HSBC Premier current account review
- Incentive
- Free overseas ATM cash withdrawals when using HSBC ATMs worldwide.
- Account fee
- £0
- Interest (AER)
- 0% AER
- Overseas card transactions
- 2.75%
Our verdict
Learn more about how the HSBC Premier current account works to decide whether it suits your needs.
If you're looking for a packaged bank account, the HSBC Premier current account offers a variety of exclusive benefits without the monthly fee that often comes hand-in-hand with such accounts. However, the downside is that you will need to meet strict financial and eligibility criteria to apply.
Even if you meet the criteria, it's important to weigh up how valuable the benefits are to you before applying. For example, will you make use of the travel insurance benefit or do you already have cover elsewhere? Are the preferential mortgage and savings rates competitive or could you get a better deal by shopping around? The HSBC Premier account won't be right for everyone, so always do your research first. Visit HSBC's website to apply or compare other HSBC accounts here and premier accounts from other banks here.
Pros
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Access to HSBC Children’s Premier Account and Premier reward credit cards
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Worldwide travel insurance for you and your family
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Preferential mortgage and savings rates
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Interest-free overdraft up to £500
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No monthly fee
Cons
-
Strict eligibility requirements
-
Overdrafts over £500 incur interest
-
No interest payable on in-credit balances
Details
Product overview
| Account name | Premier Bank Account |
| Incentive | Free overseas ATM cash withdrawals when using HSBC ATMs worldwide. |
| Provider | HSBC |
| Account fee | £0 |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £1000 |
| Debit network | Visa |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0 |
| Minimum opening balance | £0 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 2.75% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 2.75% |
| Foreign cash transaction fee in Europe | £0 |
| Foreign cash transaction fee in rest of world | £0 |
Overdraft information
| Arranged overdraft available | |
| Overdraft Grace Period | 23:45 same day |
HSBC is one of the world’s largest banking and financial services organisations. Serving more than 40 million customers through its global businesses, it offers a broad range of financial products, including current accounts. This review looks at the HSBC Premier current account in more detail.
What is the HSBC Premier current account?
The HSBC Premier current account offers a range of perks and benefits that can often be found with a packaged account. However, unlike most other packaged accounts, there is no monthly fee to pay. Instead you will need to meet certain financial and other eligibility criteria.
Those who qualify for the account will receive a Premier contactless Visa debit card and have the choice of 2 Premier credit cards that offer further rewards.
How does it work?
The HSBC Premier current account offers the following key features:
- Worldwide travel insurance from Aviva. For you and your family, including winter sports cover. You must be under the age of 70 when the trip begins.
- Preferential terms on mortgages and savings. Save money on your mortgage with preferential terms for you, your children and your grandchildren.
- Global accounts. If you have HSBC accounts in other countries, manage them all online and make fee-free transfers between them.
- Interest-free overdraft. Up to £500. After this, you’ll be charged 39.9% EAR.
- Premier credit cards. You’ll have exclusive access to a choice of 2 credit cards, both of which give you reward points when you spend and discounted airport lounge access.
- HSBC Premier financial advice. Access to financial advice to help you put important plans in place.
- Emergency cash. If you lose your card or it gets stolen, you can collect up to $2,000 in emergency cash from any HSBC branch in the UK or abroad (providing you have funds in your account).
Who is the account for?
To qualify for the HSBC Premier current account, you will need to pay your annual income into the account and meet one of the following eligibility criteria:
- Have an individual annual income of at least £100,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product
- Have at least £100,000 in savings or investments with HSBC UK within 6 months of opening your account
- Hold and qualify for HSBC Premier in another country or region
What are the benefits?
As well as being able to enjoy benefits such as worldwide travel insurance, the HSBC Premier account gives account holders access to preferential mortgage and savings rates. Account holders can also take advantage of an interest-free overdraft of up to £500, plus exclusive rewards via a Premier credit card – all without the monthly fee.
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