HSBC Premier minimum monthly transfer

Bastiat

What is the minimum you need to transfer in every month to meet the 100k income requirement?  I am guessing this is after tax so much less than £8333. Anyone who has been doing this for any length of time?

eskbanker

The condition is solely expressed as annual income rather than monthly - do you actually have an annual income of at least £100K?  If you already have one of these accounts, when did you open it?

Bastiat

eskbanker said:

The condition is solely expressed as annual income rather than monthly - do you actually have an annual income of at least £100K?  If you already have one of these accounts, when did you open it?

I do, but my salary is paid into another account (employer requirement) so I need to transfer money every month. I already do that for Barclays Premier, but there the requirement is only £75k gross.

eskbanker

Bastiat said:

eskbanker said:

The condition is solely expressed as annual income rather than monthly - do you actually have an annual income of at least £100K?  If you already have one of these accounts, when did you open it?

I do, but my salary is paid into another account (employer requirement) so I need to transfer money every month. I already do that for Barclays Premier, but there the requirement is only £75k gross.

HSBC say in their criteria on the main product page:

You have an individual annual income of at least £100,000, and pay it into your HSBC Premier Bank Account.

and personally I'd interpret that as pay directly into it, rather than paying into another bank and then transferring.  I don't have one of these accounts though, so can't comment on whether that interpretation is correct - obviously HSBC can give you the official answer, and if anyone else on here does what you have in mind then maybe they'll post accordingly....

Marchitiello

eskbanker said:

Bastiat said:

eskbanker said:

The condition is solely expressed as annual income rather than monthly - do you actually have an annual income of at least £100K?  If you already have one of these accounts, when did you open it?

I do, but my salary is paid into another account (employer requirement) so I need to transfer money every month. I already do that for Barclays Premier, but there the requirement is only £75k gross.

HSBC say in their criteria on the main product page:

You have an individual annual income of at least £100,000, and pay it into your HSBC Premier Bank Account.

and personally I'd interpret that as pay directly into it, rather than paying into another bank and then transferring.  I don't have one of these accounts though, so can't comment on whether that interpretation is correct - obviously HSBC can give you the official answer, and if anyone else on here does what you have in mind then maybe they'll post accordingly....

I agree with this interpretation as it was also part of the discussion I had with the premier banker when I first got the account and had to bring P60 etc to the meeting. They may not actually check for a while and/or do not have automatic way of checking this, but I have had my main source of income paid in directly since I had this account.

Recent conversations with Barclays instead have confirmed that they are happy to see transfer from other banks as meeting the requirements, as are Santander Select and RBS Premier.

BTW, worth noting that if you had the account already they have also this statement:

If you submitted your application for a Premier Account on or before 4 September 2024 previous eligibility criteria still apply. These are: (1) an income of £75,000 and hold another eligible product, or (2) have £50,000 in savings or investments with us, or (3) hold and qualify for HSBC Premier in another country or region.

edit to add: in any case, to answer your question, and as mentioned based on what I had discuss at the time with the Premier Banker, they income requirement is gross, so they are well aware that the net amount pay in from third parties would be net of taxes, pensions, salary sacrifice and anything else that can minimise tax liabilities, but I would guess that with a 4% pension contribution, you would need pay in around £5,640.38 with a £100k gross income and £4,432.06 with the old £75k requirement (source Net Salary Calculator webpage). 

SunsetWalker

I was recently rejected for an HSBC Premier account, despite having had a taxable income of between £135k - £160k for each of the last 3 years. I offered to provide my last few P60s as evidence, but they didn't want to even look at them.

They told me that I have to meet £100k via basic salary alone. Whereas a significant proportion of mine arrives through selling RSUs from my employer as soon as they vest (and then transferring the proceeds to my HSBC account). My non-stock income was around £110k last year, and paid directly into my HSBC account, but the fact that about £20k of that was annual bonus, plus the impact of losing more to tax than HSBC would have expected (due to the tax implications of the non-cash income that they are otherwise ignoring), meant that the regular monthly income going into my account was significantly below the threshold they were looking for.

It seemed pretty harsh to me, given my overall taxable income, and that fact that all of it (after deductions such as tax etc) does land in my HSBC account. Not that loyalty ought to make any difference, but I've been an HSBC customer for over 20 years too.

Anyone else had a similar experience - ie being told that the £100k requirement must be met only via basic salary?

Hoenir

SunsetWalker said:

Anyone else had a similar experience - ie being told that the £100k requirement must be met only via basic salary?

Basic provides an easily verifiable source. Start adding in variables and it wouldn't be possible. Without manual checking. 

guli

SunsetWalker said:

I was recently rejected for an HSBC Premier account, despite having had a taxable income of between £135k - £160k for each of the last 3 years. I offered to provide my last few P60s as evidence, but they didn't want to even look at them.

They told me that I have to meet £100k via basic salary alone. Whereas a significant proportion of mine arrives through selling RSUs from my employer as soon as they vest (and then transferring the proceeds to my HSBC account). My non-stock income was around £110k last year, and paid directly into my HSBC account, but the fact that about £20k of that was annual bonus, plus the impact of losing more to tax than HSBC would have expected (due to the tax implications of the non-cash income that they are otherwise ignoring), meant that the regular monthly income going into my account was significantly below the threshold they were looking for.

It seemed pretty harsh to me, given my overall taxable income, and that fact that all of it (after deductions such as tax etc) does land in my HSBC account. Not that loyalty ought to make any difference, but I've been an HSBC customer for over 20 years too.

Anyone else had a similar experience - ie being told that the £100k requirement must be met only via basic salary?

Just count it as their loss and move on and open with someone who looks at your total income (not just basic income).