HSBC

HSBC business bank account comparison and review

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

4.0 ★★★★★ (265 reviews) Write a review
Finder rating
★★★★★
Expert analysis
Customer rating
★★★★★
Satisfaction survey
Respondents in our survey praised the “reliable” and “friendly” customer service
Once the initial free banking period ends, monthly account fees apply
HSBC offers a vast range of business bank accounts. In the guide below, you’ll find out about the features available these accounts, plus our verdict on how they compare with other business bank accounts.

Compare HSBC’s business accounts

Name Product Account fee Bank transfers Interest (AER) Accounting integrations Arranged overdraft Account management Key benefits Link
Charitable Bank Account
Charitable Bank Account
£5 per month
Free
0% AER
QuickBooks, Sage, Xero
Branch, online, app & phone
View details
FREE TRIAL
Kinetic Current Account
£6.50 per month (waived in first 12 months)
Free
0% AER
QuickBooks, Sage, Xero
App
No monthly account fees for 12 months, thereafter a monthly charge of £6.50 applies
View details
Small Business Banking Account
Small Business Banking Account
£8 per month
Free
0% AER
QuickBooks, Sage, Xero
Branch, online & app
View details
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Compare up to 4 providers

1 - 10 of 10
Name Product Interest rate and type Min. opening balance Term Apply link
HSBC
0.35% AER variable
£0
Instant access

View details
HSBC
0.35% AER variable
£0
Instant access

View details
HSBC
0.33% AER variable
£0
Instant access

View details
HSBC
0.33% AER variable
£0
Instant access

View details
HSBC
0.33% AER variable
£0
Instant access

View details
HSBC
0.33% AER variable
£0
Instant access

View details
HSBC
0.34% AER variable
£0
Instant access

View details
HSBC
0.34% AER variable
£0
Instant access

View details
HSBC
0.34% AER variable
£0
Instant access

View details
HSBC
0.35% AER variable
£0
Instant access

View details
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Compare up to 4 providers

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 10 to 14 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 Small Business Banking Account, which offers “free” banking for the first 12 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.

Sole traders or single director shareholder companies can open a HSBC Kinetic account. This app-based business account does not charge a monthly account fee for the 12 months after the account is opened.

HSBC business banking features

  • Free Visa business debit card
  • Business savings accounts
  • Overdraft feature
  • Accounting software integration*
  • Foreign currency accounts*
  • Free online, phone and mobile banking*

*only available on certain accounts

HSBC Small Business Banking fees

Account tariff. Once your free period ends, you’ll pay an £8 maintenance fee each month. You’ll be charged a 1.5% transaction fee for any cash deposits in-branch or via the Post Office.

International payments. You can make international payments to over 60 countries, with payment fees starting at £17.

Foreign currency. You’ll be charged £17 per month for any foreign currency account you open.

HSBC Kinetic fees

Account tariff. After the 12 month promotional period ends, the monthly current account maintenance fee is £6.50 a month. You’ll be charged a 1.1% transaction fee for any cash deposits in-branch or via the Post Office.

Overseas card transactions You’ll be charged 2.75% on non-sterling transactions or cash withdrawals, plus a withdrawal fee of 1.5% (min £1.75) of the GBP payment amount.

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

Pros and cons of HSBC business banking

Pros

  • Range of business accounts on offer.
  • Period of free banking for startups and switchers.
  • Mobile, online, telephone and branch banking.
  • Integration with accounting software Xero, QuickBooks and Sage on certain accounts.
  • Overdrafts, business savings accounts and business loans available.
  • Option to make international payments or open a foreign currency account.

Cons

  • Once any free banking period is over, a monthly charge and transaction fees apply, which may not be the most competitive out there.

The bottom line

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 with the Small Business Banking Account.

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.

Get started by visiting HSBC's website and sign up for an account. If you have read this review and decided that HSBC’s account is not for you, you can also compare other business bank accounts on the market.

Business banking ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our customer satisfaction scores ("Customers say") are based on a survey of 362 customers carried out in December 2021.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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