hsbc premier

horngkai

If say one qualify for this account based on savings, how long do you need to have the 50k in savings before eligible to apply for the premier account?

Bloomberg

horngkai wrote: »

If say one qualify for this account based on savings, how long do you need to have the 50k in savings before eligible to apply for the premier account?

You need fifty thousand pounds in the first instance, your relationship manager will periodically receive an email from head office listing the names of premier customers whose balances have fallen below the threshold. The relationship manager may then at their discretion down grade your account. If you have fifty grand you can upgrade your account instantly and the new cards will arrive within week or so.

I used to be a premier customer but it was not financially sound to keep the required funds with HSBC given their poor interest rates. All the best.

horngkai

I am thinking of becoming a premier customer for a period of time until I get my mortgage as I was informed that their current criteria for mortgage application allow a person with Tier 1 Visa to apply only if they are a premier customer. However, upon paying for the deposit, I will not have the amount require for upkeeping of the premier status although I am willing to pay GBP25 per month to continue the premier status until I get my indefinite leave to remain end of the year. Will that work?

Bloomberg

horngkai wrote: »

I am thinking of becoming a premier customer for a period of time until I get my mortgage as I was informed that their current criteria for mortgage application allow a person with Tier 1 Visa to apply only if they are a premier customer. However, upon paying for the deposit, I will not have the amount require for upkeeping of the premier status although I am willing to pay GBP25 per month to continue the premier status until I get my indefinite leave to remain end of the year. Will that work?

As far as I know you can pay £25 per month to remain a premier customer but why would you want to do this? What are you hoping to get in return for your £300 per year?

horngkai

I currently have my mortgage with HSBC tracking at 0.89% BOE. I am thinking of getting a new house and porting this mortgage over + get another HSBC mortgage to top up the remaining. The interest rate will save me the cost required for the upkeep of the account. Plus, I can downgrade the account once I get my indefinite leave to remain, so it wouldn't be that much really.

Bloomberg

horngkai wrote: »

I currently have my mortgage with HSBC tracking at 0.89% BOE. I am thinking of getting a new house and porting this mortgage over + get another HSBC mortgage to top up the remaining. The interest rate will save me the cost required for the upkeep of the account. Plus, I can downgrade the account once I get my indefinite leave to remain, so it wouldn't be that much really.

You seem to have it all worked out. Paying the £25 does now seem to be financially sound. All the best.

newfoundglory

I use HSBC premier as my main current account. I do think HSBC's rates are generally poor, but I have my 50 grand in their e-ISA which at 2.75% currently is excellent in return for the premier service + travel insurance.

Bloomberg

newfoundglory wrote: »

I use HSBC premier as my main current account. I do think HSBC's rates are generally poor, but I have my 50 grand in their e-ISA which at 2.75% currently is excellent in return for the premier service + travel insurance.

Their ISA is an exception to the rule as the rate is good. For years I was not using my cash ISA allowance as I was heavily into the stock market. If I could put £50k into my cash ISA overnight I would have no hesitation in doing so and once again being a premier customer.

redmalc

Hi I am currently a premier customer and have been for the last 8 years,however i only benefit from the travel Insurance and i have to admit excellent customer service,but i am thinking of downgrading my account in April when the new Isa season starts,we have approx 90K with them at 2.75% but i have noticed various rates of 3.7% which is a lot of difference in actual money terms.

newfoundglory

If you can afford to tie your money up for better rates then I would say hsbc is probably not for you. I prefer instant access for now.

ManAtHome

Bloomberg wrote: »

For years I was not using my cash ISA allowance as I was heavily into the stock market.

Couldn't you move some of your S&S ISAs over to HSBC (just a thought - dunno how they compare with other platforms).