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

  • Last Updated:
  • Jan 6th, 2021 3:18 pm
Jr. Member
User avatar
Mar 28, 2011
161 posts
110 upvotes
GTA
very strange bank... not positive experience.
Member
Nov 14, 2007
312 posts
68 upvotes
i didnt have a good experience with them either. i had a business account with them, it had about 25k parked and its pretty much idle since I do my regular business banking with another bank, they contacted me and asked me to close the account, basically they dont want my business anymore.
Jr. Member
Aug 1, 2010
108 posts
57 upvotes
deltatux wrote: 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 ... ria-en.pdf
Where did you see the at least 12 months opening?
Also, this seems to be excluded for QC
Sr. Member
Jan 8, 2012
661 posts
435 upvotes
Williams Lake
It's on page six of the T&C.

Search for "clawback".

And my reading has it as "one year after you receive the welcome bonus" so it might be even longer than one year.
Member
Dec 3, 2018
343 posts
318 upvotes
price31 wrote: Where did you see the at least 12 months opening?
Also, this seems to be excluded for QC
where does it say that Qc is exluded?
Jr. Member
Dec 7, 2008
153 posts
70 upvotes
Alright, I just signed up in person at a local branch. You need to keep the $5000 in the account for a year straight in order to keep the $300. But it can be in a savings account, or even an investment like a GIC, mutual fund etc.. Adding your payroll deposit, 2 pre-authorized payments and an online bill payment will add additional funds. My bank rep also told me I still have 1-2 weeks to quality for a referral, meaning if I find someone who's already a HSBC client, we can both qualify for an extra $100. Too bad I don't know anyone lol.

I also applied and was approved on the spot for their world elite mastercard, the bank rep was helpful and answered all my questions. Never been a client before, but so far my first impression of HSBC has been pretty positive. We shall see in this coming year I guess lol.
Member
Aug 12, 2010
227 posts
37 upvotes
Toronto
ONE OF THE WORST RETAIL BANKING EXPERIENCE EVER
Sr. Member
Feb 23, 2005
773 posts
191 upvotes
hsbc if is not the worst bank, very close to it. from my personal experience:
-overall, the way to access the bank is different from most Canadian banks, uncomfortable.
-Staff is unprofessional or incompetent, not an isolated case.
-hard to get resolved if anything goes wrong
-by far we (family and friends) total opened 5 accounts, none of them received the full amount of cash incentive, still fighting for it.
-after 8 months still can't access one of the business account.
-totally regretting, not worth the hassle and time wasted at all.
Deal Addict
Feb 28, 2006
3472 posts
130 upvotes
Toronto
worst bank. they dont care about you
...
Deal Fanatic
Dec 16, 2005
5396 posts
3461 upvotes
I tried to do a mortgage with these guys last year. It was a disaster. No one gets back to you.

Ended up just renewing with BMO because time ran out.
Jr. Member
Jul 8, 2010
172 posts
52 upvotes
Toronto
I’ve been a Premier customer for a couple of years now — no major issues to speak of.

Compared to major banks, below RBC, TD,CIBC in terms of the number of branches, better than Bank of NS , National Bank
Deal Fanatic
User avatar
Mar 8, 2005
5786 posts
805 upvotes
Been with hsbc since June left year, when moving for my mortgage over.

Their online banking interface is very mediocre. Lacks a lot of functionality and information compare to a domestic bank. I decide to treat this account as my payroll only account and do my daily banking with tangerine.
Deal Fanatic
Jul 8, 2010
7230 posts
434 upvotes
York
I did this in the past and closed my account about 6 months ago. Would I be eligible to do it again?
Deal Addict
Jul 26, 2006
2284 posts
637 upvotes
Sprite_TM wrote: worst bank. they dont care about you
After opening and closing and A/C, my experience is that the staff have to absolutely follow HSBC rule book. No discretion whatsoever for the tellers which make a disagreeable experience. I missed so many things that my local bank gives me. Like no-hold cheques/bank draft, large cc limit, more branches, etc. In the end, it was not a value move for the little money that was saved.
Member
Jun 11, 2015
433 posts
431 upvotes
Vancouver, BC
I agree with the general chorus of complaints about HSBC.

HSBC has the worst IT and procedures of any bank I've used, and I've used 50+ different banks.

If you do not need international transfers outside of Canada / US, I would avoid.
Newbie
May 21, 2015
67 posts
30 upvotes
Montreal, QC
price31 wrote: Terms & Conditions
https://www.hsbc.ca/content/dam/hsbc/ca ... fer-en.pdf
"This offer is only available to residents of Canada other than the province of Quebec"

or even directly in the link provided, search for the word QUEBEC
My understanding it refers to their credit card offer only, that’s why QC residents have a separate offer.

Hope it helps.
Deal Fanatic
Apr 15, 2009
5558 posts
3494 upvotes
M-Arkham
TWELVES wrote:
If you do not need international transfers outside of Canada / US, I would avoid.
Historically, that is what they are good at(only thing they're really good at in Canada), since they did get started by laundering opium and other type of money outta Asia for the Brits.


And yeah, their phone app and website interface is a horrible piece of crap
1x Zoomer $45 for 7GB ,unlimited can wide talk n unlimited txt
1x Fido $40 for 5GB w/ unlimited Can Wide txt/talk small plan(+3GB bonus )
1x Fido $45 for 4Gb w/ unlimited Canada wide n 1000 int min + LG velvet 5G

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