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HSBC has a refer-a-friend offer where they’ll give $600 to new Premier Checking customers. Then once you’re a customer you an refer others and earn more money, in addition to the $600 they’ll earn. (HT: Nick at Frequent Miler)
- Open in-person or over the phone a ‘Premier Checking’ account under the ‘Share the Experience’ offer. Call the ‘Premier Relationship Team’ 866-788-5583 (Monday to Friday 9 a.m. – 4 p.m. Eastern).
- Provide an existing customer’s name and referral code. Mine is Gary Leff, S015290052 (that’s an ‘S’ followed by all numbers).
Offer valid through December 31Offer extended through January 31, 2021
After you open your account, you can refer family and friends. It takes two days for your referral code to be active. When they sign up with your code, they’ll get the $600 in their account – and you get $100. (You’re limited to $2000 in $100 referral bonuses per year.)
If you have a spouse, that’s an easy $1300 ($600 + $600 + $100). If you have parents, and your spouse has parents, that may be a total of $4100 between everyone. An so on, and so on.
To avoid a $50 monthly fee on the account, you need one of:
- $75,000 minimum balance in deposits or investments with HSBC, or
- Recurring direct deposit of at least $5000 per month, or
- HSBC residential mortgage with original principal amount of at least $500,000
To earn the bonus your account has to ‘meet qualifying requirements’ within 90 calendar days of account opening.
Many reports are that ACHs into the account will work as direct deposits, even though they aren’t supposed to. This isn’t guaranteed. Nick at Frequent Miler believes that paying the $50 monthly fee qualifies you, though that is not obvious to me in the terms. And when I signed up I was told there would be no monthly fee for the first six months in any case, to give customers time to move funds or set up payroll direct deposit.
It would certainly be worth the $50 per month fee until your bonus posts in order to earn the $600, however it also seems worth moving payroll direct deposit here for a few months to save $50 per month.
Some things to bear in mind:
- Bonuses are supposed to post within 8 weeks of being earned. These bonuses are reportedly successfully posting for people who did this in early September.
- Current HSBC deposit and investment customers aren’t eligible for the $600 new customer bonus
- Bonuses will be 1099 reportable
- There are smaller bonuses for lower-tiered accounts, I’m focused on the Premier account because it’s the biggest and you can only get get. There’s Fusion Business ($300), Advance ($200 bonus), and Choice Checking ($100 bonus) as well.
When I opened my account I was asked the purpose for the account (“besides the Share Your Experience bonus”) and I explained it would be a secondary checking account. I’m not longer using BankDirect for this since that account no longer earns AAdvantage miles, and I earn American miles with their Bask Savings Account instead. Ultimately whether or not you keep the account should depend on the value they deliver to you, but their referral bonus has certainly gotten my attention.
So why didn’t I go in on this (and share it) earlier? I was genuinely torn. London-based HSBC publicly supported China’s new security law for Hong Kong under which dissidents have been jailed, educators have been chilled (they’re now even ‘recommending’ textbooks and lessons), and pro-democracy legislators were removed from office.
I’ve put HSBC into the mental bucket of ‘bad companies’. But once I saw Frequent Miler report the bonuses posting I realized that I wouldn’t be rewarding them with my business so much, I could even turn their money into donations towards human rights promotion.