28th May 2025 14:53
(Alliance News) - Competition between major banks to attract affluent customers has intensified, with HSBC Holdings PLC on Wednesday launching a switching incentive for new Premier customers in the UK.
The promotion rewards new customers with a "VIP shopping experience" at Selfridges stores nationwide, including a GBP500 gift card and other perks.
It is available for customers who meet qualifying criteria, including having a GBP100,000-plus salary and completing a full switch to the bank's Premier account through the current account switch service, or 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.
Sabine Fichaux, head of customer propositions at HSBC UK, said: "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."
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 August 12, 2025.
Eligible customers will be sent an email on or after November 9, 2025 to claim their gift card.
Last week, Lloyds Bank Group PLC launched an account aimed at people with income or assets of more than GBP100,000.
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.
Shares in HSBC were marginally up at 867.60 pence in London on Wednesday afternoon.
source: PA
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