HSBC premier account: fees, features and more

HSBC is a giant in the banking world. It operates in 62 countries across the globe and provides accounts, cards and other financial services to cater to all corners of the world.

If you’re thinking of opening an account with HSBC, you’ll have a few to choose from.

In this guide, we’ll focus on one of its most popular, the HSBC Premier account. We’ll be looking at everything from eligibility and how to open an account, right through to features and fees

Plus, we’ll take a quick look at an alternative worth considering, especially if you need to send or spend internationally - the Wise multi-currency account.

HSBC Premier Account - what is it and how does it work?

HSBC has its share of everyday banking options, including the HSBC Advance account being one of them. However, the HSBC Premier account is a step up from most of these.

Everyday current accounts are made for exactly what they say - day-to-day banking. But the HSBC Premier account is designed for people with a higher income and who require a more comprehensive banking service.

As such, the eligibility requirements are much more strict and the income requirements much higher. But in return, the incentives are much more attractive.

Who is the HSBC Premier account most suited for?

The HSBC Premier account, despite its more prestigious appearance, is still an everyday banking current account at the end of the day.

It does everything the more grounded Advance option can do, but it’s tailored to those with a much higher salary. Plus, it has more features to accommodate people who perhaps aren’t getting what they need from standard options.

On top of this, HSBC Premier also offers access to HSBC’s Worldwide Travel Insurance, preferential terms on mortgages and insurance, and an arranged overdraft built in as standard, all for no monthly fee.¹

It’s certainly a feature-packed deal. The only drawback is that unlike its Advance account cousin, it’s much more inaccessible to most people due to its far higher barrier for entry.

How to open an HSBC Premier bank account

Before we dive into the actual process of applying to an HSBC Premier account, let’s make sure you’re eligible for it.

Eligibility requirements

As with the Advance account, and most of HSBC’s offerings, you’ll need to be over the age of 18 to apply.

But due to HSBC Premier’s prestigious nature, you’ll also need to fit one of these eligibility requirements:¹

• Have an individual annual income of at least £75,000 and 1 of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product.
• Have savings or investments of at least £50,000 with HSBC UK (within 6 months of opening your account if you're new to HSBC, or before you open your account if you're an existing customer).
• Hold and qualify for HSBC Premier in another country or region.

It’s worth noting that all of these require you to pay your annual income into your HSBC Premier account.¹

These requirements put the HSBC Premier account outside of many people’s reach, but if you meet one of these requirements then the next step is how to apply.

How to apply for an HSBC Premier account - a step-by-step guide

Fortunately, opening an HSBC account is a simple process.

If done via the HSBC website, which is by far the simplest and quickest way to complete the process, then you can start the application in just a click.

Scroll to the bottom of the HSBC Premier webpage and find the ‘Apply for a sole account’ button.

You’ll be directed to another page that will run you through the eligibility requirements and the documentation you’ll need during the application. For reference, this is what you’ll need:

• details of where you’ve lived for the past three years
• your employment details
• your income details
• proof of your identity and address.²

It’s all simple stuff, but just make sure you have everything to hand before starting your application.

Now you simply have to complete the application form and submit it to HSBC. The bank will either accept it right away, or take it for consideration and get back to you.

Either way, that’s it. The application process is very straightforward.

Fees to use the HSBC Premier bank account

For a quick run down of the fees involved with the HSBC Premier account, take a look at the table below:³

Fees and exchange rates for international transfers

Exchange rates are an important thing to keep in mind, especially if international transfers are something you’ll be needing your HSBC Premier account for.

It should be noted that the best and fairest exchange rate is called the mid-market exchange rate. Most banks use this with added mark-ups and fees that are, quite often, not especially transparent.

This is the case with the HSBC Exchange Rate, which likely comes with a noticeable markup.

There’s also a fee for international transfers outside of the EEA:³

Save with Wise when managing your money internationally

If the use of the untransparent HSBC Exchange Rate is a concern for you, then consider an alternative - the Wise multi-currency account. This sticks faithfully to the mid-market exchange rate and charges only a small, transparent fee for transfers, card payments and other transactions.

Your finances can be managed in 50 currencies online. What’s more, the accessible, easy-to-use Wise app makes the process of managing your money a seamless experience.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees

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Sources used:

Sources last checked on date: 10-May-2023