HSBC Advance Client

[Byfrost]

Dear all

Managed to learn about this today. I did a search and found a few results but it is related to the HSBC Advance credit card.

https://www.hsbc.com.sg/1/2/hsbc-advance/hsbc-advance

Anyone here is a HSBC Advance client / customer?

What are the benefits of being a HSBC Advance client?

Is HSBC Advance comparable to something like a budget DBS Treasures / OCBC Premier Wealth banking?

Is it worth to put in 30K to be an HSBC Advance client?

Appreciate to hear some opinions here before I make a decision.

 

[Shiny Things]

I don't know if they've changed in the last few years, but when I used HSBC Premier they were as useless as a chocolate teapot.

 

[computers70]

Frankly, do not bother.
Just that you could open the account with a Relationship manager in his office/cubicle.
The interest rate is nothing impressive or similar with POSB

 

[Byfrost]

I don't know if they've changed in the last few years, but when I used HSBC Premier they were as useless as a chocolate teapot.

Hi Shiny!

Appreciate your input.

Apart from the free tea and biscuits which... I don't really care.. I was hoping that being a Advance Client, it would be a new and hopefully good experience for me to experience this sort of "banking status".

Not that I care about having a personal RM tagged to me, but rather, after looking at the website, I see quite a few features like managing your own portfolio..

Was thinking maybe will have fund managers help me grow my money though my cash is not as much as HSBC Premier clients

Oh, it looks like this HSBC Advance Client status can be upgraded or downgraded at any moment. This could mean I can give it a try, and should I don't like the service, I don't have to keep 30K "locked" inside to prevent any fall below fee. Just downgrade to normal customer will do.

Hope to hear from other people input as well.

 

[Byfrost]

Frankly, do not bother.
Just that you could open the account with a Relationship manager in his office/cubicle.
The interest rate is nothing impressive or similar with POSB

Hi computers70

Are you an existing HSBC Advance client? Care to share your experience?

 

[mdax23]

The new card seems attractive

 

[Byfrost]

The new card seems attractive

Yes the HSBC Advance Credit card looks attractive but there is a cap in cashback. Good for small day to day purchases.

This thread is about being HSBC Advance Client. Though the credit card is somewhat related to it.

 

[Byfrost]

Bumping up my thread, hoping to see hear from HSBC Advance clients / customer here.

 

[computers70]

Hi computers70

Are you an existing HSBC Advance client? Care to share your experience?

I used to be an advance customer, but I just do not find any difference locking up the amount with an ordinary account. The interest is nothing special or similar to POSB, do not expect any benefits as the rm are are there to sell insurance.
The only benefit you get while waiting to open your account is a coffee and the next time while closing your account.

 

[zeroX26]

Oh, it looks like this HSBC Advance Client status can be upgraded or downgraded at any moment. This could mean I can give it a try, and should I don't like the service, I don't have to keep 30K "locked" inside to prevent any fall below fee. Just downgrade to normal customer will do.

Hope to hear from other people input as well.

May I ask where did you see the part that allows an Advance Client to be upgraded or downgraded? I cant find that on the webpage and its stated the account must be maintained for at least 6 months.

 

[Byfrost]

I used to be an advance customer, but I just do not find any difference locking up the amount with an ordinary account. The interest is nothing special or similar to POSB, do not expect any benefits as the rm are are there to sell insurance.
The only benefit you get while waiting to open your account is a coffee and the next time while closing your account.

Is this HSBC Advance "product" an account? Or is it like DBS Treasures which is a form of "Status" which can be upgraded or downgraded anytime I wish?

From your description, it sounds like a regular POSB Savings account that sounds atas.

From my research on HSBC Singapore website, it sounds like a comprehensive all rounder service (i.e. including Investments, insurance, savings, managing your portfolio overall) which are services that a ordinary POSB Savings account do not have.

I don't have any experience with such "atas" banking status, but my boss is a DBS Treasures customer he just downgraded because he don't see it of any use.

 

[Byfrost]

May I ask where did you see the part that allows an Advance Client to be upgraded or downgraded? I cant find that on the webpage and its stated the account must be maintained for at least 6 months.

I called HSBC to ask on the new HSBC Advance credit card queries, then I ask the person. The person explained to me this HSBC Advance is a "status", not an "account".

It works similar to DBS Treasures. You can open a normal DBS Savings account and slowly accumulate your savings. One day you have 250k inside you get the option or invitation to get upgraded to DBS Treasures Status. This DBS Treasures "status" can be downgraded anytime you wish. Somewhere along that line.

So for this HSBC Advance "status", you don't need to commit 30k straight. Open any regular account with HSBC, slowly accumulate your wealth to 30k, you get the option to "upgrade" to HSBC Advance status.

 

[zeroX26]

A "status" has to be tagged to an "account". If you look at the T&C, there's a portion that talks about early account closure fee if you were to close it within 6 months. THat's why I was puzzled how come you state it could be downgraded at will.

 

[Byfrost]

A "status" has to be tagged to an "account". If you look at the T&C, there's a portion that talks about early account closure fee if you were to close it within 6 months. THat's why I was puzzled how come you state it could be downgraded at will.

I don't get what you mean.

Yes, early account closure fee is a norm for most banks.

What I meant downgraded at will goes like this.

1) I have an existing HSBC Account for many years already (but with minimal balance inside, say 2k) / Alternatively as a new Customer, I can open a fresh HSBC account and deposit in $30k.

2) I want to try this new HSBC Advance status, which requires me to have 30k in deposits / or other requirements here https://www.hsbc.com.sg/1/2/hsbc-advance/apply-now. -- To make things simple, I deposit in 30K.

3) I request to get my customer status to be upgraded to HSBC Advance as I have met the 30K requirement.

3) After a couple of months, I realized that I don't like the HSBC Advance features and benefits. Knowing that to prevent any fall fee charged to me, the Total Relationship Balance has to be 30k. I decide to "Downgrade" my status back to a regular customer. Therefore I can safely transfer my funds out and maintain the minimum balance of the standard SGD savings account (i.e. $1k) - Note that there is NO account closure at this point.

4) I become a regular customer of HSBC (i.e. back at point 1)

5) One day I feel like being a HSBC Advance client again, all I need to do is to deposit in 30K or more and request my status to be upgraded back.

Isn't this similar to DBS Treasures customer?

 

[computers70]

Is this HSBC Advance "product" an account? Or is it like DBS Treasures which is a form of "Status" which can be upgraded or downgraded anytime I wish?

From your description, it sounds like a regular POSB Savings account that sounds atas.

From my research on HSBC Singapore website, it sounds like a comprehensive all rounder service (i.e. including Investments, insurance, savings, managing your portfolio overall) which are services that a ordinary POSB Savings account do not have.

I don't have any experience with such "atas" banking status, but my boss is a DBS Treasures customer he just downgraded because he don't see it of any use.

Do not waste your time. 30k is nothing to them

May I ask where did you see the part that allows an Advance Client to be upgraded or downgraded? I cant find that on the webpage and its stated the account must be maintained for at least 6 months.

Somehow when you sign the lines, it will be in the fine print

 

[computers70]

I don't get what you mean.

Yes, early account closure fee is a norm for most banks.

What I meant downgraded at will goes like this.

1) I have an existing HSBC Account for many years already (but with minimal balance inside, say 2k) / Alternatively as a new Customer, I can open a fresh HSBC account and deposit in $30k.

2) I want to try this new HSBC Advance status, which requires me to have 30k in deposits / or other requirements here https://www.hsbc.com.sg/1/2/hsbc-advance/apply-now. -- To make things simple, I deposit in 30K.

3) I request to get my customer status to be upgraded to HSBC Advance as I have met the 30K requirement.

3) After a couple of months, I realized that I don't like the HSBC Advance features and benefits. Knowing that to prevent any fall fee charged to me, the Total Relationship Balance has to be 30k. I decide to "Downgrade" my status back to a regular customer. Therefore I can safely transfer my funds out and maintain the minimum balance of the standard SGD savings account (i.e. $1k) - Note that there is NO account closure at this point.

4) I become a regular customer of HSBC (i.e. back at point 1)

5) One day I feel like being a HSBC Advance client again, all I need to do is to deposit in 30K or more and request my status to be upgraded back.

Isn't this similar to DBS Treasures customer?

I do not think treasure work this way, usually it is upfront or you have unit trust with cash worth eg 150k
some do consider loans(substantial amount)

 

[Byfrost]

I do not think treasure work this way, usually it is upfront or you have unit trust with cash worth eg 150k
some do consider loans(substantial amount)

To my knowledge, it works this way. In my field of work, I have clients who are and who are not DBS Treasures customers.

Most of my clients want convenience. So to save their time, they are willing to dump in 300K (Cash deposits) so DBS will send a Treasures RM to meet them to open a personal savings account. Once their account is opened, they transfer out a bulk amount and call DBS to request their Treasure "status" to be downgraded to a regular savings account.

 

[Byfrost]

Do not waste your time. 30k is nothing to them


Somehow when you sign the lines, it will be in the fine print

Understood. I'm just curious as all my life my bank accounts are those regular POSB / OCBC accounts. Wanted to explore more "atas" banking services. If i had the cash, I would want to explore different "statuses" like HSBC Premier, DBS Private Client, DBS Treasures Private Client, DBS Treasures, OCBC Premier Banking etc..


Try try out mah. No harm right..

 

[pilates]

Hey Byfrost,

My personal experience. "Atas" banking prolly only useful when u wanna skip the queues, get nicer ang baos, lower trading comm, free parking and some other nonsense.

The advance account is not too bad now because of the promotional deposit rate. Better if they kept the 4mpd Adv Visa.

As for investment advices from your RMs, if u can learn how to manage your own money better. It's definitely better than trusting that voice over the phone.

Just my personal opinion. But nothing to lose if you wan to experience it yourself. Try try ma you say.

Understood. I'm just curious as all my life my bank accounts are those regular POSB / OCBC accounts. Wanted to explore more "atas" banking services. If i had the cash, I would want to explore different "statuses" like HSBC Premier, DBS Private Client, DBS Treasures Private Client, DBS Treasures, OCBC Premier Banking etc..


Try try out mah. No harm right..

 

[Byfrost]

Hey Byfrost,

My personal experience. "Atas" banking prolly only useful when u wanna skip the queues, get nicer ang baos, lower trading comm, free parking and some other nonsense.

The advance account is not too bad now because of the promotional deposit rate. Better if they kept the 4mpd Adv Visa.

As for investment advices from your RMs, if u can learn how to manage your own money better. It's definitely better than trusting that voice over the phone.

Just my personal opinion. But nothing to lose if you wan to experience it yourself. Try try ma you say.

Hi pilates


Thanks for your input.

The current promotional deposit rate looks good.

Yes, I agree with you on the managing money portion. Fret not I won't randomly buy stuff from Bankers or RM as currently I am not a risk taker. As someone who is very careful with his money, I don't do anything until i know 101% what I am getting into.