Income Requirement of Premier Accounts Lowered by HSBC

The income requirement on the Premier current account of HSBC has been reduced by the company and will not grant discounts to the children of account holders.

To open an account, the customers will now be required an annual income amounting to £75,000, a decrease on the previous threshold of £100,000.

The bank will also enable the children and grandchildren of its customers that have Premier accounts, as well as the holders of the Premier accounts themselves, to have access to discounted mortgage rates.

The said account includes complimentary worldwide travel insurance for those who are under 70 years old. It also has no monthly account fee. However, it pays no interest on the account balances.

HSBC said that the changes were because of customer feedback, with the existing account holders seeking for benefits such as the discounts on mortgages to apply to their children as well.

A survey that was conducted by the bank discovered that 74 percent of the customers said that the health and financial well-being of their family was the most important thing for them in their lives.

HSBC’s Michelle Andrews stated: “In a world where our customers’ lives are full of more responsibilities and more choices than ever before, HSBC UK wanted to ensure its Premier banking offer could help them and their families with the challenges life can throw their way.

“They want their bank to be flexible and help them when they need it, particularly during key moments in their lives like buying a home or supporting their children to save for the future.”

The customers will also qualify for an HSBC Premier account if they have investments or savings of a minimum of £50,000 with HSBC in the United Kingdom. This criterion remains to be unchanged.