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Consolidation of funds for Private Banking?

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  1. #11

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    Quote Originally Posted by shri:
    I don't understand.. what spin?
    as in those new funds promotion... i would think the banks are more than happy to let you open new account with monetary incentives.. so you can spin around the banks musical chair style.
    RobRoy and shri like this.

  2. #12

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    Quote Originally Posted by freeier:
    as in those new funds promotion... i would think the banks are more than happy to let you open new account with monetary incentives.. so you can spin around the banks musical chair style.
    Probably the only way to really extract value out of this.

  3. #13

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    Aug 2012
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    Quote Originally Posted by shri:
    The most useful perk is the 2 hr parking at IFC offer.. rest is pretty much useless.

    What newhkpr says is very valid .. forgot all about the new funds promos.
    How does one (existing Premier Elite status with HSBC) get the complimentary 2hr parking? I reckon I will need to apply for membership with the IFC Club first but I don't see any link on the HSBC website to apply for the IFC membership.

  4. #14

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    Quote Originally Posted by Swyuk:
    [FONT="]Currently have HKD 8M+ in Time Deposit savings via multiple HK banks.[/FONT]
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    [FONT="]Is it worth consideration to consolidate funds into one private HK bank? E.g HSBC Premier Elite (HKD 7.8M+) , Citibank Gold Private (HKD 8M+)[/FONT]
    [FONT="]
    [/FONT]
    Do these private banks offer any meaningful offers or incentives to justify consolidation? E.g. Better mortgage loans or personal loans, time deposit rates etc…

    Any experience on the matter will be greatly appreciated. Thanks.
    While I don't know your exact financial position or your risk tolerance, wouldn't it be better to put some of this money to use in say an indexed ETF rather than in time deposit?

    But then again I don't know your risk tolerance and this is your emergency fund for example (and naturally nothing wrong with that).

    HSBC Premier Elite, Citi Gold Private, SCB Priority Private are just mass affluent retail banking products. But also nothing wrong in consolidating money if you have it, get the sign up bonuses, park the money for a while and then move on to the next offer.

  5. #15

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    Quote Originally Posted by nopain:
    How does one (existing Premier Elite status with HSBC) get the complimentary 2hr parking? I reckon I will need to apply for membership with the IFC Club first but I don't see any link on the HSBC website to apply for the IFC membership.
    There is a downloadable form somewhere on the premier elite offers page. Not sure if you need to signup for the IFC membership first .. I think you do

    Download the IFC rewards app and signup for the basic membership.

    After you have signed up, you need to fill up the downloadable form and send to IFV and the upgrade in a week or 10 days. You can then assign your car to that membership number using the app and follow the activation instructions. I think you need to visit the concierge desk the first time to activate/link your car.

    After that's done you need to redeem the 2 hrs free parking from the app, after you have parked the designated car.. takes a few seconds.
    Last edited by shri; 22-01-2025 at 05:50 PM.
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  6. #16

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    Thank you shri!


  7. #17

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    Quote Originally Posted by Drunken Master:
    HSBC Premier Elite offers little extras. Slightly better rates for time deposits, USD buy and sell near the rates of Interactive Brokers, waiver for EveryMiles annual fees for yourself and family members who don't have Premier Elite.
    Also, at least when I upgraded last year, there was a free $1000 voucher for BlackSheep restaurants. And there is still the offer of two free airport limo transfers per year (which we took recently).

    In my limited experience the telephone customer support is also very swift and much better informed than the one for mere Premiers.
    Drunken Master likes this.

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