the news as some free $ on the table.
Deal Addict
Jan 21, 2014
3071 posts
892 upvotes
sroghen wrote:
Aug 30th, 2018 7:17 pm
Agreed. There was plenty of good info on that thread.

Both my wife and I opened HSBC accounts this week.
More interestingly my wife opened a premier account and she got 12 months grace period to reach the 100k assets. The requirement to get the $500 is to deposit 25k within 30days.
If you transfer investment from another bank to HSBC, thats extra $$ -https://www.hsbc.ca/1/2/personal/specia ... QTT0000091
Also the premier HSBC world elite is also 30k points + FYF. (I am not sure you get the FYF on the application but the advsior waived the first year fees)

account opening: $500
referral: $200
payrol: $100
funds transfer: $250

It is worth spreading the news as some free $ on the table.
I was going to do that too thinking I could open an non-registered trading account and transfer my stocks over. But someone reminded me that you must purchase their mutual funds, not a trading account where you are freely buying ETFs/Stocks and paying commissions
Deal Addict
Aug 5, 2006
2969 posts
854 upvotes
Global Village
Folks should avoid asking for referrals in this thread to keep it alive. If you need a referral PM someone directly.

This is what I posted in the old extinct thread which may help others looking to open an account.

I decided to take advantage of this, the referral program clinched it for me. Overall the account opening experience was good, a few things that may help others:

- this promo is catching on and they are busy, suggest folks make an appointment before they show up by calling the hsbc 18883104722 # (not the branch #)
- bring 2 pieces of ID 1 of which has your address and name listed
- expect a credit check, it is required to open the chequing account even if you don't apply for the cc
- the hsbc financial institution # is 016, the account number they give you is 9 digits and the transit # 3 digits, you can just add 10xxx in front of the transit/branch # when you link the account to another bank that requires 5-digit transits
- 1 of the questions they ask is "how much $ do you intend to keep in the advance account," apparently they have a system that triggers a notification alert for unusual behaviors where you are contacted to confirm transactions they see as unusual
- if you don't have a smartphone or are unwilling to install the hsbc app you are issued a security device that looks like a tiny calculator and must be used any time you want to add a payee or send an e-transfer (which are free)
- they send you an online banking code which must be used within 24 hours to sign up for online banking. You must sign up for online banking or you won't get the $300 bonus. Paper statements are free.
- there is a 4 business day hold on deposits you make. You must deposit the $5K within 30 days of opening the chequing account.
- the bank rep can offer rates better than the bank rates posted on the hsbc site. All branches apparently offer a 2.5% 15-month GIC offer through the branch only until Sep
- referrals are verified, I walked in with the referral form filled/signed and they contacted the person who referred me to confirm. There are no limits to the # of people you can refer
- their atm cards can be used in any exchange network atm, be sure to set your pin in the temp card they give you before leaving, they mail a 2nd debit card with your name & same pin



Link to offer
https://www.hsbc.ca/1/2/personal/canadi ... QTT0000334

Terms
https://www.hsbc.ca/1/content/canada4/p ... nglish.pdf
All day I dream about sports
Newbie
Dec 1, 2015
12 posts
11 upvotes
Edmonton, AB
Just got the deal done in branch. Took about an hour and was pretty painless.

Quick Summary:

$300 Advance Account
$100 Referral
$100 Direct Deposit
$100 CC Sign Up
Transferred the funds into a 15 month GIC @ 2.5%

Overall return just shy of 15% for 15 months ($600 + ~ $125 in interest). Not too shabby.

Unfortunately didn't qualify for the World Elite for $150 but that would have been a nice bonus too! Note that this is only one credit check and is valid for 60 days so any other CC's you signed up for at HSBC wouldn't give an additional hit on the Credit Score.
Sr. Member
Jul 11, 2008
823 posts
266 upvotes
Promo sounds lucrative but from my first impression bank seems unorganized. Made an appt over the phone and even confirmed with the contact centre the day before the appointment. But the branch denied getting any communication from contact centre and said no advisor was available when i showed up for my scheduled appointment. Not a great first impression
Sr. Member
Dec 25, 2013
720 posts
505 upvotes
Toronto
I did it at the spading branch, had a great experience. Took about 1 hr for me.
Deal Addict
User avatar
Feb 19, 2014
1501 posts
427 upvotes
Toronto
mkl38s wrote:
Aug 30th, 2018 8:36 pm
I was going to do that too thinking I could open an non-registered trading account and transfer my stocks over. But someone reminded me that you must purchase their mutual funds, not a trading account where you are freely buying ETFs/Stocks and paying commissions
My friend has the premier account and his account is self-directed. He doesn't have to buy HSBC's mutual funds. He said HSBC is one of the few private banking places that allow you to do that?

Are you sure you can't open a self directed account?
Deal Addict
Jan 21, 2014
3071 posts
892 upvotes
jellytime wrote:
Sep 2nd, 2018 7:50 pm
My friend has the premier account and his account is self-directed. He doesn't have to buy HSBC's mutual funds. He said HSBC is one of the few private banking places that allow you to do that?

Are you sure you can't open a self directed account?
you can open self directed account, but not with this promotion (i.e. you don't get the bonus)

Get one step closer to your life goals.
Make your investments work harder for you this summer.
For limited-time, you can enjoy a bonus of up to $1,200* when you transfer or make a new contribution of Canadian or U.S. funds from another financial institution to an Mutual Fund account or World Selection® Portfolio account held with HSBC Investment Fund (Canada) Inc1.
Take advantage of this offer today - your Non-Registered funds, Registered Retirement Savings Plan (RRSP), Spousal RRSP, Locked-in RRSP, Tax Free Savings (TFSA), and Registered Retirement Income Fund (RRIF) investment accounts are all eligible.
Complete your transfer request by September 30, 2018 to be eligible to receive the applicable Bonus amount below*:
Amount transferred
(CAD or CAD equivalent*)
Bonus (CAD)
$15,000 to $24,999.99 $150
$25,000 to $49,999.99 $250
$50,000 to $99,999.99 $550
$100,000 and above $1200
Offer period: May 2– September 30, 2018


Also you need to keep it in there till Oct 2019.
Jr. Member
Dec 10, 2012
119 posts
24 upvotes
NORTH YORK
My impression is that HSBC Premier is connected worldwide. Can my referral be from someone thats Premier but not a canadian customer?
Jr. Member
Jul 25, 2018
103 posts
27 upvotes
Winnipeg
hkhorace wrote:
Sep 4th, 2018 7:11 am
My impression is that HSBC Premier is connected worldwide. Can my referral be from someone thats Premier but not a canadian customer?
It's my understanding that this HSBC "Share the Experience Program" applies only to HSBC Canada customers. So I don't believe you can have someone that uses HSBC elsewhere refer you. I might be wrong, but I'm pretty certain that's how it works.

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