HSBC has made a significant change to its current account, now requiring customers to earn at least £100,000 a year. The bank offers a Premier Account that provides customers with additional benefits such as inclusive travel insurance, overseas banking, investment tools and a £500 overdraft.
Previously, customers needed an annual income of £75,000 or more, or savings and investments totalling £50,000 with HSBC. However, this week, HSBC informed customers via email about changes to its eligibility criteria for the HSBC Premier Account, reports The Express.
Customers will now need to have an individual income (not household) of at least £100,000 per annum or have £100,000 invested. The bank stated in a message posted on UKPersonalFinance on Reddit: “Changes to your Premier Account.
“We’re changing the rules on who can qualify for the HSBC Premier Bank Account. These new rules have been in place since last September for new customers, and from 9 April 2025 they will apply to all Premier customers.
“You’ll still be able to enjoy all the benefits of your HSBC Premier Bank Account as long as you meet one of the following eligibility requirements:” Have savings or investments totalling £100,000 or more with HSBC UK. This doesn’t include any balances held with MandS Bank, first direct or HSBC Expat.
To qualify, one must have an annual personal income of £100,000 or more coming into your Premier Account. For joint account holders, at least one person must meet this requirement.
Alternatively, you could already have a HSBC Premier Bank Account in another country. HSBC clarified on its website: “For the income criteria, in the case of a joint account, at least one of the parties must have an individual annual income of at least £100,000.”
The bank also stated: “When qualifying through savings or investments, these need to be held with HSBC in the UK within 6 months of account opening if you’re new to HSBC, or before you open your account if you’re an existing customer.”