HSBC Premier Banking...go elsewhere!

GJYJasper

I have banked with HSBC (prev Midland) for in excess of 30 years and have a mortgage and savings plans with it also.

I have a 100% credit rating and have never had any credit issues during those 30 years. Having secured a promotion at my place of work (employed for in excess of 14 years) taking me significantly beyond the advertised criteria required to qualify for a Premier Account (even prior to it having recently reduced the income requirement from £100k to £75k), I applied for my account to be upgraded to a Premier Account.

Absolutely disgusted to be told during the telephone process today that I did not meet the 'internal' criteria. No explanation provided. I can only imagine that being a safe, employed customer I will not provide the bank with the opportunities it expects its customers to provide (loans, business banking facilities...)

I'm not naive and I appreciate that banks no longer provide a personal service and have the solitary objective of providing shareholders with a return on their investment but when the clearly advertised criteria is met by a long standing customer I'm stunned.

Needless to say that I will be closing the account as soon as possible and switching to a bank that at least gives the impression it values its customers.

[Deleted User]

Banks can choose who they do and don't want as a customer - and they don't have to divulge their criteria/reasoning behind rejections.

If they don't want you - move on.

It just shows that your made up credit score/rating means diddly when it comes to financial products and services.

Mchambers

HSBC are very strange. It took me a few attempts to get a premier account with them.

mije1983

Well of course they don't freely advertise their internal criteria. Otherwise people would soon find ways of 'getting round it'.

I guess it's a good lesson to show there is nothing like a 100% credit rating though. All providers who offer credit facilities will have their own criteria, and it's impossible for an CRA to give you an accurate 'score'. Hence the made up number.

A rejection is no reason to get all worked up though. As said above just try another institution. It's not the end of the world.

Lokolo

Why do you care?

I am eligible for it but it doesn't give me that much benefit. A difference in mortgage (although this is £11 a month!), but thats it.

NW_London

I upgraded my account to a Premier few years back and remember it was like going through a mortgage application with all the questions. Got accepted first time, but I thought it had partly to do with the fact that I had been banking with them for 20+ years with perfect credit history. Evidently not!

I only upgraded for the better mortgage rates and Premier banking customer services (straight through to a person, no automated system).

Ben8282

I do find it a bit strange that you having been a current account customer for over 30 years with a mortgage and savings account as well, that they should refuse to change the type of account to Premier with so little explanation especially if your £100K+ salary is being paid into the account each month.
Could the answer be that you are not using their account as your main current account and your salary is in fact being paid into an account with another bank?
PS Not sure what a '100% credit rating' is.

John_Jones

They upgraded me without me needing to ask. It doesn!!!8217;t really seem to bring much with it, though nowadays.

Marchitiello

John_Jones wrote: »

They upgraded me without me needing to ask. It doesn!!!8217;t really seem to bring much with it, though nowadays.

It is quite rare for HSBC to auto upgrade to Premier nowadays, how long ago it was?

To the OP, have you had your new salary paid in your account for a while? I remember having that conversation with the premier team and they wanted to see eveidence of my income via account “turnover” and payslips. Maybe try again after 3-6 months of having received the new salary.

I personally think that for frequent traveller just the access to their world elite mastercard is worth the upgrade.

John_Jones

Marchitiello wrote: »

It is quite rare for HSBC to auto upgrade to Premier nowadays, how long ago it was?

To the OP, have you had your new salary paid in your account for a while? I remember having that conversation with the premier team and they wanted to see eveidence of my income via account “turnover” and payslips. Maybe try again after 3-6 months of having received the new salary.

I personally think that for frequent traveller just the access to their world elite mastercard is worth the upgrade.

Probably fifteen years. I used to have a personal banker I could call in to see in the headquarters, but that went years ago. Now it just seems to give me a small amount off mortgages.

Natwest Black at least gives me an airport lounge pass and some decent insurance. Coutts used to give the lounge pass but now just offer a useless concierge service that have not once managed to get me a table that I could not get myself.

zagfles

NW_London wrote: »

I upgraded my account to a Premier few years back and remember it was like going through a mortgage application with all the questions. Got accepted first time, but I thought it had partly to do with the fact that I had been banking with them for 20+ years with perfect credit history. Evidently not!

I only upgraded for the better mortgage rates and Premier banking customer services (straight through to a person, no automated system).

If that's "premier banking", I've had it for over 25 years with First Direct with no jumping through hoops or proving a high income.