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Do you need a premier bank account? The concept is simple: if you’re well-paid, you can access exclusive saving rates, cheaper mortgage options and other perks, such as free travel insurance, that ordinary account holders can’t.
Then there’s the attraction of getting a bank card — possibly in black or gold — that lets everyone know you’re a high earner when you flash it at the bar. But are these accounts worthwhile?
Premier bank accounts essentially fall into two categories: “basic” packaged accounts, such as those offered by Lloyds or Halifax, which offer limited perks for a monthly fee; and “premium”, such as HSBC and NatWest, which offer more, such as on-call financial advisers, luxury benefits and preferential savings and borrowing rates.
These accounts don’t quite have the cachet of a private bank account, from the likes of Coutts or Weatherbys. Instead, you might think of them as a stepping stone on your way to the top.
So what’s on offer? Not an incredible amount, we are sorry to say. There’s clearly a market for a UK bank to offer a much more advantageous premium service for top earners — a £500 free overdraft doesn’t scream luxury. Nevertheless, here are some of our favourite premier accounts.
Top pick: HSBC Premier
One step beneath HSBC’s Private Banking accounts is the HSBC Premier account. To qualify, you’ll need a minimum annual income of £75,000 along with a mortgage, investment, life insurance or protection policy with the bank.
In return you’ll get preferential savings and lending rates, depending on what you want to save or invest, free worldwide travel insurance and access to HSBC’s Global Money account, which allows you to hold and send money in 50 different currencies with beneficial exchange rates. You’ll also be able to access specialist customer support. There are no fees for this account.
Good all-rounder: Barclays Premier
Barclays’ high-end account offers an incentive of £175 for new sign-ups, unlikely to impress a big spender. But you do get a black card that you can personalise, specialist savings rates and preferential mortgage rates. As with HSBC, you’ll need to earn at least £75,000 a year or have a minimum £100,000 in savings or investments to qualify. There’s no fee for the basic account, but if you do pay monthly you can earn Avios points (British Airways) while you spend, access specialist 24-hour helplines and other exclusive offers.
Good for showing off: NatWest Premier Reward Black
You’ll need an annual income of £100,000 to qualify for NatWest’s most exclusive account, though your card will be the prerequisite black. You’ll also qualify with the same sum in savings or investments, or a half a million pound NatWest mortgage.
In return, you can access exclusive airport lounges through DragonPass, worldwide family travel insurance and a premium 24-hour helpline. NatWest also offers the NatWest Black Concierge service, travel lifestyle managers who will negotiate the best deals for all aspects of your holidays and trips abroad. Fees are £36 a month after meeting qualifying requirements.
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