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FAQs: HSBC Premier

Frequently asked questions relating to HSBC Premier products and services in China.

How do I qualify for HSBC Premier?

  • You need to have at least RMB500,000 (or equivalent)

Or, if you’re applying for a Premier Family, you need an Total Relationship Balance of at least RMB500,000 (or equivalent) across your family. Have a look at our Tariff of Accounts and Services for Personal Customers or our Premier Welcome Pack for more.

  • If you’re Premier in one part of the world, you’re Premier everywhere

So if you’re already a Premier customer in another country, you don’t need to worry about meeting the minimum balance requirements everywhere you go.

How is 'Total Relationship Balance' under the same customer number calculated?

The 'Total Relationship Balance' refers to the combined monthly average balance of all the accounts under the same customer number, which includes: (1) Renminbi / Foreign Currency Deposits; (2) investment capital amount(s) of Dual Currency Investment(s) and Structured Investment(s) (Capital Protected at Maturity / Capital Partially Protected at Maturity); (3) market value of other investment product(s) (including Overseas Investment Plan); (4) point of time cash value of traditional life insurance product(s) (including annuity insurance, whole life insurance, endowment insurance, critical illness insurance and universal life insurance) as at day end of the third to last working day of the current month; (5) point of time market value of investment account(s) under investment linked insurance product(s) as at day end of the third to last working day of the current month.

Remarks and notes: 

  1. The insurance product(s) as mentioned above will be included in the Total Relationship Balance calculation of the current month if the relevant policy effective day is on or before the third to last working day of the current month and will start to be included in the Total Relationship Balance calculation from the next month if the relevant policy effective day is on or after the second to last working day of the current month.
  2. The Total Relationship Balance calculation doesn't include protection insurance product(s) (protection insurance product(s) refer to Term Life Insurance, Credit Enhancement Insurance and general insurance such as Travel Insurance, Accidental Insurance and Health Insurance).
  3. Working day refers to such working day in mainland China as determined pursuant to the announcement or provisions issued by the relevant governmental organization in mainland China.
  4. The above mentioned cash value or market value of insurance product(s) will be provided to the Bank by the relevant insurance company(ies), and the Bank takes no liability for the information and data provided by the relevant insurance company(ies).

What is the monthly service fee for HSBC Premier?

A monthly service fee of RMB300 (or equivalent in any other currency) will be charged if the Total Relationship Balance of all the accounts under the same customer number falls below RMB500,000 / equivalent foreign currency in the previous month. Please refer to the Tariff of Accounts and Services for Personal Customers or Premier Welcome Pack for detailed information.

Except for satisfying HSBC China’s minimum Total Relationship Balance, under what circumstances may I enjoy a monthly service fee waiver?

If you have HSBC Premier account(s) in other country(ies)/territory(ies), you can (1) contact related overseas HSBC to set HSBC China as your host bank; or (2) authorise HSBC China with a designated form to transmit such instruction to the related overseas HSBC which you wish to set as home bank.

After setting HSBC China as your host bank for your HSBC Premier account(s), you can enjoy the monthly service fee waiver from HSBC China. Please be reminded though that the home bank set by you will charge the monthly service fee according to its requirement on minimum Total Relationship Balance (HSBC banks in different countries/territories may use different terms when referring to monthly service fee and may have different rules for minimum Total Relationship Balance, it is your responsibility to understand the detailed requirements). This means a monthly service fee will still be charged every month if the Total Relationship Balance of your account(s) falls below the minimum Total Relationship Balance requirement applied by the home bank.

What’s the monthly fee if my family and I become a Premier Family?

A monthly service fee of RMB300 (or its currency equivalent) will be charged every month if the Total Relationship Balance of all the accounts under the same customer number fall below RMB500,000 or its equivalent in the previous month. It will also be charged if the average Total Relationship Balance of all family members of one Premier Family falls below RMB500,000 or its equivalent in the previous month. Refer to our Tariff of Accounts and Services for Personal Customers for more information.

How old do Junior Account holders need to be?

Between 14 to 18 years of age.

What are the requirements for opening a Junior Account?

At least one parent needs to be an HSBC Premier customer, and they need to visit a branch with their child to open the account.

What can my child do with a Junior Account?

  • Have their own debit card and link it to their Alipay account (you can set limits on spending and cash withdrawal);
  • Use online and mobile banking to place a fixed deposit, or transfer money to you or another parent.

But you’ll need to come into a branch with them if they need to:

  • Deposit or withdrawl money
  • Send money to a third party
  • Buy foreign currency

Contact us or visit a branch for more information about our Junior Account.

Can I see how my child spends money?

Yes. Family View on our app allows you to check your child's spending.

My child’s spending too much; what should I do?

You can set limits on how much your child spends, withdraws or transfers to their Alipay account through our app.

For more information, please refer to the Premier page or Frequently asked questions.

Disclaimer

These FAQs are intended to provide an overview of the information on issues related to financial products or services, or regulatory requirements faced when undertaking financial activity in mainland China. Due to the diversity and  complexity of financial products/services and local regulatory environment, these FAQs can only provide an outline of the issues. The information is provided for your reference only, and shall not be construed as legal, financial or any other professional advice. HSBC makes no guarantee, representation or warranty and accepts no responsibility for the accuracy updatedness and/or completeness of the information.

Latest update in April 2018