HSBC Jade

[Steveam]

HSBC are changing the Jade T&Cs for new customers. Jade offers a number of benefits including rather good travel insurance until age 80 (not, of course, a great benefit in these COVID times).

From HSBC email:

You’ll see that we’re changing our rules on who can qualify for HSBC Jade.

We’re increasing the total savings and/or investments required to be held with HSBC in the UK from £500,000 to £1,000,000. For existing HSBC Jade customers, we won’t apply this new requirement straight away. That means, for now, the total savings and/or investments required to be held by existing HSBC Jade customers is still £500,000 or more. We’ll let those customers know before the increase in requirements will apply to them.

[Lootman]

HSBC are changing the Jade T&Cs for new customers. Jade offers a number of benefits including rather good travel insurance until age 80 (not, of course, a great benefit in these COVID times).

From HSBC email:

You’ll see that we’re changing our rules on who can qualify for HSBC Jade.

We’re increasing the total savings and/or investments required to be held with HSBC in the UK from £500,000 to £1,000,000. For existing HSBC Jade customers, we won’t apply this new requirement straight away. That means, for now, the total savings and/or investments required to be held by existing HSBC Jade customers is still £500,000 or more. We’ll let those customers know before the increase in requirements will apply to them.

So if I deposit a million with HSBC at 0.01% interest they will give me some free insurance?

[Steveam]

Dear Lootman,

If you were asking a question the answer is yes. If you are suggesting that I or anyone would do this I think it’s highly unlikely. In my own case I realised that I could move another broker account to HSBC and it had various benefits one of which is of particular benefit to me. Just to be very clear: moving from an account from II to HSBC saved me (a small amount of) money and gave me several useful benefits. I’m sure your circumstances differ but I really found your sarcasm unnecessary.

Best wishes,

Steve

[Lootman]

Dear Lootman,

If you were asking a question the answer is yes. If you are suggesting that I or anyone would do this I think it’s highly unlikely. In my own case I realised that I could move another broker account to HSBC and it had various benefits one of which is of particular benefit to me. Just to be very clear: moving from an account from II to HSBC saved me (a small amount of) money and gave me several useful benefits. I’m sure your circumstances differ but I really found your sarcasm unnecessary.

I was not being sarcastic towards you. I was merely showing my working as to why this would be a bad deal for most people.

Now I concede that brokerage assets are a different thing. But even so I am not sure I would move a seven figure sum from ii to HSBC, given that the latter does not have a good reputation for its sharedealing services. It also imposes a platform fee for open-ended funds that ii does not.

And I do have two bank accounts with HSBC, and am "Premier" (for whatever that is worth), and I have not been happy with them.

Either way this is a downgrade in their services and I am not clear why you are defending that.