HSBC Chat

UK Financial Chat
5091

Anyone know how on earth you open a SIPP with HSBC?

I want to transfer one in to qualify myself for Premier and I’ve been poking around everywhere trying to find out how to actually open it!

5092

Maybe give them a call?

2 Likes
5093

You need to call them:

2 Likes
5094

Thanks guys, I just realised how expensive HSBC’s SIPP is compared to Lloyds so I might not do it

1 Like
5095

Where’s the pricing listed? I was toying with your plan too :grin:

5096

It’s 0.25% but isn’t capped like the Lloyds one, so anything over about £80k is cheaper to use Lloyds.

I think it’s about £100/£150 a year on about £100k difference between Lloyds SIPP and HSBCs

I called HSBC about it and what a rigmarole that was, they wanted to set up two appointments and a zoom call just to open the SIPP, let alone transferring anything to it

5097

Is that because it’s part of wealth management rather than just being a SIPP version of InvestDirect?

5098

I think it’s more of a case that Lloyds are unusual in capping their SIPP fees at £16.50 per month maximum.

Remember with these that the fees don’t come from the investments, you have to pay them from uninvested cash, so that can make quite a difference depending on your pot size. Anything over about £80k stops at £16.50 per month with Lloyds, but with HSBC it continues to increase as it’s not capped like that.

5099

is it easy to get a premier account? do they do a tough check to ensure you’re eligible?

5100

I see posts on Reddit people just turning over £5,100 a month and being offered the premier upgrade in the app.

2 Likes
5101

Is it just offered? I’ve not been allowed a HSBC account for years so no idea how their upgrades work; bank account :right_arrow: advance :right_arrow: premier

5102

With Advance offering basically nothing extra

5103

I haven’t ever looked into them TBH.

5104

Yeah it can be if your turnover is enough, from bank account to premier

1 Like
5105

Seems to be a bit random, here’s how it went for me:

  • Phone call from the ‘Premier Financial Consultant’ to run over things
  • He then booked a Zoom call with the ‘Premier Team’ to discuss Premier, the insurances, etc
  • Then (I think) I would need to go into a branch to do the upgrade

I stopped at stage 1, I couldn’t be bothered with the faffing for a Premier account that gives me a lot less benefit than the Lloyds Premier account.

You get access to the better credit cards but even with those and the Premier account you still get stung for overseas fees. I stuck with Lloyds.

2 Likes
5106

Forget going to branch. It’s 2026

1 Like