HSBC Premier Checking Account Offer (4.50% APY for Savings)

You can earn a higher relationship APY when you open an HSBC Premier Relationship Savings account and link it to your eligible Premier checking account. See the full details of this promotion below!

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

HSBC Premier Checking Account Offer

Open an HSBC Premier checking account and you’ll enjoy premium banking with benefits. One such benefit is earning a higher Relationship APY of 4.50% when you open an HSBC Premier Relationship Savings account and link your eligible Premier checking account and meet least one of the following eligibility criteria each month:

  • Spend $500 on your debit card: Make $500 or more in purchases or payments (excluding ATM withdrawals) using the HSBC Debit Card associated with your linked HSBC Premier checking account or
  • Receive $5,000 in direct deposits: Qualifying direct deposits of $5,000 or more into the linked HSBC Premier checking account or
  • Have a $500,000 mortgage: HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000 or
  • Hold Premier Elite status

Offer Details

Availability: Nationwide
Expiration: 6/30/24
Household Limit: None
Direct Deposit Required: No
Early Account Termination Fee: None

HSBC Premier Checking Account

The HSBC Premier checking account is HSBC’s top-tier consumer checking account, with features and benefits that include unlimited rebates on non-HSBC ATM withdrawals, global transfers, and preferred HSBC mortgage rates:

  • Move money domestically and globally seamlessly and securely with our flexible money movement services
  • Credit portability that allows you to live, work and travel with HSBC Premier status around the world
  • Get a higher Relationship APY when you open an HSBC Premier Relationship Savings account and meet eligibility criteria
  • Wealth solutions offered by HSBC Securities (USA), Inc.

Account Fees

The account comes with a $50 monthly maintenance fee that is waived for the first six months. After six months, the monthly fee can continue to be waived by:

  • Maintaining a minimum balance of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts OR
  • Making monthly recurring direct deposits totaling at least $5,000 or more per month from a third party OR
  • Having an HSBC U.S. residential mortgage loan with an original mortgage value of at least $500,000 (not an aggregate of multiple mortgages – Home Equity products are not included).

My Opinion

At the time of this writing, the Relationship APY is 4.50% compared to the standard APY of 0.05%, which is 90 times higher. If you’re planning to bank with HSBC, this makes it a no-brainer.

A 4.50% APY is also very competitive compared to the national deposit rate for a savings account of 0.47% APY. It would also rank up there in my list of the best savings rate.

Previous Promotions

The following promotions have expired, but are listed here for you to reference for informational purposes.

HSBC Premier Checking Bonus – Up to $4,000

New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 (“Offer Period”) and complete qualifying activities.

Get started by opening a Premier checking account and earn a bonus based on the amount you deposit within the first 20 days of account opening:

  • Receive a cash bonus of $1,500 when you deposit or invest $100,000 to $199,999.99
  • Receive a cash bonus of $2,000 when you deposit or invest $200,000 to $299,999.99
  • Receive a cash bonus of $2,500 when you deposit or invest $300,000 to 499,999.99
  • Receive a cash bonus of $3,500 when you deposit or invest $500,000+

Plus, earn an extra $500 when you set up recurring monthly Direct Deposit of at least $5,000 for 3 months.

$3,500 Cash Bonus Details

Each requirement must be met in order to qualify for Cash Bonus:

  1. Open a new HSBC Premier checking account (“New Account”) during the Offer Period AND
  2. Meet a Qualifying Balance of $100,000 or more of New Money in deposit and/or eligible investment accounts within 20 calendar days of opening the New Account AND
  3. Maintain the required Qualifying Balance for 3 full consecutive calendar months following the New Account opening month

If all offer requirements are met, the Cash Bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified. Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.

$500 Extra Cash Bonus Details

To qualify for an Extra Cash Bonus of $500, new customers must:

  • Meet all the requirements for the Cash Bonus AND
  • During the Offer Period, begin receiving Qualifying Direct Deposits totaling at least $5,000 per calendar month into the New Account on which the New Customer is “primary”; AND
  • Maintain the recurring Qualifying Direct Deposits for 3 full consecutive calendar months. The date of the first Qualifying Direct Deposit posted to the New Account starts the count of 3 full consecutive calendar months

If all offer requirements are met, the Extra Cash Bonus will be deposited into the New Account within 8 weeks from the date the New Account is fully qualified for the Extra Cash Bonus. Any payments may be subject to tax and will be reported to the Internal Revenue Service as required by applicable law.

My Opinion

Previously, the bonus was $500 for the monthly direct deposits. HSBC is now offering cash rewards as high as $3,500, determined by the total balance of your deposits and investments that you transfer over.

An offer up to $4,000 is on the upper-tier of bank account bonuses, but the large deposit/investment requirement to get the entire bonus amount would be difficult for many people.

I personally think it’s worth your time to grab any bank bonuses that your situation allows you to. It gives you and I an incentive to try out a bank product we might not have otherwise. I’m definitely planning to hop on this one.

If the requirements of this offer is too high for you, check out my list of the best bank bonuses to find an easier promotion. For example, Chase is offering a $300 bonus to open an account and make a direct deposit of just $500.

The Bottom Line

Overall, HSBC promotions tend to be generous. Although it’s unfortunate that the bonus up to $4,000 has ended for the checking account, it’s nice to see the rate bump offered for their savings account by opening the Premier checking account.

Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

*Investment and annuity products are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. HSI is an affiliate of HSBC Bank USA, N.A.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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