HSBC Premier vs Barclays Premier (2025 Guide)

Thinking of upgrading to a premium bank account? These are current accounts that offer extra benefits such as insurance, travel perks, cashback and discounts. To access these, you’ll either need to meet certain eligibility criteria or pay a monthly fee.

Two of the most popular premium accounts in the UK are HSBC Premier and Barclays Premier - but which is best for you?

Find out here in our essential guide, where we’ll be comparing premium accounts from two of the UK’s biggest banks side by side.

We’ll look at features and perks, fees and much more, all to help you choose the best option for you.

So, let’s get started.

HSBC Premier vs. Barclays Premier - An overview

HSBC and Barclays are two of the ‘Big Four’ banks in the UK, and they both offer a premium account.

Let’s take a quick look at the main features of each, and we’ll dive into more detail in just a moment.

What is a Premier Bank Account?

A premier or premium bank account is a current account which offers extra perks alongside standard banking services.

The package may include things like travel insurance, access to exclusive savings rates and travel perks such as airport lounge access. You might even get TV subscriptions.

Some premier accounts also offer higher limits for spending and cash withdrawals, and interest-free overdrafts (up to a limit).

To be eligible for premier accounts, you’ll usually need to meet strict criteria on how much you pay in, save or earn - or there may be a monthly fee to pay.

HSBC Premier Account: Features

The HSBC Premier Bank Account offers travel, wealth and even health benefits, along with a full range of useful banking services.

Here’s what you’ll get when you open the account:¹

• Worldwide family travel insurance
• Access to Premier World Elite Mastercard credit card (annual fee applies), which gives you airport lounge access, security fast track and the chance to earn reward points to redeem against airline miles, hotels and shopping vouchers
• Access to the Global Money Account for international transfers with no HSBC fees
• Global discounts, travel benefits and lifestyle offers
• Online health services including digital GP appointments, mental health support and 2 second opinions a year for the whole family
• Open an account in 20+ destinations
• Tailored wealth solutions and preferential terms on certain products/services
• Future Planner tool for wealth management
• Arranged overdraft with up to £500 interest-free
• Exclusive offers and discounts with Premier Partners

There’s no monthly fee to pay for the account, but you will need to meet strict eligibility criteria.

The account is available to UK and EU residents aged 18+. You’ll need to either have an annual income of at least £100,000 (and pay it into the account) or have at least £100,000 in savings or investments with HSBC.¹

📚Full HSBC Premier review

Barclays Premier Account: Features

The Barclays Premier Current Account is more focused on finances, but it does also have some travel and lifestyle benefits.

Its long list of features includes the following:²

• Access to exclusive savings rates on bonds, ISAs and savings accounts, including boosted rates on Rainy Day Saver and Blue Rewards Saver
• Exclusive black or personalised debit card
• Higher payment limits and ATM withdrawals (up to £2,000/day)
• Premier mortgage options, including a higher annual overpayment allowance
• Earn up to 15% cashback with selected retailers with Barclays Cashback Rewards
• Barclays Avios Rewards - collect Avios when you spend to redeem against future flights (£12/month fee)
• Access to Premier Financial Guides, the Wealth Hub and Smart Investor services
• Apple TV+ subscription worth £8.99/month, plus Major League Soccer (MLS) Season Pass worth £14.99/month
• Arranged overdraft with up to £500 interest-free
• Optional insurance packs - add travel, RAC cover and gadget insurance to your account for an extra fee
• Travel wallet - buy EUR or USD in the Barclays app and spend your currency balances using your debit card
• 24/7 UK-based Premier support.

Like with HSBC, there’s no monthly fee to hold the account. But to be eligible for it, you’ll need to be 18+ and have lived in the UK for at least 12 months. You’ll also need to pay in at least £75,000 a year or save/invest at least £100,000 with Barclays.²

📚Full Barclays Premier review

HSBC Premier vs. Barclays Premier - Fees

Now we come to the all-important issue of fees. So how much does it cost to be an HSBC or Barclays Premier customer?

Here are the main fees and charges you need to know about:

Is Premier Banking worth it?

If you’re eligible for a premium account and you’ll use the extra services on offer, premier banking can definitely be worth it.

Depending what perks are on offer, you could save money on taking out separate insurance policies, as well as earning cashback on spending and higher interest on savings.

The only thing to watch out for is premier accounts with monthly fees. If you don’t actually need or will use the extras bundled in with the account, you may not be getting good value from the account.

The good news though is that neither HSBC or Barclays charge a fee for their premium accounts, so this isn’t something you need to think about.

Which premier account is best for you- Barclays or HSBC?

Both Barclays and HSBC offer a long list of benefits for customers who can meet the eligibility criteria, and all for no monthly fee.

There are fees to access some services, however. For example, you’ll pay extra to get HSBC’s Premier World Elite Mastercard travel credit card which unlocks airport lounge access and security fast track.¹ There’s also a fee to access Barclays Avios Rewards, which lets you earn Avios when you spend.²

So you’ll need to factor this into your decision if you want to take advantage of these particular perks.

Otherwise, it’ll come down to which perks you’re looking for, whether your focus is on travel, finances or lifestyle benefits. There’s also eligible to consider - the Barclays Premier account is slightly easier to get with a minimum annual pay-in requirement of £75,000² (compared to £100,000 with HSBC)¹.

Hopefully after reading this, you’ll have a good idea of what’s on offer with both premier account providers and be able to easily compare them.

Still searching for the right banking solution? Take a look at our guides to the best private banks in the UK, and the best online accounts currently available.

Wise: an alternative for managing your money at home and abroad

Remember that a bank isn’t the only way to manage your money. There are some great alternatives out there, such as Wise.

Wise isn’t a bank, but its multi-currency account offers many of the same features - with the added benefit of being ideal for international transactions.

Open a Wise account online and you can send, spend, hold and convert 40+ currencies all in one place. Get yourself a Wise card to spend worldwide, and take advantage of Wise Interest to earn a return on GBP, EUR and USD currencies (capital at risk).

Open your Wise account 🌍

Whether you’re shopping up a storm or sending money across the world, you’ll only ever be charged low, transparent fees* - and you’ll always get mid-market exchange rates on all currency conversions.

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

Sources used:

1. HSBC - Premier Bank Account
2. Barclays - Premier Current Account
3. HSBC - Premier Account fee information document
4. Barclays - Premier Current Account fee information document

Sources last checked on date: 12-Feb-2025