Major bank moves to attract rich customers with ‘VIP experience'
HSBC UK is offering a "VIP shopping experience" at Selfridges stores to new Premier customers, intensifying competition among major banks to attract affluent clients.
The promotion includes a £500 gift card and other perks for those who meet specific criteria, such as earning a salary of £100,000 or more.
To qualify, customers must fully switch to the bank's Premier account using the Current Account Switch Service (Cass). HSBC relaunched its Premier account in February.
The bank said the account gives qualifying customers access to new and enhanced benefits focused on key themes of wealth, international, travel and health.
'We have redesigned our Premier offering to ensure our perks and benefits echo what our customers want from a premium bank account, all still without a monthly fee,' Sabine Fichaux, head of customer propositions at HSBC UK, said.
The 'limited time' switching offer excludes existing HSBC and First Direct current account customers and is available to UK residents only.
Full switches using Cass must be completed by 12 August, 2025. Eligible customers will be sent an email on or after 9 November, 2025 to claim their gift card.
Last week, Lloyds Bank launched an account aimed at people with income or assets of more than £100,000.
Lloyds' offer of an account combining financial perks with 'premium lifestyle services' is part of its moves to grow its presence in this part of the market.
The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits.
The account will also offer customers 'ready-made investment portfolios with zero management fees for the first year'.
The deal also offers a 'Premier planning hub' within the mobile app, offering tools such as a 'net worth calculator' and 'wealth forecasting'.
People can also access other perks such as fee-free spending abroad on debit cards, and cinema tickets.
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