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 !

@user662852 - not a big deal, but that's about the "gift cards" that Amazon (and everyone!) give away at the drop of a hat; while related I guess it's not really a dupe.

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 :)

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