[grandcider]

I've decided to move most of my money to another institution, which means that I'll drop below the $1M Premier threshold at HSBC. Will it be straightforward to downgrade to a Poweradvantage account, or will I have to close the account altogether and open another?

[discobay]

It is straightforward to do. You even get to keep the same account number. It is also worth mentioning that an overall relationship balance of 500K to 1M only incurs a monthly fee of $40.

[Sleuth]

You don't need that much money in a Powervantage account to avoid the penalty. Think it is $100K (HK).

[seamale]

What are the benefits of Premier account over Powervantage account?

[sp1key]

I think if u're below the 1M mark they charge you quite a bit for montly fees. do check it out to be sure

[grandcider]

seamale--basically, you get a dedicated relationship manager, access to HSBC's global network (whatever that means), a consolidated statement, some better rates (though still lower than rates offered by other banks), some fee waivers and other features that you can check on the HSBC website.

If there are other significant benefits, please let me know before I close my account!

I only upgraded to Premier because they were offering a free ticket to Bangkok for doing so. The dedicated relationship manager isn't really a benefit to me, as now I have to deal with unwanted calls from this person. The recommendation I got from my manager was basically to buy unit trusts loaded with high fees. I'm pretty sure you can get this type of financial advice without having a Premier account.

[Sleuth]

Don't forget this advantage--you get to keep $1 million in a bank account.

[KnowItAll]

And tell others about it on forums.