Looking for somewhere to park your large stash of cash but yet want benefits beyond interest? HSBC Premier Banking lets you do just that with their slew of exclusive privileges for you and your family.
In this day and age, being wealthy doesn’t just mean having a tonne of cash lying around in your bank account. It means being financially savvy in all aspects of life — including insurance and investments. And with the extensive information on finance products at your fingertips thanks to the internet, financial planning can be overwhelming at times.
If you’ve got a fat stack of cash just idling in your bank account, maybe it’s time to put it somewhere else with a higher interest rate and a wide range of exclusive privileges.
Enter HSBC Premier Banking. If you have at least S$200,000 of fresh funds into their Total Relationship Balance (TRB), this is an option for you. Read on to find out if this Premier Banking relationship is suitable for you.
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Pros and cons of HSBC Premier Banking
One of the greatest advantages of HSBC Premier Banking is that you can extend the premier banking status to your family — including your spouse and up to three children between the ages of 18 and 30 years old — something that not many other premier banking services provide. Not only will you be able to enjoy the perks of an HSBC Premier Banking relationship, your family gets to enjoy it too.
One special perk is their overseas education support, which offers your kids a seamless banking experience overseas, including free global transfers if you want to transfer money over when they’re abroad, and instant cash available at any HSBC bank overseas.
Aside from it being highly family-oriented, along with most Premier Banking relationships, you’ll have a dedicated Relationship Manager to help you manage your finances as well as provide financial insights for you to make sound financial decisions.
On top of that, the minimum eligibility criteria is also flexible. Don’t have S$200,000 of fresh funds? No worries, you can qualify for other criteria like crediting your salary of at least S$15,000 or taking up a bank loan that meets their requirements.
Though HSBC Premier Banking offers an easy global banking experience wherever you are, there aren’t many lifestyle benefits being offered.
Unlike other premier banking services that provide exclusive access to airport lounges or free limousine services to and from the airport, HSBC Premier Banking lacks in this area.
Other banks with priority banking may offer attractive dining deals and hotel-stay discounts, but HSBC’s list of diversified perks is comparatively not as comprehensive. However, you do get rebates and discounts with the HSBC Premier Mastercard Credit Card, including up to 2% and 6% cash rebates on dining and petrol respectively.
Why should you choose HSBC Premier Banking?
#1 Seamless international banking
When it comes to travelling, many may fear being in an unfamiliar country with no familiar banking services or cash on hand. But with HSBC Premier Banking, your status follows you wherever you go in the world, allowing you to enjoy seamless international banking from all over the globe.
If you ever need to make transfers back to your home country or vice versa, HSBC Global Money Transfers lets you make international transfers without incurring any fee, as long as you’re transacting at an HSBC ATM. If you download the HSBC QuickFX app, you’ll also be able to seamlessly manage your foreign currencies on the go.
On top of that, owning a HSBC Premier Mastercard Credit Card will also entitle you to 5% cashback on your spending both locally and overseas, with up to S$1,800 cashback per year.
With these perks that follow you wherever you go, you can set your mind at ease whether you’re travelling for leisure or for business as you know that you can easily access your funds anytime.
#2 Host of financial services
Being an HSBC Premier Banking member will also open up a wealth of financial services at your fingertips, so you can make your money work harder for you.
Their host of digital wealth solutions are easily available online through the Wealth Dashboard, allowing you to transact, invest and keep up to date with market trends and news on the go. Regardless of whether you want to grow your wealth, plan for retirement or save up for your children’s education, you can seamlessly manage your finances on your own, or with the help and guidance of your Relationship Manager.
Besides taking action on your finances, you’ll also need to know of any financial movements on the market to make sound financial decisions. You no longer have to do your research on your own as HSBC offers you wealth insights as well. Check up on the latest oil prices, keep track of the market outlook and see how other companies are doing, all with HSBC Premier Banking.
#3 Overseas education support
The perks don’t stop here. As aforementioned, your family gets to enjoy some benefits too.
Have a child who’s planning to study abroad soon? Let HSBC help you with your child’s big move. HSBC Premier Banking offers international banking support, meaning that your child will be able to access their financial services overseas.
In order to help ease them into it, your child will receive a debit card, supplementary card and cheque book before they fly to help them access the money ASAP when they arrive. In the event where your child needs cash urgently, they’ll be able to access instant emergency funds of US$2,000 at any HSBC branch in the world.
They’ll also receive complimentary university consultations from HSBC’s partners that can offer personalised recommendations based on each individual’s situation. They can help to strengthen your child’s portfolio and resume to increase their chances of getting into the college of their dreams.
If they ever need help, your Relationship Manager will also be at hand anytime to offer any assistance.
Who is HSBC Premier Banking best suited for?
If you’ve got a family, HSBC Premier Banking might be the one for you as the perks can be shared with your entire family, including your spouse and up to three children aged between 18 and 30 years old, with no minimum TRB requirements. Not only that, but you’ll also enjoy their overseas education support if your child is planning on studying overseas.
You’ll also benefit if you’re a frequent traveller. With HSBC’s easy international banking services available wherever you go, you won’t have to worry about not being able to access your funds when you’re abroad. However, do note that they do not offer lifestyle travel benefits like lounge access or limousine shuttle services.
If you think you can do without these perks but still want to make your money grow, your funds might be better off in a robo-advisor account that offers higher returns.
What's the eligibility criteria for HSBC Premier Banking?
As long as you meet at least one of these criteria, you’ll be eligible to apply for an HSBC Premier Banking relationship.
- Minimum of S$200,000 (or its equivalent in foreign currency) in your TRB
- Credit your monthly salary of at least S$15,000
- Take up an HSBC Singapore property home loan of at least S$800,000 or an Australian property home loan of at least AUD$200,000
- If you’re already an HSBC premier customer in another country or region (simply speak to your Relationship Manager about application)
How do I apply?
If you’re already an HSBC customer, you can apply online via HSBC online banking or leave your details to let HSBC contact you.
If you’re not yet one, you can simply walk into any HSBC branch and apply with your NRIC and recent proof of address. Else, call their hotline at 1800-227-8889 to apply.
You can also compare and apply for the best priority banking account on SingSaver.
Read these next:
A Full Guide To Priority Banking In Singapore (2021)
Normal Banking Vs Priority Banking: Which Should I Choose?
5 Signs To Tell You're Ready For Priority Banking
Citigold vs Citi Priority Singapore 2021
6 Things Your Priority Banking Relationship Manager Can Do For You