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[HSBC] Switch to HSBC to get up to $1000 back

  • Last Updated:
  • Oct 26th, 2020 12:42 pm
[OP]
Sr. Member
Feb 28, 2014
527 posts
627 upvotes

[HSBC] Switch to HSBC to get up to $1000 back

Deal Link:
Expiry:
November 30, 2020
Retailer:
HSBC
More offers from HSBC
HSBC is doing a new switch over promo where you can get up to $1000 for moving your banking with them.

HSBC Premier
  • $500 for signing up for the account & for online banking - requires $25k deposit in either chequing or savings for 3 months.
  • Must have either $100k assets with HSBC, a $500k+ mortgage with HSBC or $6500/month income deposit + $100k verification of deposits & assets under management in Canada to qualify for HSBC Premier

HSBC Advance
  • $300 for signing up for the account & for online banking - requires $5k deposit in either chequing or savings for 3 months.
  • In order to waive fees, you need $5k in deposit at HSBC or $150k+ mortgage with HSBC.

HSBC Student Chequing & HSBC Young Savings Account
  • $100 for signing up & for online banking - requires $1k deposit for 3 months.

On top, you can get additional cash back & rewards:
  • $100 for payroll switch within 6 months
  • $50 for making 2 bill payments within 3 months
  • $50 for making 2 pre-authorized payments within 3 months
  • $50 for creating an HSBC non-registered investment account and set up a recurring investment plan
  • $50 for sending 2 International foreign exchange wires within 6 months
  • $51 for opening a safety deposit box within 6 months
  • Get first year annual fee rebate (value up to $149) on your HSBC credit card if opened within 3 months of account opening.

You must keep your account active for 12 months after you receive the payout to prevent the rewards from being clawed back.

For more on the T&Cs:
https://www.hsbc.ca/content/dam/hsbc/ca ... fer-en.pdf

EDIT: Fixed T&C link.
Last edited by deltatux on Jul 27th, 2020 2:03 am, edited 1 time in total.
213 replies
[OP]
Sr. Member
Feb 28, 2014
527 posts
627 upvotes
SammyDavis wrote: Not a great bank.
Even if you don't want to use them as a primary bank. Going for the HSBC Advance account, you'll still get $300 back on a $5k deposit. You can see it as a 15 month "GIC" with a 6% return.
Deal Addict
Jul 30, 2001
3195 posts
1941 upvotes
GTA
SammyDavis wrote: Not a great bank.
I disagree.

I’ve been a Premier customer for a couple of years now — no issues to speak of. A lot of your experience (as with any bank) comes down to your local branch. Mine is great, very responsive when I’ve needed assistance.
Deal Fanatic
Jul 22, 2007
6206 posts
5374 upvotes
Calgary
deltatux wrote: Even if you don't want to use them as a primary bank. Going for the HSBC Advance account, you'll still get $300 back on a $5k deposit. You can see it as a 15 month "GIC" with a 6% return.
I guess so. Their policies toward Hong Kong are disturbing now though.
Deal Fanatic
Dec 24, 2005
5537 posts
1172 upvotes
really the worst normal bank that exist - even before you get into their deplorable actions in China.

i say this as a Jade client now after I refinanced my mortgage with them last year

I would not recommend them to anyone despite a low rate on paper. If i was actually buying a house we would have closed 9 days late. I would have been sued and probably last the home.

I would not trust them to make me and sandwich let alone manage my money.

On rfd somehow everyone wants to towards HSBC - but there is no reason to bank with them.
Last edited by Redmask on Sep 18th, 2020 12:59 pm, edited 1 time in total.
Reason: Make your point without the inappropriate content.
Deal Addict
User avatar
Sep 19, 2002
3370 posts
2041 upvotes
Vancouver
N8Magic wrote: I disagree.

I’ve been a Premier customer for a couple of years now — no issues to speak of. A lot of your experience (as with any bank) comes down to your local branch. Mine is great, very responsive when I’ve needed assistance.
Agreed. It’s “not a great bank” only for those with not a lot of money.
Newbie
Nov 1, 2016
79 posts
73 upvotes
Toronto
SammyDavis wrote: Not a great bank.
Yeah, can't compare to a local bank in terms of branch location and customer service (Slightly better than TD, but would still question where you get your money as a criminal).
It does offer some great rates in Canada. Plus it is absolutely awesome able to open a bank account like US/UK account remotely in Canada + send money worldwide for free if you are a premier customer.

They existed for over 150 years and known for their scottish conservative way of banking, I would trust my money with them.
TBH How they deal with those political problem is very British, always talk practicality first. Face With Tears Of Joy
Deal Addict
User avatar
Feb 18, 2013
1721 posts
9195 upvotes
deltatux wrote: Even if you don't want to use them as a primary bank. Going for the HSBC Advance account, you'll still get $300 back on a $5k deposit. You can see it as a 15 month "GIC" with a 6% return.
What do you value your time at? Did this same promo last year and ended up spending 3-4 hours in the branch (not super close to my home mind you) between the initial sign up consultation, credit card, and getting all the rewards I was entitled to (some required manual posting).
Deal Fanatic
User avatar
Jan 9, 2011
9018 posts
10447 upvotes
Vancouver
milolai wrote: On rfd somehow everyone wants to jizz towards HSBC - but there is no reason to bank with them.
It's the no-FX feature of the World Elite credit cards. I like to save 2.5% FX fee as much as anyone else, but it seems that some RFDers are willing to give up their first born to avoid paying a dime's worth of that damn 2.5% FX fee.
Jr. Member
Oct 17, 2015
155 posts
186 upvotes
Toronto
Good to be park 5000 on 3 months GICs and earn 300 bonus plus
0.45% interest on it.
Sr. Member
Jan 8, 2012
649 posts
431 upvotes
Williams Lake
Thanks OP.

One of these looks to work for me.

Can anyone point me to the wording regarding having to keep the account open for 12 months or suffer a clawback?
Member
Dec 10, 2012
297 posts
139 upvotes
GTA
Is there a limit when i can participate again on these promo? Was in for a previous one and only closed my account a few months ago. Wouldn’t mind opening back up one for the money
Deal Fanatic
Jul 22, 2007
6206 posts
5374 upvotes
Calgary
hkhorace wrote: Is there a limit when i can participate again on these promo? Was in for a previous one and only closed my account a few months ago. Wouldn’t mind opening back up one for the money
It sounds like you have to be a new customer, never had HSBC before. I did this promo last year and still maintain a savings account there so I am most likely not eligible.

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