HSBC Premier approved without an investment product
28th September 2023 at 19:48TM 22 posts
Hi All, I applied for HSBC Premier online recently and was accepted. I earn above the £75k threshold, but I was surprised it was immediately approved as I don’t yet have a mortgage, insurance, protection product or investment with them.
Will they eventually ask me for this? I am aware I could just put £100 in an investment account – only issue is my partner works in financial services and I would need to set up compliance reporting, which is a right faff.28th September 2023 at 20:41BBbetter 203 posts
They might ask for it later. I say ‘might’ as they never asked me, but heard about it from others. I never had any of those products.28th September 2023 at 21:15memesweeper 1,117 posts
Get some cheap life insurance in now, just in case. No compliance problems 🙂28th September 2023 at 22:25JDB 3,515 posts
@TM while I can’t offer advice and you would need to double check with your partner’s employment conditions, I am very familiar with this specific issue and if you put the £100 into a cash fund or even potentially just leave it as uninvested cash in a GIC ISA, it should avoid any issues with the employer and HSBC.28th September 2023 at 22:55sloth 316 posts
You can leave the £100 in the GIC account uninvested. There are no issues either way doing this
Officially I think you have 6 months to fulfill the additional product requirements
Sorry just realised that’s what JDB said…29th September 2023 at 06:08Jimbob 31 posts
I don’t believ it’s enforced. I’ve never had any additional products with them in the 2 years I’ve had the account29th September 2023 at 07:18TM 22 posts
Thank you for the advice everyone. Will wait for now – otherwise I will look into just leaving the £100 in there as cash.29th September 2023 at 11:52alma 13 posts
In theory HSBC would check your meeting of the criteria no later than 6 months, but one can never trust their I, often it’s not enforced. That said, even if they do check and find it insufficient, they are supposed to reach out to you before taking any action.
Also, unlesss they changed it, you can leave in just £50 uninvested (I don’t know where you read the £100).29th September 2023 at 15:13PIL 97 posts
I think it used to be £100, but now has dropped down to £50
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