HSBC USA vs premier account

Intersoundsteve

I have the opportunity to change a hsbc cash is a to an investment isa but comes with heavy fees..I could transfer out of hsbc to a better performing company but may lose my premier account status…what’s your opinion?…

Albermarle

Firstly it is the investments you choose within the ISA that perform, not the ISA itself ( just to be clear as many people are confused about that point)
Secondly what do you mean by 'heavy fees' ? From memory the HSBC investment ISA is not the cheapest, but not that bad either . There should not be any charges to set it up or transfer, unless maybe one of their financial advisors is involved ?

Intersoundsteve

You’re correct with the advisor comment, hsbc set up this meeting for us, they wanted a report fee of a few hundred pounds and a 1.9% fee of transferred funds, I will now investigate doing this without the advisor!…thanks…regarding the Premier account, we do take advantage of the travel benefits this account offers hence the question about the possible loss if funds are taken out of hsbc…

Albermarle

Intersoundsteve said:

You’re correct with the advisor comment, hsbc set up this meeting for us, they wanted a report fee of a few hundred pounds and a 1.9% fee of transferred funds, I will now investigate doing this without the advisor!…thanks…regarding the Premier account, we do take advantage of the travel benefits this account offers hence the question about the possible loss if funds are taken out of hsbc…

If you are worried about that you could open an HSBC S&S ISA yourself, without the advisor. 

Intersoundsteve

Thanks for your feedback, much appreciated…