HSBC Premier Account Question

anotheruser

I thought this was their paid for account?

I've had a current account with them for ages, which has slowly been changed and now it's a Bank Account. I only have £1 in it. However I am interested in the linked saving account... potentially.

Is there a minimum pay in per month?

If I change my bank account to it, I guess I won't be eligible for the free night stay?

Thanks

Willing2Learn

anotheruser wrote: »

Is there a minimum pay in per month?

Not sure about pay-in, but there are quite strict eligibility rules:

HSBC Premier is available to you if you are aged 18 or over, pay your annual income into your HSBC Premier Account and either:

have savings or investments of at least £50,000 with HSBC in the UK;
or
have an individual annual income of at least £75,000 and have one of the following products with HSBC in the UK: • a mortgage • an investment, life insurance or protection!product.

anotheruser

Does a house count as an investment?
It doesn't seem you can get the 5% linked saver unless you have a Premier account but someone else was talking about like it's as easy as the First Direct one.

Fingerbobs

anotheruser wrote: »

Does a house count as an investment?
It doesn't seem you can get the 5% linked saver unless you have a Premier account but someone else was talking about like it's as easy as the First Direct one.

You don't need a Premier account to qualify for the 5% Regular Saver. An HSBC Advance account is sufficient.

anotheruser

Thanks.
Just went back to double check.
No DDs so I wonder if they'd still convert my normal account...

PRAISETHESUN

You can get the 5% regular saver with the HSBC Advance account as well, it is not limited only to Premier customers

gt94sss2

HSBC Premier is available to you if you are aged 18 or over, pay your annual income into your HSBC Premier Account and either:

have savings or investments of at least £50,000 with HSBC in the UK;
or
have an individual annual income of at least £75,000 and have one of the following products with HSBC in the UK: • a mortgage • an investment, life insurance or protection product.

anotheruser wrote: »

Does a house count as an investment?

They mean holding £50,000 worth of savings, investments or shares with them.

anotheruser wrote: »

No DDs so I wonder if they'd still convert my normal account...

If you meet the criteria, yes. If not, then I think they will still do it on the basis that you will meet said criteria within a few months.

However, as has been said, you don't need a Premier account just for the 5% Regular Saver.

polymaff

Forget Premier. The qualifications are steep and the only benefit you get is being hassled by your personal manager to invest in HSBC non-savings investments.


Been there - moved onto Advance by choice - much to HSBC's shock.

spenderdave

I will jump into this slightly old thread...
I was paying a cheque in yesterday and was asked by the lady at the till if I was interested in Premier. Currently on Advance but I do meet the Premier qualifications on savings. She gave me a leaflet which I have now read.

Seems the only benefits for me would be:
0.1% higher interest on their already low interest loyalty ISA
Travel Insurance - but don't qualify anyway as you have to be under 70
A 'personal manager' which may be more trouble than it is worth.

Don't need overdrafts or loans, and why would anybody with the qualifying income/savings need those anyway...

I think polymaff is right, does absolutely nothing.

Marchitiello

I would disagree with both spenderdave and plymaff based on my experience. First of all the account is free, so there is no real cost to it. My local premier banker has never bothered me as have never bothered me the equivalent Barclays and Lloyds Premier relationship managers. Barclays, with whom I have more products, calls me once or twice a year for an account review, when I am never offered to buy any product but at most, I have been made aware of their investment platform.

In addition, the travel insurance for my family of 5 is very good (I appreciate that if you are over 70 this is irrelevant), and, the main reason I was interested in the Premier Account, for an avid Avios collector and traveller, the Premier World Elite Mastercard is great, at least for the first two years.

polymaff

Marchitiello wrote: »

... First of all the account is free ...

That depends upon how you meet the eligibility criteria. How do you meet those criteria?