UK Markets close in 5 hrs 18 mins

HSBC lowers Premier account income requirement

Adam Williams
Customers with an annual income of £75,000 can now open an HSBC Premier account - AFP

HSBC has reduced the income requirement on its Premier current account and will now offer discounts to the children of account holders.

Customers now require an annual income of £75,000 to open an account, a reduction on the previous £100,000 threshold.

The bank will also allow the children and grandchildren of its Premier account customers, as well as the Premier account holders themselves, to access discounted mortgage rates.

The account includes complimentary worldwide travel insurance for under-70s and has no monthly account fee. However, it pays no interest on balances.

HSBC said the changes were due to customer feedback, with existing account holders asking for benefits such as the mortgage discounts to apply to their children as well.

A survey conducted by the bank found that 74pc of customers said the health and financial wellbeing of their family was the most important thing to them in life.

Michelle Andrews, of HSBC, said: “In a world where our customers’ lives are full of more responsibilities and more choices than ever before, HSBC UK wanted to ensure its Premier banking offer could help them and their families with the challenges life can throw their way.

“They want their bank to be flexible and help them when they need it, particularly during key moments in their lives like buying a home, or supporting their children to save for the future.”

Customers can also qualify for an HSBC Premier account if they have savings or investments of at least £50,000 with HSBC in the UK. This criteria remains unchanged.