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  • Jul 24th, 2020 12:31 pm
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver

[HSBC] HSBC new account offer

Deal Link:
Expiry:
November 30, 2020
Retailer:
HSBC
More offers from HSBC
The promo states "up to $1,000" in bonuses can be earned, but the full $1,000 is misleading. It's more like $300-$700 without incurring any fees, which is still great.

You have your choice of four chequing accounts to open up, each with a separate minimum balance to waive the monthly fee:
Premier, $25k minimum with an offer of $500 bonus
Advance, $5k minimum with an offer of $300 bonus
Student or Youth Savings, no minimum with an offer of $100 (student or age requirement for this offer)

Personally, the Advance promo seems like the best deal since it's a $300 return on a minimum $5k balance (6%) vs requiring $25k for the Premier.

The remaining bonuses are broken up into various requirements and are fairly easy to meet:
$50 if 2 bill payments are made online within 3 months
$50 if 2 separate pre-authorized transactions are set up within 3 months
$100 if recurring payroll is set up within 6 months

These last 4 seem like non-bonuses to me since you have to pay a fee to 'earn' the promo money back, and I won't bother mentioning but they appear in the link.

I went for this bonus last year. It was set up a bit different but my personal experience was that HSBC paid their promos fairly timely.
I'm a Premier customer with them and I wouldn't say their service is stellar, but it meets my needs.
11 replies
Deal Addict
User avatar
Jul 20, 2017
1115 posts
1302 upvotes
Kitchener
Very poor deal.
"Misleading" is an extremely overly generous compliment.
I'd describe HSBC's offer more so a garbage dump desperately seeking a way to scrape up some garbage customers to avoid bankruptcy. Their offers are so garbage low and demands so high, seems like they are stuck in the 80s competing with banks that don't even understand what decade it is.
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver
Eleventeen wrote: Very poor deal.
"Misleading" is an extremely overly generous compliment.
I'd describe HSBC's offer more so a garbage dump desperately seeking a way to scrape up some garbage customers to avoid bankruptcy. Their offers are so garbage low and demands so high, seems like they are stuck in the 80s competing with banks that don't even understand what decade it is.
Realistically, these aren't high demands. They're pretty standard. They don't even demand you keep the account open 7-12 months and pay you your bonus at the end.
And a $5k minimum to open an Advance for a $300 return is 6% is far from being "garbage low".
Deal Addict
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Jul 20, 2017
1115 posts
1302 upvotes
Kitchener
shabbydog wrote: Realistically, these aren't high demands. They're pretty standard. They don't even demand you keep the account open 7-12 months and pay you your bonus at the end.
And a $5k minimum to open an Advance for a $300 return is 6% is far from being "garbage low".
I was generous to call that garbage low.

This is your normal garbage low offer:
cibc-cibc-earn-300-12-month-fee-rebate- ... t-2358532/

Same thing, but 3k minimum instead of 5k and.. Except CIBC actually has decent customer service unlike HSBC's rather poor reputation (even the OP wasn't happy with it)

Neither is a good bank account, nor a intro offer worth anyones time, just offering an example or a very easily comparable better account with a similar intro offer.

And the so called demand of keeping an account open X months, is a standard boiler plate t&C anyways, no bank can actually enforce that, and none actually try. Well HSBC might actaully try, but CIBC certainly doesn't. They credit in about 3 months.

Actual good bank account (They don't have silly cash sign incentives because they don't need them: Return in first year is 1000x++++ better than any big bank or HSBC, because they don't charge insane fees):
https://www.eqbank.ca/
or
https://www.motusbank.ca/
Newbie
Oct 29, 2011
18 posts
22 upvotes
Toronto
I would disagree with the customer service comments. HSBC has different marketing strategy and their Premier customer service is very good. If you are premier they treat you like VIP. CIBC is the one with low reputation in customer service like Scotia.

Eleventeen wrote: I was generous to call that garbage low.

This is your normal garbage low offer:
cibc-cibc-earn-300-12-month-fee-rebate- ... t-2358532/

Same thing, but 3k minimum instead of 5k and.. Except CIBC actually has decent customer service unlike HSBC's rather poor reputation (even the OP wasn't happy with it)

Neither is a good bank account, nor a intro offer worth anyones time, just offering an example or a very easily comparable better account with a similar intro offer.

And the so called demand of keeping an account open X months, is a standard boiler plate t&C anyways, no bank can actually enforce that, and none actually try. Well HSBC might actaully try, but CIBC certainly doesn't. They credit in about 3 months.

Actual good bank account (They don't have silly cash sign incentives because they don't need them: Return in first year is 1000x++++ better than any big bank or HSBC, because they don't charge insane fees):
https://www.eqbank.ca/
or
https://www.motusbank.ca/
Deal Fanatic
Jul 8, 2010
7395 posts
476 upvotes
York
Is this offer open to clients who closed their account recently?
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver
Eleventeen wrote: I was generous to call that garbage low.

This is your normal garbage low offer:
cibc-cibc-earn-300-12-month-fee-rebate- ... t-2358532/

Same thing, but 3k minimum instead of 5k and.. Except CIBC actually has decent customer service unlike HSBC's rather poor reputation (even the OP wasn't happy with it)

Neither is a good bank account, nor a intro offer worth anyones time, just offering an example or a very easily comparable better account with a similar intro offer.

And the so called demand of keeping an account open X months, is a standard boiler plate t&C anyways, no bank can actually enforce that, and none actually try. Well HSBC might actaully try, but CIBC certainly doesn't. They credit in about 3 months.

Actual good bank account (They don't have silly cash sign incentives because they don't need them: Return in first year is 1000x++++ better than any big bank or HSBC, because they don't charge insane fees):
https://www.eqbank.ca/
or
https://www.motusbank.ca/
You're quite wrong about t&c and enforcing # of months to payout. CIBC has and will, along with other bank promos, enforce the time stated to hold open the account. Why wouldn't they be? These banks are increasing the # of hoops to jump through because it has been too easy to collect the bonus and close the accounts.
CIBC is 12 months, HSBC is 3 months.
This is about the promo and I've already been honest about my experience with HSBC and I still found the quick payout to be worth it. I stuck around for other reasons.
I'm with EQ and not sure why you'd recommend them if there's no active promo and they're are no branch services if you're going on about in-branch customer service.
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver
dankup wrote: Is this offer open to clients who closed their account recently?
T&C states that this has to be your first HSBC account.
Deal Addict
User avatar
Oct 19, 2007
1778 posts
659 upvotes
45.467253°N, 75.5123…
shabbydog wrote: The promo states "up to $1,000" in bonuses can be earned, but the full $1,000 is misleading. It's more like $300-$700 without incurring any fees, which is still great.

You have your choice of four chequing accounts to open up, each with a separate minimum balance to waive the monthly fee:
Premier, $25k minimum with an offer of $500 bonus
Advance, $5k minimum with an offer of $300 bonus
Student or Youth Savings, no minimum with an offer of $100 (student or age requirement for this offer)

Personally, the Advance promo seems like the best deal since it's a $300 return on a minimum $5k balance (6%) vs requiring $25k for the Premier.

The remaining bonuses are broken up into various requirements and are fairly easy to meet:
$50 if 2 bill payments are made online within 3 months
$50 if 2 separate pre-authorized transactions are set up within 3 months
$100 if recurring payroll is set up within 6 months

These last 4 seem like non-bonuses to me since you have to pay a fee to 'earn' the promo money back, and I won't bother mentioning but they appear in the link.

I went for this bonus last year. It was set up a bit different but my personal experience was that HSBC paid their promos fairly timely.
I'm a Premier customer with them and I wouldn't say their service is stellar, but it meets my needs.
Thanks OP!
Do I have to keep the account open after bonus is paid? Any penalty for closing immediately after?

Also was just curious - why you say the last 4 bonuses, when there's only 3 listed? Sorry if it's a dumb question and you meant last 3 instead...
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver
wally_walrus wrote: Thanks OP!
Do I have to keep the account open after bonus is paid? Any penalty for closing immediately after?

Also was just curious - why you say the last 4 bonuses, when there's only 3 listed? Sorry if it's a dumb question and you meant last 3 instead...
No, you can close all your accounts once you receive your bonus.

Sorry, I listed 3 but there are actually 7 in total. The other 4 are in the link.
Deal Addict
User avatar
May 19, 2005
4463 posts
1203 upvotes
Markham
shabbydog wrote: T&C states that this has to be your first HSBC account.
If you get their credit card first, does it invalidate your "new account" status or do they actually treat bank accounts separately.
Some people just don't get that online forum posts shouldn't always be taken seriously.
[OP]
Sr. Member
Jun 26, 2010
824 posts
549 upvotes
Vancouver
Jonavin wrote: If you get their credit card first, does it invalidate your "new account" status or do they actually treat bank accounts separately.
From the T&C, so you might be out of luck
"To be eligible for the welcome bonus, you and any individual holding the opened HSBC Chequing Account with you must not have held, prior to the start of the offer period, an account or other product with HSBC."

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