HSBC issues warning to customers who are earning under £100,000 salary

HSBC has made a HUGE change to a bank account offering cheaper mortgage deals. The changes are part of a broader shake-up unveiled by Jose Carvalho, the head of wealth and personal banking at HSBC UK, on November 20.

HSBC is shaking up one of its most popular accounts and changing eligibility. HSBC offers three main current account all of which are fee-free, one of which is the Advance account, which offers servives like overdrafts as well as perks like discounts.

Another of the accounts the Premier, which offers access to cheaper mortgage deals, like a five-year fixed rate of 4.12 pr cent, which is lower than the 4.29 per cent other customers borrowing from the high street lender may be offered.

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HSBC has now increased the income and savings thresholds needed to qualify for a Premier account. Previously, customers who signed up for an HSBC Premier account before September 4 only needed to earn £75,000 a year or hold £50,000 in a savings or investment account with the bank.

Now, a customer must earn £100,000 per year or hold £100,000 in savings or investments to qualify. If you'd like to open an HSBC Premier Account, you must be 18 years or older and your residential address is within the EU, or if you live outside the EU you can apply for a HSBC Premier Account subject to local rules and regulations and meeting the UK proof of address requirement.

You must provide HSBC with certified proof of your identity and address and 1 month's bank statements from your current bank (translated into English if appropriate). If you're resident in the UK, you must also allow the bank to undertake a credit register search.

In order to qualify for lending, savings, travel insurance benefits and preferential rates you'll need to be a UK resident. This is subject to status and meeting HSBC's proof of UK address requirement.