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

Newbie
Jul 2, 2018
98 posts
50 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? How can I get referral offer please? 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
Member
User avatar
Jun 27, 2017
344 posts
447 upvotes
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? How can I get referral offer please? Thank you very much
I was told 3 months (until you receive the cash bonus).
Newbie
May 26, 2013
8 posts
11 upvotes
Toronto
If you had an HSBC account prior, how long do you have to wait before you are eligible for welcome bonuses again?
Member
User avatar
Jun 18, 2004
357 posts
52 upvotes
Vancouver Island
sirdotcom wrote:
May 24th, 2019 9:48 pm
If you had an HSBC account prior, how long do you have to wait before you are eligible for welcome bonuses again?
You are not eligible once you’ve ever had an account.
Deal Addict
Oct 13, 2006
1842 posts
395 upvotes
Burnaby
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..
Its also $5k relationship balance, so you could put it in a GIC and earn interest on it, and they do have decent GIC rate promos. So it's not completely dead money like some banks require.
Deal Addict
User avatar
Sep 15, 2014
1772 posts
664 upvotes
Scarborough, ON
Signed up for this promo when it was offered last year.
HSBC is not the best for customer service, and that’s putting it politely.

That said.. you’re parking $5000 for 1 year to collect $300 (or $400) in return. That’s a pretty good rate of return for a 0 risk investment. Bonus was paid out relatively quickly in my case.. I wouldn’t worry about the 6 months in the fine print.

If anyone requires assistance with this, PM me ;)
This space for rent.
Deal Addict
Jun 28, 2017
1513 posts
874 upvotes
dadashjoun wrote:
May 25th, 2019 3:41 am
How much is the referral?
It’s in the first post, the referral is $100.
Deal Addict
Jul 21, 2005
1098 posts
164 upvotes
I got my whole family signed up with their previous chequing account offer.
Stay on top of it and you'll easily get the bonuses.
Deal Addict
User avatar
Oct 20, 2007
2880 posts
48 upvotes
Home
I also signed up for similar promo last year. The whole process was a pain to get set up. Once It was set setup, I only had to call them once to order cheques.
If you love something, set it free. If it comes back, it was, and always will be yours. If it never returns, it was never yours to begin with :|
Deal Fanatic
User avatar
Jul 17, 2008
9166 posts
2170 upvotes
Still have the accounts open from last year, waiting for the 12 months to elapse so I can close my accounts.

The $100 referral credit is nice
Deal Addict
User avatar
Jan 9, 2011
4938 posts
4849 upvotes
Vancouver
Messerschmitt wrote:
May 27th, 2019 1:27 am
Still have the accounts open from last year, waiting for the 12 months to elapse so I can close my accounts.

The $100 referral credit is nice
NB it's 12 months from when you receive the bonuses, not 12 months from when you opened the account. I got my bonuses 2 months after opening the account at the end of August 2018 , so I'll be waiting until early November before closing.
18% = GTA residents as a proportion of Canada's total population
97% = chance that an RFDer lives in the GTA when he posts something location specific, without giving a location

Were you hit with surprise customs/import fees on an Amazon.ca purchase?
Member
Nov 12, 2017
337 posts
240 upvotes
Hopefully I get the bonus much sooner than later. The holding period for this account could be a maximum of 18 months!
The referral bonus is a nice icing to the cake though
Deal Addict
Jun 28, 2017
1513 posts
874 upvotes
As a chequing account it works fine. I don’t know if I’d take out a mortgage with them based on what others have said.

All the bonuses were awarded without having to follow up with them. Sign up, payroll and referral.

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