HSBC is offering two promotional checking accounts, the first promo checking account is a $75 bonus for opening an HSBC Plus Checking Account. The second promo checking account is $25 for opening a Choice checking account. The offers are good until March 31st, 2009.

To qualify for either bonus certain qualifications have to be met.

HSBC Plus Checking Account $75 bonus qualifications and details:

• Minimum opening deposit of $8,000 to receive the bonus
• Deposit must be “new money”, money not currently held in HSBC accounts
• Limited to one (1) offer per household
• Once the qualifications have been met the $75 promo bonus will be deposited into the account within 6 to 8 weeks
• There is a $15 monthly fee if your combined balances “related to your checking account is below $15,000
• The annual percentage yield (APY) is a pathetic 0.05%

 HSBC Choice Checking Account $25 bonus qualifications and details:

• Minimum opening deposit of $3,000 to receive the bonus
• Deposit must be “new money”, money not currently held in HSBC accounts
• Limited to one (1) offer per household
• You must get a HSBC Debit MasterCard with Paypass
• Once the qualifications have been met the $25 promo bonus will be deposited into the account within 6 to 8 weeks
• There is a $8 monthly fee if your combined balances “related to your checking account is below $5,000. The fee is waived if you have direct deposit setup with the account
• You do not earn an interest rate on the account.

Hmm.. on closer look these bonus checking accounts are only a good deal if you have other accounts with HSBC, even then you’re not earning any interest on your deposit. Crunch the numbers to see if it’s worth it.

HSBC Checking Account Bonus Application