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.”