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

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Nov 9, 2005
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Toronto
Holy fine print, Batman!
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Apr 2, 2018
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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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Aug 5, 2006
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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/
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Nov 12, 2017
391 posts
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scoper wrote:
May 23rd, 2019 5:49 pm
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
5395 posts
994 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
Newbie
Jul 20, 2016
87 posts
30 upvotes
milolai wrote:
May 24th, 2019 9:00 am
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
could you elaborate?
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Dec 24, 2005
5395 posts
994 upvotes
Goose12345 wrote:
May 24th, 2019 9:14 am
could you elaborate?
to preface i have flawless credit and great income. i am ideal bank client to a T. loan to value of less than 30% -- really no reason this should not happen.

my mortgage is renewing July 1. due to compliance reasons i am not renewing with my existing lender. (conflict of interest)

10 weeks ago i heard HSBC has great rates so i sent them an email to apply only. i provided info online. no one called me for 8 days.

i went into a branch on bloor on a Saturday morning as my son gets his haircut next door (late March) I took every piece of info needed with me (T4s/existing mortgage paperwork/tax statements, etc) the very friendly agent took all my info. pulled my credit (score of 880) and started the application. he said he was done his job and it would go to their mortgage team and i'd get a call in a few days. no approval given at this time but he said not to worry because there's no reason not to approve.
a few days later someone from their mortgage team calls and wants T4's from 2017. I send them over the same day.

Since then I am emailing them every 7 days or so and not really getting a reply. maybe 3 or 4 weeks ago the same mortgage rep sent me a quick email to say it was all approved and they just needed to arrange a home inspection. i've emailed back 3x or so since then and nothing.

so - i don't really care about this because i already own the home. but if i knew the process would be like this i would NEVER deal with HSBC. If i was doing this again i would also never deal with HSBC. If i was even considering buying a home and the ability to close in a timely manner I would NEVER use HSBC.

I was told when I walked into the branch that very first day that not only would I be getting my mortgage with them -- but they'd also give me a free HSBC Premier account and i was going to close all my other banking and deal with HSBC exclusively -- and now I know they are too inept for me to consider this.

Look at google reviews of HSBC canada - i've never seen any normal company review so poorly and now I know why.
Sr. Member
Jun 26, 2010
573 posts
300 upvotes
Vancouver
SammyDavis wrote:
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.
Just to be objective and weed out the truths from the hyperbole:
1. apps and online access do not require a different password. It's the same password, and the app will take fingerprint.
2. yes it is true that you can't have the app on more than one device, however, you do not have to phone in to get access on the new app. It's not the smoothest transition, but it's all done on the app to verify who you say you are, and a code generator (on the app) is involved.
3. the app is quite bare bones. It does allow transfers between HSBC accounts, bill payments, and e-transfers. But if you want to see historical transactions from prior to the most recent statement cut-off (bank or credit card statement), you have to download a PDF of the statement on the app. There is no search of filter function for transactions.
4. there is no separate app for the Invest Direct. Wish someone had told me that before I transitioned over.
5. password restrictions: it's no different than many other bank passwords. You require a number, a letter, and a symbol. An upper/lower case differentiation isn't required.
5. the branch experience is not good. Quite possibly the worst. It's a combination of having only a couple of CSR's available and the particular clientele at this branch LOVES to do everything in-branch.
However, I am not a branch person and I opened account as a Premier customer and only required one sitting with the CSR. Having said that, I probably would not have transitioned over if it weren't for the various bonuses and I only did it to be come a Premier customer. If I do require any 'regular' branch requests like a USD deposit, I only need to ring up my CSR and not have to wait in line.
Newbie
Jul 20, 2016
87 posts
30 upvotes
milolai wrote:
May 24th, 2019 9:43 am
to preface i have flawless credit and great income. i am ideal bank client to a T. loan to value of less than 30% -- really no reason this should not happen.

my mortgage is renewing July 1. due to compliance reasons i am not renewing with my existing lender. (conflict of interest)

10 weeks ago i heard HSBC has great rates so i sent them an email to apply only. i provided info online. no one called me for 8 days.

i went into a branch on bloor on a Saturday morning as my son gets his haircut next door (late March) I took every piece of info needed with me (T4s/existing mortgage paperwork/tax statements, etc) the very friendly agent took all my info. pulled my credit (score of 880) and started the application. he said he was done his job and it would go to their mortgage team and i'd get a call in a few days. no approval given at this time but he said not to worry because there's no reason not to approve.
a few days later someone from their mortgage team calls and wants T4's from 2017. I send them over the same day.

Since then I am emailing them every 7 days or so and not really getting a reply. maybe 3 or 4 weeks ago the same mortgage rep sent me a quick email to say it was all approved and they just needed to arrange a home inspection. i've emailed back 3x or so since then and nothing.

so - i don't really care about this because i already own the home. but if i knew the process would be like this i would NEVER deal with HSBC. If i was doing this again i would also never deal with HSBC. If i was even considering buying a home and the ability to close in a timely manner I would NEVER use HSBC.

I was told when I walked into the branch that very first day that not only would I be getting my mortgage with them -- but they'd also give me a free HSBC Premier account and i was going to close all my other banking and deal with HSBC exclusively -- and now I know they are too inept for me to consider this.

Look at google reviews of HSBC canada - i've never seen any normal company review so poorly and now I know why.
that's brutal sorry you had to be dragged through all that.. and yes I have noticed a lot of poor reviews for HSBC on Google. In that case if my existing bank can match close to their promo rate, I won't bother switching then!

agree with shabbydog on their branches. Never waited so long for a pre-arranged bank appointment, they really need better staffing at the branches. And how is their credit card not instant reject/approve like most banks?!?!
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Dec 23, 2008
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how does HSBC Advanced Checking Account compared to Simplii for daily banking? Wife and I are looking to move away from the big banks to avoid monthly fees
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Mar 13, 2012
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Near You
spena wrote:
May 24th, 2019 11:50 am
how does HSBC Advanced Checking Account compared to Simplii for daily banking? Wife and I are looking to move away from the big banks to avoid monthly fees
implying that HSBC isn't a big bank Thinking Face
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Deal Fanatic
Jul 8, 2010
7086 posts
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York
I got my $300 from last year and counting down the days when I can close my account. You will have to jump through hoops to get this bonus. Apparently my account wasn’t correctly registered and I had to escalate this until they solved it
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Dec 23, 2008
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mistytalon wrote:
May 24th, 2019 12:30 pm
implying that HSBC isn't a big bank Thinking Face
more concerned about avoiding monthly fees
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Jul 2, 2018
117 posts
58 upvotes
User772911 wrote:
May 23rd, 2019 5:07 pm
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
Nope you need to deposit $10,000 within first month of account opening and you don't need to maintain any balance until month 12 as newcomers to Canada get extended grace period for monthly account fee waiver. After month 12, if you want the account fee to be waived then you need to maintain $5000 (total relationship balance). This $5000 can sit in your checking account or earn you interest in saving account or GICs and even be invested in mutual funds.

https://www.hsbc.ca/content/dam/hsbc/ca ... ns--en.pdf
Last edited by Mars2012 on Aug 19th, 2019 10:35 pm, edited 1 time in total.
Reason: edit in quote
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Jun 27, 2017
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GTA
User772911 wrote:
May 23rd, 2019 5:07 pm
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
I was told 3 months (until you receive the cash bonus).
Last edited by Mars2012 on Aug 19th, 2019 10:35 pm, edited 1 time in total.
Reason: edit in quote

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