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

May 23rd, 2019 2:31 pm

#1

jasmeet|_9sb [OP]: Member; Feb 21, 2009; 366 posts; 410 upvotes

May 23rd, 2019 2:31 pm

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

Deal Link:: https://www.hsbc.ca/chequing-accounts/o ... t-offer-g/
Expiry:: September 30, 2019
Retailer:: 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.

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May 23rd, 2019 2:34 pm

#2

SammyDavis: Deal Addict; Jul 22, 2007; 4252 posts; 2645 upvotes; Calgary

May 23rd, 2019 2:34 pm

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

+9

May 23rd, 2019 2:44 pm

#3

shayne85: Deal Addict; Jun 28, 2017; 1484 posts; 865 upvotes

May 23rd, 2019 2:44 pm

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.

+3

May 23rd, 2019 3:03 pm

#4

SoroushA198: Newbie; Nov 28, 2013; 6 posts; 6 upvotes; Toronto

May 23rd, 2019 3:03 pm

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

Open an HSBC advance checking account
Make a 5000 CAD deposit
Set up a payroll for an extra 100 CAD bonus
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?

+1

May 23rd, 2019 3:03 pm

#5

peakingduck: Sr. Member; Feb 18, 2013; 566 posts; 436 upvotes; Victoria

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..

+8

May 23rd, 2019 3:18 pm

#6

tmonies: Deal Addict; Dec 31, 2013; 1302 posts; 695 upvotes; condo

May 23rd, 2019 3:18 pm

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.

+2

May 23rd, 2019 3:20 pm

#7

tmonies: Deal Addict; Dec 31, 2013; 1302 posts; 695 upvotes; condo

May 23rd, 2019 3:20 pm

SoroushA198 wrote: ↑
May 23rd, 2019 3:03 pm
If I understand the terms and conditions correctly, the easiest steps are:

Open an HSBC advance checking account

Make a 5000 CAD deposit

Set up a payroll for an extra 100 CAD bonus

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...

May 23rd, 2019 3:25 pm

#8

shayne85: Deal Addict; Jun 28, 2017; 1484 posts; 865 upvotes

May 23rd, 2019 3:25 pm

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

+4

May 23rd, 2019 3:26 pm

#9

SammyDavis: Deal Addict; Jul 22, 2007; 4252 posts; 2645 upvotes; Calgary

May 23rd, 2019 3:26 pm

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.

+5

May 23rd, 2019 3:36 pm

#10

sports1: Deal Addict; Dec 4, 2008; 1031 posts; 516 upvotes

May 23rd, 2019 3:36 pm

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.

May 23rd, 2019 3:41 pm

#11

mistytalon: Sr. Member; Mar 13, 2012; 743 posts; 361 upvotes; Near You

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.

American Express Platinum+Gold+Cobalt (Free First-Class Travel) • STACK
HSBC Premier • Tangerine (Free Daily Banking) • EQ Bank
Fido 15GB/65$ Novus 1GIG/60$

+1

May 23rd, 2019 4:12 pm

#12

enjae: Member; Oct 7, 2007; 240 posts; 25 upvotes; Vancouver

May 23rd, 2019 4:12 pm

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

May 23rd, 2019 4:21 pm

#13

dzgzpy: Newbie; Mar 23, 2019; 9 posts; 8 upvotes

May 23rd, 2019 4:21 pm

I think they are ok, already stacked 600 in referrals plus the 500 new account bonus.

May 23rd, 2019 4:35 pm

#14

puree: Newbie; Dec 27, 2005; 89 posts; 12 upvotes

May 23rd, 2019 4:35 pm

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.

May 23rd, 2019 4:40 pm

#15

cbt123: Deal Addict; Oct 24, 2009; 1741 posts; 432 upvotes

May 23rd, 2019 4:40 pm

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.

+4