Locked: [HSBC] Receive up to $500 when you start banking with HSBC-Newcomers and Canadians

Search this thread

Last Updated:
Jul 15th, 2020 11:48 pm

Tags:

Locked

Search this thread

Jul 15th, 2020 11:32 am

dzgzpy [OP]: Member; Mar 23, 2019; 225 posts; 121 upvotes

Jul 15th, 2020 11:32 am

[HSBC] Receive up to $500 when you start banking with HSBC-Newcomers and Canadians

Deal Link:: https://www.hsbc.ca/chequing-accounts/offers/dc/
Expiry:: November 30, 2020
Retailer:: HSBC

More offers from HSBC

Probably it is well known that HSBC is offering this to newcomers almost indefinitely, as shown in this URL https://www.hsbc.ca/chequing-accounts/o ... offer-ntc/.

When I checked with my branch in Vancouver and was told same offer is available for Canadians. It has an expiry date of 2020-11-30 though.

I put $500 in title as a conservative number if you only open an advanced account and only complete three tasks as circled in pic below.

However the max potential bonus can be

1. Advance chequing:
$300 for opening chequing account
$100 via referral from another Advance account holder
$100 for direct deposit
$50 for two bill payments
$50 for two PAD
$50 for two global money wire
$50 for opening non-registered investment
$149 credit card fee waiver and 60,000 reward points for HSBC WE MC (Value of rewards points not counted in total)
Total $849

2. Premier chequing:
$500 for opening chequing account
$350 via referral from another Premier account holder
$100 for direct deposit
$50 for two bill payments
$50 for two PAD
$50 for two global money wire
$50 for opening non-registered investment
$149 (premier account actually reduced this fee to $99, so only $99 is used for calculating the total) credit card fee waiver and 60,000 reward points for HSBC Premier WE MC
Total $1,249

3. Plus there is HSBC wealthcompass transfer-in offer can be taken advantage of at the same time:
Terms and conditions:https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf
I personally did this last year and got the bonus after a year with no problem.

I searched first and did not see a similar post for current promo.

Dropbox link for the promo sheet that the bank rep sent over: https://www.dropbox.com/s/vgj77wx10akdy ... 9.pdf?dl=0
The fine print is indeed too small in the pic...

Thanks to @mcain , the promo link is now added and the terms and conditions can be found here
https://www.hsbc.ca/content/dam/hsbc/ca ... fer-en.pdf

DO NOT ASK FOR REFERRALS ON THIS THREAD TO AVOID THREAD LOCK DOWN

Images

Last edited by dzgzpy on Jul 15th, 2020 6:30 pm, edited 4 times in total.

44 replies

Jul 15th, 2020 11:44 am

yeah723: Jr. Member; Oct 21, 2016; 176 posts; 598 upvotes

Jul 15th, 2020 11:44 am

Here we go again

I can't seem to find the fine print stating how long you need to keep the account open for, I might have missed it, the words are so small. Also here is the referral form, in case anyone is looking for it.
https://www.hsbc.ca/share-the-experience/#fn-1
You need to print the form out.

Jul 15th, 2020 11:49 am

adilh53: Deal Addict; Jul 11, 2008; 1865 posts; 1355 upvotes

Jul 15th, 2020 11:49 am

How long do you have to wait after closing your hsbc account(s) to be eligible for these sign up/promos again?

Or is it a one time only bonus for signing up/opening accounts with HSBC?

Last edited by adilh53 on Jul 15th, 2020 2:37 pm, edited 1 time in total.

Jul 15th, 2020 11:54 am

dzgzpy [OP]: Member; Mar 23, 2019; 225 posts; 121 upvotes

Jul 15th, 2020 11:54 am

Uploaded the pdf file in dropbox, thanks for pointing out.

Jul 15th, 2020 11:59 am

headleygrange: Deal Addict; Apr 13, 2017; 1382 posts; 598 upvotes

Jul 15th, 2020 11:59 am

Spouse and I reaped close to $2,000 back in 2018. Offer only valid for new customers who never held account in hsbc.

Jul 15th, 2020 12:10 pm

Bratcoin: Sr. Member; Jun 27, 2017; 515 posts; 711 upvotes; GTA

Jul 15th, 2020 12:10 pm

PSA: If you want to be able to close this account later on thru chat, do not apply for overdraft. You need to call in to close an account with overdraft. Relatively easy process still even if you call in but more steps than when doing it thru chat.

Jul 15th, 2020 12:14 pm

p2r2tdealslover: Jr. Member; Jul 2, 2018; 149 posts; 89 upvotes

Jul 15th, 2020 12:14 pm

yeah723 wrote: ↑ Here we go again I can't seem to find the fine print stating how long you need to keep the account open for, I might have missed it, the words are so small. Also here is the referral form, in case anyone is looking for it.
https://www.hsbc.ca/share-the-experience/#fn-1
You need to print the form out.

I had taken advantage of this offer in past and you need to keep account open for 12 months since the date they deposit the $300/$500 welcome bonus. If you are a newcomer the first 12 months should be completely free and you don't even need to maintain a minimum balance. For everyone else, maintaining $5000 (advanced account) should waive the account fees. The good thing about HSBC promotion compared to other banks is that you don't have to keep $5000 in chequing but you can put it in savings, gic, TFSA, rrsp, and other investment accounts. HSBC wants you to maintain a balance of $5000 with them.

Last edited by p2r2tdealslover on Jul 15th, 2020 12:16 pm, edited 1 time in total.

Jul 15th, 2020 12:14 pm

Leloiboi: Newbie; Oct 17, 2015; 98 posts; 55 upvotes; QC

Jul 15th, 2020 12:14 pm

the referrer of a Premier account does not need to be premier account holder, any HSBC account would do. Of course, to get 350 each for both, you need to find 100k to put in the new opened premier account within 6 months, and keep it there for a week.

Jul 15th, 2020 12:18 pm

p2r2tdealslover: Jr. Member; Jul 2, 2018; 149 posts; 89 upvotes

Jul 15th, 2020 12:18 pm

adilh53 wrote: ↑ How long ago do you have to wait after closing your hsbc account(s) to be eligible for these sign up/promos again?

Or is it a one time only bonus for signing up/opening accounts with HSBC?

With HSBC, it's once in a lifetime bonus for account opening unfortunately

Jul 15th, 2020 12:22 pm

chenredflagdeals: Jr. Member; Jul 8, 2010; 172 posts; 52 upvotes; Toronto

Jul 15th, 2020 12:22 pm

it is not fair for the existing premier client, like myself.
I like to switch my payroll to HSBC , DO I GET a $100 bonus ?

Jul 15th, 2020 12:23 pm

RainDown: Member; Mar 5, 2013; 331 posts; 378 upvotes; Kitchener

Jul 15th, 2020 12:23 pm

For HSBC Advance: The $25 monthly account fee is waived if you’re eligible**
**When you maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $5,000 or hold personal HSBC Bank Canada residential mortgage with original amount of $150,000 or greater

Jul 15th, 2020 12:23 pm

Kiraly: Deal Fanatic; Jan 9, 2011; 9317 posts; 10872 upvotes; Vancouver

Jul 15th, 2020 12:23 pm

p2r2tdealslover wrote: ↑ I had taken advantage of this offer in past and you need to keep account open for 12 months since the date they deposit the $300/$500 welcome bonus.

This. It's easy to miss. It's not 12 months from the day you open the account. So plan to keep the account open for 15 months to avoid clawbacks.

Did you get hit with customs/duties/import charges on an Amazon.ca purchase? Fight back!

Jul 15th, 2020 12:27 pm

Bratcoin: Sr. Member; Jun 27, 2017; 515 posts; 711 upvotes; GTA

Jul 15th, 2020 12:27 pm

dzgzpy wrote: ↑ 3. Plus there is HSBC wealthcompass transfer-in offer can be taken advantage of at the same time:
Terms and conditions:https://www.hsbc.ca/content/dam/hsbc/ca ... -tc-en.pdf
I personally did this last year and got the bonus after a year with no problem.

Is the Wealth Compass management fee waived as well? I only read about the transfer fee (registered account from another financial institution) being refunded.

Jul 15th, 2020 12:33 pm

dzgzpy [OP]: Member; Mar 23, 2019; 225 posts; 121 upvotes

Jul 15th, 2020 12:33 pm

Bratcoin wrote: ↑ Is the Wealth Compass management fee waived as well? I only read about the transfer fee (registered account from another financial institution) being refunded.

I think the fee is not waived, but since investing in wealthcompass is kinda passively managed investment, the MER is quite low I assume.

How much does it cost to invest with HSBC Wealth Compass?
For the most part, the cost to invest is the management expense ratio (MER) of the HSBC Wealth Compass FundsOpens in a new window. As of December 31, 2019, the MER for the HSBC Wealth Compass Funds ranged from 0.73% to 0.83%, depending on the fund. All mutual funds have an MER, which represents the sum of the management fee, operating expenses, and applicable taxes charged to a fund during a given year, expressed as a percentage of the fund’s average value. The Funds also incur trading costs when buying and selling ETFs. You don’t pay these expenses directly. They affect you because they reduce the Fund’s return.

On May 17, 2019, the management fee for each of the Funds was reduced by 0.25% and currently range between 0.50% and 0.60% depending on the fund. The above MERs don’t fully reflect this fee reduction yet.

There are no sales charges when you buy or redeem units of the HSBC Wealth Compass Funds. Please see the Prospectus and Fund Facts for detailsOpens in a new window.

For RRSP accounts, we charge an annual administration fee of $15 in two instalments of $7.50, plus applicable taxes, on the last business days of June and December. We collect this fee by redeeming sufficient units of the HSBC Mutual Fund with the highest market value in your account.

Other fees may apply for specific transactions – see the full details.
https://www.hsbc.ca/content/dam/hsbc/ca ... harges.pdf

Jul 15th, 2020 1:07 pm

dzgzpy [OP]: Member; Mar 23, 2019; 225 posts; 121 upvotes

Jul 15th, 2020 1:07 pm

Leloiboi wrote: ↑ the referrer of a Premier account does not need to be premier account holder, any HSBC account would do. Of course, to get 350 each for both, you need to find 100k to put in the new opened premier account within 6 months, and keep it there for a week.

I might not have the most accurate info then.

Locked

Top