One of the UK’s “Big Four” banks, HSBC offers business banking for startups and new businesses, existing and larger businesses, as well as community organisations and educational institutions.
It provides everyday current accounts, as well as business savings accounts, credit cards, business loans and finance. Businesses can also switch their existing bank account over to HSBC within seven working days.
HSBC offers business banking accounts to both large and small companies. If your business has a turnover of less than £2 million per year, you’ll be eligible for the startup business account, which offers “free” banking for the first 18 months.
This means you’ll pay no account maintenance fees and receive free standard transactions on your primary account. If you switch your business bank account to HSBC, you’ll also pay no maintenance fees or standard transaction fees for the first 12 months.
You also have the option of opening a variety of business savings accounts, such as the instant access Business Money Manager account, the market-rate Business Money Market account and Client Deposit account.
Startup business bank account. Once your free period ends, you’ll pay a £6.50 maintenance fee each month. You’ll also be able to pay up to £3,000 in cash transactions each month for free, with a 0.5% charge for any additional transactions.
International payments. You can make international payments to over 60 countries, with payment fees starting at £4.
Foreign currency. You’ll be charged £5 per month for any foreign currency account you open.
Existing customers: 03457 60 60 60
New customers: 0800 032 1770
Online banking: 03456 022 014
Coronavirus customer support line: 0800 0121 614
HSBC is a solid choice if you’re looking for a business account with one of the main high street banks. There is mobile, online, telephone and branch banking available to business customers, plus a handy integration with accountancy software packages such as Xero. HSBC has a variety of accounts available depending on your business size, plus it offers periods of free banking to startups and businesses who are switching their account over. Once the free banking phase comes to an end there are account and transaction fees to pay, so if banking charges are an important consideration for your business you may want to compare business accounts elsewhere.
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