HSBC Premier Account Question

Marchitiello

polymaff wrote: »

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

Income, but even if I had saving invested with their Global Investor for example, The account it is still not costing you And the charges on the investment are relatively competitive versus similar platform.

polymaff

We qualified through savings - when HSBC had some reasonably competitive interest rates. Wouldn't be a good way to be a Premier customer nowadays...:(

Marchitiello

polymaff wrote: »

We qualified through savings - when HSBC had some reasonably competitive interest rates. Wouldn't be a good way to be a Premier customer nowadays...:(

Again, I do not agree... if you have £50k in saving it should not just sit in a saving account, but depending on silliness to risk, I believe it should be invested in various sector including Funds, which you can do with the low cost/fee HSBC Global investment platform.

In any case, that is what they target for when they ask for saving instead of income...

polymaff

polymaff wrote: »

We qualified through savings - when HSBC had some reasonably competitive interest rates. Wouldn't be a good way to be a Premier customer nowadays...:(

Marchitiello wrote: »

Again, I do not agree..

With what? With my assertion that saving with HSBC is not a good idea at present?

spenderdave

And you also get Premier Savings - a whole 0.2%...
I don't travel much so the Elite Mastercard is irrelevant. The only attraction is the travel insurance for that occasional trip, but no good for us oldies. I do have some investments in their investment arm, taken out some years ago when Premier staff gave financial advice to all and sundry for free.

Marchitiello

Spenderdave resumed this old thread saying that HSBC Premier “does absolutely nothing “ referencing a previous polymaff post in which he stated to “forget it” and that the only benefit was to “be hassled by the personal manager” (which again I cannot agree with based on my experience with three banks, including HSBC), well obviously it does not offer you two any reasonable benefits but for other like us, probably closer to their targeted customers (higher income, investment savvy, and frequent traveller) it is a great, FREE account

gt94sss2

The HSBC Premier Credit Card (which is free) also comes with one or two nice features such as free extended warranties on certain products.

As others have said, (if under 70) the free travel insurance and the 24/7 UK call centre are worth having as it's a free account and no HSBC account manager has ever bothered me with sales calls either

intalex

Sorry to re-ignite an old thread, but was it not the case that the Premier Debit card allowed charge-free ATM withdrawals from overseas HSBC ATMs? Right now the features seem to imply that the cash fee won't be charged on (ANY) overseas ATMs, but the transaction/conversion fee will be charged on (ALL) overseas ATMs (including HSBC ATMs). Anyone know different from recent experience?

The_Urbanite

polymaff said:

Marchitiello wrote: »

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

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

The account is free - there is no fee to pay for it. There may be an opportunity cost for some but that is very much dependent on personal circumstances, spend patterns and how the account is used. My opinion is the credit card rewards scheme is lucrative enough for it to be very worthwhile to have and the travel insurance may come in handy.

The_Urbanite

intalex said:

Sorry to re-ignite an old thread, but was it not the case that the Premier Debit card allowed charge-free ATM withdrawals from overseas HSBC ATMs? Right now the features seem to imply that the cash fee won't be charged on (ANY) overseas ATMs, but the transaction/conversion fee will be charged on (ALL) overseas ATMs (including HSBC ATMs). Anyone know different from recent experience?

From my reading of the HSBC website - https://www.hsbc.co.uk/content/hsbc/gb/en_gb/international/using-your-card-abroad/

With HSBC Premier, you will be charged the 2.75% non-sterling conversion fee. You will not be charged the fixed cash withdrawal fee that other HSBC account types have.

I've had a look through the account T&Cs they sent in the welcome pack. There is a paragraph that states "If you withdraw cash outside the UK, cash machine providers outside the HSBC Group may charge you to use their cash machines." That sounds like an additional charge made by the ATM operator, like the ATMs we have here that can charge up to £1.99 just to withdraw cash. Such fees are entirely independent of the forex and cash withdrawal fees charged by HSBC.