HSBC now says you need to be richer to get its exclusive current account – would you qualify?

HSBC’s wealthiest customers will now need to earn even more or hold a big pot of savings as it makes sweeping changes to its Premier account.

The high street bank quietly announced changes to its paid-for Premier account which has strict eligibility requirements relating to salary and savings/investments.

The account, which offers a range of perks including family travel insurance, previously required customers to have an income of £75,000 per year or more, or have £50,000 of savings and investments held with HSBC.

Last week, HSBC told customers they will now need to earn at least £100,000 per year, or hold £100,000 of savings and investments, or hold an international account.

It said the changes had been made for new customers from September 2024 but it would be rolled out to all customers from 9 April 2025.

A spokesman for HSBC said: ‘The HSBC Premier Account has received the biggest redesign in over a decade, adding a range of new features and capabilities to meet the complex wealth, financial planning and lifestyle needs of Premier customers. 

‘We have revised the eligibility criteria for the first time in six years to enable us to provide focused service and support to our customers, all still without a monthly fee.’ 

For joint accounts, HSBC said ‘at least one of the parties must have an individual annual income of at least £100,000.

‘When qualifying through savings or investments, these need to be held with HSBC in the UK within 6 months of account opening if you’re new to HSBC, or before you open your account if you’re an existing customer.’

That £100,000 level is over the threshold of Financial Services Compensation Scheme protection of £85,000. 

Andrew Hagger, founder of Money Comms said: ‘HSBC review these limits from time to time and maybe it felt that the £500 interest free overdraft and wide ranging travel insurance, and specialist wealth advice benefits are sufficiently exclusive to warrant increased income or savings requirements and was no longer seen as cost effective to continue offering at the previous income/savings level.’

How do HSBC Premier perks compare to other banks?

Premium bank accounts are designed for your bank’s wealthier customers and they typically offer generous perks.

They tend to also have stricter eligibility requirements based on salary and/or savings and investments.

Following changes made to HSBC’s premium account, is it worth hanging onto if you’re still eligible and how does it compare to other banks?

HSBC does not charge a monthly fee and with this you’ll receive worldwide family travel insurance up to age 69.

You’ll also get discounts on other products, like mortgages, as well as transferring cash fee-free between HSBC accounts.

Barclays’ premier product also does not charge a monthly fee and you’ll need an annual income of at least £75,000 or have a total balance of at least £100,000 in savings or investments.

With this you’ll receive monthly Avios rewards, cashback rewards and exclusive mortgage options, which include a higher annual overpayment allowance. It also offers customers enhanced savings rates.

Natwest also has strict eligibility requirements for its premium accounts. You’ll need a minimum income of £100,000, or £12,000 joint income. Similarly, you’ll need £100,000 savings or investments, and a minimum £500,000 mortgage with Natwest.

Its Premier Select account doesn’t charge a monthly fee and in return, you won’t have to pay transaction fees on payments outside the UK and won’t have ot pay interest on the first £500 of an arranged overdraft.

Its Premier Reward account, which costs £2 a month, offers £9 a month back in Rewards for two direct debits, which need to be at least £4.50 each. You’ll also receive £1 a month in rewards just for logging into the mobile app monthly, and earn at least 1 per cent cashback at certain retailers.

Its Premier Reward Black account, which costs £6 a month, will give you VIP access to events and top restaurants, as well as 25 per cent cashback on concert and show discounts.

You’ll also receive worldwide family travel and phone insurance, airport lounge access, UK and European car breakdown cover and 24/7 home emergency service.

Santander’s Select account is open to customers that earn at least £5,000 a month or keep £75,000 in their investments, savings or current account. 

You’ll receive priority service, which includes 24/7 telephone support, as well as access to travel and life insurance, among other perks.

Had your HSBC Premier account downgraded? [email protected]

SAVE MONEY, MAKE MONEY

£100 Isa cashback

£100 Isa cashback

Open a new stocks & shares Isa with £10k

Fix energy bills

Fix energy bills

Find out if you can save with our partner uSwitch

5.1% cash Isa

5.1% cash Isa

Get 5.10% with our TiM rate boost

5.06% cash Isa

5.06% cash Isa

Cash Isa and money management

Sipp cashback

Sipp cashback

Up to £3,000 when you open a Sipp by 31 Jan

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.