High-street banks roll out airport lounge access, free physio and other perks to attract affluent customers

High-street banks are increasingly using lifestyle perks — from airport lounge access to free physiotherapy sessions and discounts on solar panels — to recruit customers with large savings or high incomes.

Premier current accounts from HSBC, NatWest, Lloyds and Barclays typically require around £100,000 in savings or an annual income of about £100,000, though exact thresholds differ by bank. The accounts package travel and health benefits, premium debit or credit cards and occasionally enhanced interest on very large balances, all intended to signal membership of an exclusive banking tier.

HSBC’s Premier account includes worldwide family travel insurance provided by Aviva, covering the account holder, their partner, children and grandchildren. The policy requires travellers to be under 70 at the start of a trip and limits cover for children and grandchildren to under 18, or under 23 if still in full-time education. Rachel Springall of price-comparison firm Moneyfacts said such bundled cover “could be more cost-effective” than buying a standalone policy; the Aviva plan tied to a Premier account could represent savings against a direct purchase, which might cost up to about £300 a year.

HSBC customers who qualify can also apply for the HSBC Premier World Elite credit card. The card carries a £290 annual fee and offers travel-focused benefits including fast-track security and airport lounge access, along with reward points that can be converted to air miles with major long-haul carriers. A standalone Priority Pass membership providing lounge access would otherwise cost about £377 a year. “The HSBC card is worth it if you’re a serious jet-setter because it allows you to apply for the HSBC Premier World which is a good credit card deal and has a wide range of travel perks,” said Andrew Hagger, a personal finance commentator.

Lloyds’ Premier package emphasises health and home improvements. It offers GP and wellbeing services via Bupa’s Family GP subscription, which includes online GP and nurse consultations, online physiotherapy sessions, online mental health treatment and fitness classes; Lloyds values the benefit at about £600 a year. HSBC’s Premier bundle also provides online health services through Square Health, including unlimited digital GP appointments, eight remote physiotherapy sessions, one annual health check per policyholder and counselling, with a comparable valuation.

Lloyds additionally advertises a £1,250 discount on solar-panel installation through a partnership with installer Effective Home. The bank cites a typical price for an eight-panel system with a battery at about £8,500 including installation, implying a discounted cost of roughly £7,250 for Premier customers.

Some banks advertise enhanced interest rates for very large balances. NatWest’s Premier account currently offers 3.5 percent interest on balances between £250,000 and £3 million for 12 months, compared with 2.28 percent for non-Premier customers on the same tier. However, the advertised premium may not always be the most competitive option on the market. The Spring Savings account from Paragon Bank, for example, pays 4.3 percent on deposits, which on a £250,000 holding would yield about £10,964 in interest after a year versus about £8,892 under NatWest’s Premier offer.

Industry commentators caution that packaged perks do not replace careful comparison shopping and do not extend protections on large deposits. The Financial Services Compensation Scheme (FSCS) continues to protect eligible deposits only up to £85,000 per person per institution, regardless of Premier status. Customers concentrating large sums with a single bank to access premium perks may therefore remain exposed beyond the FSCS limit.

Banks also note that Premier status can be contingent on maintaining qualifying balances or income. If a customer’s circumstances change, an account may be downgraded to a standard current account. HSBC says it will provide 60 days’ notice before downgrading a Premier account; Lloyds has said it will not change a customer’s account without informing them.

The push for high-end perks reflects wider competition among lenders to attract affluent customers in an environment of relatively high interest rates and growing demand for bundled financial and lifestyle services. While some customers may find the combination of travel cover, digital health services and card benefits cost-effective, others seeking pure savings returns or protection for very large balances may obtain better outcomes by shopping specialist savings providers and spreading deposits across institutions to retain full FSCS protection.