The HSBC Premier Checking is a premium bank account offering exclusive member benefits, international banking advantages, and more to people who meet the steep requirements to qualify for relationship status.
Here are some of the key features of this account.
Perks and member privileges
There are many aspects of this account that make it different from your average checking account, including a variety of relationship perks and privileges.
One example is that this checking account allows you to open an HSBC Premier Savings Account. This is a premier relationship savings account that you can’t open unless you already have a Premier relationship.
To qualify for a Premier relationship, you need to have a Premier checking account and meet one of the following requirements:
- Maintain a balance of at least $75,000 across qualifying accounts
- Receive at least $5,000 in qualifying direct deposits each month
- Have an HSBC U.S. residential mortgage loan with a value of $500,000 or more when you opened it (must be a single loan)
- Maintain Private Bank status
This savings account pays a standard APY of 0.05% and a relationship APY of 3.00% (qualifications apply). Rates are accurate as of 11/17/22.
Basically, to have HSBC relationship status at all, you need the HSBC Premier Checking account.
Other perks of a relationship include:
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- Interest – earn an APY of 3.00% on the Premier Relationship Savings account, compared to a standard APY of 0.05%.
- Status sharing – share your Premier status with up to four of your family members.
- Waived fees – you won’t be charged for stop payments, incoming wire transfers, cashier’s checks, and more as an HSBC Premier Checking customer.
As you can see, some of these perks are better than others. You wouldn’t have to look hard to find a similar interest rate elsewhere, but sharing your status and avoiding fees could be useful.
The Premier Checking account comes with extensive international features including emergency financial support at branches in other countries and easy access and fund transfers between foreign accounts.
HSBC branches and ATMs are located in over 30 different countries. Meaning, members can access their money and get support around the world. There are no foreign transaction fees when you use your HSBC Premier Credit Card abroad or ATM fees for in-network international ATMs. HSBC will also reimburse up to five out-of-network ATM transactions per month in the U.S.
With Global View, members can view their HSBC accounts that are based in other countries and link them together for convenient transfers and management. With Global Transfer, members can transfer money instantly between their worldwide bank accounts in 27 different countries and 28 different currencies. Accounts do not have to be with HSBC to qualify but transfers to or from non-HSBC accounts may incur third-party charges. Not all regions are included in this transfer program and transaction limits may apply.
HSBC Credit Cards
You’re not required to apply for a credit card as a Premier HSBC member, but this is the best way to unlock all of the travel benefits HSBC has to offer. The two available travel rewards credit cards are the HSBC Premier World Credit Card and the HSBC Elite Credit Card.
Both HSBC-branded credit cards give you access to more global perks than just the HSBC Premier Checking account alone.
For example, HSBC Premier World Credit Card cardholders receive benefits including a TSA Precheck statement credit of $85 every five years as reimbursement for the application fee and global Wi-Fi access with Boingo. Plus, they’ll earn 2X Rewards Points on new travel purchases. HSBC Elite Credit Card cardholders receive an annual travel credit, complimentary lounge access, travel insurance, and 3X Rewards Points on new travel purchases.
Read more:Best travel rewards credit cards
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Premier Relationship manager
When you open an HSBC Premier Checking account, you are connected with a Relationship Manager who can assist you with anything you need help with when it comes to HSBC banking. It’s like having a personal financial concierge at your fingertips.
You won’t pay any extra fees for priority customer service or appointments with your Relationship Manager.
HSBC Premier Checking account pricing
The HSBC Premier Checking account isn’t free and is, in fact, pretty expensive.
While there is no minimum deposit requirement for this account, there are requirement options you need to meet in order to waive the $50 monthly maintenance fee. These are:
- Maintaining a balance of at least $75,000 across qualifying accounts OR
- Receiving at least $5,000 in qualifying direct deposits each month OR
- Have an HSBC U.S. residential mortgage loan with a value of $500,000 or more when you opened it (must be a single loan)
- Maintain Private Bank status
You’ll notice that these are the exact same requirements to qualify for relationship status. That’s because this account is designed to be your ticket to a relationship with HSBC and not just a regular bank account that you leave money in and never use otherwise.
All of your savings accounts, Trusts, and certificates of deposit can count toward the balance requirement. If you don’t meet one of these in a month, you will be charged the monthly maintenance fee for that month and will not be eligible for an HSBC Premier relationship (meaning you won’t receive perks like access to a Relationship Manager).
These requirements are waived for all customers with Private Bank status.
Read more:Best checking accounts with no minimum deposit
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Who is it for?
The HSBC Premier Checking account is best for the following groups.
High net-worth individuals
The Premier account is best for people who hold large sums of money. If you can meet the minimum balance requirements or receive enough direct deposits to qualify for relationship status and waive the monthly fee, you’ll be able to take full advantage of this account.
People who want top-tier service
If you want to be treated like a VIP, you’ll appreciate the HSBC Premier Checking experience. Having your own Premier Relationship Manager will mean more access to support, less waiting in lines and on the phone when you need help, and guidance to help you make the most of your membership with this bank.
People who regularly find themselves in other countries and have bank accounts in multiple regions around the world will get the most benefit out of this account and the perks that come with it. The ability to link and transfer funds between different global accounts, plus save on things like foreign transaction fees when using your Premier debit or credit card and U.S. ATM fees, can be a huge advantage for people who want convenient access to their money wherever they go.
And with an HSBC credit card, the travel benefits are multiplied.
Who is it not ideal for?
The HSBC Premier Checking account is not going to be a good fit for the majority of people. Here are just a few people that should look elsewhere to meet their banking needs.
People with less cash flow
For the average person, this account is overkill. If you don’t have a lot of money to deposit and can’t qualify for an HSBC Premier relationship, you’ll probably be better off choosing an account with much lower minimum balance requirements that won’t charge you a monthly fee. It probably won’t come with the same level of service and benefits, but these really aren’t necessary for many people.
People who don’t want to pay monthly fees
You don’t have to pay to bank unless you know the pros are worth paying for. There are plenty of checking accounts out there that don’t charge any monthly maintenance fees whatsoever. So if you don’t want to spend $50 a month, don’t.
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Read more:Best no-fee checking accounts
People who want to earn interest
If it’s a high-yield checking account you’re after, you won’t find what you’re looking for here. The HSBC Premier Checking account pays almost no interest regardless of your balance, so it’s not a good choice for long-term growth and supplementing your savings goals with a steady stream of dividends. For an account that will pay a more significant interest rate on your balance, you’ll want to check outhigh-yield checking accounts.
HSBC vs. competitors
There are a couple of checking accounts that can be compared to the HSBC Premier Checking account because they offer similar services and features. Here are some of those alternatives.
Chase Sapphire Premium Checking account
The Chase Sapphire Premium Checking account is also a premium bank account with everyday benefits like relationship rates on interest-bearing accounts and savings.
With this account, you’ll earn a higher APY on Chase Premier Savings accounts (with five transactions per month from your linked checking) and you won’t be charged fees for wire transfers, stop payments, or most ATM transactions. The Chase Sapphire Premium Checking account requires you to maintain a minimum balance of at least $75,000 to avoid a $25 monthly maintenance fee. Like the Chase Sapphire credit cards, this account gives you access to exclusive member perks like Chase Offers.
For U.S.-based customers who don’t have much use for international travel benefits, this premium account from Chase might be a better option as it charges a lower fee. But for customers based outside of the U.S. or world travelers, the HSBC Premier account might be worth paying for.
Bank of America Advantage Relationship checking account
The Bank of America Advantage Relationship checking account is another relationship bank account that’s most rewarding for people who maintain higher balances. However, it requires a much lower minimum balance to waive fees and qualify for relationship status than HSBC.
You need to either maintain a balance of at least $10,000 across all of your savings and checking accounts to avoid a $25 monthly fee or enroll in Preferred Rewards. This is a rewards program with a variety of banking and investing perks including credit card rewards boosts, relationship savings rates, investing discounts, loan rate reductions, and more. To qualify for the lowest tier, Gold Tier, you’ll need a balance of at least $20,000. You can count all of your banking and investing accounts toward this balance.
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This account is a better option for people with lower net worths who still want relationship banking. The Preferred Rewards program gets better the higher your balance is, but the lowest tier offers benefits on balances starting at $20,000. The HSBC Premier account, by contrast, only gives you relationship status at $75,000 and above.
TheHSBC Premier checking account is impressive in a lot of ways, but it’s not for everyone. Unless you can meet the steep balance and direct deposit requirements to waive the monthly fee and qualify for relationship status with this bank, you should probably not open an HSBC Premier account.
But if you can meet these requirements and think you’ll really use the global banking and account benefits, go right ahead.
What is premium checking? Premium checking accounts — also referred to as premier checking accounts — reward what’s called relationship banking, in which a single financial services provider meets a range of customer needs: checking and savings; credit cards; investments; and home, auto and personal loans.
2 To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and maintain: Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment* accounts; OR.
For the average person, this account is overkill. If you don’t have a lot of money to deposit and can’t qualify for an HSBC Premier relationship, you’ll probably be better off choosing an account with much lower minimum balance requirements that won’t charge you a monthly fee.
Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP.
Here are the key disadvantages of premium bank accounts: High minimum balance requirements: You’ll have to keep a significant amount of money in your account or accounts to avoid monthly fees, which typically cost $25 or more.
What are the benefits of premium checking accounts? › By itself, the most notable benefits are:
- Additional checking and savings accounts with no monthly fees.
- Free overdraft protection transfers.
- Earns interest.
- Free incoming domestic wire transfers.
To become an OCBC Premier Banking client, you will need to have deposits and/or investments of RM300,000 or more in fresh funds with us.
Check Eligibility for HSBC Credit Card
* Minimum salary AED 10000 required to apply for a HSBC Credit Card .
What are the criteria for HSBC Premier account? › 6 HSBC Premier requires you to have an active HSBC Premier chequing account, and either:
- Have personal deposits and investments with HSBC in Canada totalling $100,000 or more; or.
- Hold a personal mortgage with HSBC in Canada with an original amount of CAD $500,000 or more.
Yes, it is hard to get an HSBC credit card because all HSBC credit cards require excellent credit for approval. Unless your credit score is 750 or higher and you have a lot of income, it will be difficult for you to get approved for an HSBC credit card.
HSBC credit cards are best for people with good or excellent credit – a credit score of 700 or higher. There are no HSBC credit cards for people with fair, limited or bad credit at the moment.
You can withdraw money from the First Premier Bank Credit Card as a cash advance. Once your account is open, your initial cash advance limit will be 10% of your credit limit.
HSBC Holdings plc (‘HSBC’) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They include: Exiting 90 branches out of a current branch network of 148 branches.
HSBC has said that it is closing its branches as a result of more and more customers choosing to bank online rather than in person. The bank said that less than 50% of its customers now regularly use its branch network, with footfall dropping sharply over the last five years.
If there is a dispute, you’ll be notified of the outcome of your bank’s investigation within 20 working days. If you’re unhappy with the final outcome, you can write to your bank and ask for the beneficiary’s details so you can try to retrieve the money yourself.
Premium current bank accounts, also known as packaged or sometimes gold bank accounts, offer the same service as the free current accounts on the market, while adding extras such as insurance and mobile phone cover, in return for a monthly fee.
Reasons You May Have Been Denied a Checking Account
Too many past bounced checks or overdrafts. Unpaid fees or negative balances from a current or closed account. Suspected fraud or identity theft. Too many accounts applied for over a short amount of time.
Disadvantages of Premium Pricing
The costs required to establish and maintain a premium pricing strategy are massive, and must be maintained for as long as this strategy is followed. Otherwise, the premium brand recognition by consumers will falter, and the company will have difficulty maintaining its price points.
A share premium account is typically listed on a company’s balance sheet. This account is credited for money paid, or promised to be paid, by a shareholder for a share, but only when the shareholder pays more than the cost of a share.
Overall, Current is a compelling offering if you’re looking for a mobile solution to your banking needs. If faster direct deposits is a need that you have, then Current could be worth it. And if gas station holds noticeably affect you, again, may be worth considering.
Premier Banking is our enhanced range of banking services offering current accounts with premium features and exclusive access to rewards and benefits.
First Premier’s highest credit limit is $5,000, available with the First PREMIER® Bank Secured Credit Card. It is important to note that the credit limit for the card is equal to your security deposit, and the minimum deposit to open the account is $200.
Your First Premier credit card limit will be $200 to $700 to start, depending on which card you get from First Premier Bank and your overall creditworthiness.
Once your account has been open for 13 months, First PREMIER Bank may check to see if you’re eligible for a credit limit increase. If you are, you will be charged a fee that’s 25% of the amount of the credit limit increase.
If you don’t qualify for a credit card, you can opt for a secured deposit credit card, where you deposit money as fixed deposit and can get a card that is linked to that deposit. There are a few credit cards provided by Canara Bank and Bank of India that provide credit cards to people who have a salary of Rs. 10,000.
The multiplier can range upto 2.5-3 times the gross salary based on the risk appetite of an individual and the credit policy of the credit card company. But the limit is not dependent on gross monthly income alone as credit report and the loans you have, if any, are also critical in deciding the same.
What is the minimum payment on a $5,000 credit card balance? The minimum payment on a $5,000 credit card balance is at least $50, plus any fees, interest, and past-due amounts, if applicable.
How do you get selected for HSBC? › HSBC Recruitment Process 2022 has 3 Rounds of Selection Process:
- Aptitude Test Round.
- Technical Interview Round.
- Hr Interview Round.
First PREMIER® Bank Secured Credit Card’s Additional Info
Upon approval, fund a Security Deposit of $200 to open your account and access your available credit. Once your account is opened, you may have the opportunity to build your credit limit to a maximum of $5,000 by making additional deposits.
Advance bank account: This account offers more than the standard bank account, including preferential savings interest rates and access to a number of discounts. Premier bank account: With even more added benefits, the premier bank account has much higher financial requirements to meet for you to be eligible.
Chip Lupo, Credit Card Writer
It is reportedly possible to get credit limits up to $45,000 on certain HSBC credit cards, but HSBC does not list any credit limits in their credit card terms.
Weaknesses of HSBC
Fall in share prices and fluctuations in profits have been a problem for HSBC in the last several years.
Your First Premier Bank Mastercard could be declined for a number of reasons. Reaching your credit limit is the most common, or you may have made an unusual purchase, which First Premier flagged as fraudulent use.
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.
An insurance premium refund is when all or part of an insurance payment is returned to the individual who made the payment. This type of refund can be given for a number of different types of insurance, including car insurance, health insurance, life insurance, or private mortgage insurance.
Your car insurance premium is the specific amount of money you pay a company to provide insurance protection for yourself and your vehicle.
A deposit premium is the amount of money required by an insurer to initiate a policy whose premiums aren’t fixed, but are determined after the policy term by multiplying a premium rate by the amount of sales, payroll, or some other metric. The deposit amount is typically the estimate of what will be the final premium.
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