Current account switching

elephantrosie

I am a HSBC premier customer and has a current account with them for 9 years.

Last weekend, I applied for switching to TSB because of all the benefits that the other banks (not just TSB) in particular if providing.

HSBC told me that I will no longer be a premier customer once i ceased the current account with them, despite fulfilling all criteria listed on their website on how to be a premier customer.

The benefits i get with being a premier customer is higher interest rates for my other hsbc accounts. since i have the current account for so long, it may also helps me with my credit score and loan application.

need some advice from the gurus here...
should i stop the switching process? i have contacted tsb and they are happy for me to close down tsb current account with them.

or should i go on with switching and re-open a hsbc current account later on to get back to premier benefits?

Eco_Miser

Keep the TSB account, but don't switch the HSBC account?
You are allowed to have many current accounts.

rangers_fc

One bank wants to retain youre custom, one bank wants to elicit your custom.

Whats beneficial to you is key if you switch you cant retain the benfits of the old

account. So you have to work out if you the end user benfits from switching or not

probably evaluate this over a year. You need to be clear what you are losing and

what you are gaining from switching , also what hoops you have to jump through.

The switch more often than not will be beneficial however if there are hoops to jump

through yuou have to adhere to the T&C

Ben8282

It is not clear why you actually want to switch from an HSBC premier account to some lesser account with TSB in the first place. What are they offering you that HSBC premier are not? What exactly are 'all the benefits that the other banks (not just TSB) in particular if providing'? You state that you meet ALL of the eligibility criteria to be a premier customer. What sort of benefits are you seeking? TSB don't offer Private Banking services as far as I can see. So what prompted you to switch to them?;
Please don't make me laugh by saying that you are giving up your HSBC premier account of 9 years standing for a switching bonus or the contactless debit card cashback because individuals with £100K+ incomes and £50K+ savings/investments with a bank don't do things like that.

elephantrosie

hi all... thanks for the reply.
I have got clarification from hsbc and i will remain as a premier customer even without my current account.

@eco miser- i think thats the wisest choice. although hsbc is keeping me without the current account, i would rather keep it as it has been there for so many years and therefore up my credit score. i do not have many lending history anyway.

@rangers_fc- being a hsbc uk premier customer makes me a premier customers at hsbc worldwide. do you know how difficult it is to get a credit card or loan at a foreign country? ive tried and got rejected several times. so i am hopeful hsbc worldwide can asisst me in this... (i know it may not be beneficial.. i am just being hopeful)

@ben8282- tbh i wasnt very pleased with hsbc customer service (it doesnt matter whether you are a premier or not). i wasnt a premier customer all these while anyway. yes being a premier does make a few (minor) things easier but more often than not, hsbc makes me want to pull all my hair out of anger lol. many times i have been tempted to just withdraw all my money and go to the other bank. the risk is i do not know how good or poor other banks are. i know their interest rates are (generally) higher than hsbc. i also know that hsbc has one of the most secure online banking service.
youve misunderstood me. i was not going to close down all my hsbc accounts. it was just the current account that i was switching.