Expired Hot Deals

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

[OP]
Member
Feb 21, 2009
371 posts
416 upvotes

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

Deal Link:
Expiry:
September 30, 2019
Retailer:
HSBC
More offers from HSBC
Same deal as last year I believe.

Terms and conditions : https://www.hsbc.ca/content/dam/hsbc/ca ... rms-en.pdf

Also potential for another $100 if you are referred. DO NOT ASK FOR REFERRALS ON THIS THREAD TO AVOID THREAD LOCK DOWN .
Last edited by jasmeet|_9sb on May 23rd, 2019 3:29 pm, edited 3 times in total.
70 replies
Deal Fanatic
Jul 22, 2007
6508 posts
5958 upvotes
Calgary
I still haven't recovered my full sanity after last years promo with this extremely crappy bank.
Deal Addict
Jun 28, 2017
1893 posts
1344 upvotes
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.
Newbie
Nov 28, 2013
14 posts
30 upvotes
Toronto
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?
Deal Addict
User avatar
Feb 18, 2013
3320 posts
4529 upvotes
BC
Looks like you need to maintain a $5K balance and keep the account open for 1.5 years? No thanks..
Deal Addict
Dec 31, 2013
1917 posts
1354 upvotes
condo
peakingduck wrote: 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
Last edited by tmonies on May 23rd, 2019 3:20 pm, edited 1 time in total.
Deal Addict
Dec 31, 2013
1917 posts
1354 upvotes
condo
SoroushA198 wrote: 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...
Deal Addict
Jun 28, 2017
1893 posts
1344 upvotes
Keeping the account active is not the same as keeping a $5K balance. You can be active with a $1 balance.
Deal Fanatic
Jul 22, 2007
6508 posts
5958 upvotes
Calgary
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.
Deal Addict
Dec 4, 2008
1672 posts
1237 upvotes
peakingduck wrote: 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.
Deal Addict
Mar 13, 2012
1436 posts
910 upvotes
Near You
Sexy if you are gonna use HSBC anyway and it stacks with referrals. Good international bank, not much else.
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Member
User avatar
Oct 7, 2007
300 posts
93 upvotes
Vancouver
mistytalon wrote: 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
Jr. Member
Dec 27, 2005
102 posts
26 upvotes
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.
Deal Addict
Oct 24, 2009
2081 posts
664 upvotes
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.
Deal Addict
Oct 24, 2009
2081 posts
664 upvotes
puree wrote: 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.
Deal Addict
User avatar
Nov 9, 2005
1169 posts
861 upvotes
Toronto
Holy fine print, Batman!
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Member
Apr 2, 2018
467 posts
278 upvotes
Edmonton
Does anyone know if I open chequing account for newcomer do I need to keep $10,000 balance for over a year? [removed] Thank you very much
Last edited by Mars2012 on Aug 19th, 2019 10:35 pm, edited 1 time in total.
Reason: cleanup
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Deal Fanatic
Aug 5, 2006
5784 posts
2804 upvotes
Global Village
This is what I posted in the thread from last year which may help others looking to open an account.

PLEASE AVOID ASKING FOR REFERRALS IN THE THREAD

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.
- 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

https://forums.redflagdeals.com/hsbc-pr ... s-2218603/
All day I dream about sports
Member
Nov 12, 2017
460 posts
337 upvotes
scoper wrote: This is what I posted in the thread from last year which may help others looking to open an account.

PLEASE AVOID ASKING FOR REFERRALS IN THE THREAD

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.
- 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

https://forums.redflagdeals.com/hsbc-pr ... s-2218603/
So you were able to fill out a referral and take it in yourself? It looks like the form is tailored for the referrer to bring in, just confirming.
Deal Fanatic
Dec 24, 2005
5626 posts
1344 upvotes
i would not recommend HSBC to anyone i know

i am on week ten of dealing with them for my mortgage

anyone who wants to deal with them should read any google review of HSBC canada

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