HSBC business banking review

HSBC offers a range of business banking options, including current and savings accounts, business credit cards and overdrafts.

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What is HSBC business banking?

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.

How does HSBC business banking work?

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.

HSBC business banking features

  • Free Visa business debit card
  • Business savings accounts
  • Overdraft feature
  • Digital invoicing
  • Foreign currency accounts
  • Free online, phone and mobile banking

HSBC business banking fees

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.

HSBC business banking contact details

Existing customers: 03457 60 60 60

New customers: 0800 032 1770

Online banking: 03456 022 014

Coronavirus customer support line: 0800 0121 614

Compare HSBC against its competitors

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free spending abroad and at home in any currency, instant payment alerts, automatic categorisation
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
Cashplus business
£69
First year's annual fee refunded.
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First year's annual fee refunded.
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
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