HSBC is a reputable bank so unless you have accidentally landed on a phishing website then the "welcome money" should be legitimate. Years ago I signed up for a Chase checking account under very similar terms specifically for the "welcome money" and received it as promised. I've been primarily banking with Chase ever since then.

Thanks for that anecdote - got it. Good one. BTW, HSBC is far and away the world's largest and primary money launderer :) But yes, they're totally reputable in the sense you mean :)

Look into "churning". This is typically used for credit card rewards and signup benefits, thebalance.com/what-is-credit-card-churning-4147321, but it can be used for other sign-up bonuses. The churning community will have broken down the rules and risks of these sign up bonuses pretty well.

Potential duplicate of money.stackexchange.com/questions/83574/…

Churning can make you some bonus dollars but occasionally a good card turns up as well. 6-7 years ago I opened an AMEX no fee credit card that provided a $100 bonus as well as a free year of Amazon prime if I spent $500 in 3 months. Geez, that's less than one semi-annual car insurance payment. I kept the card because it pays a 3% rebate year round on grocery and drug store purchases. I've had credit cards for over 40 years and have never paid out a penny in finance charges. I prefer to let them pay me for the usage convenience :->)

"I've had credit cards for over 40 years and have never paid out a penny in finance charges." fantastic factoid !

Banks used to give toasters to new customers. Now it's cash.

But do you really need more than one toaster per room?

I mean, it worked well for online gaming sites - just pay $ for acquisition. The only entities more slavering-desperate for signups, are indeed banks ..... so I guess it all makes sense! :O

This is the first "is this a scam?" question I've read that was not a scam; congratulations! :-)

funny one @EricLippert !

@EricLippert of course, some people's opinions of the major US banks would lead them to disagree :)

Slightly different use-case, but a bank offered me a $1200 cash incentive to switch my home loan to them (at a better interest rate than my current bank, no less). I took it, as the cash more than covered the exit fees from my current bank. It's not a scam; the bank is planning on earning profits that ultimately far exceed the cost of the initial payout. That's something they can almost always do if you sign up with them, and that they can certainly never do if you don't. For the bank, it's just a calculated risk.

I find it strange however that you get $200 for parking $1500, but only $350 for parking $10000, and only $750 for parking $100000. If one has the means to park $100000 for 90 days, one should rather try to open 60 accounts of $1500 each and earn $12,000 :)

Is this anymore of a scam than—let’s say—the cable company offering one year of discounted service that is then doubled beginning when that year ends?

@Fattie: Heads-up: While these are not scams, I've read that HSBC in particular is a notoriously difficult bank to deal with in these regards. Other banks are purportedly better about these bonuses.

that's a great tip, @Mehrdad - I'll report back! :)

@HagenvonEitzen LOL that's a great point! :)

@JakeGould , right that's precisely what I was asking. The answer seems to be simply that "Yes, this is totally common in the US." (Just as with the "cable company" example.)

I just saw a Chase ad for $375, so the scam is that you're only getting $200.

@Harper lol good one