If they had competitive savings and investment products then it would make sense to move completely over to HSBC from my perspective. But they don’t, so I’ll just get downgraded whenever that time comes.
Just wondering what will happen to my Premier credit card with which I’m taking advantage of a 15-month 0% balance transfer offer.
I suppose they could transfer it to a bog standard credit card with the same offer…
Out of curiosity, had everyone recieved that message from HSBC or are they targeting certain customers who were eligible but no longer are?
I’m guessing if the requirement was £50K but you were already putting in £100K or over you’d not receive the email.
I haven’t received an email yet, but at this time it might just be staggered.
It would be pretty detrimental if it disqualified you out of premier, and you are using premier in the UK to qualify for other overseas accounts that are premier-only, e.g. Expat or USA. Without qualifying for premier those accounts cost £50 or $50 per month.
I presume everyone is getting a version of the email as it’s part of a broader T&C update notification covering multiple accounts including savings accounts, Global Money and cash ISAs.
Details of these changes are also here
For the changes to Premier, you need to scroll down to the lower half of the email - easily missed/badly placed imho.
Ah okay.
They must be targeting clients then who would’ve been eligible but no longer are. I doubt it would be a mass mail send.
Website however doesn’t yet reflect said information.
HSBC generally do stagger comms a little. I’ve not got the email (yet) and have only had 24p in my account for ages.
Requirement was 75k and I haven’t received any comms yet, just aware through the above posts.
I’ve read dozens of anecdotes today of people with premier when they weren’t using the account. Doesn’t seem like it was very actively monitored.
It’s seems now they are also changing the structure of their charges associated with certain payments.
These also affect HSBC Private (charges that is).
Seems like a complete overhaul on all their product offerings.
Charges are being removed for certain payments.
However, there is mention of interest rates on arranged overdrafts changing.
No inclination as to what exactly. Fee free buffers I presume will remain, but who knows.
It seems clear HSBC wants to totally reinvent its Premier and Private offerings.
Maybe they’ve realised that what they have been offering may have come across stale to some clients.
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Haven’t received any emails about this yet. Received the equivalent for Expat and US.
US also told existing customer they have until Jan 2026 to meet the new criteria.
Expat said existing customers won’t need to meet the new criteria.
For me, Expat is my “home premier” so I’m covered in the UK, unless they backtrack and change it for existing customers too.
Normally how they do with not qualified premier customers in other countries, you need to pay a fee of £30 to keep the premier or downgrade it.
Had the premier email this morning. Not that I’m a premier customer but they’ve sent it anyway
I received the email about changes to terms and conditions.
Something that stood out to me for the Global Money Account is:
A very welcome change.
The new T&Cs don’t apply until 9 April 2025.
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Shame they’re not going the whole hog and allowing currency deposits from anywhere into Global Money (if my reading of the first paragraph is correct)
Oh yeah, sorry I was being dim
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Yes, I mean right now you can do this but you have to open a separate currency account for receiving each currency. A bit of a faff, really.
I’ll be interested to see if it works for global transfers as well. At the moment you can only transfer from overseas accounts into the GBP account. But for HSBC in other countries with the “Everyday Global Account” (like Australia, I presume it works for Singapore and others too though) you have the option to transfer to any of the currencies you have balances for (see below, screenshot taken from Expat, cropped/fiddled to relevant accounts only).
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Yes, it’s a pain in the knackers. I’ve previously used a creaky old HSBC Euro account which is view only in the app, and an HSBC Global Account with which you can pull euros from the currency account, but is itself completely invisible in online banking.
A change like that would make the currency account redundant, unless they also make changes to the currency account.
Very good stuff.