HSBC Step Up Promo - Part 2

[hwmook]

There was an email from HSBC dated 2 Dec 2024 titled "Important notice on revised terms and conditions for HSBC Premier Clients" effective 1st Jan 2025. Check your mailbox.

Maybe he met the TRB condition all along so never received the email.

 

[wira]

Maybe he met the TRB condition all along so never received the email.

i went back to re-read the email send last year.
it states :
"
If you no longer meet the eligibility criteria for HSBC Premier, we may transfer your deposit account to another account such as our standard deposit account or transfer your Premier relationship to another status or package, in accordance with the HSBC Premier Terms & Conditions "

So seems they will downgrade you rather than charge the fees right

 

[devion]

The admin fees are still valid as per Premier TnC page 8. https://www.hsbc.com.sg/content/dam...rms-and-conditions-effective-1-January-25.pdf

Yes, I believed they may downgrade you too if they find that you have difficulties maintaining the TRB.
Whether the $50 charge would be imposed, will have to see in Feb if Jan TRB is below the 200k.
Basically if u do not benefit much from Premier now, then best is to downgrade & not get charge the admin fee.

 

[heng_ah]

m

The admin fees are still valid as per Premier TnC page 8. https://www.hsbc.com.sg/content/dam...rms-and-conditions-effective-1-January-25.pdf

Yes, I believed they may downgrade you too if they find that you have difficulties maintaining the TRB.
Whether the $50 charge would be imposed, will have to see in Feb if Jan TRB is below the 200k.
Basically if u do not benefit much from Premier now, then best is to downgrade & not get charge the admin fee.

In the event they charge that fee, need to see whether we can ask for waiver. First timer usually can get waived, right?

 

[devion]

no waiver for me as far as am aware of. You take the chances but what is the point if u unable to maintain the TRB? Subsequent months will continue to charge $50 till finally they downgrade you.

 

[heng_ah]

no waiver for me as far as am aware of. You take the chances but what is the point if u unable to maintain the TRB? Subsequent months will continue to charge $50 till finally they downgrade you.

Thanks for the sharing. Which date did charge you? Is it in the beginning of the month?

 

[wira]

The admin fees are still valid as per Premier TnC page 8. https://www.hsbc.com.sg/content/dam...rms-and-conditions-effective-1-January-25.pdf

Yes, I believed they may downgrade you too if they find that you have difficulties maintaining the TRB.
Whether the $50 charge would be imposed, will have to see in Feb if Jan TRB is below the 200k.
Basically if u do not benefit much from Premier now, then best is to downgrade & not get charge the admin fee.

benefit from Premier is the everyday + giro cashback cap is $500/mth compared to normal retail of $300/mth.
so if can charge $50K /mth giro bill, then worth it i guess.

 

[devion]

benefit from Premier is the everyday + giro cashback cap is $500/mth compared to normal retail of $300/mth.
so if can charge $50K /mth giro bill, then worth it i guess.

Yes this would be one of the monetary benefit but there are more for Premier, like dedicated RM that services you with among other perks listed in Premier.
But HSBC will likely downgrade you still if TRB continuously cannot be maintained, the monthly service fee is just a deterrent, they would be more interested to have u maintain 200K. They already spelt this out very clearly in their recent communications to each Premier customers.

 

[shengliang1981]

i went back to re-read the email send last year.
it states :
"
If you no longer meet the eligibility criteria for HSBC Premier, we may transfer your deposit account to another account such as our standard deposit account or transfer your Premier relationship to another status or package, in accordance with the HSBC Premier Terms & Conditions "

So seems they will downgrade you rather than charge the fees right

So far has anyone got downgraded because of this and how do we know if we got downgraded?

 

[Mickey01]

So far has anyone got downgraded because of this and how do we know if we got downgraded?

some other banks ........ will usually write to the customer with a couple of options; one of which is to meet TRB by DDMMYYYY (usually 2 to 3 months for you to meet TRB) after they the bank will specify the action they will take if you still do not meet TRB by the stated date.

This revised Premier T&Cs - the email was sent out 2 Dec 2024 and revised T&Cs to be effective 1 Jan 2025. So i guess the earliest they will charge the $50 service fees will be sometime in Feb 2025 for month of Jan 2025 for not meeting TRB. Not sure if they will sent out the downgrade notice immediately in Feb 2025.

 

[wira]

Yes this would be one of the monetary benefit but there are more for Premier, like dedicated RM that services you with among other perks listed in Premier.
But HSBC will likely downgrade you still if TRB continuously cannot be maintained, the monthly service fee is just a deterrent, they would be more interested to have u maintain 200K. They already spelt this out very clearly in their recent communications to each Premier customers.

my "dedicated rm" has remained elusive till this day. works for me too as i hate entertaining those rm request to "review your portfolio"
I dont think there are other substantial perks for premier for hsbc.

 

[peppermint7]

Thanks for the sharing. Which date did charge you? Is it in the beginning of the month?

I have walked in to downgrade from Premier to Advance few years ago. (But they eventually do away with Advance and now I'm holding personal EGA account.
Just sharing as personal EGA account holder experience. I believe the date is the same. The very latest fall below fee i ganna charged is on 9th. I will know the exact latest date again next month as i go curiously press the in-app advertising of "Jan EGA Bonus interest 2.7%" and even without sms-ing in, they marked me as participating for this promo so I'll fund on 1st Feb. And let them go charge me as usual then I'll know when exactly is the "latest" fall below fee date.

 

[devion]

Basically with the EGA bonus interest sign up thing, where u will not be able to enjoy this high an interest in every month, cos some months u need to keep it low to enable it as reference month for next EGA promo, the only way to try maintaining a 200K TRB across a few months period is to ensure you park those months that has high EGA interest more $$$, so that on average it will be 200K/month.
IMO, the downgrade will be likely after a certain period which the bank has observe your account consistently unable to meet the TRB for the period, I reckon it shall be a 3 months period?....so by Apr HSBC may start reviewing Premier downgrades for customers who cannot maintain TRB for Jan-Mar.
This is what I assume. So letters for acct downgrade could be around Apr or maybe later.
The bank by doing this will start to see many Premier accounts downgraded & so they can free up the RM to be re-assigned somewhere else...etc.

 

[heng_ah]

I have walked in to downgrade from Premier to Advance few years ago. (But they eventually do away with Advance and now I'm holding personal EGA account.
Just sharing as personal EGA account holder experience. I believe the date is the same. The very latest fall below fee i ganna charged is on 9th. I will know the exact latest date again next month as i go curiously press the in-app advertising of "Jan EGA Bonus interest 2.7%" and even without sms-ing in, they marked me as participating for this promo so I'll fund on 1st Feb. And let them go charge me as usual then I'll know when exactly is the "latest" fall below fee date.

Actually, it is not difficult to maintain TRB for Personal EGA without being charged for the fall-below fee while maximizing the 1% incremental BI for alternate months.

Last time, I bought 3k unit trusts with them, which will account for the TRB of Personal EGA. So, the Personal EGA balance can be zero anytime if I were to downgrade.

But for Premier, I don't think I want to invest 200k in unit trusts, and their unit trust sales charge also not cheap. Hahahaha.

 

[peppermint7]

Last time, I bought 3k unit trusts with them, which will account for the TRB of Personal EGA. So, the Personal EGA balance can be zero anytime if I were to downgrade.

I don't know what to buy with them leh. Anything to recommend? Imagine if merry go round then need park many 2ks with them

 

[hwmook]

I don't know what to buy with them leh. Anything to recommend? Imagine if merry go round then need park many 2ks with them

Buy equities with them is ok, fee is 0.15% with no minimum charge.

 

[chopra]

I have walked in to downgrade from Premier to Advance few years ago. (But they eventually do away with Advance and now I'm holding personal EGA account.
Just sharing as personal EGA account holder experience. I believe the date is the same. The very latest fall below fee i ganna charged is on 9th. I will know the exact latest date again next month as i go curiously press the in-app advertising of "Jan EGA Bonus interest 2.7%" and even without sms-ing in, they marked me as participating for this promo so I'll fund on 1st Feb. And let them go charge me as usual then I'll know when exactly is the "latest" fall below fee date.

May I understand why are some of u voluntarily downgrading? To avoid “average daily balance fall below” fee?

 

[hwmook]

May I understand why are some of u voluntarily downgrading? To avoid “average daily balance fall below” fee?

Already shared before in previous post, to avoid paying fees for not meeting TRB.

 

[chopra]

Ok tks! I put 370k to earn 3.x%

 

[60Remajust]

Ok tks! I put 370k to earn 3.x%

But there will be months w gaps so that u can earn the BI.

Wonder if they will charge for those months.