Is HSBC Premier worth it?

moneysavingallday

I am considering upgrading from PLus to Premier. What do you actually get in reality? What do the Relationship Managers do for you?

97trophy

moneysavingallday wrote: »

(1) What do you actually get in reality? (2)What do the Relationship Managers do for you?

Hi

Had such an account for 9 months.

1) I like; the free travel insurance, free £500 o/d facility, great CC t&c (market FX rates and low charges), UK call centre, branch staff are noticeably more helpful, you can draw against cheques quicker etc, free overseas accounts (which I needed).

2) hmmm, I don't use mine much so I can't add anything of value.

Sure much of this stuff is available elsewhere for low cost or free.

I like the service but I can see that it is not for everyone. Anything else specific you want to know please ask.

Cheers

sillylittlejill

my OH has that, he's only 20 but the guy he sees is really helpful and he likes the freebies they tend to try and sell you a lot more though, so be strong when you go to see the guy... my boyfriend took me when he had a meeting as they were trying to get him to sign up for medical insurance or something similar for £30 a month but in reality he would never have used it.
Otherwise he thinks it great though

Mr_K

Not worth if you have to pay for it. I've had it for about 18 months. It was offered it for free as I had over 50k with them at the time. Don't have that much with them any longer (as their interest rates are now cr*p), but they're still not charging. As soon as they do say they're going to charge I'll revert back to an ordinary account. I haven't heard from the 'relationship manager' since I opened the account (!). The 10% Regular Saver is nice but certainly not worth 20 quid a month.

moneysavingallday

I thought it was still £20 a month if you have £50k + savings with them?

No Relationship Manager for you then? That's pretty crappy

97trophy

moneysavingallday wrote: »

I thought it was still £20 a month if you have £50k + savings with them?

If you have £50k savings or investments with hsbc its free. I think the same may apply of you have a £250k mortgage.

skyjumper

it's free if

you have £50k savings with HSBC
OR
You have a £250K mortgage with HSBC

otherwise they can charge you for it, £20 per month.

it's worth if it's free as you get a UK based personal relationship manager and can call them in case you need to sort out anything including opening a account in any other countries where HSBC operate.
of course, the free Family travel insurance and the chance to open the 10% Regular saver with them -for PLUS customers it's 8%
and the upgraded version of the Debit card which says PREMIER on it
and the Black Mastercard Credit card -which kinda accumulate points whenever you spent on it, and the EXTRA insurance you get with it if you spent on anything electrical or electronic.
hope this helps.

IMO don't pay for it as you can get most of the things for a cheaper price else where. But then it's just my opinion

moneysavingallday

I'm real confused now. I thought Premier is ONLY available when you have £50k to invest in HSBC. I didn't realize people with less than £50k can get it if they pay for it.

ShelfStacker_3

moneysavingallday wrote: »

I'm real confused now. I thought Premier is ONLY available when you have £50k to invest in HSBC. I didn't realize people with less than £50k can get it if they pay for it.

They can't. However, if you qualify, switch and then cease to qualify then you need to pay £25 a month for it.

ldavies_3

ShelfStacker wrote: »

They can't. However, if you qualify, switch and then cease to qualify then you need to pay £25 a month for it.

Pay the £25 or downgrade to another current acc.. you dont have to pay on a "normal" account

Mr_K

Well I haven't had 50k with them for 6 months now and am still not paying.

As already said I've never heard from the relationship manager since I opened the account. This may be because I've opted out of marketing, but if thats all this manager does, I think you'll find they'll flog their products to you in each branch for free !

Don't get me wrong, I like HSBC, been with them for 20 years. The online banking is excellent. However this account is just a gimmick to make feel special/superior which people must be falling for.