For Premier customers, HSBC UK has reduced the financial advice fee to 1% How does this compare to other accounts with a balance of £10k?

In an effort to attract customers with at least £100,000 in savings and investments, Natwest and Lloyds provide rival accounts with a variety of benefits, such as cashback and cheaper mortgages

Is the lower fee offered by HSBC worth taking into account?

As part of a promotion it intends to run until the end of the year for its more affluent Premier account customers, HSBC UK is lowering its financial advice fee from 27.5 percent to 1 percent.

The minimum asset threshold required for clients to use HSBC UK's Premier investment management service was recently lowered from 250,000 to 100,000, in addition to the recently announced reduced advice fee.

More people are seeking financial advice than ever before, particularly in light of changes to pension and inheritance tax regulations. This could provide more people with access to expert assistance.

According to Xian Chan, head of Premier Wealth at HSBC UK, "There are many situations in which a client could profit from financial advice, such as when they are making long-term plans, have more complex financial requirements, or are approaching a significant life event like purchasing a home or getting ready for retirement.

"A key component of this is making financial advice more affordable, which we currently provide at one of the most affordable prices available.

The Premier packaged account, which has no monthly fee and a number of new features centered around the themes of wealth, health, international travel, and travel, was relaunched by HSBC UK earlier this year.

Access to virtual doctor's appointments, mental health assistance, and two second opinions annually for you and your family are among the health benefits.

Additional benefits include access to HSBC's wealth centers, a 500 gift card if you transfer your banking, and a money management tool on its app.

However, if you're just looking for the best savings account deal, this might not be the place for you. Starting on July 21, HSBC will be lowering the rate on its Premier savings account, which will result in the following rates.

Below 50,000 1point 35 percent AER 50,000 to 100,000 1point 45 percent AER Over 100,000 2 percent AER We contrasted the banking benefits offered to individuals with assets of at least 100,000 by examining some of HSBC Premier's competitor packaged accounts.

What distinguishes HSBC Premier from other high-end bank accounts?

Account with Lloyds Premier.

The Lloyds Premier account is a primary rival of the HSBC Premier account.

For this account, customers must have £100,000 in savings or eligible investments with Lloyds, or make a monthly payment of £5,000. For each month that a customer satisfies the eligibility requirements, the monthly fee of £15 will be reimbursed.

Compared to HSBC, Lloyds Premier offers a greater number of exclusive benefits. These include access to financial coaches, competitive mortgage rates, savings bonuses, a 1% cashback on your purchases (up to 10%), and the Bupa Family GP and Wellbeing subscription service.

Natwest Premier account.

Natwest Premier accounts are the other major rival of HSBC in the Premier account market. You will require one or more of the following in order to join Natwest Premier.

There are three Premier accounts available. A minimum of £100,000 in savings or investments held with Natwest; a minimum of £100,000 in sole income or £120,000 in joint income paid into your NatWest account; and a minimum of a £500,000 mortgage with Natwest. The most basic is Premier Select, which is available with Natwest's 175 switch offer and has no monthly fee. However, you don't get much.

There are no non-Sterling transaction fees when you pay outside of the UK or in a foreign currency. You can set up an overdraft with a 500 interest-free buffer and scale up to pay twice a month and still receive the same benefits as the basic account plus.

Upgrade your membership to Premier Reward Black for 36 per month. In addition to the cashback, you also receive other benefits like VIP access to events and restaurants, airport lunch access, car breakdown cover, and mobile and phone insurance.

While Natwest's Premier offering is more extensive than HSBC's, it may not be as extensive as Lloyds'. Choosing the Reward Black account is also the most costly, but the 10 monthly cashback and the 175 one-time account switching cashback make the deal more alluring.