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HSBC Premier changes

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  • Lucky_Duck_2
    Lucky_Duck_2 Posts: 292 Forumite
    Tenth Anniversary 100 Posts Photogenic Combo Breaker
    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
    Rusty190 Posts: 213 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    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
    potts8 Posts: 64 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 10 April at 10:45PM
    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
    Rusty190 Posts: 213 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Still heard nothing. Watch this space. 
  • Theleak250
    Theleak250 Posts: 200 Forumite
    100 Posts
    edited 12 April at 7:16AM
    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
    gt94sss2 Posts: 6,073 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    AHC96 Posts: 4 Newbie
    Fourth Anniversary First Post
     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
    Theleak250 Posts: 200 Forumite
    100 Posts
    edited 28 May at 6:10PM
    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.

    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


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