HSBC Chat

UK Financial Chat
3349

I rang HSBC to understand what this meant in reality, and I got the below, which might be of use

  • Everyone is getting written to to remind them of the new Criteria
  • If they don’t meet it they will get automatically downgraded to Advance, keeping the same sort code and account number (I am not sure how this will work, since I understood part of identifying if you were premier or not was your account number)
  • If you have a premier card you’ll need to withdraw all the points in advance and then apply for a non premier card

So for those hoping that HSBC might not get around to it, it’s highly likely they will - seems quite a stub nosed action and very little room for alternatives here

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3351

It’s pretty evident they will. I also note that the latest HSBC customer studio has a task around changes to the ‘wealth management’ area aka investments - and specifically asks if you are a Premier customer or not.

Clearly, the squeezed middle have been squeezed our of Premier with no chill :smiley:

That said, still not 100pc certain if I’ll stick with HSBC or review Lloyds again. I don’t really want to mess around with the investment I got, so might keep with Advance and get a rewards CC instead of the Premier version.

I actually have no issues other than the change, I would’ve happily stayed with them for a good while longer.

3353

I think it’s more like a penalty. They clearly want a certain type as their premier customer, and it’s not the ‘mass affluent’ it once was.

3354

I hope HSBC know what they are doing. Such benefits are likely to be considered less valuable in the UK given our public healthcare system then they would in other locations.

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3355

Probably that is exactly what they want. Who knows, maybe HSBC trialed being Premier only in the US just to roll it out in other markets…

I agree but also disagree. The NHS is good, but private health cover is still sought after by some people. Some get it through their work but many don’t.

3356

Does Singapore have free healthcare as standard?

3358

My uncle was in IT at Midland. He said the branch staff hated those ads. The song included the lines “People have problems over the years. Midland Bank has very good ears.” Just asking for trouble when people couldn’t pay off overdrafts, loans etc. and came into branch wanting help.

3359

No, they have a mandatory medical savings account scheme.

3360

Probs why HSBC offer such perk for Premier then.

We don’t particularly need it here - NHS just needs to crack down on the users that should be calling a GP or pharmacy.

Part joke before everyone starts crying.

3362

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Adverts in the new app? :expressionless:

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3363

I don’t mind them there, you have to scroll down to see them. Could be worse and be like Monzo where they come up on payment screens :wink:

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3364

I think they always had some sort of ad in the old app about their own products too

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3365

I still have the old app and can confirm this. Still appearing, at top of accounts screen.

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3366

Luckily I’ll be able to remain a client of HSBC Premier.

It’ll be interesting to see what benefits they add to the account. Will they try and add tiers to the Premier offering like in HK…??

I’ve noticed they’re pushing their investments products , as well as looking at introducing some sort of “on demand” medical service.

A good feature would be adding tiered interest rates to their current account, similar to Club Lloyds and Lloyds Private.

1 Like
3368

You can always switch back in if their new product offering would be of interest. It’s an option for you.

I think by April they need to provide some sort of roadmap to keep existing clients with the Bank.

Otherwise, people will just leave and look elsewhere for a better offering.

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3370

HSBC announced they were introducing interest tiers on their Premier Savings Account from 24 February 2025.

However, the practical result of this is all account holders are going to get a lower rate of interest on the savings account unless they have a balance of over £100k - in which case the 2% interest rate remains unchanged.

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3372

I wondered about this. I suspect they will improve it for those that stay, since they appear to be pretty clear that they will actively downgrade people who don’t in April.

I had that confirmed by CS, a little annoying since I had been a loyal premier customer, but then again wasn’t really their target customer without a high volume in investments.

3373

I was more comparing to credit balances on a current account.

I think from what I recall Lloyds pay out a fairly decent rate on credit balances on current accounts between £4K to £5K.

1 Like
3374

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Seems a little punitive, given the reason for closing it is down to no longer meeting premier requirements come April. I wonder what would’ve happened if I’d decided to stay with HSBC and go back to advance.

3375

I wonder why you can’t open another card because you are closing? It’s not like Barclaycard which are ‘technically’ another arm separate from the Bank. (Although when I had an issue before the advisor on the phone checked some details with my main Barclays account.)

If you still needed a HSBC Credit Card I suppose applying for one and then closing the other card would be the option