HSBC Premier

TheBlueHorse

Are they thick or something?

The criteria is:


(a) savings or investment of £50k with HSBC


or
(b) individual earnings of £100k or more plus an investment or mortgage product with HSBC


I was told that even though I meet the earnings criteria, I needed an investment with HSBC like a stocks and shares ISA. I have one. I said it had a few grand in it. The woman tells me it has to be £50k.


So I say, you must be misunderstanding the criteria, otherwise the option is (a) a £50k investment in a S&S ISA or (b) a £50k investment in a S&S ISA AND a salary of over £100k.


She just kind of looked blank and they tried to push me the next account down.


Is it me or is their interpretation of their own criteria moronic?

keiran

From what you've written, your interpretation is correct

Otherwise, the sole criterion would be investments with HSBC of £50k...
The earnings part would become irrelevant

TheBlueHorse

Exactly!!!!

redmalc

Blue Horse
I have no investments with them and earn less than 100K and have been a Premier Customer for the last ten Years.
They know I have investments with other establishments totalling approx 500K which they once had (8years ago) but over the years have lost the lot

InsideInsurance

1) Have savings or investments of at least £50,000 with HSBC in the UK; or
2) have an individual annual income of at least £100,000 and one of the following products with HSBC in the UK:

- a mortgage;
- an investment, life insurance or protection product

The above is from their website.

Ultimately its their decision of who or what they accept. It doesnt state on their site if there is any minimum on the investment, if for example a S&S ISA counts or if you can just get a token £10k term life policy to tick the box. Personally was considering the later when I was considering switching to them but you dont need to do it immediately just say you will and they give you 3 months grace by which point you have a RM and you can clarify these things properly.

TheBlueHorse

it just made me laugh. the "investment" in the second option can be a S&S ISA. That is what they told me. When they said it needed £50k in it, it just makes a mockery of the criteria.


As you say, they can do what they like. But I think I'll stay with my current bank.

pollypenny

Even if you qualify, the HSBC Premier is not worth it.

They've gradually removed any benefits,apart from a miniscule bit of extra interest . We switched from them after 50 years.

henm2

The OP is correct. However bear in mind HSBC expects that annual income min £100K to go through the HSBC Premier bank account. http://www.hsbc.co.uk/1/2/hsbc-premier/contact-us?HBEU_dyn_lnk=Premier_YourPersonalEconomy_HowtoApply_Btn