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HSBC Premier Banking and Wealth.

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[Deleted User]
[Deleted User] Posts: 0 Newbie
100 Posts Name Dropper
edited 5 January at 9:48PM in Savings & investments
*if this should be in budgeting/bank accounts feel free to move it.

I do the odd mystery shop, some of which involve banking tasks, last week I carried out a few on HSBC involving Premier Banking and Wealth (which incorporates savings and investments).

Question I have is this - I find that if/when I do ever speak to somebody there with any knowledge they are unbelievably vague about any supposed benefits, even when I get a follow up call from a 'specialist' its no different.

And equally strangely I get the distinct impression (well more than that they have pretty much said it) that until I put the requisite 100k in to open this account they won't tell me a thing.

As I find this REALLY odd when it comes to potential customers (I don't have 100k in real life but I'm getting there) could somebody enlighten me?

Is this normal practice? Because there is zero information or effort on HSBC's part to sell the service, neither face to face or online.

And no one in their right mind is going to put 100k ANYWHERE until they know what benefits/services or rates they'll get.

Any replies gratefully received!
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Comments

  • Archerychick
    Archerychick Posts: 532 Forumite
    Ninth Anniversary 500 Posts Name Dropper Combo Breaker
    Their website seems to detail all the benefits https://www.hsbc.co.uk/current-accounts/products/premier/
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    100 Posts Name Dropper
    edited 5 January at 10:19PM
    Their website seems to detail all the benefits https://www.hsbc.co.uk/current-accounts/products/premier/
    I've already read that, doesn't actually TELL you anything does it.......total waste of time.

    Still seems very vague to me in terms of actual facts and figures, in fact there are none whatsoever.

    Checked the Which banking rankings too, no wonder they are way down.

    Thanks though.

  • Archerychick
    Archerychick Posts: 532 Forumite
    Ninth Anniversary 500 Posts Name Dropper Combo Breaker
    Did you spot the expandable sections, e.g. under travel - 



    I thought it does detail the benefits, unsure what else you’d be looking for? 
  • subjecttocontract
    subjecttocontract Posts: 2,752 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 5 January at 10:24PM
    When I looked at their Premier Banking Account I didn't see anything that I could describe as being competitive or market leading.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    100 Posts Name Dropper
    edited 5 January at 10:39PM
    Did you spot the expandable sections, e.g. under travel - 



    I thought it does detail the benefits, unsure what else you’d be looking for? 
    Yes I'd seen that thanks, maybe I'm expecting too much detail haha. Don't worry about replying but I don't see anything in terms of cost (I assume there will be a monthly fee) or in terms of rates (I assume you're not going to leave 100 grand in a stagnant non earning account, ordinarily I'd be looking to earn 4 or 5k in yearly interest which would far outweigh any travel related benefits, particularly as those wouldn't even appeal to everybody).

    I appreciate with investments there ARE no guarantees but even then there seems to be a rather general 'we can help you' terminology.

    The cost and rates would be my first port of call when choosing a new account - I just find them a very odd bank to deal with (ironically I find First Direct great) but maybe its just me!

    The dealings I've had (4 in total, so not isolated incidents, have all been pretty poor) have been bordering on bizarre tbh, especially the phrase (and I quote) 'when you put the 100k in our specialist advisor will tell you more'......then to cap it nobody ever follows the enquiry up.

    Thanks again though, its appreciated.
  • 100.2% APR on their credit card?
    Yes I've seen that.
  • Emmia
    Emmia Posts: 5,691 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 6 June at 12:49PM
    Did you spot the expandable sections, e.g. under travel - 



    I thought it does detail the benefits, unsure what else you’d be looking for? 
    Yes I'd seen that thanks, maybe I'm expecting too much detail haha. Don't worry about replying but I don't see anything in terms of cost (I assume there will be a monthly fee) or in terms of rates (I assume you're not going to leave 100 grand in a stagnant non earning account, ordinarily I'd be looking to earn 4 or 5k in yearly interest which would far outweigh any travel related benefits, particularly as those wouldn't even appeal to everybody).

    I appreciate with investments there ARE no guarantees but even then there seems to be a rather general 'we can help you' terminology.

    The cost and rates would be my first port of call when choosing a new account - I just find them a very odd bank to deal with (ironically I find First Direct great) but maybe its just me!

    The dealings I've had (4 in total, so not isolated incidents, have all been pretty poor) have been bordering on bizarre tbh, especially the phrase (and I quote) 'when you put the 100k in our specialist advisor will tell you more'......then to cap it nobody ever follows the enquiry up.

    Thanks again though, its appreciated.
    There's no monthly fee for premier if you qualify.
     

    There are other (sometimes preferential) mortgage rates and slightly better savings rates - but they're not always market leading.

    If you qualify and have a joint account, the other account holder also gets premier on their HSBC accounts
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    The offices are in Mayfair, London.  Book an appointment. They'll no doubt tailor the advice to your personal circumstances. 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    100 Posts Name Dropper
    edited 6 June at 12:49PM
    Emmia said:
    Did you spot the expandable sections, e.g. under travel - 



    I thought it does detail the benefits, unsure what else you’d be looking for? 
    Yes I'd seen that thanks, maybe I'm expecting too much detail haha. Don't worry about replying but I don't see anything in terms of cost (I assume there will be a monthly fee) or in terms of rates (I assume you're not going to leave 100 grand in a stagnant non earning account, ordinarily I'd be looking to earn 4 or 5k in yearly interest which would far outweigh any travel related benefits, particularly as those wouldn't even appeal to everybody).

    I appreciate with investments there ARE no guarantees but even then there seems to be a rather general 'we can help you' terminology.

    The cost and rates would be my first port of call when choosing a new account - I just find them a very odd bank to deal with (ironically I find First Direct great) but maybe its just me!

    The dealings I've had (4 in total, so not isolated incidents, have all been pretty poor) have been bordering on bizarre tbh, especially the phrase (and I quote) 'when you put the 100k in our specialist advisor will tell you more'......then to cap it nobody ever follows the enquiry up.

    Thanks again though, its appreciated.
    There's no monthly fee for premier if you qualify.
     

    There are other (sometimes preferential) mortgage rates and slightly better savings rates - but they're not market leading.

    If you qualify and have a joint account, the other account holder also gets premier on their HSBC accounts
    Thankyou. 
  • Hoenir said:
    The offices are in Mayfair, London.  Book an appointment. They'll no doubt tailor the advice to your personal circumstances. 
    No, you're allright thanks 🤣

    I wouldn't cross the road to speak to them tbh unless I was getting paid for it. 
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