HSBC Business Banking 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’s 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.

Find out more about the pros and cons of HSBC Business Banking, what features it includes, and how to open an account with our review.

» MORE: Do I need a business bank account?

Pros and cons of the HSBC Business Bank Account

There are a number of factors to consider to make sure HSBC business banking is the right choice for your needs.

Pros of HSBC Business Banking

• There is a range of business bank accounts tailored to different needs.
• For some accounts, there is no monthly fee for the first 12 months.
• There are no standard transaction fees for the first 12 months for some accounts.

Cons of HSBC Business Banking

• All account types have a monthly maintenance fee after at least 12 months.
• Lack of multi-user access, in-app international payments, foreign currency accounts or cheque books for HSBC Kinetic Current Account.
• There are maximum turnover requirements for some business bank accounts.

» MORE: How to choose an online business bank account

What business bank accounts do HSBC offer?

Rather than taking a one-size-fits-all approach, HSBC offers a range of accounts aimed at different types of businesses. This includes:

• HSBC Kinetic Current Account: For sole traders and single director single shareholder businesses.

They also offer:

• Small Business Banking Account: For all other types of small businesses.
• Business Banking Account: For small and medium-sized enterprises with 'established needs'.
• Corporate Bank Account: For businesses with a turnover of more than £10 million.
• Charitable Bank Account: For charities and not-for-profit organisations with a charitable purpose.
• Foreign Currency Account: For businesses looking for support trading overseas.
• Client Currency Account: For businesses that hold money for their clients in euros or US dollars

How to open a HSBC Business Account

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.

Example 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, and have a turnover of less than £2 million a year.
• Business Banking Account: You must be a business with turnover of more than £2 million a year, but less than £10 million a year.
• 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.

As well as satisfying the eligibility requirements, you will likely need to provide HSBC with the following information:

• proof of identity, such as a passport or driving licence
• 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

Once you have everything to hand, you can apply online, via the mobile app or over the phone, simply following each step of the process.

» MORE: How to open a business bank account online

What features does the HSBC Business Bank Account offer customers?

While the specifics will depend on which service you choose, each HSBC Business Banking Account comes with features designed to help you manage your operations.

The following features may be included:

• No monthly fees for the first 12 months for HSBC Kinetic, Small Business Banking if you are a start up or switcher, and Business Banking Accounts if you are a switcher.
• Ability to scan and deposit cheques using the mobile app.
• Ability to immediately freeze and unfreeze your debit card when needed.
• Potential access to business loans and savings accounts.
• Where eligible, access to an arranged overdraft facility for your business.
• Transactions automatically categorised, so you can easily spot trends in your business spending.
• Make payments and manage standing orders and direct debits on the go with the HSBC UK Business Banking app.
• Ability to integrate accountancy tools, such as Xero, QuickBooks and Sage, with your account.
• Live chat and virtual assistant if you need help with your account.
• Talk face to face with business banking specialists, thanks to HSBC’s support in its branches.

What do other HSBC Business Account reviews say?

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 6,700 reviews, with 6% rating it as '5-star' and 89% as '1-star'.

Apple Store: 4.7 out of 5, based on over 31,000 reviews.

Google Play: 4.1 out of 5, based on over 3,800 reviews

The HSBC Kinetic app has received similarly positive reviews, including:

Apple Store: 4.8 out of 5, based on over 8,000 reviews. Google Play: 4.7 out of 5, based on over 1,900 reviews

This information is correct as of 27 September 2022.

Conclusion

One of the biggest selling points about HSBC Business Banking is that it has options for most types of businesses. Instead of settling for a one-size-fits-all approach, you can choose an account that matches what your business looks like.

You can also benefit from 12 months without monthly fees if you open an HSBC Kinetic Current Account, and the same deal plus no standard transaction fees for a year if you are a start up and open a Small Business Banking Account, or you switch from another provider to an HSBC Small Business Banking or Business Banking Account. It is important to remember, however, that after 12 months you will start paying monthly fees and standard transaction charges.

And, unlike most challenger banks, since HSBC still has a physical presence up and down the UK, you can conduct your business banking activities online and via the app, but also benefit from expertise and face-to-face advice in a branch.

HSBC Business Banking FAQs