HSBC Premier eligibility review frequency

MB330

Hi, I can't find the answer to this question in anywhere else on the forum so I hope posting a new thread won't cause too much controversy.

I have a bit of capital to invest and one of the things I'd like to do is open an HSBC premier account. I'm thinking of sticking the minimum £50k in there to qualify but their easy access investment rates are not very competitive at all.

My question is - how frequently do they review eligibility. Because I'm thinking of moving £50k backwards and forwards between HSBC and somewhere else with easy access - maybe NS&I. So that I can maintain eligibility and get a reasonable return at the same time.

If they review ad-hoc this may be a problem. If they review annually, then it could work out quite favourably.

Just wondered if anyone had any experience of having their HSBC eligibility reviewed and/or changed?

Many thanks!

Oh - and before I get the questions - yes I could probably just go for the highest rate possible and then with the difference pay for all the benefits you get with HSBC prem. But to be honest, I'm a little superficial and I'd like the black card without paying £25 a month for it..! and I love finding loopholes/playing the system

10pence

HSBC haven't charged people that don't meet the Premier criteria for several years. Also, the bank card isn't black it's blue. Maybe, you're confusing it with Barclays Premier service which has a black card and use to charge £25/m but doesn't now.

They will probably expect the money to be invested not kept in instant access to meet the criteria. HSBC Premier offer an IFA review as well so don't just look at what's on the website as they can offer more investments too.
Monitoring is done every 3 months automatically with an annual review - or Individual Review as HSBC like to call it. If you fail to meet the Premier criteria it will automatically be given to a Premier staff member in either branch or call centre to see if you will meet the criteria soon if not then downgraded. If no contact the letter sent.
If you're transferring the money back and forth it will flag and possibly the account could be downgraded. I won't mention possible flagging to the banks anti-money laundering systems.

MB330

thanks for your response 10pence.

my parents have had the premier account for a while, the black card is the debit one and looks a bit like this:

http://mail.hsbc.com.hk/in/pr_imsoffer/images/black_card.jpg

The prem credit card is blue.

I gave them a call about their instant access investments for premier customers and they remain very uncompetitive (but I can't speak for other longer term products).

Thanks for your insight into the review process. I guess I'll just try my luck.. As far as the anti-money laundering goes, it can flag to whatever system they want, there's no illegal activity here

10pence

Thanks for correcting me over the card, must have gotten confused with all the blue branding for their Premier service.

Yes, HSBC savings and investments are rather poor as they still have it in their heads they don't need any money so don't need to offer competitive rates.

If your parents are Premier, why don't you ask one of them to open another account with you, ie a joint account. That way you'll be Premier and won't need to worry too much about eligibility criteria.

The anti-money laundering comment wasn't aimed at illegal activity, it's more the fact the account will be flagged and then reviewed by a human and they might work out what your doing and close account down, as for possible breach of TOC.

camperdown9

Is the Natwest Black account any better, with regards to investments?

colsten

camperdown9 wrote: »

Is the Natwest Black account any better, with regards to investments?

investing through a bank is almost certainly not the best decision as most banks' portfolio is limited and their charges are a lot higher than investment platforms. Can't see why anyone would invest through HSBC or Natwest. The only bank with a half decent offering is Halifax through their Sharedealing division (which offers a lot more than dealing in share so goodness knows why they gave it that name).

Mr_K

Why do you want/need a 'premier' account ? The 'benefits' are rubbish, i had it for a year at their insistence .e.g HSBC Premier savings 0.1% preferential rate whoopee dee ! Your Premier relationship bod is just a salesman for HSBC products -mine never contacted me presumably because I opt out of marketing, which proves what they are really about. Yes, you get a blue debit card, which some might get excited about.

pollypenny

We have a Premier Account, but will be moving soon.

It was good when they didn't charge for withdrawals abroad and we had travel insurance included. Only my insurance is now covered.

Their interest rates are carp!

jinkster

I'm moving abroad with a £6500/month salary tax free. I've been told I don't qualify for HSBC Premier as 6500 x 12 is less than £100k even thought to earn that if in the UK I would have to make much more than 100k salary! Very strange!

10pence

jinkster wrote: »

I'm moving abroad with a £6500/month salary tax free. I've been told I don't qualify for HSBC Premier as 6500 x 12 is less than £100k even thought to earn that if in the UK I would have to make much more than 100k salary! Very strange!

See if you qualify in the country you'll be working in, if you qualify for Premier in one country your Premier in another.

jinkster

10pence, I need to check that out. Natwest Private were exactly the same with criteria. Bonkers if you ask me. The government see most of the salary and the bank see the rest!