[Official] HSBC Premier

[Byfrost]

Decided to start this thread because, just realized there is no dedicated HSBC Premier thread.

Just a heads up, there's a newer and more accessible requirement to enroll for HSBC Premier, that does not require you to maintain S$200,000 in TRB.

In the HSBC Premier latest enrollment form, there is a new criteria (Page 3, last enrollment criteria) that says:

"Salary crediting or recurring deposit of at least S$15,000 per month"

"arrange for a recurring deposit, of at least S$15,000 per month in a single transaction to a deposit account with the Bank to remain qualified for HSBC Premier."

https://cdn.hsbc.com.sg/content/dam/hsbc/sg/documents/premier/enrolment-form.pdf

Previously if I recall correctly, it was strictly S$15,000 GIRO Salary requirement, and the "recurring deposit of S$15,000" is not there. Also, the fee waiver for the GIRO Salary requirement is only for the first two years.

I went to upgrade from my current HSBC Advance to HSBC Premier last week. Can confirm with the Premier Services Manager that handled the paperwork, as long as I do a recurring transfer of S$15,000 monthly, there will be no $50 Premier monthly service fee.

Just like HSBC Advance, where you can either maintain S$30,000 TRB, or just FAST Transfer In / Out S$3,500 monthly to maintain Advance status and avoid the $10 Advance monthly service fee.

 

[coolhead]

but after you transfer the money in, the interest rate quite lousy right?

Posted from PCWX using Redmi K20 Pro

 

[Byfrost]

but after you transfer the money in, the interest rate quite lousy right?

Posted from PCWX using Redmi K20 Pro

In today's environment due to covid, all banks deposits interest are lousy.

I wanted Premier because of the "higher tier" of promotion one can enjoy, like their eFlexi account. A good example that is:

https://www.hsbc.com.sg/accounts/products/eflexi/

Personal Banking cap = S$25,000
Advance Banking cap = S$50,000
Premier Banking cap = S$100,000

Even their Everyday Global Account Reward Promotion, Premier clients can enjoy a higher tier (Tier 3 and 4) instead of being stuck at only Tier 4 for Personal and Advance clients.

Alternatively, If I'm not wrong, Premier clients can get all but one HSBC Credit Card for free annual lifetime waiver. The Visa Infinite comes with a cheaper annual fee (S$488 instead of S$650) that is strictly non waive able.

Oh, Premier client can also enjoy the Advance client Cashback rate for their Advance Credit Card as well. I only gian these passive perks, lol.

Since I'm already doing the FAST In / Out $3,500 every month to maintain Advance status, might as well upgrade to Premier, also same routine FAST In / Out S$15,000 lor.

 

[sk0065]

The premier Centre still closed - no free latte.

 

[iduncheckmail]

Now the EGA step-up is dead. That thread is also dead. Interest in premier is also dead.

 

[Byfrost]

Now the EGA step-up is dead. That thread is also dead. Interest in premier is also dead.

No more step-up promotion, from September 2020 now is EGA Reward Promotion, based on lump sum. Which is good as it gives a fixed reward for a fixed amount of funds put in. Easier to track the rewards too.

Only downside is, it's more "strict" as if your lump sum amount (TRB for that month) drops below the tier you subscribed, you will not be eligible to get any of the reward. Even if you sign up for Tier 3 (S$200,000) reward, and somehow you spent money on the EGA and it falls below S$200,000, you get nothing, not even the Tier 4 (S$50,000) tier reward.

Pros and Cons for each promotion but I find the current EGA Reward Promotion is quite restrictive for people who are cash tight.

At least for the previous Step-up Promotion, you can freely spend the cash inside and you just get the bonus interest based on the TRB you have for that particular month I think. For me I just transfer lump sum and leave there in the past for Step-Up promotion and take out after 3 months.

 

[Byfrost]

The premier Centre still closed - no free latte.

Which premier centre are you talking about? I see almost every HSBC Branch has a "premier centre", except for Tampines Branch?.

I was at Raffles Place branch, there's a coffee lady who offered me a coffee.

 

[Byfrost]

Quick question

For those who upgraded (from Personal / Advance) to Premier recently, did you all receive any "welcome pack" mailed to your home? Like some brochures, er... Introduction to your RM, PSM, points of contact details etc etc?

Also, anyone who opened a new Premier bank account, did you all receive any form of letter mailed to your home to inform you that the account is opened, below are the details of your newly opened Premier Account?

I remember last time when I opened a new bank account, HSBC will mail me a letter to inform me of the bank account number all these but now like no sound and nothing.

 

[peppermint7]

Quick question

For those who upgraded (from Personal / Advance) to Premier recently, did you all receive any "welcome pack" mailed to your home? Like some brochures, er... Introduction to your RM, PSM, points of contact details etc etc?

Also, anyone who opened a new Premier bank account, did you all receive any form of letter mailed to your home to inform you that the account is opened, below are the details of your newly opened Premier Account?

I remember last time when I opened a new bank account, HSBC will mail me a letter to inform me of the bank account number all these but now like no sound and nothing.

I opened mine February this year. I only received the letter introducing me my RM / PM some times later.. it wasn't instant

Btw most of the guys chatting at the other thread are Premier status. Should join these 2 threads together

 

[jetblack]

Opened during cny and got a box of abalone. Why do u need a welcome letter anyway

 

[cassowary18]

Actually what's the benefit of HSBC Premier ah?

Got no min commission equity trades?

 

[Byfrost]

I opened mine February this year. I only received the letter introducing me my RM / PM some times later.. it wasn't instant

Btw most of the guys chatting at the other thread are Premier status. Should join these 2 threads together

Ah. I created a new thread because that thread was purely for Step Up promotion, and now the EGA Reward promotion. Don't want to mix it up.

Oh, good to know they will mail something to you on your new status, "welcome pack" etc etc.

 

[Byfrost]

Opened during cny and got a box of abalone. Why do u need a welcome letter anyway

For a premium account, I would expect them to have some sort of formality or sorts to welcome you. Even a simple postcard would be nice. I understand most people don't really care, but it's such details that makes a difference. It's more of a presentation thing.

 

[Byfrost]

Actually what's the benefit of HSBC Premier ah?

Got no min commission equity trades?

Free coffee

Honestly, I only gian the no annual fee for all but one (except for HSBC Visa Infinite) credit cards, and you get to enjoy the higher tier of promotions that is available for Premier clients.

Even their eFlexi account for salary crediting, has different tiers for Personal, Advance and Premier clients.

Good to have such "passive" privileges.

The rest, I don't know.

 

[cassowary18]

Free coffee

Honestly, I only gian the no annual fee for all but one (except for HSBC Visa Infinite) credit cards, and you get to enjoy the higher tier of promotions that is available for Premier clients.

Even their eFlexi account for salary crediting, has different tiers for Personal, Advance and Premier clients.

Good to have such "passive" privileges.

The rest, I don't know.

Revolution has updated to permanently no annual fees. Advance can get fee waiver with Advance account - no need Premier. Maybe if you want Premier Mastercard or Visa Platinum...but are those cards worth it though?

 

[Byfrost]

Revolution has updated to permanently no annual fees. Advance can get fee waiver with Advance account - no need Premier. Maybe if you want Premier Mastercard or Visa Platinum...but are those cards worth it though?

It's a good to have I guess..

In my case, my Advance profile that I selected when signing up for Advance banking is "Salary crediting or recurring deposit of at least SGD3,500 per month and have applied for / hold a HSBC Credit card". So I do the FAST In / Out method monthly to maintain it.

As for Premier, now they have introduced the new criteria profile "arrange for a recurring deposit, of at least S$15,000 per month in a single transaction to a deposit account with the Bank to remain qualified for HSBC Premier"

Just do the same FAST In / Out, as usual. The only change for me is the FAST amount. No need to maintain S$200,000.

So to me is, why not?

 

[sk0065]

Which premier centre are you talking about? I see almost every HSBC Branch has a "premier centre", except for Tampines Branch?.

I was at Raffles Place branch, there's a coffee lady who offered me a coffee.

As in. I got no transactions but I just want to go in and drink latte and chill after lunch.

They don’t allow.

Or did they start allow already?

 

[Byfrost]

As in. I got no transactions but I just want to go in and drink latte and chill after lunch.

They don’t allow.

Or did they start allow already?

Hmm. For me I had a queue number and appointment so I got to sit for a while. Never asked if they allow Premier Clients to chill there. But yes the Sofa had those red tape crossing out the areas that cannot sit lor.

I never had the coffee, cos the staff there served me before I could sit for long enough.

 

[jetblack]

I see. U like this kind of superficial wayang stuff to feel good

For a premium account, I would expect them to have some sort of formality or sorts to welcome you. Even a simple postcard would be nice. I understand most people don't really care, but it's such details that makes a difference. It's more of a presentation thing.

 

[sk0065]

Hmm. For me I had a queue number and appointment so I got to sit for a while. Never asked if they allow Premier Clients to chill there. But yes the Sofa had those red tape crossing out the areas that cannot sit lor.

I never had the coffee, cos the staff there served me before I could sit for long enough.

Can chill one (last time)