HSBC Premier eligibility work around?

14
Found 10th Mar
Does anyone know if it is possible to satisfy the eligibility criteria for an HSBC premier account by moving money in and out from other bank accounts rather than paying in a six figure salary?

This worked fine for my advance account which is linked to my mortgage. HSBC were quite happy for me to pay money in from another bank account of mine and then move it out, as long as there is £1700 a month going in and out of the account they are happy (this was suggested to me by the person on the phone opening the account, so no attempt to deceive).

Could I do the same to upgrade to premier to get the free travel insurance by increasing the value of the monthly transfer in?

Cheers
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doubt it as the criteria is your earnings must be more than £100k, which must be paid into the account.

it is not that you must credit the account with a minimum amount each month. they will want to see your salary for you to open the account i would guess, unless they invited you personally from being alerted to your earnings.
It isn't just about your earnings, but it's also about investable assets and IME by invitation. What are you hoping to gain from the account - the free insurance isn't really the main benefit.....you can get that elsewhere without the earnings/investment requirements.
windym8 h, 8 m ago

It isn't just about your earnings, but it's also about investable assets …It isn't just about your earnings, but it's also about investable assets and IME by invitation. What are you hoping to gain from the account - the free insurance isn't really the main benefit.....you can get that elsewhere without the earnings/investment requirements.


Thanks for the reply. It was mainly the free travel insurance (occasionally their premier mortgage offers are better than advance offers). If I could qualify for that by just circling cash from our santander 123 account to this then it would avoid having to move to a paid for account elsewhere (unless there are any free bank accounts that offer travel insurance?). I already have a mortgage with them which covers the other criteria.

I don't think HSBCs investment platform is particularly competitive so I agree it isn't worth transferring investment ISAs in specifically to get the free travel insurance.
mutley18 h, 29 m ago

doubt it as the criteria is your earnings must be more than £100k, which …doubt it as the criteria is your earnings must be more than £100k, which must be paid into the account. it is not that you must credit the account with a minimum amount each month. they will want to see your salary for you to open the account i would guess, unless they invited you personally from being alerted to your earnings.


You are right that it is income rather than account credit they ask for, however some banks don't seem to check / ask. My wife has a Stranger 123 account, which (in the 3% days) I used to transfer my salary into to get the interest, after a few months of doing this she got a letter out of the blue upgrading her to santander select, no idea what benefit that gets her, but I think that has a similar high income criteria (which we wouldn't meet).

If there are no bank accounts that offer travel insurance for free I might try moving the money around for a few months and see if I get lucky. I'll report back if it works! If not, I've only lost a couple of quid of interest.
Have you thought about Amex Platinum - I know it's a credit card rather than a bank account but if its the insurance you want..... They have a very comprehensive travel insurance which comes free with the card. There are other benefits with the card too but the insurance is excellent. There is a £450 fee for the card.

americanexpress.com/uk/…ard
windym1 h, 44 m ago

Have you thought about Amex Platinum - I know it's a credit card rather …Have you thought about Amex Platinum - I know it's a credit card rather than a bank account but if its the insurance you want..... They have a very comprehensive travel insurance which comes free with the card. There are other benefits with the card too but the insurance is excellent. There is a £450 fee for the card.https://www.americanexpress.com/uk/charge-cards/platinum-card/?linknav=uk-amex-cardshop-allcards-learn-PlatinumCard


Funny you should mention that, yes, we had a platinum card last year and loved it, we got it just before a holiday to Australia, great for lounge access, car hire excess insurance and the travel insurance then cancelled it after the holiday as unfortunately I don't travel enough outside work to justify the £450 fee for the travel insurance alone, now racking up points on the BA amex card. I'd have another platinum card in the future if we travelled more long haul to justify the lounge access.
chrisst1703 h, 7 m ago

You are right that it is income rather than account credit they ask for, …You are right that it is income rather than account credit they ask for, however some banks don't seem to check / ask. My wife has a Stranger 123 account, which (in the 3% days) I used to transfer my salary into to get the interest, after a few months of doing this she got a letter out of the blue upgrading her to santander select, no idea what benefit that gets her, but I think that has a similar high income criteria (which we wouldn't meet).If there are no bank accounts that offer travel insurance for free I might try moving the money around for a few months and see if I get lucky. I'll report back if it works! If not, I've only lost a couple of quid of interest.



i have natwest premier but the bank manager invited me to an interview when he saw how much money was going in and out of my current account because of my financial activities. he asked me about all my financial business and my total worth so it was quite invasive but i didn't mind as the idea of these accounts is for the bank to see if they can offer you a special service to their standard customers so that you save or invest with them.

therefore it is not the sort of account that you could find ways round as it is very personal, and for me, the bank manager scrutinise my bank account regularly, not that he is nosy, but it is his job to find ways to offer me good products based on my activities and assets.

i get preferential savings rates for example, that is only available to me. it is not offered to other premier savings customers so it is very very personalised.

unfortunately it doesn't offer free travel insurance but it does offer other benefits. i find it useful to me because of the higher savings interest, which is still hopeless by the way, but hey money for nothing. but i get to speak to a dedicated team which is helpful as i regularly move large amounts of money in and out of my account so i need to speak to the bank if it gets blocked. also it is less likely to be blocked as it is a special account.
mutley16 h, 48 m ago

i have natwest premier but the bank manager invited me to an interview …i have natwest premier but the bank manager invited me to an interview when he saw how much money was going in and out of my current account because of my financial activities. he asked me about all my financial business and my total worth so it was quite invasive but i didn't mind as the idea of these accounts is for the bank to see if they can offer you a special service to their standard customers so that you save or invest with them.therefore it is not the sort of account that you could find ways round as it is very personal, and for me, the bank manager scrutinise my bank account regularly, not that he is nosy, but it is his job to find ways to offer me good products based on my activities and assets.i get preferential savings rates for example, that is only available to me. it is not offered to other premier savings customers so it is very very personalised.unfortunately it doesn't offer free travel insurance but it does offer other benefits. i find it useful to me because of the higher savings interest, which is still hopeless by the way, but hey money for nothing. but i get to speak to a dedicated team which is helpful as i regularly move large amounts of money in and out of my account so i need to speak to the bank if it gets blocked. also it is less likely to be blocked as it is a special account.


Interesting that Natwest do totally bespoke products for customers, not heard of that before.

HSBC have pretty good regular savers accounts (normal deposit accounts are woeful like Natwest and the rest) which along with the 123 account allow enough cash for a rainy day. I have a a few regular savers accounts with different banks, which then help fill the isas when they mature.
The HSBC Advance acct also includes travel insurance. So no need to change.
cornishscouse4 m ago

The HSBC Advance acct also includes travel insurance. So no need to change.



Are you sure? I can't see that quoted anywhere, if you've got a link then that would be great!

Cheers!
I havn't got a link, but i have had an HSBC Advance acct for many years. It includes the following.
HSBC insurance Aspects:
Travel insurance
Mobile phone insurance.
Motor breakdown assistance.
Check with the bank, i'm sure they will confirm this and send you out the booklet to take with you on holiday to show you are covered. All insurances are underwritten by Aviva.
cornishscouse5 m ago

I havn't got a link, but i have had an HSBC Advance acct for many years. …I havn't got a link, but i have had an HSBC Advance acct for many years. It includes the following.HSBC insurance Aspects: Travel insuranceMobile phone insurance.Motor breakdown assistance. Check with the bank, i'm sure they will confirm this and send you out the booklet to take with you on holiday to show you are covered. All insurances are underwritten by Aviva.



I've just been looking around and I can't see it anywhere and I'm pretty sure it wasn't mentioned when I applied, I'll try asking them, but I only bothered upgrading my account to advance about 5 years, I suspect your benefits may apply to those who had their account before a certain cut off date.
I believe HSBC premier used to even include car insurance about 10 years ago! Sadly the benefits you have on your advance account seem to be better than the benefits new applicants can get on premier, let alone advance. Yours is definitely an account to hold onto!
Hmmm never thought of that. It might be worth looking at other insurance companies for annual worldwide travel insurance instead if its not included, rather than upgrading your acct.
chrisst1701 h, 12 m ago

Interesting that Natwest do totally bespoke products for customers, not …Interesting that Natwest do totally bespoke products for customers, not heard of that before.HSBC have pretty good regular savers accounts (normal deposit accounts are woeful like Natwest and the rest) which along with the 123 account allow enough cash for a rainy day. I have a a few regular savers accounts with different banks, which then help fill the isas when they mature.


i have several current accounts as they all offer different benefits. natwest is premier but really the benefits it offers are pants as i get more benefit from my lloyds bank account and that has very little criteria. i only have a natwest account because of the movement of money, which i need to be done quickly without issue and natwest allows me to do that.

you could just open a current account that gives you money, which you can use to buy your own travel insurance. travel insurance costs pretty much nothing so for example, i get cash back from my halifax current account, which i can use towards annual travel insurance if i want. my natwest premier offers discounted travel insurance but i find i can get similar premium if i shop around so no point really.
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