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  • Dec 5th, 2018 5:26 pm
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Member
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May 7, 2017
426 posts
182 upvotes
angryaudifanatic wrote:
Dec 1st, 2018 10:52 am
Devaluing Premier even more. That's not even that much money, especially if joint deposits count
They need accounts, which they are not getting easily here in Canada.
Member
Nov 10, 2018
264 posts
112 upvotes
bend3r wrote:
Dec 1st, 2018 12:41 pm
They need accounts, which they are not getting easily here in Canada.
Premier has always been tailored towards high net worth folks and not towards the masses. If they really wanted the masses they wouldn't have eligibility requirements at all.
Jr. Member
Dec 3, 2003
190 posts
25 upvotes
satoshi wrote:
Nov 30th, 2018 3:00 am
Chequing Accounts
Statement of Disclosure

In order to qualify for HSBC Premier you must have an active HSBC Premier chequing account, and meet at least one of the following eligibility criteria:

• Total Relationship Balance of $100,000 (CAD) or more, or
• Total Mortgage Amount of $500,000 (CAD) or more, or
• Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada

I can see how it can be confusing, as it doesn't specifically state whether the deposits and/or investments have to be held through HSBC.

I would say probably best to check with a RM or the bank directly on whether the $100,000 deposits and/or investments in Canada can be held at ANY financial institute within Canada.

Seems like qualification for Jade has been revised as well...

HSBC Jade

Eligibility criteria
HSBC Jade is available to you if:

You maintain personal deposits & investments of $1,000,000 with us, OR
You hold with us a combination of a personal mortgage with an original amount of $1,500,000 or more and personal deposits & investments of $500,000.
It's essentially $120k salary to qualify for Premier - I was advised of this by someone at the branch, and from what I understand, the $100k can be held outside of HSBC.

I may go this route instead of moving money around, and I believe it's $25k in HSBC assets to waive the monthly fees? Would be a lot less hassle and I can leave TFSAs/RRSPs there.
Member
Aug 27, 2013
470 posts
198 upvotes
cloud
straysheepie wrote:
Dec 1st, 2018 8:13 pm
It's essentially $120k salary to qualify for Premier - I was advised of this by someone at the branch, and from what I understand, the $100k can be held outside of HSBC.

I may go this route instead of moving money around, and I believe it's $25k in HSBC assets to waive the monthly fees? Would be a lot less hassle and I can leave TFSAs/RRSPs there.
How and how often would I need to prove I still have $100k deposits/investments in Canada?
Jr. Member
Dec 3, 2003
190 posts
25 upvotes
cmchiu wrote:
Dec 1st, 2018 8:43 pm
How and how often would I need to prove I still have $100k deposits/investments in Canada?
No idea... given this is a new qualification requirement, perhaps an existing Premier client can ask their RM?

I was advised to hold off on upgrading until I receive my Advance $300 bonus as it might muck up the system. It gives me a chance to test HSBC's platform before moving funds over... I can't imagine the check being more than once a year, or if ever... I assume they care more about consistent payroll coming in.
Jr. Member
Feb 10, 2018
177 posts
63 upvotes
Existing Premier clients, can anyone ask their RM about their new requirements?

I know it says payroll, but what if it is a passive income.

What if you are ~ 2000 within 100k?

How do they monitor?

I am thinking of signing up to build US credit history by throwing money into InvestDirect into some passive index funds. The secondary point is to get “ free “HSBC World Elite.

I am wondering if IncestDirect> Questrade. Free ETF purchases are nice.
Deal Addict
User avatar
Jan 30, 2012
4995 posts
645 upvotes
Ottawa
EDL67134234 wrote:
Dec 1st, 2018 10:29 pm
Existing Premier clients, can anyone ask their RM about their new requirements?

I know it says payroll, but what if it is a passive income.

What if you are ~ 2000 within 100k?

How do they monitor?

I am thinking of signing up to build US credit history by throwing money into InvestDirect into some passive index funds. The secondary point is to get “ free “HSBC World Elite.

I am wondering if IncestDirect> Questrade. Free ETF purchases are nice.
i am actually getting out of hsbc premier ... the rule and regulation seems to have been tightened a lot lately ...
like you will be asked to file all kind of tax declaration forms when you open a simple foreign account thru yr home hsbc ...

not sure if it is worth all the hassle ...
Deal Expert
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Dec 11, 2005
18917 posts
1340 upvotes
VH99 wrote:
Dec 1st, 2018 11:05 pm
i am actually getting out of hsbc premier ... the rule and regulation seems to have been tightened a lot lately ...
like you will be asked to file all kind of tax declaration forms when you open a simple foreign account thru yr home hsbc ...

not sure if it is worth all the hassle ...
You will have to do this with any bank. It's not HSBC its new much stricter regulations imposed by the US on anyone who opens accounts that hold US dollars.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Member
Nov 10, 2018
264 posts
112 upvotes
Has anyone had any luck with Premier giving customers higher than posted interest rates for savings accounts/TFSAs?
Newbie
Jan 9, 2007
14 posts
4 upvotes
Toronto
If I may interrupt the proceedings for just a moment I've also been thinking about Premier, and wanted to say thanks to everyone for the very helpful info so far! Smiling Face With Open Mouth

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