Finance

What makes the HSBC Premiere Checking account so amazing?

Is it your goal to choose a checking account that offers more than just the ability to write checks? It’s possible that the HSBC Premier Checking account is just what you’re looking for if you’re a high-net-worth individual. Customers who open this top-of-the-line checking account will have access to a dedicated Relationship Manager.

HSBC is one of the world’s major financial institutions.

It has a significant influence in Europe, but it also has a significant presence in the United States.

Their personal and business accounts are designed to meet the needs of those who are just starting out, as well as high-net-worth customers who want to get more out of their banking relationships.

If you’re thinking about creating a personal checking account, you should take a look at these current deals.

HOW IT WORKS?

The HSBC Premier Checking account is the most prestigious checking account offered by HSBC. There are check writing rights and an HSBC Debit Mastercard associated with this checking account. It also provides access to HSBC ATMs all around the world, as well as the ability to pay bills online.

Paying bills online is quite handy, and there are lots of ATMs accessible to help you out. Who wants to pay a fee to other banks or ATMs only to get their money out of their account? Fortunately, HSBC’s Premier Checking account will take care of everything.

To be eligible for this account, you must have a combined balance of $75,000 in your HSBC deposit and investment accounts OR a regular direct deposit of at least $5,000 per month in your HSBC deposit and investment accounts. That’s why we indicated it was just for people with significant wealth. In return for this huge sum, you receive benefits such as:

  • Priority customer service
  • Access to an HSBC ATM even if there isn’t an HSBC ATM nearby
  • The ability to take advantage of the most competitive interest rates on a number of different programmes
  • Financial support while traveling abroad
  • Permissions to write checks indefinitely

WHAT IT IS ABOUT HSBC PREMIER CHECKING THAT WE ENJOY?

It is possible that you will be assigned a personal Relationship Manager. Your Relationship Manager can assist you in achieving your objectives, opening additional accounts, and making financial decisions.

You may reach out to customer service personnel at any time of day or night. When you find yourself poring over your financial statements during non-business hours, having customer assistance available at all hours might be a helpful service to have available. Not only do you have access 24 hours a day, seven days a week, but you also get priority service, which means fewer hold times.

It is possible that you will be able to use non-HSBC ATMs and have the costs repaid. The first of the month after the date of the fee if you use an ATM that is not owned or operated by HSBC will result in a credit to your account for the cost. In the case of this account, there is no restriction to the number of reimbursements that you can get.

Along with your checking account, you’ll obtain an HSBC Premier Savings account. Of the several options offered by HSBC, this savings account delivers the highest interest rates by a significant margin. The money you have in this account can be applied against the $75,000 minimum balance you must maintain in your account at all times. In addition, having both your checking and savings accounts in one place is a convenience.

You have the option of using your account in different countries. With your HSBC Debit Mastercard, you may be able to avoid paying overseas transaction fees altogether. In addition, HSBC provides emergency financial assistance at any of their HSBC locations situated across the world.

HSBC may be able to provide you with the lowest mortgage rates available. If you have a Premier Checking account, you may be eligible for lower mortgage rates than other customers, providing you have the credit necessary to qualify.

If you obtain a mortgage via HSBC, you may be eligible for closing cost credits. HSBC provides closing cost incentives of up to $1,500 to its most loyal clients. The amount of money you receive will be determined on your qualifications.

Although it will not make you wealthy, any interest earned on a checking account is preferable than receiving nothing. It may be able to compensate for the money you lose as a result of keeping your cash in a checking account rather than investing them.

You have an infinite number of checks that you may write. Some bank accounts have a monthly limit on the number of checks you can write. If you spend more than that amount, you may be subject to a per-check charge. With the Premier Checking account, you will not have to deal with this problem.

You can use your commercial accounts to assist you in meeting the required minimum balance requirement. If you operate a business, the balance in your commercial accounts will also assist you in achieving Premier status and taking advantage of the perks of this programme as well.

EXAMPLES OF THE REASONS YOU MAY WANT TO SEARCH ELSEWHERE

To avoid the monthly cost, you must maintain a minimum balance of $75,000 in your account. The following requirements must be met in order to avoid the $50 monthly service fee: a combined balance of at least $75,000 in deposit and investment accounts, or recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account every calendar month. Allowing $50 to linger in a checking account when you might use it to make a more profitable investment is a waste of money.

To terminate your account, you must pay a fee of $25. If you wish to terminate your account at any time in the future, you may be required to pay a fee.

If you’re looking for a bank account with a lower minimum deposit, the HSBC Advance Checking may be a good option for you. 

HOW IT COMPARES?

Advance Checking with HSBC

If you want to avoid paying a monthly service charge and receive interest, you must maintain a minimum balance of $5,000 in HSBC Advanced Checking. If you use an ATM that is not owned by HSBC, you can get a refund of up to four payments each month. You can also have exclusive access to reduced interest rates on mortgages with HSBC.

Citi Gold

Citi Gold needs a total balance of $200,000 in deposit and investment accounts to be maintained in order to participate. The benefits of having a big amount include access to a Citigold Relationship Manager, reimbursements for ATM fees spent at non-Citi ATMs, and favourable pricing on loans and lines of credit in exchange for your large balance.