Premium bank offerings: Westpac Premium vs HSBC Premier (and others)

[ComeFlyWithMe]

Hi All,

I'm keen to hear any feedback from anyone using the above services. I've accumulated some wealth (and debt) over the years and have decided I want a premium banking experience.

I'm currently talking with Westpac and HSBC and the "fees" are about line ball. I'm leaning towards WBC due to the Altitude Black offering (already have Earth Black) as the HSBC only offers a 1:1 Visa card. I'm as points hungry as the next person on this forum... but after the past few years now diversifying away from QF points.

On the lending side, WBC is offering a rate about 0.05% higher than HSBC, but with a slightly lower package fee and I'm already paying them for my Earth card which I would retain in absence of an Amex offering from HSBC, making HSBC a more expensive option.

So to those who have this service and the relationship manager, what do you think of it, and how do you feel your have benefited from it?

Also keen to hear from those with other Premium (not private) offerings from banks if there is another institution I should be talking to.

Cheers,
CFWM

 

[leyy]

Don't forget about Citibank, they offer Citigold for a premium banking service if you have 100k deposited or 500k mortagage.

you get a host of benefits and half annual fee off their highest tier prestige visa card(which earns at 1.33 KF/VA highest visa card earn rate)

YMMV best to speak to a rep


cheers

 

[ComeFlyWithMe]

Don't forget about Citibank, they offer Citigold for a premium banking service if you have 100k deposited or 500k mortagage.

you get a host of benefits and half annual fee off their highest tier prestige visa card(which earns at 1.33 KF/VA highest visa card earn rate)

YMMV best to speak to a rep


cheers

My understanding about CitiGold was that they only counted investments, not borrowings, when qualifying?

I don't intend to have that kind of deposit, but my borrowings go well into 7 figures, so I presumed I was not eligible.

 

[RooFlyer]

Since you mentioned 'and others' let me put a plug in for CBA and its Premier Banking.

I left Westpac, and then ANZ in the past 5 years because of unacceptable stuff-ups and poor service (I'm not high maintenance, but if they say I can ask for something to be done, I get a bit peeved when they repeatedly fail to deliver). Once you change banks once, its a lot easier the second time

I have been very pleased wit CBA Premier Banking - pro active and promptly responsive. (There is a higher level which I don't make ) I'm in Tasmania, though - probably a relatively small pond and the service would depend on the individual to a certain extent. Wealth Package is attractive wrt rates and fee/charges concessions; CBA Diamond cards yield good points (including you-know-where) and the CBA phone application I think is just sensational. Netbank platform is easily better than Westpacs (as of a few years ago) and light years ahead of ANZs.

 

[ComeFlyWithMe]

Since you mentioned 'and others' let me put a plug in for CBA and its Premier Banking.

I left Westpac, and then ANZ in the past 5 years because of unacceptable stuff-ups and poor service (I'm not high maintenance, but if they say I can ask for something to be done, I get a bit peeved when they repeatedly fail to deliver). Once you change banks once, its a lot easier the second time

I have been very pleased wit CBA Premier Banking - pro active and promptly responsive. (There is a higher level which I don't make ) I'm in Tasmania, though - probably a relatively small pond and the service would depend on the individual to a certain extent. Wealth Package is attractive wrt rates and fee/charges concessions; CBA Diamond cards yield good points (including you-know-where) and the CBA phone application I think is just sensational. Netbank platform is easily better than Westpacs (as of a few years ago) and light years ahead of ANZs.

Thanks for this, I'll make an enquiry.

 

[deepakabc]

Let us know know which one you decided to go with ? and are you happy with them ?

 

[Bali Belly]

Interesting have just been in contact with Citi gold the best I can get is about 3 % for my $100k even after 5 transfers finally got through to Syd and have only the free credit card with them
Both Nab and Anz with whom I have long term history with not able to match this even in their Private Wealth section
I also will be highly interested in your final decision

 

[ComeFlyWithMe]

Let us know know which one you decided to go with ? and are you happy with them ?

I went with Westpac, and while I wouldn't characterise it as "happy", I am content.

When they pulled the stunt with the out of cycle rate rise of 0.2%, the relationship moved to "on tenterhooks", but after I advised them how unimpressed I was, they dialled up my interest rate discount by the same margin so the net effect was nil.

I've had 3 relationship managers in the past 18 months - the first I basically sacked and asked for a new one as he was incomprehensible. The second one - a young lady - was great but then went on maternity leave. The current one I've spoken to many times but never traipsed down to Martin Place to meet. She's ok, but a bit slow on the follow up sometimes.

At the end of the day, they really want to sell products. They probably don't like me so much as I've read (and even contributed to) the odd PDS and work in the finance space, so they can't pull the wool with me. YMMV.

 

[ComeFlyWithMe]

Interesting have just been in contact with Citi gold the best I can get is about 3 % for my $100k even after 5 transfers finally got through to Syd and have only the free credit card with them
Both Nab and Anz with whom I have long term history with not able to match this even in their Private Wealth section
I also will be highly interested in your final decision

Not to give financial advice, but parking that amount of cash at 3% is a bit of a waste of time and opportunity lost in my opinion. If I had any debts I'd either pay them off or offset them for much better bang for buck.

The CitiGold $100k thing is really quite stupid IMHO. I suppose one of their coughpy super products might yield a better return, but I wouldn't put my money there either.

This is not financial advice, only personal opinion, and I have not taken into account your personal financial situation.

 

[Bali Belly]

At this stage have no immediate plans for money but I would like it on be on call encase something good pops up
I have no debt its just some perks that I would like to chase

 

[ComeFlyWithMe]

At this stage have no immediate plans for money but I would like it on be on call encase something good pops up
I have no debt its just some perks that I would like to chase

Suit yourself. Not sure how I'd build wealth without a bit of debt but each to their own.

And an offset is at call, sitting in cash in a bank account, so no difference apart from offsetting the interest payment, but you don't have one so not much use to you I suppose.