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

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  • Oct 26th, 2020 3:09 am
Deal Addict
Feb 4, 2003
2263 posts
235 upvotes
To get the referral bonus, does the referral person submit the form for me or i have to get their information and submit it with my application?

Since i just got my cibc bonus for my investments, i'm thinking now to move it to HSBC for this offer to meet the premier account requirements and also get their Credit card offer at the same time.

Anything else I should be aware of?
Member
Mar 23, 2019
224 posts
121 upvotes
zzricezz wrote: To get the referral bonus, does the referral person submit the form for me or i have to get their information and submit it with my application?

Since i just got my cibc bonus for my investments, i'm thinking now to move it to HSBC for this offer to meet the premier account requirements and also get their Credit card offer at the same time.

Anything else I should be aware of?
Either way would work.

the bonus would arrive 1-3 months after you fulfill the requirements I think, and you need to keep your account with them for a year after that.

right now you can sign up for their wealthcompass investment product to stack more welcome bonus because it sounds like you are already planning transferring your investment out from CIBC.
Deal Addict
User avatar
Oct 23, 2006
4677 posts
1672 upvotes
Winnipeg
I know HSBC gets little love here, but this promo is pretty hot.

After signing up for the Mastercard last week, decided to sign up for the chequing account yesterday. Walked into a branch and lucked out with a Premier Rep to set me up.

Took 45 minutes, and no extra credit check because of the previous credit card app. No extra upsells, the rep was competent.

With the Premier Referral of $350 + $500 bonus
+ $100 Direct Dep + $50 Bill Pay + $50 PAD’s

This is an easy $1050 cash in pocket.

(Minus Opportunity cost of losing interest on $25k for 3
Months for the Premier acct. + 45 min acct set up)

Hope I can refer some friends at work, any extra $100-$350 is just gravy
Deal Fanatic
Apr 15, 2009
5267 posts
3177 upvotes
M-Arkham
The one thing I really like about HSBC compare to other retail brick and mortar banks(for a bank with actual branch, so tangerine/simplii/etc does not count).

The minimum balance requirement to qualify for your fee waiver, you can keep it in any type of accounts with them. That mean, you don't have to have 4 or 5k sitting pointlessly in a chequing account, you can just have it sitting in a Saving, TSFA, GIC, RRSP
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Deal Addict
Oct 29, 2004
1345 posts
179 upvotes
milolai wrote: 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 jizz towards HSBC - but there is no reason to bank with them.
I've been a Preimere holder for over 10 years and they are really bad. They even lost my money transfer for months and they had no answers. I'm looking for another institution but i find RBC even worse.
If they treat Jade customers bad, a Premiere or Advance customer dont have a chance.
Can I open a different Preimere account such as savings and get the $500? Then leave to another bank after a year. Wow 1 year commitment
Sr. Member
Apr 14, 2006
606 posts
362 upvotes
St Johns
jon604 wrote: I've been a Preimere holder for over 10 years and they are really bad. They even lost my money transfer for months and they had no answers. I'm looking for another institution but i find RBC even worse.
If they treat Jade customers bad, a Premiere or Advance customer dont have a chance.
Can I open a different Preimere account such as savings and get the $500? Then leave to another bank after a year. Wow 1 year commitment
There's a reason they are throwing so much $ into this offer ... Jade, Premier, you name it, it's an awful bank.
Deal Guru
Jan 12, 2017
12131 posts
3275 upvotes
Scarberia
tempting to do this but im tied up with 2 cibc and 2 simplii accounts! cannot do any more split paycheck deposits!
1)can u do the referall later on after u signed up?
2)when is the last date for this promo, i think i might try that advance checking account
3) how long do i need to keep the 5000$ in the account for? 6months?
4) after the 300$ bonus hits...can i cancel the account or do i gotta stay like a one year still?

tia
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Sr. Member
Jul 1, 2006
635 posts
432 upvotes
Brewmeanie wrote: The one thing I really like about HSBC compare to other retail brick and mortar banks(for a bank with actual branch, so tangerine/simplii/etc does not count).

The minimum balance requirement to qualify for your fee waiver, you can keep it in any type of accounts with them. That mean, you don't have to have 4 or 5k sitting pointlessly in a chequing account, you can just have it sitting in a Saving, TSFA, GIC, RRSP
FWIW, CIBC has something similar. You can have $100K in investments and you get free unlimited chequing account + annual fee waivers on their credit cards. No need to park money in an account that isn't doing anything for you.
Sr. Member
Jul 1, 2006
635 posts
432 upvotes
tradinghumble wrote: There's a reason they are throwing so much $ into this offer ... Jade, Premier, you name it, it's an awful bank.
I'm at the beginning of the referral process and am attempting to setup an appointment with a Premier RM.

Do you think it's worth the hassle for the ~$1K of bonus payouts? Or should I just bail before I get started.
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Oct 23, 2006
4677 posts
1672 upvotes
Winnipeg
sckor wrote: I'm at the beginning of the referral process and am attempting to setup an appointment with a Premier RM.

Do you think it's worth the hassle for the ~$1K of bonus payouts? Or should I just bail before I get started.
Who cares if the bank sucks if you are using it specifically for the sign up bonus. Meet the minimum criteria and bail.

This is the best bank account sign up bonus and if they pay out consistently then it’s worth it. Easy $1000 with a referral with Premier. And even if it’s advance, with a referral it’s an easy $600 for parking $5000 for 3 months.
Deal Addict
Jul 30, 2005
1950 posts
87 upvotes
canuckcolehead wrote: Who cares if the bank sucks if you are using it specifically for the sign up bonus. Meet the minimum criteria and bail.

This is the best bank account sign up bonus and if they pay out consistently then it’s worth it. Easy $1000 with a referral with Premier. And even if it’s advance, with a referral it’s an easy $600 for parking $5000 for 3 months.
I agree with canuckcolehead above - who cares if they are leaving a lot to be desired in some areas - its an easy $1000 bonuses - you just have to be ready to park $5K for 90 days. Its the highest bonus that I have been able to get from any Canadian bank.

I have referred some family members so far and its been a smooth process.
Sr. Member
Apr 14, 2006
606 posts
362 upvotes
St Johns
sckor wrote: I'm at the beginning of the referral process and am attempting to setup an appointment with a Premier RM.

Do you think it's worth the hassle for the ~$1K of bonus payouts? Or should I just bail before I get started.
Ultimately your decision but here's some info:
- You won't feel any "Premier" after the account is setup
- As far as the Mastercard is concerned the only difference is that you won't pay the annual fee for the 2nd card... you can probably have a better deal with any other MC WE such as Rogers (1.5%, no FYF and no charges for add cards)
- The new Mobile app is nice, the Web authentication is painful ... you go from code to code
- Most importantly, have you thought about all the work you will have to put towards changing Payroll, recurring payments, etc... AND, transferring the $100k (likely by opening a new HSBC DI account) ... lots of forms
- Lastly... HSBC DI is so so...

My 2c$
Sr. Member
Sep 11, 2011
695 posts
300 upvotes
Alberta
I did the Simplii, TD and Coast Capital offers last year. Very minimal effort.

HSBC vs BMO this year.... $500 vs $300 for same requirements basically.

Probably going to go with HSBC since I'll be locked in with their CC to get the full welcome bonus the next while anyways and I'll be cancelling my BMO Airmiles card once the megamiles bonus posts...

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