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

[OP]
Member
Feb 21, 2009
366 posts
410 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.
49 replies
Deal Addict
Jul 22, 2007
4252 posts
2645 upvotes
Calgary
I still haven't recovered my full sanity after last years promo with this extremely crappy bank.
Deal Addict
Jun 28, 2017
1484 posts
865 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
6 posts
6 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?
Sr. Member
User avatar
Feb 18, 2013
566 posts
436 upvotes
Victoria
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
1302 posts
695 upvotes
condo
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
Last edited by tmonies on May 23rd, 2019 3:20 pm, edited 1 time in total.
Deal Addict
Dec 31, 2013
1302 posts
695 upvotes
condo
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...
Deal Addict
Jun 28, 2017
1484 posts
865 upvotes
Keeping the account active is not the same as keeping a $5K balance. You can be active with a $1 balance.
Deal Addict
Jul 22, 2007
4252 posts
2645 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
1031 posts
516 upvotes
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.
Sr. Member
Mar 13, 2012
743 posts
361 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
240 posts
25 upvotes
Vancouver
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
Newbie
Mar 23, 2019
9 posts
8 upvotes
I think they are ok, already stacked 600 in referrals plus the 500 new account bonus.
Newbie
Dec 27, 2005
89 posts
12 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
1741 posts
432 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.

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