HSBC Premier Banking and Wealth.

Hinchandrossi

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. 

subjecttocontract

Their Loyalty cash ISA at 3% for Premier Account holders isn't likely to persuade me.

zagfles

Have you done any mystery shopping for other top end or elite products and services? The world of top end products is a strange one, the the usual rules of economics and commerce don't apply. Try buying a top end watch for £10k+, you may have difficulty finding a jeweller to sell you one even if you have the money. Try booking a table at a top end restaurant, you'll likely have to book months ahead unless you have "connections", and you'll get rude and surley waiters. Try buying a top end car brand and you'll probably need to go on a waiting list and be approved to buy. 

These products aren't advertised, supply is artificially restricted, obstacles are deliberately put in the way of buying them, they expect the buyer to chase the seller and beg them to sell the product rather than the usual way it works of the seller trying to persuade the buyer to buy. The products aren't desired because of the features of the product, but because of the status owning the product implies. They appeal to snobbery. It might be the same with "premier" bank accounts. 

Hinchandrossi

subjecttocontract said:

Their Loyalty cash ISA at 3% for Premier Account holders isn't likely to persuade me.

This is one of the things that mystified me.

The details (imo) aren't as detailed as they could be.

I am assuming (could be wrong, probably am!) that you need over 100k in this specific account. Ok fine.

But in a decent savings account you would make between £4500 and £5000 in yearly interest (which in fairness as we know is on the decline).

So unless HSBC are paying a similar rate on this very account you are losing from the off.

Even if I am wrong the point of my task was to evaluate how HSBC are dealing with enquiries such as this, short answer is they aren't.

Hinchandrossi

Thankyou for all the various replies 😀

Hinchandrossi

zagfles said:

Have you done any mystery shopping for other top end or elite products and services? The world of top end products is a strange one, the the usual rules of economics and commerce don't apply. Try buying a top end watch for £10k+, you may have difficulty finding a jeweller to sell you one even if you have the money. Try booking a table at a top end restaurant, you'll likely have to book months ahead unless you have "connections", and you'll get rude and surley waiters. Try buying a top 
car brand and you'll probably need to go on a waiting list and be approved to buy. 

These products aren't advertised, supply is artificially restricted, obstacles are deliberately put in the way of buying them, they expect the buyer to chase the seller and beg them to sell the product rather than the usual way it works of the seller trying to persuade the buyer to buy. The products aren't desired because of the features of the product, but because of the status owning the product implies. They appeal to snobbery. It might be the same with "premier" bank accounts. 

Sorry, only just seen this.

I have with jewellers funnily enough, never experienced any problems with those, in fact they tended to push the boat out somewhat.

Most of my enquiries have been around the 5-6k mark but no issues at all.

Restaurants too but not at the very top of the range, not Michelin starred ones anyway. But because of the impression it gives to be 'select' I can understand why restaurants (or the really expensive car dealers) act like that.

I've done potential car dealership purchases which includes test drives (scary as I like driving my car and thats it, not exactly overly confident in others!) and they were really good to deal with, even if it was only superficial.

No hard sell but no playing hard to get either.

Again they weren't Porsches or Ferraris but still vehicles costing around 30k.

But what you say makes perfect sense in the HSBC case, it really does.

In the last hour or two I've dug around a bit more and found out what (I think!) they should be telling customers as a very minimum. 

The irony of the whole thing is that the applicable rates are dreadful, yes there are the other benefits such as the travel insurance but the bottom line for me would be cold hard cash.

It is a funny way of going about things for a bank though isn't it, making it difficult to glean all the info.

And bearing in mind its HSBC who originate this mystery shop, its them who ask and pay the company who in turn pay me to do the task, then they must have some sort of misgivings about how it is or isn't being promoted.

gt94sss2

Hinchandrossi said:

subjecttocontract said:

Their Loyalty cash ISA at 3% for Premier Account holders isn't likely to persuade me.

This is one of the things that mystified me.

The details (imo) aren't as detailed as they could be.

I am assuming (could be wrong, probably am!) that you need over 100k in this specific account. Ok fine.

But in a decent savings account you would make between £4500 and £5000 in yearly interest (which in fairness as we know is on the decline).

So unless HSBC are paying a similar rate on this very account you are losing from the off.

They are 3 different ways to potentially qualify for HSBC Premier, one one of which is based on the overall level of savings and investments you hold with them.

Many will qualify by holding shares in a dealing account or an ISA and so is not dependent on interest rates.

wmb194

Hinchandrossi said:

zagfles said:

Have you done any mystery shopping for other top end or elite products and services? The world of top end products is a strange one, the the usual rules of economics and commerce don't apply. Try buying a top end watch for £10k+, you may have difficulty finding a jeweller to sell you one even if you have the money. Try booking a table at a top end restaurant, you'll likely have to book months ahead unless you have "connections", and you'll get rude and surley waiters. Try buying a top 
car brand and you'll probably need to go on a waiting list and be approved to buy. 

These products aren't advertised, supply is artificially restricted, obstacles are deliberately put in the way of buying them, they expect the buyer to chase the seller and beg them to sell the product rather than the usual way it works of the seller trying to persuade the buyer to buy. The products aren't desired because of the features of the product, but because of the status owning the product implies. They appeal to snobbery. It might be the same with "premier" bank accounts. 

Sorry, only just seen this.

I have with jewellers funnily enough, never experienced any problems with those, in fact they tended to push the boat out somewhat.

Most of my enquiries have been around the 5-6k mark but no issues at all.

Restaurants too but not at the very top of the range, not Michelin starred ones anyway. But because of the impression it gives to be 'select' I can understand why restaurants (or the really expensive car dealers) act like that.

I've done potential car dealership purchases which includes test drives (scary as I like driving my car and thats it, not exactly overly confident in others!) and they were really good to deal with, even if it was only superficial.

No hard sell but no playing hard to get either.

Again they weren't Porsches or Ferraris but still vehicles costing around 30k.

But what you say makes perfect sense in the HSBC case, it really does.

In the last hour or two I've dug around a bit more and found out what (I think!) they should be telling customers as a very minimum. 

The irony of the whole thing is that the applicable rates are dreadful, yes there are the other benefits such as the travel insurance but the bottom line for me would be cold hard cash.

It is a funny way of going about things for a bank though isn't it, making it difficult to glean all the info.

And bearing in mind its HSBC who originate this mystery shop, its them who ask and pay the company who in turn pay me to do the task, then they must have some sort of misgivings about how it is or isn't being promoted.

HSBC Advance is a funny one as well. It used to offer more but it's been cut back to next to nothing. It's as if HSBC realises it needs to offer some 'premium' products but doesn't really know how to go about it. 

Same with Barclays and its 'Premier' offering. Another one that used to offer more - including a daily free coffee with that chain that had an accounting scandal and went bust, I forget the name - but has been cut to next to nothing, though since a couple of months ago it does give me Appletv+ for free so that's something.

subjecttocontract

I also believe that a large proportion of any banks premier account customers are acquired by invitation rather than new customer applications.

flaneurs_lobster

Seems to me to be the posh banking equivalent of a "No Time Wasters" note on the bottom of adverts for second-hand cars.

Why waste time/money marketing a niche product unless you've qualified your prospect first.

Mayfair offices and chaps with decent accents don't come cheap.