Family is everything. You may have a thriving business or are at the peak of your career, but ultimately, it's family that makes everything more meaningful and all the hard work worthwhile.
In fact, nine in ten Singaporeans prioritise their family's needs over personal health and financial stability, according to a survey by the Families for Life Council.
With a family comprising individuals at varying stages of their lives, the banking needs of the family are therefore different from those of an individual. With this in mind, HSBC conducted six insights studies from 2017 to 2021 and surveyed as many as 1,000 respondents to understand the family-banking needs of its customers over four years.
The bank found that the top three medium and long-term financial goals of Singaporean families are broadly similar and, for most families, these goals are children's education, buying a house and retirement planning. A 2007 study found that 11 per cent of Singaporeans study abroad, compared to the global average of 2 per cent1. HSBC research found that a third of surveyed mass affluent Singaporeans currently have overseas property investments, while 70% plan to buy investment properties abroad2.
Considering these results and recognising the diverse banking needs of the family, HSBC decided to make it easier for family members to join HSBC Premier by extending the same preferential benefits and privileges offered to the principal account holder to the immediate family.
What are the benefits of HSBC Premier? For a start, family members can enjoy a full suite of privileges such as having a dedicated family relationship manager who can support on banking matters, including overseas education, buying a property, retirement planning, and wealth management.
Family members can now join Premier with ease
While HSBC Premier previously required that the primary account holder's family members maintain at least $30,000 each in their respective accounts, there is no longer a need to do so for the spouse, and up to three children.
By removing the requirement for a Total Relationship Balance, which is the total account balance in deposits, investments and insurance, HSBC hopes to meet the evolving needs of its customers during these uncertain times. Even though the pandemic has brought disruptions to our lives, the desire to provide for - and give the best to - the family remains unchanged.
The banking needs of Singaporean families have also become increasingly complex due to global opportunities. With growing affluence, more families, for example, are looking to send their children overseas for tertiary education. A rising number of Singaporeans have taken up jobs in other cities. Singaporeans are also investing in stocks, trading in foreign currencies, and even buying properties abroad to achieve long-term retirement goals.
For families planning to send their children overseas, HSBC Premier can leverage on HSBC partner offers for consultation and assisted enrolment services. It also offers a multi currency HSBC account, ensuring a smooth transition before and after arrival in the destination country. Transfers between the parent and the child's bank accounts are free of charge.
With the undertaking already a stressful experience for many parents, the last thing the family should have to worry about is whether the school fees and other expenses such as food and lodgings are being paid on time.
Once the child is part of the HSBC Premier family, he or she gets an Everyday Global Account like the principal account holder. Children below 18 years old will hold a joint account with a parent or legal guardian. Customers can save, spend and convert in up to 11 major currencies and enjoy free cash withdrawal across all ATMs worldwide. Plus, customers can enjoy fee-free foreign exchange conversion for most major currencies.
That's not all. International money transfers to eligible accounts can also be done quickly and securely using the HSBC Singapore app. This facility allows customers to send funds to over 20 countries and territories like a local, and in mainland China via UnionPay cards. Fund transfers can also be made to over 200 countries/territories via SWIFT.
Another significant change in Premier family banking is the raising of the age limit for access to all HSBC Premier services from 12 years old to 30 years old. These teenagers and grown-up children can now get the same Premier banking benefits as their parents. Children aged 18 and above will also be recognised as Premier customers in all HSBC Premier centres worldwide, allowing them to enjoy such privileges in countries where HSBC Premier is located.
Both locally and abroad, these privileges can include wealth rewards on eligible investment products, cashbacks on HSBC's Everyday Global Account debit card or credit card, bonus interest on incremental Singapore Dollar average daily account balance, and preferential personal loan and mortgage rates.
So, if these children are looking to buy a property locally or abroad, they will enjoy the same preferential rates offered to the principal account holder. Such rates will help to lower mortgage payments significantly.
Retirement and other wealth needs
Even though caring for the family is the top priority for most people, the pandemic has underscored the importance of wealth and retirement planning. As the banking needs of an average Singaporean evolve, having easy access to wealth products and global investment markets, low brokerage fees and sales charges are among critical considerations when planning for a comfortable retirement.
The HSBC Wealth Dashboard is integrated into online banking. That way, you can manage your portfolio and build your wealth at any time. You'll enjoy in-depth data and research alongside a powerful search function that instantly provides detailed information on your investments and more. This investment account can be opened through a HSBC Singapore branch or via online banking.
HSBC Premier customers also have access to Global View which allows customers to have a single view of all their HSBC accounts here and abroad.
With the enhanced HSBC Premier Family Banking and existing suite of services, looking after the diverse needs of the family can be a breeze.
For a brief period, the bank is offering a welcome reward of up to $6,900, when you sign up by September 30, 2021. Visit hsbc.com.sg/premier for more details.
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Terms and conditions apply.
1https://unesdoc.unesco.org/ark:/48223/pf0000226219.locale=en
2www.about.hsbc.com.sg/news-and-media/hsbc-raises-the-bar-for-international-mortgage-offerings-in-singapore
