[HSBC] HSBC Advanced Checking Account $300 for New Customers + $100 For Payroll Deposit

I still haven't recovered my full sanity after last years promo with this extremely crappy bank.

I got my $500 and all the automatic deposits and payments work fine. What else do you need from a chequing account? Don’t invest or mortgage with them.

If I understand the terms and conditions correctly, the easiest steps are:

1. Open an HSBC advance checking account
2. Make a 5000 CAD deposit
3. Set up a payroll for an extra 100 CAD bonus
4. Money will be deposited 6 months after.

Does this sound right?

It also says the monthly fee is only charged after a 6 month grace period. So I'm not sure if you need to even keep the 5000 dollars in the account. Anyone has any ideas?

Looks like you need to maintain a $5K balance and keep the account open for 1.5 years? No thanks..

peakingduck wrote: ↑

May 23rd, 2019 3:03 pm

Looks like you need to maintain a $5K balance and keep the account open for 1.5 years? No thanks..

Ouch... Just read the T&C's and you're correct ... Only 5.3% per year for all that work transferring payroll etc... But it's double the interest rate of EQ Bank... So it might be worth it for some people... Basically $200 extra for the work

SoroushA198 wrote: ↑

May 23rd, 2019 3:03 pm

If I understand the terms and conditions correctly, the easiest steps are:

1. Open an HSBC advance checking account
2. Make a 5000 CAD deposit
3. Set up a payroll for an extra 100 CAD bonus
4. Money will be deposited 6 months after.

Does this sound right?

It also says the monthly fee is only charged after a 6 month grace period. So I'm not sure if you need to even keep the 5000 dollars in the account. Anyone has any ideas?

T&C says you need to keep account active for 1 year after receiving the bonus offer... Quite a long time for people who might actually need to use their rainy day funds...

Keeping the account active is not the same as keeping a $5K balance. You can be active with a $1 balance.

yup. a long year waiting to escape. Their apps and online access , all require different passwords etc etc. So complicated. You can't have the app on more than one device. If you get a new phone you have to phone in to get access on the new app. So much pain. I am scarred. Plus it took an hour at the branch to set it all up. The passwords have odd restrictions as well. Good luck picking them to match the restrictions and actually remembering them. If you forget, you basically have to call in and start from scratch.

peakingduck wrote: ↑

May 23rd, 2019 3:03 pm

Looks like you need to maintain a $5K balance and keep the account open for 1.5 years? No thanks..

This kills it for me.

If anyone is looking to advantage, just keep in mind HSBC (I believe it's a public offer) also has a 3.00% bonus savings promo until mid September 2019.

Sexy if you are gonna use HSBC anyway and it stacks with referrals. Good international bank, not much else.

mistytalon wrote: ↑

May 23rd, 2019 3:41 pm

Sexy if you are gonna use HSBC anyway and it stacks with referrals. Good international bank, not much else.

Yup if we get accepted on the undercut mortgage rate, rep told us 5k balance is waived and we get to stack referral bonus and this promo. yay

Per T&C, need to remain open for one and a half year, thanks but no thanks HSBC.

Welcome Offer will be paid into your Chequing Account within six (6) months after meeting the Welcome Offer criteria...must remain open, and active for at least one (1) year after the end of the month during which the HSBC Welcome Offer is received. If you fail to meet this condition, you will be obligated to repay the full amount of the HSBC Welcome Offer to HSBC...We may withdraw the full amount of the Welcome Offer from your Chequing Account or any account you have with HSBC or send you a demand to repay the full value of the Welcome Offer to us within one (1) month.

Yeah, you have to keep it a bit longer than a year... but the one good thing about HSBC vs TD and the like is that you can keep the $5000 in a TFSA or GIC, doesn't matter as long as it's in a HSBC account. So at least you're making interest on the money. It's $5000 "relationship balance", not chequing account balance.

puree wrote: ↑

May 23rd, 2019 4:35 pm

Per T&C, need to remain open for one and a half year, thanks but no thanks HSBC.

Not a year and a half, maybe a year and two months max. They deposited all my bonuses within about 6 weeks from what I recall, not the full 6 month limit. CIBC needed a year when I did similar offers, at least with HSBC you can get interest on the $5000 in a GIC or savings account. They regularly have deals on GICs shen it's time to renew as well, it's really not that bad if you can afford to park $5000 for that time, it's not like you're completely losing out on interest with this offer.

I really haven't had any issues with them over the past year or so since I did the offer. Branches might be sparse, but you can use any ATM on the exchange network and there are tons of those.