HSBC offer a range of different business bank accounts, depending on the size and scale of your operation. We’ll compare the various options below, explaining what they offer versus other major banks.
HSBC Business Account: Overview
HSBC, one of the UK’s largest and most established banks, provides comprehensive business banking solutions designed for businesses of all sizes, from sole traders to larger companies.
They offer a variety of current and savings accounts, tailored solutions for charities and not-for-profit organisations, and specialist accounts supporting international trade, which many digital-only banks don’t provide.
Their Small Business Banking Account specifically targets startups and smaller businesses, offering practical features such as built-in accounting tools and a first-year free banking period.
Switching to HSBC Business Banking is relatively fast. They claim it takes just 7 working days to complete the switch.
Pros and Cons
HSBC’s strong points
- Free banking for 12 months
- Overdraft facility
- 600 UK branches
- Easy integration with accounting software
- Foreign currency account
- 24/7 mobile account management
Here are a few things to be aware of
- Monthly fee (after 12 months) on all accounts
- Maximum turnover requirements on some HSBC accounts
- Support only operates within working hours
About HSBC Business Banking
HSBC is the largest bank in Europe with some 500 offices in over 80 countries and US$2.953 trillion as of December 2021. The group has some 2 million commercial banking customers. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It is listed with the registration number 765112.
Opening a HSBC Business Bank Account
Opening an HSBC Business Bank account is a simple process that can be done online, via completing a simple application form. You can also visit a branch, or talk to one of ther realationship managers to get advice about which account is appropriate.
You Will Need the Following Documents
Valid Photo ID – Driving license or passport
Proof of Business Address – Bank Statement or Utility Bill
Business Registration Document from Companies House
Turnover – An estimate is fine if it’s a new business
Directors Address and Key Information – Name, dates of birth, contact details etc
What are the Rates & Fees for an HSBC Small Business Account?
| Account Name | HSBC Small Business Account |
|---|---|
| Account Application Fee | N/A |
| Account Charges | Free for 12 months then £8 per month |
| Bank transfers | Free |
| Overseas card transaction fees | 2.75% |
| FSCS protected | Yes |
| ATM Use (UK) | 25p per withdrawal plus 0.60% of the amount withdrawn |
| Requires credit check | Yes |
| Overdraft | Yes |
| Mobile Cheque Deposit | 50p per cheque |
Contact Number
You can reach HSBC Business banking on: 03457 60 60 60
Lines are open Monday to Friday, 8am to 8pm and Saturday, 8am to 2pm
HSBC Business Bank Account Reviews and Ratings
HSBC have an average of 3.77 out of 5 based on 892 reviews on Smart Money People as of August 2022.
They fare worse on Trustpilot, as evidenced by their one star average over 200 reviews.
The HSBC App has excellent reviews on the Apple store with 4.8/5 over 7.2k ratings.
Which Magazines banking comparison scores HSBC as 3/5 for most of its offerings, but only 2/5 for the area of complaints.
