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HSBC business account: at a glance
HSBC was founded in 1865 and is one of the world’s biggest banks. It offers business bank accounts designed for sole traders, small and medium-sized enterprises (SMEs), large corporations and charities.
HSBC UK has a range of business accounts, including app-based HSBC Kinetic and an account designed for small businesses.
Find out more about HSBC business accounts, including the benefits and features that may suit you.
Promotion
HSBC Kinetic Business Account
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Monthly FeeFree for 12 monthsNo monthly current account maintenance fee for 12 months, thereafter a monthly charge of £6.50 applies
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Card Purchase FeesFrom freeSterling debit card transactions: Free | Non-Sterling debit card transaction fee: 2.75% of the Sterling payment amount.
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Bank Transfer FeesFrom freeHSBC UK Bank to UK bank transfer: Free | International Payments: Branch or phone only: limits and rates apply
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OfferNo monthly account fees for the first 12 months
Learn more about how we bring you our review.
Key features
- Regulated by FCAMonzo is a digital bank regulated by the Financial Conduct Authority (FCA)
- Free and paid accountsThere is a choice between a free and paid business current account
- Access to business overdrafts and loansAccess to credit facilities, such as business overdrafts and business loans, may be available with this provider
Pros and cons of the HSBC Business Bank Account
Pros
- Accounts can be accessed online, via a mobile app, over the phone or at a branch.
- Deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS).
- It is possible to deposit cash and cheques into an HSBC business account.
- Face-to-face support in a branch is available across the UK.
Cons
- All of HSBC’s business accounts have a monthly fee after any introductory period has ended.
These pros and cons are based on an exclusive survey of UK business owners and decision makers on what they found important when choosing a business current account, conducted by NerdWallet in December 2022.
HSBC business account full review
As you might expect from one of the biggest banks in the world, HSBC Business Banking offers an array of services for a range of business types. Whether you can count your team members on one hand, or you run a corporation making tens of millions of pounds a year, there is a chance HSBC has an account for you.
These services include HSBC Kinetic, which launched in 2021 and is designed exclusively for sole traders and single-director sole-shareholder limited companies. There are also other business accounts available, including for small businesses and charities.
We’ve gathered all the information you might want to know about HSBC’s business account offering in the table below.
| Monthly fee | £8 (Small business banking account)£10 (Business banking account)£6.50 (HSBC Kinetic account)£5 (Charitable bank account) [after any introductory offers, if applicable] |
| Transaction fees | Yes (for all accounts; after introductory offer, if applicable) |
| Account management | Via mobile appOnlineIn a branch Over the phone |
| FSCS protection | Yes |
| Potential for same day set-up | Yes (HSBC UK business accounts)HSBC Kinetic (within 48 hours) |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services, such as business loans and overdrafts | Yes |
| Integration with accounting software and tools | Yes (HSBC business accounts)Yes (HSBC Kinetic) |
| International payments | Yes |
| Customer service | 24/7 chat bot Live chat (opening hours apply)Over the phoneIn a branchVia mobile app |
| Multiple user access | Yes (HSBC UK business banking accounts)No (HSBC Kinetic) |
| Trustpilot rating | 1.4 out of 5 (10 May 2023) |
HSBC business account features
The following sections provide some important information about the key features of HSBC business accounts.
Business account fees
By far the most important criteria for business owners when looking at business accounts is the monthly cost, according to half of those surveyed by NerdWallet.
Rather than taking a one-size-fits-all approach, HSBC offers a range of accounts aimed at different types of businesses, each with its own pricing structure. This includes:
- HSBC Kinetic Current Account: for sole traders and single director single shareholder businesses
Other business accounts offered by HSBC include:
- Small Business Banking Account: for all other types of small businesses
- Business Banking Account: for small and medium-sized enterprises with ‘established needs’
- Charitable Bank Account: for charities and not-for-profit organisations with a charitable purpose
- Corporate Bank Account: for businesses with a turnover of more than £10 million
- Foreign Currency Account: for businesses looking for support trading overseas
- Client Currency Account: for businesses that hold money for their clients in other currencies, such as euros or US dollars
Monthly fee
The monthly fee for maintaining an HSBC business account depends on which account you hold.
For the small business banking account, business banking account and HSBC Kinetic account, there is no monthly fee for the first 12 months. After this period, monthly fees apply.
| Tariff | Monthly fee |
| Small business banking account | £8 |
| Business banking account | £10 |
| HSBC Kinetic account | £6.50 |
| Charitable bank account | £5 |
The corporate bank and foreign currency accounts have variable maintenance fees, depending on your business’s individual circumstances. The client currency account has no monthly fee.
More information can be found online or you can request more information directly from HSBC.
Day-to-day business banking transaction charges
There are fees for everyday business banking activities with HSBC. The amount you pay for transactions depends on the type of account you have.
Transaction fees vary according to the size of your business for small business banking, business banking and charitable banking customers. Charges for the corporate bank account will be agreed with HSBC when you open the account.
A full list of transaction fees, including for banking services at the Post Office, can be found on HSBC’s business banking price list, available on the bank’s website.
Different fees apply to HSBC Kinetic; a price list for this account can be found on the HSBC Kinetic website.
It’s worth noting that there are no standard transaction fees for the first 12 months for the small business banking account or the business banking account.
Some common transaction charges are listed in the table below.
| Transaction type | Small business banking or business banking account | Charitable business account | HSBC Kinetic account |
| Electronic payments in | Free | Free | Free |
| Direct debits and standing orders | Free | Free | Free |
| Payments out via internet banking | Free | Free | Free (payments via app are also free) |
| Payments out via non-automated phone line or in-branch | £15 per payment | Free | £15 per payment |
| Debit card payments | Free | Free | Free |
| Cash out in-branch | £1.50 plus 1.5% of the amount withdrawn | 40p plus 0.4% of the amount withdrawn | £1.50, plus 1.5% of the amount withdrawn |
| ATM cash withdrawal | 25p, plus 0.6% of the amount withdrawn | 0.4% of the amount withdrawn | 0.6% of the amount withdrawn |
| Cheques paid out | £1 per cheque | 40p per cheque | N/A (no cheque book with this account) |
| Paying in cash in-branch | £1.50 per credit, plus 1.5% of the deposit value | 40p per credit, plus 0.4% of the deposit value | £1.50 per credit plus 1.5% of the deposit value |
| Paying in cheques in a branch | £1.50 per credit, plus 50p per cheque | 40p per credit, plus 40p per cheque | £1.50 per credit plus 50p per cheque |
| Paying in cheques via mobile app | 50p per cheque | 40p per cheque | 50p per cheque |
| Transfers between your HSBC UK accounts | Free | Free | Free |
Other fees
There may be additional fees for services, such as international transactions, a selection of which can be found in the table below.
Other fees and conditions may apply to international payments and other business banking services, such as providing bank statements. It is worth looking at the full price list on the bank’s website, or contacting HSBC, before making a transaction.
| Transaction type | Small business banking or business banking account | Charitable business account | HSBC Kinetic account |
| Purchases in a foreign currency | 2.75% of the amount | 2.75% of the amount | 2.75% of the amount in pounds Sterling |
| ATM cash withdrawals abroad | 2.75% of the amount, plus a 1.5% withdrawal fee (min. £1.75) | 2.75% of the amount | 2.75% of the amount in pounds Sterling plus a 1.5% withdrawal fee (min. £1.75) |
| Payments made to other bank accounts in a non-Sterling currency (in-branch or over the phone) | £20 (to an HSBC Group account)£30 (to accounts with other providers) | £20 (to an HSBC Group account)£30 (to accounts with other providers) | Free |
| Payments in (SEPA*) | 20p per payment | 20p per payment | 20p per payment |
| Foreign currency payments in (above £100 in value) | £6 | £6 | £6 |
*SEPA is the Single Euro Payments Area, and allows customers to make cashless payments across the European Union and select non-EU countries.
Easy account access
Easy account access is key when looking for a business account, according to the business owners NerdWallet surveyed. This criteria ranked second most important overall.
You can access any HSBC business account, including HSBC Kinetic, at a branch or over the phone. Opening hours may vary, so it’s worth checking the details on the bank’s website.
It’s also possible to manage your money via a mobile app: either the HSBC UK business banking app or the HSBC Kinetic mobile app, depending on the account you have. Both apps are available on iOS and Android devices.
Online access is also available on the HSBC UK and HSBC Kinetic websites, though access is currently limited to Apple users for HSBC Kinetic accounts.
Account set-up
A quarter of business owners from our survey felt that the ability to get set up quickly was important when looking for a business account.
According to HSBC UK, 39% of business banking accounts are opened on the same day as application, while most HSBC Kinetic accounts are opened within 48 hours of application.
FSCS protection
The third most important criteria for business accounts, according to our survey of business owners, is deposit protection through the Financial Services Compensation Scheme (FSCS).
HSBC UK is covered by the FSCS. This means that deposits up to £85,000 are protected; you will be automatically compensated up to this limit if HSBC UK were to fail. This includes HSBC UK business accounts and the HSBC Kinetic account.
This limit applies across all accounts you hold with a provider. Sole traders with a personal and business account with HSBC UK, for example, get a combined £85,000 limit across both accounts. Anything above this amount is unlikely to be covered.
If you run a limited company, this is a separate legal entity from you. Your business will have its own account. This means, for example, that if you have a personal HSBC account plus a limited company business account, each will have its own FSCS protection limit.
It’s also worth noting that HSBC UK and First Direct share a banking licence, which means that they also share FSCS coverage. So if you have an account with HSBC and First Direct, your deposits are protected up to a total of £85,000 across both accounts in your name.
You can find out more about the scheme on the FSCS website, where you can also check how much of your money is protected using their bank and savings protection checker.
Mobile phone app
Managing your money via an app was another key factor for business owners when looking for business accounts according to our survey, with an easy to use phone app ranked fourth most important overall.
You can access your HSBC business account using one of its mobile apps.
HSBC Kinetic customers can use the dedicated HSBC Kinetic mobile banking app. For other business customers, access to your account is via the HSBC UK business banking app. Both apps are available on iOS and Android devices.
Customer service
If you have a HSBC UK business account, there are a few ways to get support:
- by telephone
- using a chat bot
- via live chat: log into the mobile app or internet banking for live chat support
- at a branch: opening times vary, see the HSBC website for more details
If you have a HSBC Kinetic account, you can contact its customer service team in the following ways:
- by telephone
- via in-app chat
24/7 support is limited to HSBC’s automated chat bot; other forms of customer service have opening times. However, this may not be an issue for business customers.
According to our survey, 24/7 customer service and support was not a major concern when looking for a business account, ranking joint ninth alongside international banking facilities.
Customer reviews
While HSBC’s ratings on Trustpilot are not impressive, this included its personal banking services as well as its business accounts. However, the HSBC UK Business Banking app has received more positive reviews:
- Trustpilot: 1.4 out of 5, based on over 7,600 reviews
- Apple App Store: 4.7 out of 5, based on over 31,500 reviews
- Google Play: 4.1 out of 5, based on over 4,000 reviews
The HSBC Kinetic app has received similarly positive reviews, including:
- Apple App Store: 4.8 out of 5, based on over 11,400 reviews
- Google Play: 4.8 out of 5, based on over 2,800 reviews
This information is correct as of 10 May 2023.
HSBC business account eligibility
How you go about opening a HSBC business account will vary slightly depending on which service you are applying for. In general, however, you will need to be:
- 18 years of age or above
- contactable using a UK mobile phone number
On top of that, each business bank account HSBC offers will have its own eligibility criteria related to the type of business you run.
- HSBC Kinetic Current Account: You must be a sole trader or single director, sole shareholder limited company, registered with Companies House, and have a turnover of less than £2 million a year. A credit check will also be required.
Examples of what HSBC’s other accounts require:
- Small Business Banking Account: You must be a small business, but not a sole trader or single director sole shareholder limited company.
- Business Banking Account: Designed for small and medium-sized businesses with ‘established needs’.
- Charitable Bank Account: You must be established as a not-for-profit organisation, not operating for the benefit of shareholders, and not be affiliated with a political party that fields candidates for elections.
You will also need to pass a credit check conducted by HSBC. This may involve the bank asking credit reference agencies for information on both the personal credit histories of the individual owners of the business, as well as the business credit score.
How to choose an HSBC business account
There are a number of questions that you may want to ask yourself when deciding whether to open an HSBC business account or when comparing other providers:
- Are you looking for a free account or an account with a monthly fee or transaction fees?
- How would you like to manage your account (i.e. online, via an app, in branch)?
- Do you want to bank digitally or would you like the option of face-to-face banking in a branch?
- Are you willing for you and your business to undergo a credit check as part of your business banking application?
- Do you want your deposits to be protected by the Financial Services Compensation Scheme (FSCS)?
How to apply for an HSBC business account
To open an HSBC business account, you’ll need to follow these steps:
- Start an application online.
- Submit proof of ID and address.
- Wait for approval.
Start an application online
For HSBC’s small business banking account, you can apply online. Customers requiring a business banking account can apply over the phone.
Charities may be able to apply online if they meet certain criteria; if not, they can call the bank to make an application. More information can be found on the HSBC UK website.
For HSBC Kinetic accounts, you can only apply via the mobile app. It is not possible to apply on the HSBC Kinetic website or in an HSBC branch.
Submit proof of your identity and address
When you apply for any of HSBC’s business accounts, you’ll need to submit proof of identity, such as a passport or driving licence, if HSBC can’t identify you. If you’re applying for an HSBC Kinetic account, you will also need to submit a selfie video to help with the identification process.
As part of the application for a business account, you may need to provide HSBC with the following information:
- full business and personal addresses, including postcodes
- business and personal contact details, including mobile phone numbers and email addresses
- Companies House registration number (if applicable)
- your estimated annual turnover
- your HSBC account number (if you already bank with them)
- details of your debit or credit cards
- the source of the funds used to open your account and run your business
Wait for approval
After you’ve submitted your application, you will have to wait to see if you’ve been approved for an account. According to HSBC, most Kinetic accounts are open within 48 hours.
Other business accounts may be opened on the same day you apply, though on average it takes around five days.
HSBC business account FAQs
Yes, HSBC offers a business credit card. With a HSBC Kinetic Current Account you can apply for a HSBC Kinetic Credit Card, while if you have a Small Business Banking or Business Banking Account, you may be eligible for a VISA Commercial Card.
If you are looking to open a HSBC Kinetic Current Account, you may be able to open an account within 48 hours. For this and other accounts, opening times vary depending on personal circumstances, such as if HSBC needs more information from you.
If switching to a HSBC business account, the process will usually take seven working days if you’re using the Current Account Switch Scheme. You can use this scheme if both your old and new providers are signed up.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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