HSBC launches $100 bonus deal and a 2% cashback offer
New HSBC Everyday Global customers can get a $100 bonus after signing up, and all customers can earn 2% cashback on eligible tap and pay purchases.
HSBC has launched some new deals on its transaction account that give new and existing customers the chance to earn some cash. The first deal gives new customers a $100 cash bonus when they open a new Everyday Global Account and deposit $2,000 a month for 3 months in a row within the first 6 months of opening the account.
The second deal offers new and existing customers 2% cashback on tap and pay purchases less than $100. This offer includes all types of tap and pay purchases, including those made by the linked Visa Debit card or by using Google Pay or Apple Pay on your phone. For example, if you made a $50 tap and pay purchase using Visa payWave, you'd get $1 back in your account. If you made a $90 tap and pay purchase with Apple Pay or Google Pay, you'd get $1.80 back.
The new 2% cashback offer allows customers to earn up to $50 a month in cashback, meaning you'd need to make at least $2,500 worth of eligible tap and pay purchases in the month to earn the maximum cashback benefit. This isn't to say you'd need to spend this amount, though. If you made $1,500 worth of eligible tap and pay purchases in the month you'd still earn $30 in cashback. Purchases over $100, or transactions where you insert your debit card into the EFTPOS terminal and enter your PIN to pay, aren't included in the cashback deal.
To be eligible for the new 2% cashback offer customers need to deposit at least $2,000 a month into their HSBC Everyday Global Account. This could be, for example, your salary. There are no withdrawal restrictions, so you can spend this money and still be eligible for the cashback deal, as long as $2,000 hits your account before the last day of the calendar month.
There's a third deal too. By depositing this amount each month, customers can earn an additional 0.40% p.a. bonus interest when they link the everyday account to the HSBC Serious Saver. This savings account has an ongoing, standard rate of 0.70% p.a. but customers who meet the deposit requirement can earn 2.10% p.a. instead.
While a lot of people might remember the popular 2% cashback deal ING used to offer, the bank ended this deal in 2016. Since then, we haven't seen many banks offer cashback deals like this.