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About HSBC business banking
HSBC offers a range of business banking accounts designed for various organisations, from sole traders to corporates. If you run a small enterprise that requires everyday transactional banking, you may be eligible for the Small Business Banking Account, which offers “free” banking for the first 12 months. After the fee free period, you’ll have to pay a monthly maintenance fee for your current account. Certain HSBC business accounts also have integrated accounting software. However, all HSBC business accounts allow users to deposit cheques through the app, set up two or more users to approve payments online and provide an overdraft feature. HSBC is fully regulated by the FCA and protected by the FSCS.
Pros and cons of HSBC business banking
Pros
- Range of business accounts on offer.
- Mobile, online, telephone and branch banking.
- Some accounts offer account software integration.
- Overdrafts available.
- Business loans and savings available.
Cons
- Monthly charge after the 12 months fee free banking period.
- Interest charged on overdraft.
- Competitors have higher customer satisfaction.
- No interest paid on credit balance.
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