You are here: Home - Saving & Banking - News -

HSBC relaxes criteria for its premier account

Written by: Paloma Kubiak
HSBC has announced changes to its premier account, including a reduction in the annual income required for applicants.

Previously, in order to be eligible for the HSBC premier bank account, savers were required to have an individual annual income of at least £100,000.

However, new applicants will be eligible if they have an individual annual income of at least £75,000.

It’s also added free travel insurance for those under the age of 70, which covers partners and dependant children under the age of 18, or under 23 if they’re in full-time education.

The move comes as HSBC research revealed 74% of people said their family’s health and wellbeing is the single most important thing to them, and because it wants to make its services more accessible to customers.

It confirms all other criteria as part of its premier account offering remain the same, and the changes will also be applied to existing premier customers.

Mortgage and savings

HSBC confirmed it will introduce ‘special premier terms’ on selected mortgages which will be available to customers’ children or grandchildren to help get them on the property ladder.

Further, it’s also adding a ‘save to grow’ account for children (aged 7-17) of premier account holders until 2 June 2018. When kids save £50 by 2 December, they’ll receive a £10 reward.

Michelle Andrews, head of premier at HSBC UK, said: “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. We want to make it easier for people to support their families, be it their children or their parents, and give them the flexibility they need with their money to help them thrive.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Finally, some savings accounts beat inflation

The UK rate of inflation came in at 2.5% for March, which means finally, a number of longer-term fixed rate...