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 Kinetic Account
Monthly Fee
£6.50
Bank Transfers
£0Card Purchases
£0Overdraft
YesFSCS Protection
NoAccessibility
Access your HSBC account via the web, mobile app or telephone
– You must be at least 18 years of age and reside within the UK.
– You must be a sole trader or the sole director of a limited company operating within the UK.
– You must have an annual income of no more than £6.5m.
– Businesses operating from outside of the UK, within the Isle of Mann or the Channel Islands, are not eligible.
HSBC Business Banking Account
Monthly Fee
£10
Bank Transfers
£0Card Purchases
£0Overdraft
YesFSCS Protection
YesAccessibility
Access your HSBC account via the web, mobile app, telephone or physical branch
– You must be at least 18 years old and a tax resident in the UK (except Channel Islands and the Isle of Man).
– You must own a small or medium-sized enterprise (including not-for-profits).
– You have an annual turnover of at least £6.5 million.
– Businesses operating in the Channel Islands, the Isle of Man and outside the UK are excluded.
HSBC Business Account: Overview
As one of the UK’s biggest banks, with over 600 branches, HSBC has worked hard to ensure its business accounts offer competitive value for British business. They offer both business current and savings accounts, and will also cater for charity and not-for-profits, and businesses trading in foreign currencies, which many challenger bank’s wont. In 2021 they launched Kinetic, a bank account focussed specifically on sole traders and single-director sole-shareholder limited companies.
Switching to HSBC Business Banking is relatively fast They claim it just 7 working days to complete the switch.
HSBC’s strong points
- Free banking for 12 months
- Overdraft facility
- 600 UK branches
- Easy integration witg 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
- Kinetic account has some limitations around in app international payments, cheque books and foreign currency 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 a HSBC Business Bank 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) | Free |
| Requires credit check | Free |
| 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 Kinetic 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.
