HSBC Premier Checking Account Bonus Offer: Up to $2,500 If You Can Meet the Requirements

The HSBC Premier Checking account is not an everyday checking account. Eligibility criteria are strict and exclusive. But if you can qualify? The checking account offers a wealth of perks, particularly for world travelers.

And from July 1, 2024, through Nov. 22, 2024, new customers can get an extra sweet deal: either a $1,500 or a $2,500 cash bonus for meeting specific requirements.

How to get the HSBC Premier Checking account bonus

HSBC is offering new Premier Checking customers the opportunity to earn either $1,500 or $2,500 when opening an account between July 1 and Nov. 22, 2024. But opening the account is only the first step. Here’s how to get the bonus:

Earning the $1,500 new customer bonus

To get the $1,500 bonus, you’ll need to:

1. Open a new HSBC Premier Checking account.

HSBC Premier Checking

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HSBC Premier Checking

Min. deposit

• At least $75,000 in total deposits and/or investments
• At least $5,000 in total direct deposits
• A U.S. residential mortgage loan with an original loan amount of at least $500,000

Monthly fee

$50 (waived in several ways)

Welcome offer

$1,500 or $2,500

2. Add new money (between $100,000 and $249,999) to any HSBC deposit and/or eligible investment accounts within 20 days of opening the checking account.
3. Maintain that $100,000+ balance for three full consecutive months.

Earning the $2,500 new customer bonus

Want to add an extra $1,000 to your bonus? You’ll need to add at least $250,000 in new money across all deposit and eligible investment accounts at HSBC within the first 20 days of opening the Premier Checking account—and keep that balance of $250K+ for three consecutive months.

If you’re able, you’ll earn the $2,500 bonus.

When you get your money

Assuming you meet the criteria for one of the bonuses, you can expect HSBC to deposit the bonus cash into your new checking account within eight weeks of meeting all the requirements. That’s eight weeks on top of a full three months, meaning it’ll be roughly five months before you claim your bonus.

How to open an HSBC Premier Checking account

Given the high deposit and investment account minimums needed to qualify for HSBC’s bonus, it’s not for everyone. This bonus—and the Premier Checking account in general—are designed for individuals with a higher net worth and liquid-enough funds to move either into HSBC deposit accounts or eligible investment accounts.

So how do you actually get a Premier Checking account from HSBC Bank? Here’s a look at qualifying criteria and what you need when applying:

To qualify for a Premier Checking account

The HSBC Premier Checking account is only available to consumers who are at least 18 years old and currently located in the United States or one of their additional eligible countries.

You’ll also need at least one of the following to qualify for the account:

• $75,000 or more in deposits or investments.
• $5,000 or more in monthly direct deposits.
• A U.S. residential mortgage loan with a borrowing amount that was originally $500,000 or more.

What you need to apply

If you meet all of HSBC’s stringent criteria and have enough money ready to deposit to earn the bonus, here’s what you’ll need when applying to open the account:

• Your personal details.
• Proof of your permanent address.
• Proof of your identity.
• Your employment, income, and tax information.

Eligible students will also need to prove they’re actively enrolled in school.

What are the perks of an HSBC Premier Checking account?

The HSBC Premier Checking account is tough to qualify for, but it offers some great perks if you travel regularly. Most notably, the Mastercard chip debit card has no foreign transaction fees.

And with Premier status, you can access your global deposit accounts online and transfer funds with Global View and Global Transfers—meaning you can transfer money in more than 28 currencies and 22 countries and regions without any fees (up to $200,000 a day). You can even send money in local currencies with real-time rates.

And these perks aren’t just for you. HSBC lets you share that Premier status with four family members.

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The Premier perks discussed above—plus several others to consider—are the reason we named the HSBC Premier Checking account the best checking account for world travelers. And the account certainly offers one of the best bank account bonuses if you can have the required deposit funds and travel regularly.

But is a Premier Checking account worth it for the typical bank customer? Probably not. As attractive as a $2,500 bonus is, the requirements are steep, and the account perks aren’t relevant for everyday spenders. Plus, there is a (waivable) $50 monthly fee that could quickly eat into your bonus earnings.

If you were already entertaining an HSBC Premier Checking account because of your jet-setting lifestyle, the bonus is solid. But if you simply saw the $2,500 bonus but have no practical use for this checking account (or can’t qualify), consider one of these best rewards checking accounts instead.