The HSBC Premier Account is a statement savings account which comes with several features and benefits. Let’s take a look at it one by one.
What Can You Expect From This Savings Account?
- You can hold this savings account in trust for your child.
- You’ll qualify for preferential HSBC Premier interest rates.
- You can access this savings account conveniently via the following channels:
- HSBC’s global view facility
- HSBC’s global ATM network
- 24/7 phone banking services
- You can seek support globally at any of the HSBC Premier Centres.
Fees and Charges Applicable on a HSBC Premier Account
|Type of Fee||Charges|
|Minimum service fee for maintaining the account||Fee is waived|
|Minimum account balance fee||Fee is waived|
|HSBC Premier/Service fee for offshore banking||S$50 for a month (charges will be applicable only when the Total Relationship Balance is less than S$200,000. The Total Relationship Balance comprises investments, insurance, and/or deposits).|
|Unapproved overdraft interest||Prime plus 5% (minimum debit interest S$5)|
|Early account closure fee||S$50 (when you close your HSBC Premier Account in less than 6 months from the date on which the account was opened).|
Note: The bank can convert your HSBC Premier Account a Flexi Account depending its discretion.Check if You are Eligible to Open an HSBC Premier Account
- You can be a resident or a non-resident of Singapore.
- You need to be 18 years of age and above.
- You need to be an HSBC Premier customer.
What are the Mandatory Documents Required to Open This Account?
If you’re a Singapore citizen or a permanent resident you need to submit the following documents:
- Identity card or passport.
- In case your residential address doesn’t match with the address mentioned on your NRIC you’ll need to submit proof for your residential address.
If you’re a foreigner, you need to submit the documents mentioned below:
- A passport that is valid.
- You’ll need to submit a residential address proof.
Any of the documents given below that are written in English will be accepted as a proof for residential address:
- An ID issued to you by the government authority like an identity card, NRIC, a driving license with your photo, which shows that your residential location is in the home country.
- Telephone statements (including mobile phone bills), management fee, pay TV, and utility bills which were issued in the previous 3 months.
- A rental agreement (tenancy agreement) that displays your address. The agreement has to indicate that you’re an occupant and the contracting party is either you or your employer (as per your employment pass).
- A correspondence that has been issued either by a government agency/department. The date on which the correspondence was issued should be within the last 3 months.
- Most recent tax assessment copy – provided the address you’ve declared on your assessment letter matches with your current residential address.
- A letter from your employer which confirms your present residential address. Also, if applicable the details regarding your stay duration.
- A statement or a letter that is issued to you by a bank/financial institution/a valid insurer during the last 3 months, provided the address you’ve mentioned on the statement or letter is your present residential address.
Applying for the HSBC Premier Account
You can apply for this account by downloading and submitting the completed application form (available on HSBC’s website) to the bank:
If you’re residing in Singapore follow the steps given below:
- You’ll need to submit your application form in person by visiting any of the HSBC branches in Singapore.
- All applicants must be present during the submission of the form.
- Along with your completed and signed form, you’ll also need to submit your mandatory documents.
- For information regarding the various bank branches and operating hours, you can visit HSBC Bank’s official website.
If you’re residing overseas you’ll need to follow the below steps:
- For opening a Premier International account in Singapore, you’ll need to visit the Premier International Centre in Singapore (6 Claymore Hill #02-00 Claymore Plaza, Singapore 229571).
If you require further assistance with the process, get in touch with the bank by filling the “Contact Form” available on the bank’s website. The bank will get back to you within 3 working days. You may also contact the bank via telephone (local or overseas).
Find Answers to Other Questions You Might Have
Q. Are all fields in the application form mandatory?
A. Yes. You need to fill in all the fields mentioned in the form. However, if certain fields do not apply to you, you need to indicate the same by mentioning “NA” on those fields.
Q. Can I put my signature on the form before visiting the bank’s branch?
A. Make sure you put your signature on the application form only when you’re submitting the form in person. This will help the bank authorities validate your signature.
Q. Can I apply for a single-named account and a joint-named account simultaneously?
A. Yes, it is possible to do so. Take a look at the following points to see how you can apply for both accounts simultaneously:
- An application form can be utilised by 2 applicants (maximum) who are applying for single-named as well as joint-named accounts at the same time.
- You’ll need to mention which specific accounts you intend to apply for on the form’s first page.
- In case you’re applying for a joint account, the first applicant will become the main account holder.
Q. Are my deposits insured?
A. The Singapore Deposit Insurance Corporation (SDIC) insures Singapore dollar (SGD) deposits of non-bank depositors for up to S$50,000 in total for each depositor for every scheme member by law. Dual currency investments, structured deposits, foreign currency deposits, and other kinds of investment products will not be insured.
Q. Where can I find the account opening form?
A. You can download it from HSBC’s official website.