HSBC Chat

UK Financial Chat
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
5107

My experience was similar but didn’t need to go to the branch. I called to talk about upgrading the account, booked a time for a longer call and was upgraded during the call. No need to go to the branch.

1 Like
5108

Ugh. Just tell me online if I can upgrade.

1 Like
5109

I’d guess that’s one of the changes coming this year out of the 50 odd the annual report mentioned. Nobody wants to go to branch, that’s why they’re closing them.

1 Like
5110

I had that as well - about 30mins of the call was just the CS chap monotonously reading out the T&Cs. Hard check during the call for an existing account too :tada:

5111

They really love the hard checks.

3 Likes
5112

:collision: there’s one for talking about it.

2 Likes
5113

A lot less? The only differences that I can see are that Lloyds gives you 1% cashback on their debit card and the same lifestyle benefits that you get with Club Lloyds, unless I’ve missed something. HSBC has travel insurance, timely notifications with sound/vibrate and shows upcoming DD and BACS transactions.

Also, the big plus for me is that it’s not Lloyds :slightly_smiling_face:

5114

The bare minimum all banks should achieve. :face_exhaling:

2 Likes
5115

I thought HSBC was actively downgrading customers who didn’t meet the criteria. Perhaps they’ve lost more than they wanted to see go, and now are offering upgrades to those with account turnover above £5.1k!

1 Like
5116

Well, for me at least, this works out better than a Lloyds Premier account:

  • Bupa family wellness/GP
  • Overseas fee free spending
  • Interest on my balance
  • Preferential savings rates
  • Mortgage discount
  • 1% cashback
  • Discounted investment fees on the S&S ISA (don’t pay the £18 every 6 months)
  • Lifestyle benefit (eg cinema ticket)

I know a couple of those come with Club Lloyds, but we’re not comparing against Club Lloyds, we’re comparing against HSBC.

I get what you’re saying about Lloyds, but they really seem to be improving, especially on a few calls and callbacks I’ve had with them when transferring some stuff.

2 Likes
5117

I didn’t know this was a thing.

5118

Just checked the Lloyds website and it says the £18 fee is free for Private customers but doesn’t seem to refer to Premier customers.

Shame as I wouldn’t bother moving my S&S ISA away from them if this was the case.

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5119

Ye I was going to ask this too. I thought this was only for Private and I think the legacy Premier account used to get it too. Interestingly I opened a S&S ISA with the last week and I got a letter saying Private and Premier customers don’t pay the fee but I assumed it was an outdated letter them haven’t updated and it was referring to the legacy account.

Are you definitely not paying the fee?

5120

Although I did a comparison and the £36 annual platform fee is still a lot cheaper than all the other high street banks

5121

Scottish Widows is free and is basically the same thing, with cheaper per-trade fees as well. Scottish Widows website is an eyesore though, maybe the Halifax share dealing looks better?

5122

Don’t think HSBC Premier is the best ‘premium’ bank account around, but the fact I can open foreign bank accounts and instantly move money overseas is the only reason I keep the account.

The travel insurance is also a nice one, complements the Amex one quite well. Some of the Home&Away benefits are nice too.

1 Like
5123

They are. They’ve given me until the 10th July to comply otherwise I’ll be downgraded to a basic bank account (not even Advance). I have one more ISA currently being transferred which will let me meet the criteria.

5124

HSBC Premier has similar health insurance and I get most of the other things with other cards. Anyway, it’s good that there’s some choice for different people.

I think if I had to change I’d most likely go with Nat West Premier.