In this guide
Premier bank accounts often come with additional perks and advantages to their basic counterparts – but you’ll need to demonstrate that you’re one of the bank’s wealthier customers to open your account.
In order to retain and entice wealthier clientele, many banks offer Premier banking services. These accounts often include personalised services, such as discounts for mortgage rates and rewards points for travelling abroad.
Beyond the perks, Premier accounts are also set up to accommodate larger sums of money by offering greater ATM withdrawals and personalised “wealth managers”.
In this article we explore:
- What is Premier banking?
- How do I qualify for Premier banking?
- The best Premier banking accounts
- What alternatives could I consider?
Read more: Best premium bank accounts
What is Premier banking?
Premier banking is tailored to your banking provider’s wealthier clientele. These services aren’t freely available, and you will need to pass certain qualifying criteria to open your account.
It can be easy to mistake Premier banking for private banking, but there is a difference. Some banking providers offer both these services, with private banking reserved for wealthier clients.
Take HSBC, for example, it offers its Premier banking services to anyone with one of its mortgages, insurance products, savings investments and an annual income of £75,000. Its private banking services, meanwhile, are reserved for clients with assets worth at least £1.5 million.
Premier banking also comes with unique perks. More on this is mentioned below.
How is this different to premium bank accounts?
Premium bank accounts, also known as packaged accounts, aren’t restricted to those with a certain income or savings threshold. While their services can be likened to a Premier bank account, they aren’t free and come at a cost. Our guide lists the best Premium bank accounts available.
How do I qualify for Premier banking?
Most high-street banks require a minimum salary of £75,000 or £100,000 in order to pass the first qualifying requirement to use their services. If you can’t satisfy this requirement there are other ways to open your account but this depends on your provider.
So, below we’ve listed the qualifying requirements for a selection of Premier bank accounts. Remember, you only need to satisfy one of these requirements to qualify, so you won’t need a minimum income each year if you have sufficient savings or investments.
| Banking provider | Minimum income (per year) | Minimum savings/ investments or a mixture of both | Additional ways to qualify |
| Barclays | £75,000 | £100,000 | None |
| HSBC | £75,000 and hold a mortgage, an investment, life insurance or a protection product with HSBC | £50,000 | Hold an HSBC Premier account in another country |
| Natwest | £100,000 (or £120,000 in joint income) | £100,000 | Borrow at least £500,000 through a mortgage |
What perks are included in Premier bank accounts?
Perks and benefits differ depending on your provider. Some are designed to attract frequent travellers, offering comprehensive travel insurance as an added benefit, while others provide exclusive discounts off luxury apparel.
Many banks also set-up their Premier accounts to accommodate larger sums of money. Barclays is one example, which provides a “Black debit card” to accompany its Premier account. This allows ATM withdrawals up to £2,000 a day.
Read more: Should I take out a NatWest Premier Account?
Open a NatWest Premier Select Account today
Open a NatWest Premier Select Account with no monthly account fee. Enjoy a range of benefits such as premier banking, arranged overdraft with £500 interest-free buffer available (subject to status), and no foreign transaction fees based on purchases abroad.
To qualify you must be 18 years old and a UK resident. Additionally, you must be eligible for one of the following:
- Earn at least £100,000 as a sole income into a NatWest account
- Earn at least £120,000 as a joint income into a NatWest account
- Borrow at least £500,000 through a mortgage with NatWest
- Hold at least £100,000 in savings or investments with NatWest
Representative Example: Effective Annual Rate 0% EAR on arranged overdrafts up to £500, 19.49% EAR (variable) above £500. Representative 11.4% APR (variable). Assumed credit limit: £1200. *ATM withdrawal charges apply, local fees may apply. How does our overdraft compare? Representative APRs help you compare the cost of different credit products
The best Premier bank accounts
There are only a few Premier bank accounts on the market. So, below are a few examples of these providers and their accounts:
NatWest – Premier Select, Premier Reward, and Premier Reward Black
The Premier Select option, which is free, is the most basic and its interest free overdraft up to £500 the main highlight. The Premier Reward, meanwhile, charges £2 a month and offers the opportunity to make this back in rewards. Its users can earn up to £10 a month for making two direct debits and logging into your mobile banking app. It too can accommodate interest free overdraft.
The Premier Reward Black account charges £31 a month and includes:
– Earn rewards for spending with NatWest’s partners
– Worldwide family travel insurance
– Airport lounge access with DragonPass Premier+
– UK and European breakdown cover
– Up to 10% discount on holidays and car hire booked through NatWest’s travel service
– No Non-Sterling Transaction Fee for payments outside the UK or in a foreign currency
– Interest free overdraft up to £500
– All Premier banking customers also get access to preferential rates on loans.
If you’re looking for a comprehensive package, then NatWest’s Premier Rewards Black account is up there with the best. However, you’ll need to decide if the £31 monthly fee makes it worthwhile.
Barclays – Premier Current Account
The Premier Account includes:
– Exclusive savings and mortgage rates. This includes an Instant Easy Access ISA at 1.66% AER on balances up to £10,000. However, it’s worth noting that several different providers better this rate.
– Access to “financial guides”, a team of bankers willing to guide you through your personal challenges.
– The option to join Barclays Avios Rewards for £12 a month, a scheme which gives you money off future journeys with British Airways.
– Apply for interest-free overdrafts of up to £500.
– Access to a black card, which allows ATM cash withdrawals of £2,000.
This makes it a handy account if you’re a frequent traveller and you wish to use its Avios Rewards scheme. For your £12 monthly fee you’ll be guaranteed 1,500 Avios points, which has a face value of around £15. But its real value is in the bonus 7,000 points you’ll receive for being a member for a full year and its discounted airport lounge passes.
HSBC – Premier Bank Account
The Premier Bank Account includes:
– Access to an HSBC Global Money account. This allows you to hold or send money in 50 different currencies across 200 countries.
– Worldwide travel insurance through Aviva. This policy covers your family and includes winter sports cover. It doesn’t, however, allow claims for pre-existing medical conditions.
– Preferential savings rates, like the Loyalty Cash ISA at 3.20% AER. Again, there are other providers with better rates available.
– Unarranged overdraft at 0% on your first £500.
HSBC’s Premier Bank account is a great option if you’ve opened other HSBC accounts overseas. Its banking app and online portal is a great place to manage all your finances in one place, while the Global Money app helps if you’re frequently exchanging currency.
What alternatives could I consider?
You don’t need to have a Premier account if you’re a high earner, and there are numerous other options on the market which could provide better value for money.
A Premium or packaged bank account may suffice if you don’t mind forking out a monthly fee for your benefits.
If you’re after a decent interest rate for your cash, there are many other providers which offer better rates than some of the “exclusive” offers from big banks. You can find out these rates by visiting our savings page.
While not big names, all these accounts benefit from the same FSCS protection as other providers.
Important information
Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.
