• Last Updated:
  • Jan 16th, 2019 3:04 am
Tags:
None
Sr. Member
Nov 10, 2018
613 posts
370 upvotes
minimalist wrote:
Jan 4th, 2019 5:05 pm
Yes, I agree that HSBC CS is the pits. It takes 4-5 days to reply to a simple secure message.

Although I hate the CS, I love the WE card's unique features: 3% on travel, MC acceptance (read not Amex), no FX fee, $49 effective AF, 31 day medical. It's a unique "all in one card" in that sense. I'm just hoping to minimize my need/contact with CS.
HSBC has always been good to me, but that said all questions that I have are directed at my RM.
Member
Jun 27, 2010
420 posts
95 upvotes
Mississauga
Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada

My RM says the following about the new eligibility condition, after I asked him to check internally:

To be eligible for Premier you need to maintain either a mortgage of 500K plus or 100k in balances(savings,checkings,etc)
For the income of 6,500 this is eligible for employees of certain companies.

Seems to be confusing interpretation of this condition or plainly not well communicated down the chain.
I would be interested to hear from anyone who has a different definition and been able to get to Premier on this new eligibility (PM is fine as well)
Newbie
Mar 7, 2008
48 posts
10 upvotes
Saskatchewan
angryaudifanatic wrote:
Jan 7th, 2019 10:47 am
You really need to specify what type of LOC you're referring to. Unsecured/Secured?
Unsecured

Today, the premier rep told me the best I can get is only prime + 2.00%.... I get a better rate from RBC... hoping to centralize everything with hsbc.... that’s not happening
Moderator
User avatar
Mar 23, 2004
37266 posts
3758 upvotes
Markham
THINKPOD wrote:
Jan 6th, 2019 10:43 pm
How's the Line of Credit interet rate with HSBC Premier account?

Thirdly, is Interac Email Money Transfer free? I dont see anywhere stating it is free.
The LOC for HSBC is nothing more than an overdraft for your chequing account so it does not have its own account. Therefore it's pretty useless if you were expecting TD/CIBC-like features.

Yes, it's free with all chequing accounts.
「もし、奇跡を起こせたら……」
Newbie
May 12, 2006
7 posts
3 upvotes
I’ve been in the process of setting up a new Premier relationship with HSBC.

This may be of some interest to those trying to qualify for Premier using HSBC Investdirect or having an existing account. They are giving a scaling bonus for outside amounts (>$25k) transferred in by April 30, 2019, similar to promotions in previous years.

Conditions include:
- completing three trades by April 30
- transferred value must stay in account until August 30
- bonus to be paid by November 29
- transfer fees to be reimbursed up to $150

Full terms and conditions here:

https://www.hsbc.ca/1/content/canada4/p ... 019-01.pdf
Jr. Member
Dec 3, 2003
197 posts
28 upvotes
sroghen wrote:
Jan 7th, 2019 2:18 pm
Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada

My RM says the following about the new eligibility condition, after I asked him to check internally:

To be eligible for Premier you need to maintain either a mortgage of 500K plus or 100k in balances(savings,checkings,etc)
For the income of 6,500 this is eligible for employees of certain companies.

Seems to be confusing interpretation of this condition or plainly not well communicated down the chain.
I would be interested to hear from anyone who has a different definition and been able to get to Premier on this new eligibility (PM is fine as well)
I completed the paperwork to upgrade from Advance to Premier today. We ran into a bit of a kerfuffle as I moved my payroll recently and didn't realize how much was being deducted off the top by my employer e.g., LTD, pension contributions, donations - so I will scale some of the funds back to hit the monthly deposit qualification.

That said, it appears there is discretion at the head office to count rental income, which will put me above the required threshold. The only catch is it needs to be deposited into the same qualifying account, and I keep accounts separate for accounting purposes, but figure I can transfer among accounts once I deposit the e-transfer. Rental cheques would be even better, but I can show the history of e-transfers and leases if needed.

I have my fingers crossed as they opened the second Premier chequing account for me already and submitted the form to upgrade my World Elite Mastercard. One day I will qualify with $100k liquid assets, but that day isn't here yet ;)

Will confirm back once everything goes through.
Newbie
Mar 7, 2008
48 posts
10 upvotes
Saskatchewan
angel_wing0 wrote:
Jan 10th, 2019 7:17 pm
The LOC for HSBC is nothing more than an overdraft for your chequing account so it does not have its own account. Therefore it's pretty useless if you were expecting TD/CIBC-like features.

Yes, it's free with all chequing accounts.
Wow, you kidding me? So I can't borrow money if I have a balance?

I am keeping my RBC LOC at prime + 1.80%....
Moderator
User avatar
Mar 23, 2004
37266 posts
3758 upvotes
Markham
THINKPOD wrote:
Jan 12th, 2019 11:47 am
Wow, you kidding me? So I can't borrow money if I have a balance?

I am keeping my RBC LOC at prime + 1.80%....
You can still withdraw money from the account, just your chequing will have a negative balance thats all.
「もし、奇跡を起こせたら……」
Deal Addict
Feb 25, 2007
1109 posts
516 upvotes
Ottawa
THINKPOD wrote:
Jan 12th, 2019 11:47 am
Wow, you kidding me? So I can't borrow money if I have a balance?
My RM cheerfully opened a 2nd chequing account for me and tied my (HE)LOC to that. So I keep a chequing account with +ve balance for normal banking and a 2nd one with -ve balance for tax-deductible interest borrowing.
Moderator
User avatar
Mar 23, 2004
37266 posts
3758 upvotes
Markham
houska wrote:
Jan 12th, 2019 10:38 pm
My RM cheerfully opened a 2nd chequing account for me and tied my (HE)LOC to that. So I keep a chequing account with +ve balance for normal banking and a 2nd one with -ve balance for tax-deductible interest borrowing.
Great idea actually maybe I should do that!
「もし、奇跡を起こせたら……」
Member
Jun 27, 2010
420 posts
95 upvotes
Mississauga
straysheepie wrote:
Jan 12th, 2019 12:25 am
I completed the paperwork to upgrade from Advance to Premier today. We ran into a bit of a kerfuffle as I moved my payroll recently and didn't realize how much was being deducted off the top by my employer e.g., LTD, pension contributions, donations - so I will scale some of the funds back to hit the monthly deposit qualification.

That said, it appears there is discretion at the head office to count rental income, which will put me above the required threshold. The only catch is it needs to be deposited into the same qualifying account, and I keep accounts separate for accounting purposes, but figure I can transfer among accounts once I deposit the e-transfer. Rental cheques would be even better, but I can show the history of e-transfers and leases if needed.

I have my fingers crossed as they opened the second Premier chequing account for me already and submitted the form to upgrade my World Elite Mastercard. One day I will qualify with $100k liquid assets, but that day isn't here yet ;)

Will confirm back once everything goes through.
So you qualified for Premier based on you having a Mortage with HSBC?
Seems HSBC has discretion on what constitute income.
Newbie
Mar 7, 2008
48 posts
10 upvotes
Saskatchewan
Good idea!

I look forward to setting up a HELOC at HSBC. Back in September 2018, they offer heloc at prime! Not bad!
Jr. Member
Dec 3, 2003
197 posts
28 upvotes
sroghen wrote:
Jan 13th, 2019 11:56 pm
So you qualified for Premier based on you having a Mortage with HSBC?
Seems HSBC has discretion on what constitute income.
No, the new option of $6,500/month income + $100k combined HSBC/Canadian bank assets.

Discretion is including rental income in addition to payroll.

Top