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
Sr. Member
Nov 25, 2002
943 posts
166 upvotes
Brampton
nabeel wrote:
Sep 11th, 2018 1:04 pm
Just noticed I got my $500, here's my timeline so far:

28/07/2018 - signed up
03/08/2018 - first payroll hit
08/08/2018 - ETFs transferred into InvestDirect to meet balance requirement
07/09/2018 - "HSBC WELCOME BONUS" $500
Got my $100 payroll bonus. Updated timeline:

28/07/2018 - signed up
03/08/2018 - first payroll hit
08/08/2018 - transferred in ETFs into InvestDirect
07/09/2018 - "HSBC WELCOME BONUS" $500
10/10/2018 - "HSBC 2018 PAYROLL BONUS" $100
01/10/2019 - can close account
Sr. Member
Apr 23, 2008
716 posts
57 upvotes
Opened sep 1st, still no $300 bonus, got STEP bonus $100
I saw in my HSBC advance mastercard account posted $50 cash back (rewards), my balance posted as -$8.60, payment due Oct12 $0.00.
i thought that $50 rewards was in, but today checked it again, $50 rewards disappears, balance posted as -$10.40, payment due Oct30 $10.40.
A bit odd to me.

Edit: just remember I was informed there was new card in the mail, it appears that i will get new card but not aware as to why.
Member
Nov 25, 2003
279 posts
82 upvotes
BC [what me worry?]
phht wrote:
Oct 11th, 2018 9:52 pm
Opened sep 1st, still no $300 bonus, got STEP bonus $100
I saw in my HSBC advance mastercard account posted $50 cash back (rewards), my balance posted as -$8.60, payment due Oct12 $0.00.
i thought that $50 rewards was in, but today checked it again, $50 rewards disappears, balance posted as -$10.40, payment due Oct30 $10.40.
A bit odd to me.

Edit: just remember I was informed there was new card in the mail, it appears that i will get new card but not aware as to why.
Aren't they doing some kind of "upgrades" online with respect to their mastercard accounts?
I've been away for a while....
Member
Nov 25, 2003
279 posts
82 upvotes
BC [what me worry?]
Just noticed that I received $50 rewards credit online (about a week after I made my first small purchase using card - no idea whether it was related to that). From what I gather, it'll be applied as a credit against my statement in January.
I've been away for a while....
[OP]
Jr. Member
Jun 1, 2015
107 posts
39 upvotes
Calgary, AB
Looks like HSBC is paying out direct deposit bonuses ($100) this month for those that started seeing their direct deposits in August - looks like it may need to be recurring, not just a 1 time direct deposit followed by switching it to another bank/account like some were asking
Jr. Member
Jul 25, 2018
100 posts
25 upvotes
Winnipeg
RigorMortis wrote:
Oct 12th, 2018 11:22 am
Looks like HSBC is paying out direct deposit bonuses ($100) this month for those that started seeing their direct deposits in August - looks like it may need to be recurring, not just a 1 time direct deposit followed by switching it to another bank/account like some were asking
Hmmm. My first direct deposits hit on September 11th (2x) and then on September 12th. Thanks to HSBC supplying me with incorrect banking info that I gave to Uber. Since then I haven't driven for Uber, but I contacted customer service a few times and they "told me" that I had met the criteria for the promotion, and just had to wait the 3 months.

Here's hoping I wasn't lied to....
Sr. Member
Apr 23, 2008
716 posts
57 upvotes
1st timer wrote:
Oct 11th, 2018 10:07 pm
Aren't they doing some kind of "upgrades" online with respect to their mastercard accounts?
My bad memory, sorry. The new card was not HSBC's (it was for STACK's).
Sr. Member
Apr 23, 2008
716 posts
57 upvotes
1st timer wrote:
Oct 12th, 2018 10:42 am
Just noticed that I received $50 rewards credit online (about a week after I made my first small purchase using card - no idea whether it was related to that). From what I gather, it'll be applied as a credit against my statement in January.
Keep an eye on it, it showed up on mine then gone. Somewhere in T & C says that Jan is when it will be rewarded.
Newbie
Mar 13, 2006
6 posts
Anyone get this to work with a LIRA? I've asked in-branch and they seem to be clueless if an InvestDirect LIRA qualifies for the $5k. First person I talked to didn't even know what was a LIRA...
Member
Jan 21, 2012
259 posts
63 upvotes
LightHawk wrote:
Oct 13th, 2018 6:57 pm
Anyone get this to work with a LIRA? I've asked in-branch and they seem to be clueless if an InvestDirect LIRA qualifies for the $5k. First person I talked to didn't even know what was a LIRA...
You mean Locked in Retirement account? I think it should. It is one of the investment accounts. But if HSBC offers LIRA account, it is another story.
From the terms and conditions, it mentioned the following:
HSBC Advance requires you to have an active HSBC Advance Chequing account, and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $5,000
Deal Addict
User avatar
Sep 27, 2011
2964 posts
1359 upvotes
Toronto
Got the $300, August 15th sign up
FreezingCanada wrote:
Jan 3rd, 2015 5:41 pm
We voted him in as God of RFD last month. Where were you during elections...?
Deal Addict
User avatar
Sep 27, 2011
2964 posts
1359 upvotes
Toronto
Got the bonus, August 15th sign up
FreezingCanada wrote:
Jan 3rd, 2015 5:41 pm
We voted him in as God of RFD last month. Where were you during elections...?
Newbie
Jan 9, 2014
36 posts
2 upvotes
Vancouver
RigorMortis wrote:
Aug 29th, 2018 2:51 am
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)
Is the FYF offer for the elite MC still on?
Jr. Member
Aug 14, 2012
117 posts
48 upvotes
North Vancouver
Pharmer wrote:
Oct 14th, 2018 1:24 am
Is the FYF offer for the elite MC still on?
No, promo ended for MC on Sept 30 IIRC
Newbie
Apr 13, 2017
71 posts
12 upvotes
Does govt check if the bank account actually belongs to person receiving EI benefit ? I want to receive my spouses EI benefit in my account so that I can get 100$ payroll deposit. Switching payroll in my company is herculean task.

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