HSBC Premier changes

TobyCG

So I've had an email this morning about changes to the eligibility rules for HSBC Premier accounts.

I know these changed for new customers last September, to the £100k income or savings thresholds but I'm sure they said that this would not affect existing customers.

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.  Anyone else had this email today or recently?

The new thresholds do seem rather harsh considering the limited benefits the Premier account offers.

potts8

Yep, also had it this morning and it's a depressing read.

I assume this will punish many who salary sacrifice below 100k?:

Have an annual personal income of £100,000 or more coming into your Premier Account. For joint account holders, at least one of you must meet this requirement.

Let's how how commited they are to implementing these changes

friolento

TobyCG said:

So I've had an email this morning about changes to the eligibility rules for HSBC Premier accounts.

I know these changed for new customers last September, to the £100k income or savings thresholds but I'm sure they said that this would not affect existing customers.

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.  Anyone else had this email today or recently?

The new thresholds do seem rather harsh considering the limited benefits the Premier account offers.

Which of their benefits are worth your while staying with the account?

potts8

friolento said:

TobyCG said:

So I've had an email this morning about changes to the eligibility rules for HSBC Premier accounts.

I know these changed for new customers last September, to the £100k income or savings thresholds but I'm sure they said that this would not affect existing customers.

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.  Anyone else had this email today or recently?

The new thresholds do seem rather harsh considering the limited benefits the Premier account offers.

Which of their benefits are worth your while staying with the account?

Free worldwide travel insurance and the extra 2 year warranty on electrical household items were the main perks for myself

gt94sss2

Very disappointing news. Expect it will go down like a lead balloon with their existing customers.

It's also just an odd decision given the number of other banks now specifically aiming to grow that target market

Hoenir

TobyCG said:

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.

Doesn't sound contradictory . Was the first phase of a change of policy. Now it's phase 2,  Services and products offered need to be profitable. 

TobyCG

friolento said:

TobyCG said:

So I've had an email this morning about changes to the eligibility rules for HSBC Premier accounts.

I know these changed for new customers last September, to the £100k income or savings thresholds but I'm sure they said that this would not affect existing customers.

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.  Anyone else had this email today or recently?

The new thresholds do seem rather harsh considering the limited benefits the Premier account offers.

Which of their benefits are worth your while staying with the account?

Primarily the travel insurance but I've also got a Premier Credit card which would be a pain to have to change to yet another card.

The savings/investments side of the requirement feels like they're trying to pursuade people to keep their ISAs with them.

Eyeful

potts8 said:

friolento said:

Which of their benefits are worth your while staying with the account?

Free worldwide travel insurance and the extra 2 year warranty on electrical household items were the main perks for myself

1.I wonder have you actually read all of the terms & conditions for the travel insurance & 2 year extra warranty, to see what if any "get out of paying" conditions might have been included.

2. I think banks offer these types of account in order to charge customers for current accounts & appeal to any snobbery instinct they may have. Banks of course will advertise it as "value for money". 

Theleak250

I was annoyed as was getting close to the old requirements. I wish they would do something with the advanced account, very poor offer.
I’m not surprised, they recently announced they were targeting the wealthy!

Frontera2

I’ve just had the email through as well. Very disappointed as I only just scraped over the previous threshold a few years ago and unfortunately some way off the new one. Found the travel insurance extremely useful as it covered my pre existing conditions too. 

Wonder how quickly after April they will look to downgrade the accounts? 

Hinchandrossi

potts8 said:

friolento said:

TobyCG said:

So I've had an email this morning about changes to the eligibility rules for HSBC Premier accounts.

I know these changed for new customers last September, to the £100k income or savings thresholds but I'm sure they said that this would not affect existing customers.

This morning's email directly contradicts this and states that, from April 9th, these will apply to all Premier customers.  Anyone else had this email today or recently?

The new thresholds do seem rather harsh considering the limited benefits the Premier account offers.

Which of their benefits are worth your while staying with the account?

Free worldwide travel insurance and the extra 2 year warranty on electrical household items were the main perks for myself

How much do you think those benefits are worth?

Genuine question as I'm interested in the value of the Premier account.