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  • TM 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.

    BBbetter 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.

    memesweeper 1,117 posts

    Get some cheap life insurance in now, just in case. No compliance problems 🙂

    JDB 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.

    sloth 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…

    Jimbob 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 account

    TM 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.

    alma 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).

    PIL 97 posts

    I think it used to be £100, but now has dropped down to £50

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