HSBC business banking review - Finder UK

HSBC business banking review

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

HSBC
You say
★★★★★
Customer satisfaction
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.
HSBC Kinetic

HSBC Kinetic

  • Apply for an account in minutes
  • No monthly account fees during Early Access*
  • Integrate your accounting software, saving you time and accounting headaches (feature available on iPhone only)
*No monthly account fees for 18 months, thereafter a monthly charge of £6.50 applies.
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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
  • Accounting software integration
  • 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

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.
  • 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.

Our verdict

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.

Compare HSBC against its competitors

Data updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Cashplus Business Bank Account
Free
£0.20
First 10 payments sent each month FREE
Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero
2.99%

On invitation
App, Online
Tide
Free
£0.20
Free if both accounts are with Tide
FreeAgent, KashFlow, QuickBooks, Reckon One, Sage, Xero
Free
App, Online
Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu
Starling Business Account
Free
Free
FreeAgent, Xero
Free

Min. 18 months trading to apply
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
Mettle
Free
Free
FreeAgent, Xero
Unable to make international payments
App
Comes with a suite of free accounting software to integrate with
CardOneMoney
£12.50
Free in first 3 months
No monthly account fee for the first three months*

From £0.30
N/A
£10
(international transfer out)
App, Online, Telephone
HSBC Kinetic

No monthly account fees during early access*
Free
QuickBooks, Sage, Xero

International payments unavailable

Up to £30,000 subject to eligibility and application
App, Online
*No monthly account fees for 18 months, thereafter a monthly charge of £6.50 applies
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Business banking accounts ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our customer satisfaction scores (“Customers say”) are based on a survey of 250 customers carried out in December 2020.
Learn the details of our methodology and scoring.

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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