Having had the week from hell! This will be swiftly followed by a weekend full of R and R, one can o...
Having had the week from hell! This will be swiftly followed by a weekend full of R and R, one can only hope!!
Member since:07.02.2003
Reviews:22
Members who trust:19
A number of years ago now, I felt the need to set up bank accounts for both of my children (back in the day they used to receive their allowances in cash) Both me and my wife have always banked with Coutts, feeling the need to give our children the same kind of service that Coutts offers, but because Coutts don’t have many branches in London, and since they would be off to university, they needed to bank with an Institution with a national presence.
So I came across the Hong Kong and Shanghai Banking Corporation (formally Midland Bank Plc) Since our local bank manager lives in the same street I bumped into him, while getting the paper and asked him about the services the bank offered (I know, wholly inappropriate on a Sunday morning!) to cut a long conversation short he suggested I visited the bank on Monday morning and applied for HSBC’s premier accounts for my children.
I should start by introducing the package offered, described as a service with a difference, a truly premier service! For example, you can call their service team for financial advice or just to check you balance 24 hours a day. You are assigned your own personal
relationship manager, who is your personal contact with the bank, my daughter; on a regular basis has lunch with her relationship manager (which, although slightly strange her taking such a keen interest in her own finances [instead of spending it] I seriously doubt that they talk about money over lunch!) Your personal relationship manager can offer advice or guidance on a variety of financial matters or if necessary put you in touch with the right people.
The service is not just a bank account, but a whole package tailored to meet your personal needs centred around your HSBC premier bank account.
Opening the account
This was pretty routine, I simply had to fill out the paper work, and produce two forms of identification for each account (I have two children) one with proof of name, e.g. passport and one verifying permanent address (of course this was just a formality as we lived in the same street!) and of course the cheque for the opening balance. That was it! Within a week they were sent HSBC premier switch cards, which included 250 cheque guarantee cards and a cheque book (left handed one for Hugo!)
The Account
This account is obviously different to the basic bank account offer to customers, the advantages of the account include;
· Enhanced interest rates for example the interest rate on HSBC current account is the standard rate of 0.10%. The HSBC premier bank account has tiered levels of interest, if the account balance is £2,000 then the interest is 0.20% and this rises gradually, when the account balance is £100,000 the interest rate is 0.99% (we are talking gross interest here)
· You are also given a HSBC premier debit card with £250 cheque guaranteed facility. This card allows you to withdraw up to £1,000 per day from cash machines
· The account also offers a guaranteed £5,000 overdraft, with no monthly fees, arrangement fees or renewal fees. Just to give you an idea of HSBC’s charges for overdrafts on standard accounts- Monthly fee of £18.00 (if not agreed in advance) , arrangement fee of 1.25% of the limit and HSBC’s standard renewal fee on top of that.
· Every six months you relationship manager will send you a personal finance summary, this is also an opportunity for your relationship manager to recommend products of use to you, for example my daughter finds it most exciting that every six months there is a £20,000 loan waiting for her at the bank, which I do find it hard to comprehend!
· They also send you a magazine, which is I have read on a number occasions it informs you of the corporate profile of HSBC and the developments in the economy and finance.
· The account also offers, quality leather cheque and card holders. Which I am told is a nice extra to have!
The Savings account
A premier savings account is available which is basically the same as the instant access account offered by the bank with one difference, you get instant access to your money, with a more attractive rate of interest which is normally offered on the 60 day’s notice account.
Premier credit card (my daughters favourite part, when she reached 18!)
This is a MasterCard, its benefits include no annual fee, a reward scheme whereby you collect points toward products/ services offered by HSBC’s partner companies, extended warranties- which can be as much as two years after the manufacturers warranty has expired! And of course a low APR (around 12% typically) and a 56 days interest free period before the bill has to be paid!
Extras include things like, cheap insurance, commission free currency, concierge services- this includes things like finding a certain type of restaurants for example if you need specific dietary requirements and also information telling you the dress code, wine list and prices, not only that but arranging sport, gifts or travel can also be done. Call center assistance is also provided - for example if your bags or passport had been stolen.
Other services include stock brokering- trading shares but also news and advice from experts in the field. Preferential mortgage rates and advice are also available.
So where’s the price tag?…it’s free…. where’s the catch?
Well ok, there are some requirements for you to be eligible for the account, but to be honest you would only find the service useful if you met the requirements, or as my bank manager put it- they are there to keep the ‘riffraff’ out! These are;
· An annual income of £75,000 or joint annual income of £100,000 paid into the account or · Savings and investments of £30,000 or more with HSBC Or · A mortgage of more than £150,000 with HSBC
(Since my children are both students currently, they satisfied requirement number 2, if you were wondering)
Compare this to National Westminster banks ‘equivalent’ service (note: they cannot really be compared, as HSBC’s service is far superior)
National Westminster offer an account called Advantage Premier, which costs £150 per year and requires the account holder(s) to be over 18 and have an annual income of over £35,000 or a joint annual income of £50,000.
So there you have it, who says that the best things in life aren’t free? (actually I do, but this service is one of the best and that’s discarding the fact there is no annual fee!)
Premier service, but where’s the premier price tag? I really cannot fault this service it has put my children on track for the secure financial future they deserve.
How helpful would this review be to a person making a buying decision? Rating guidelines
A very good overview of the Premier Service. Premier is always changing, HSBC understands the needs of its Premier customers. Premier now offers an insurance service where by you get a personal broker who can deal with everything from home insurance, IE if you have expensive Paintings or even a sit on lawn mower!! to insuring your family worldwide what ever the circumstances. No other bank has services like these, well not without a hefty price tag! Good to see that our product is getting a good review, a Premier Manager.
mgossin 19.05.2004 13:46
i am looking to move to a "premier" account and this was very helpful especially as i could not find if there was an annual fee on their own website!
Advantages: Good In-branch facilities, Lots of ways to bank, Lots of branches Disadvantages: Queues, Interest Rates don't stand out from other banks, high charges
Deru 24.04.2006 (24.04.2006)
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Ciao members have rated this review on average: very helpful
Review of HSBC
Aug 2nd, 2003
(Aug 14th, 2003)
exceptional by (2%):
very helpful by (96%):
helpful by (2%):
