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Sr. Member
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May 7, 2017
654 posts
279 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.
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Nov 10, 2018
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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.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Member
Dec 3, 2003
215 posts
28 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.
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Aug 27, 2013
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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?
Member
Dec 3, 2003
215 posts
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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.
Member
Feb 10, 2018
356 posts
145 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.
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Jan 30, 2012
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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 ...
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Dec 11, 2005
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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.
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Nov 10, 2018
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Has anyone had any luck with Premier giving customers higher than posted interest rates for savings accounts/TFSAs?
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Newbie
Jan 9, 2007
16 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
Member
Feb 10, 2018
356 posts
145 upvotes
Are you sure 100K can be held outside of HSBC? It would be a great benefit if premier clients would get RM to confirm.

I spoke with the rep today and they said 100K has to be with HSBC. Their T & Cs do not say that.

HSBC customer service has been very, very subpar and I don't have high expectations for any bank at all. This was a premier rep I was talking to as well.

The only reason why I am even considering it is not having to move any funds around if it is $6500 income deposit + 100K at ANY institution and I can build credit history in the States+ waiving fee for HSBC WE.

Otherwise, I am cancelling everything as soon as my conditions are met for the HSBC $600 promo.
Member
Dec 3, 2003
215 posts
28 upvotes
I met a Premier RM to upgrade from Advance, who confirmed it is $6,500/month income deposit plus $100k assets at a Canadian financial institution.

She took copies of bank statements, so proof for internal audits is likely required.

The rep may not have been aware of the new option to qualify - not that it’s an excuse, but at least I can validate from my in-branch experience.
Newbie
Nov 15, 2007
30 posts
5 upvotes
angryaudifanatic wrote:
Dec 4th, 2018 7:43 am
Has anyone had any luck with Premier giving customers higher than posted interest rates for savings accounts/TFSAs?
I think that they've only done that as limited-time promotional offers in the past. I'm Premier and AFAIK earn the same posted rate(s) for the High Rate Savings Account.
Newbie
Nov 15, 2007
30 posts
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EDL67134234 wrote:
Dec 27th, 2018 10:34 pm
The only reason why I am even considering it is not having to move any funds around if it is $6500 income deposit + 100K at ANY institution and I can build credit history in the States+ waiving fee for HSBC WE.
Just checking, but do you have a US SSN? My prior assumption was that you needed one to build credit history in the US, but I see now that some US financial institutions will accept ITINs. Curious to hear if other Canadians have established credit history in the US this way, since I do have US Premier accounts (including MC).

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