• Last Updated:
  • Sep 22nd, 2019 12:57 am
Tags:
None
Deal Addict
Nov 10, 2018
2446 posts
2408 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.
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
Jun 27, 2010
455 posts
110 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)
Member
Mar 7, 2008
436 posts
104 upvotes
Leask
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
38252 posts
4371 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.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Newbie
May 12, 2006
15 posts
12 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
Member
Dec 3, 2003
215 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.
Member
Mar 7, 2008
436 posts
104 upvotes
Leask
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
38252 posts
4371 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.
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Deal Addict
Feb 25, 2007
1183 posts
613 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
38252 posts
4371 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!
"Between a high, solid wall and an egg that breaks against it, I will always stand on the side of the egg.

Yes, no matter how right the wall may be and how wrong the egg is, I will stand with the egg."

#StandwithHK #5DemandsNot1Less
Member
Jun 27, 2010
455 posts
110 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.
Member
Mar 7, 2008
436 posts
104 upvotes
Leask
Good idea!

I look forward to setting up a HELOC at HSBC. Back in September 2018, they offer heloc at prime! Not bad!
Member
Dec 3, 2003
215 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.
Deal Addict
Nov 10, 2018
2446 posts
2408 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.
This is not new.

>500,000 mortgage with HSBC = Premier eligible
>1.5 million $ mortgage with HSBC = Jade eligible
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.
Jr. Member
Dec 27, 2017
185 posts
84 upvotes
Ontario
angryaudifanatic wrote:
Jan 16th, 2019 10:18 am
This is not new.

>500,000 mortgage with HSBC = Premier eligible
>1.5 million $ mortgage with HSBC = Jade eligible
Not entirely correct. For Jade the official rules are:

Either personal deposits & investments of $1,000,000 with HSBC Canada
OR
Personal mortgage with an original amount of $1,500,000 or more AND personal deposits & investments of $500,000 with HSBC Canada.

Having the mortgage alone is not enough officially for Jade.

Top