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Review of the HSBC, Premier Bank Account:

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HSBC Premier T&C Changes detrimental to customers

HSBC has recently announced that it will be amending the eligibility criteria for the Premier account, from income or savings of £50k to £100k. The FSCS compensation limit is £85k. This means that if HSBC goes bust and you have £100k of investments, only £85k is guaranteed to be returned. For people that may need to take a career break that means that you have to have £100k invested if you want to retain the account, but why is HSBC asking customers to take this risk. Why is the investment not capped at £85k. I think HSBC should reconsider the Premier criteria. Reviewed on: 16th January 2025

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