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Is it worth to Pay for HSBC Premier account

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  1. #1

    Join Date
    Aug 2009
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    Tseung Kwan O
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    Is it worth to Pay for HSBC Premier account

    Well my 12 month grace period with HSBC Premier is up and I've not yet deposited my HK$1M+ into it, therefore my free lunch is over.
    ..HSBC are starting to charge me HK$360 ever month for the privilage of having the Premier Account

    So is it worth paying to keep it?

    I happened to call into DBS bank yesterday and picked some info on their 'Treasures' account. Sounds similar to Premier (dedicated counters / free credit card / etc) but you only need to maintain a balance of HK$500K.

    The most important factors for me are;
    Online Banking
    Foreign Currency accounts - GBP & THB
    Gold Certificates account
    Free Credit Card (Master or Visa)
    Access to ATM's

    Anyone any thoughts / experience with DBS?

    Thanks


  2. #2

    Join Date
    Aug 2007
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    Siu Lam
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    1,092

    No it's not worth to pay and I think you can do all that with HSBC advance (or whaterver they call it now). Didn't try DBS.


  3. #3

    Join Date
    Feb 2010
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    7,441

    Nuh, sack them. Tell them that you will go to another bank.


  4. #4

    Join Date
    Feb 2010
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    7,441
    Quote Originally Posted by Hamlay:

    The most important factors for me are;
    Online Banking
    Foreign Currency accounts - GBP & THB
    Gold Certificates account
    Free Credit Card (Master or Visa)
    Access to ATM's

    Anyone any thoughts / experience with DBS?

    Thanks
    And can't you get that with other accounts say Advance? Maybe not the free credit card but you surely get all the other benefits. The biggest thing is not standing in line to me and getting onto someone on the phone in a few minutes than 25 minutes.

  5. #5

    Join Date
    Feb 2009
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    8,280

    Standard Chartered Priority One (equivalent to HSBC Premier) only needs $500k if your salary is auto deposited into the account.


  6. #6

    Join Date
    Jul 2007
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    TST and Macau
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    1,487

    Doesn't putting a million in for almost zero interest cost much more?
    In China you only need 500k RMB and you get 2.5% for a 12 months fixed deposit.

    No need to maintain a balance in HK then.


  7. #7

    Join Date
    Oct 2006
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    4,905

    I used to have a Vantage account and never paid a dime for credit card as I threatened to close my account every time they charged so they always ended up waving the fee.

    Unless you have more cash than you know what to do with, it's probably not worth keeping the Premier. However, it's worth noting that if you invest in equities, it counts towards your total which then negates the low/no interest problem.


  8. #8

    Join Date
    Sep 2004
    Posts
    289

    FYI, DBS will raise their minimum balance to 1 mill next year (April?), so don't count on low minimum if that is your sole purpose of switching over.


    Quote Originally Posted by Hamlay:

    Anyone any thoughts / experience with DBS?

    Thanks

  9. #9

    Join Date
    Jun 2005
    Location
    Hong Kong
    Posts
    23,205

    To the OP's question, I would say no except in very specific circumstances - for example, if you make a lot of international transfers and could get more than $360 in value by opening accounts in multiple countries and using the Global Transfer service.


  10. #10

    Join Date
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    Gold Coast Marina
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    I agree with PDLM - not worth it. I have enough in equities and bonds to get to the 1mil so I'm happy enough to stay with Premier, but I certainly would not choose it again now. Like PDLM, the only thing I really value (and it IS cool) is the global transfer ability to do real-time transfers between accounts in multiple countries - with houses in three other countries and savings in a 4th, I use this service.


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