HSBC Premier changes

Lucky_Duck_2

Stumbled across that one’s Salary is stored on the app and is user editable! Given it was a very precise number I suspect it came from a mortgage application from about eights years ago.

This will possibly be the second time I have been kicked out of premier 

Rusty190

Has anyone heard any more about this, given that it's now April 9th?
Are Premier account customers ( ie. the "poor" ones!) supposed to do something themselves or does it just happen?
Can we still use our debit cards - given I've not received a new one? 

potts8

Rusty190 said:

Has anyone heard any more about this, given that it's now April 9th?
Are Premier account customers ( ie. the "poor" ones!) supposed to do something themselves or does it just happen?
Can we still use our debit cards - given I've not received a new one? 

I'd be interested to hear if there was any outcome from this, it prompted me to move to barclays premier as I didn't appreciate the direction of HSBC.
It wouldn't surprise me if it was just a scare tactic to offload customers or to get them to invest more

Rusty190

Still heard nothing. Watch this space. 

Theleak250

Incidentally I live close to a student block, there are many Chinese students with HSBC premier (I know this because I have observed them paying with the card at the shop), I assume they have such an account in China and have upgraded in the UK due to this. But puts it into perspective why they are making changes and have little interest in 30 plus people who don't earn 100k plus. I am still hopeful they will make changes to the advanced account seeing as a lot of people on 75k plus will be moving to it. One would hope they would at least try to soften the blow. 

Edit: out of interest I went onto HSBC China to see what the requirement of the premier account was, it is RMB500,000, which equals about £53000. And there also appears to be an option to just pay for an upgrade. So perhaps not as clear cut as I thought. So if you have a premier account overseas (with less requirements) you can open a UK one and bypass the requirements that locals have to meet?! Are we the mugs!!

gt94sss2

A big part of the HSBC Premier offering/marketing has traditionally included supporting family members, especially those studying overseas.

I suspect all countries are moving to standardise their Premier requirements. HSBC UK also listed £50k in savings/investments as one of their Premier qualification criteria until the most recent changes. 

As for what happens to everyone who doesn't meet the new requirements, I suspect there will be no big changes in the near future..

AHC96

Theleak250 said:

 So if you have a premier account overseas (with less requirements) you can open a UK one and bypass the requirements that locals have to meet?! Are we the mugs!!

You need to remember that different countries have different economic conditions (salaries, cost of living, currencies, etc...). HSBC Premier qualification in one country reflects that country's reality, so it’s not always a like-for-like comparison across the different markets.

When it's based on monthly income requirements, the 'cheapest' HSBC Premier is in Egypt at EGP 70k (£1k) but that is 5 times the average income in Egypt. The most 'expensive' one is Qatar at QAR 50k (£10k), 3 times their average income. Biggest jump from average income for Premier requirements is Indonesia (£2.3k), with them needing 8 times their average income. 

UK requirements is 2.5 times the average income. So we got it good here. 

Theleak250

They are now offering £500 Selfridges voucher for new customers who sign up to HSBC premier. 

Get a £500 Selfridges Gift Card and VIP experience

Everything is Premier when you switch to an HSBC Premier Bank Account. Switch using the Current Account Switch Service and get a £500 Selfridges Gift Card and a VIP shopping experience.

Find out more and applyFind out more and apply for Premier

Complete a full switch, including your monthly salary (equivalent to an individual annual salary of £100,000+) and 2+ Direct Debits, by 12 August 2025. Excludes existing HSBC UK and first direct current account customers. UK residents only. Eligible customers will be sent an email on or after 9 November 2025 to claim their gift card.  Limited time offer – can be withdrawn at any time. Further offer T&Cs and Premier eligibility criteria apply

Swipe

It looks like HSBC are finally getting around to removing Premier from ineligible customers. Can't say I've ever made much use of the benefits so I'll let it go. I've just received this email: 

We’re writing to remind you of the changes to the eligibility criteria for HSBC Premier. To keep your Premier benefits, you’ll need to act soon and make sure you:

•  have an individual annual income of at least £100,000, paid into your HSBC Premier Bank account

or

•  have savings or investments of at least £100,000 with HSBC in the UK

or

•  already have HSBC Premier in another country

HSBC Premier goes beyond banking, with health benefits, travel insurance and rewards. And unlike some competitor accounts, all of this comes with no monthly fee – so we don’t want you to miss the opportunity to keep your Premier account.

TheMod1

Swipe said:

It looks like HSBC are finally getting around to removing Premier from ineligible customers. Can't say I've ever made much use of the benefits so I'll let it go. I've just received this email: 

We’re writing to remind you of the changes to the eligibility criteria for HSBC Premier. To keep your Premier benefits, you’ll need to act soon and make sure you:

•  have an individual annual income of at least £100,000, paid into your HSBC Premier Bank account

or

•  have savings or investments of at least £100,000 with HSBC in the UK

or

•  already have HSBC Premier in another country

HSBC Premier goes beyond banking, with health benefits, travel insurance and rewards. And unlike some competitor accounts, all of this comes with no monthly fee – so we don’t want you to miss the opportunity to keep your Premier account.

Were you trying to meet the £100k salary or £100k in savings and investments and how active are you with the account? How much do you deposit in the account each month?