Minimum term for HSBC Premier account?

ironlady2022

Hi a bit miffed really my Bf got duped into upgrading his account to the HSBC Premier at £25pm. He gets it free for 6 months as he has more than 50k. The'preferential' interest is a mere 0.56% and the 90k will NOT be in his account for long as he is looking to buy a property.

My question is, is there a minimum term? As it will not benefit him in anyway once the 90k leaves which will be in the next 3 months.

also he has breakdown cover and seldom goes on holiday, even if we do, we can get dirt cheap insurance.

Lokolo

I thought it was 12 months, could be wrong, but it'll definitely be in the T&Cs.

gt94sss2

mayling03 wrote: »

My question is, is there a minimum term? As it will not benefit him in anyway once the 90k leaves which will be in the next 3 months.

I don't think there is a minimum term but it really doesn't matter.

HSBC don't 'like' people paying for HSBC Premier accounts, so what they tend to do is review the account once a year and if the account doesn't meet their criteria send you a letter along the lines to

'We will be automatically changing your account to a free/standard one unless you tell us otherwise in which case a monthly fee is payable'

They won't just start charging him for HSBC Premier. So he may as well take advantage of it while he can..- i.e. the higher rate of 8% on the Regular Saver for instance..

Regards
Sunil

smartiedriver_2

gt94sss2 wrote: »

They won't just start charging him for HSBC Premier.

They will, if he agreed to pay the charge at the outset (by signing the T&Cs).

If it was initially set up as an ongoing free account, i.e. someone who qualifies from the outset, then they will give you notice before commencing the monthly charges, but as the OP agreed, it will start at 3 months (or 6, whatever he was told) regardless.