HSBC Premier Downgrade

ian-d

Currently a Premier customer due to savings (ISA) but will be moving this away at the end of the fixed term (next week). As my account will then fall short of the £50k requirement, does anyone know what the procedure is for downgrading back to a normal account? Will it cost me given that I presume they will want to replace my debit/credit cards?

Appreciate I could ask them directly, but more likely to get a straight answer on here

HSBC Premier hasn't offered me anything other than free travel insurance with acceptance on my o/h's medical condition...but I'm sure I could get that with another bank!

emz0801

You should receive a letter stating that you don't meet the requirements anymore and your account will be converted back to a bank account. I think the accounts are reviewed every 6 months or so, but I could be wrong. You Premier manager should also phone you to advise. HTH.

emz0801

Sorry, also it won't cost you any money.

ian-d

Thanks for the reply, but did read somewhere that they charge £25 monthly (might have been £50) if you no longer meet the requirement, so wasn't sure if I should be informing them at the time to downgrade so I don't get hit with this charge.

premierfella

ian-d wrote: »

HSBC Premier hasn't offered me anything other than free travel insurance with acceptance on my o/h's medical condition...but I'm sure I could get that with another bank!

Not using the 8% (or 10% if you applied during the sale) Regular Saver then?

If it helps, I believe letters are sent after you fall below the qualifying criteria and before they start charging a monthly fee - so you have plenty of time to sort out the downgrade. Easy enough to confirm with your Relationship Manager that this is the case.

ian-d

Relationship Manager? I didn't even get one of them, they just upgraded my account, got the automatic payments for the credit card number wrong (fortunately I noticed and changed before I paid someone elses account off!) and haven't heard from them since (about a year now).

The regular saver didn't appeal to me and wasn't going to compete with the money I had in the ISA with them anyway; other funds are tied in better deals elsewhere.

Mr_K

Do nothing. They'll downgrade your account when they realise. Took a year for them to downgrade me after I'd withdrawn my savings. TBH being a 'Premier' customer was a waste of time. You'll only ever make peanuts out of a regular saver. I never heard from the ' relationship manager ' either, probably because I opt out of marketing, which demonstrates what they're really about.