HSBC Premier Banking and Wealth.

Hinchandrossi

*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!

Archerychick

Their website seems to detail all the benefits https://www.hsbc.co.uk/current-accounts/products/premier/

Hinchandrossi

Archerychick said:

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

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

When I looked at their Premier Banking Account I didn't see anything that I could describe as being competitive or market leading.

Hinchandrossi

Archerychick 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.

IvanOpinion

100.2% APR on their credit card?

Hinchandrossi

IvanOpinion said:

100.2% APR on their credit card?

Yes I've seen that.

Emmia

Hinchandrossi said:

Archerychick 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 always market leading.

If you qualify and have a joint account, the other account holder also gets premier on their HSBC accounts

Hoenir

The offices are in Mayfair, London.  Book an appointment. They'll no doubt tailor the advice to your personal circumstances. 

Hinchandrossi

Emmia said:

Hinchandrossi said:

Archerychick 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.