HSBC business bank account review for UK businesses

HSBC business account verdict

Best for: businesses that value a big banking brand, branch access, and international reach.

Not ideal for: smaller businesses that want lower fees, simpler pricing, and stronger built-in admin tools.

Bottom line: HSBC is a credible traditional option, but the review intent here depends on whether its scale and infrastructure justify the extra complexity.

What types of business bank accounts are available at HSBC?

HSBC has a range of 3 different business accounts, each designed to support different stages and types of businesses.

At ANNA we also have 4 different packages – Free, Grow, Business and Big Business, however none of them have a turnover limit. Find out more about ANNA business accounts.

HSBC business account review: key features

The strongest angles for this review are HSBC’s account range, branch access, and international footprint. The main trade-offs are fees, extra layers for international banking, and a more old-school setup.

HSBC business account pros and cons

Pros

• A well-known banking brand with a broad range of business account options.
• Branch access and a stronger international angle than many challenger brands.
• A free first 12 months on several account options.

Cons

• International payments and cash handling can become expensive quickly.
• Some products add annual maintenance or card fees, which makes pricing less straightforward.
• If you want a lighter, more app-led experience, HSBC may feel like more effort than it’s worth.

How to open an HSBC business bank account: requirements and eligibility

To open HSBC business account you should be a: 

1. Sole trader or a limited company (not including Channel Islands or Isle of Man)
2. UK tax resident

What documents do I need to provide to open an HSBC Business Account?

You will need the following information about your business at hand: 

• full business address
• contact details (telephone number, email address)
• Companies House registration number (for limited companies and partnerships)
• your estimated turnover

As well as personal details from you and any partners or directors:

• full name and date of birth
• telephone number and email address
• current personal address (and previous address if you’ve been there under 3 years)
• account number (in case you already have HSBC bank account)
• details of your debit/credit cards

After you submit your application, HSBC will try to identify you online. If this doesn't work, you’ll be asked to provide proof of your identity (passport, ID, driving licence etc.) and address (utility bills, council tax letters etc.) via a smartphone or webcam.

How much does an HSBC Business Account cost? – A detailed examination of the fees

We used the latest updated Business Price List from 15 December 2025 for this report and this is what we found:

HSBC monthly account fees

The Small Business Banking Account has no monthly fee and the Business Banking Account is free for the first 12 months, however after 12 months in addition to the monthly fees you’ll have to pay an annual fee of £32 for each Commercial Card that you own.

At ANNA we don’t charge annual fees for our cards – you can have an unlimited number of cards on the Big Business plan and up to 5 free ones on the Business plan. With our Free plan you pay no monthly fee and outgoing transfers are free, while the Kinetic Current Account costs £6.50/month. Therefore, we conclude:

HSBC International payment fees

International business accounts are charged an Annual Account Maintenance Fee (charged monthly). The international payments charge is £17 per payment, incoming payments under £100 are free, otherwise it’s £6 per payment.

At ANNA international payment fees are included in the packages and we don’t charge any Annual Account Maintenance fees.

HSBC’s International Payments for business accounts are more expensive than ANNA’s

If you’re about to send international payments from HSBC, you’ll pay £17 per payment through Business Internet Banking, plus £96/12=£8 per month Annual Account Maintenance Fee if you hold an HSBC international business account – £25 a month for a single payment, while on ANNA’s Business plan your first 2 SWIFT payments each month are free and on the Free plan you pay only the 1% currency conversion fee. 

HSBC Local transfers in and out

Payments made online via Business Internet Banking are free for all the tariffs

At ANNA you have unlimited free bank transfers on the Big business plan, 60 free bank transfers on the Business plan, while on the Free plan, outgoing bank transfers are free.

At ANNA we don’t accept cash deposits on any plan. If your business takes cash, you’ll need to pay it into another account first and then transfer it to ANNA.

At ANNA we offer Unlimited free ATM withdrawals on our Big Business plan. On the Business plan you get 3 free cash machine withdrawals per month and it’s 1% (minimum £1) per withdrawal after that. On the Free plan, cash machine withdrawals are free.

Can you pay a cheque in an online HSBC business?

Yes, you can deposit a cheque using the latest HSBC app as well as at the counter or using a self-service machine in the branch. You will pay 50p per cheque deposited. The limitations on the in app cheque deposit are: each cheque can’t be more than £2000 and the total amount can’t exceed £5,000 (the number of cheques is not limited though).

Currently ANNA has no option to deposit cheques to the account, but we will be introducing this feature in the future.

Can I open a HSBC business account online?

Yes, you can apply for an HSBC business account online. You will need to:

1. Download the HSBC app
2. Record a video and provide your ID

In order to be eligible for an HSBC business account you should be a UK tax resident, registered as a sole trader or limited company with HMRC. You might be asked to provide proof of address (utility bill, mortgage statement, council tax bill etc.) and a proof of your business activity as well.

How long does an HSBC business account take to open?

Most business accounts at HSBC are opened in 48 hours, while at ANNA you can open a business account online in under 10 minutes.

How do I close my HSBC business account?

You can close your HSBC business account by filling the closure form in your Internet Banking. Find the “Account services” tab and select “Account closure”. You can always apply for ANNA business account instead.

HSBC business account review – final thoughts

HSBC offers a solid range of business banking solutions designed for different stages of business growth – from sole traders to more established SMEs. The Business Banking Account comes with a free 12-month introductory period, while the Small Business Banking Account has no monthly fee at all.

International payments and cash handling services are available but come with additional charges, which can add up for businesses with frequent overseas transactions. The application process is fully online, although identity verification might sometimes require additional documentation.

Overall, HSBC remains a strong option for businesses that value traditional banking infrastructure and branch access, but it may not be the most cost-effective or flexible solution for small businesses looking for digital-first tools or automation features.

Who HSBC is best for

HSBC is best suited to businesses that want a traditional bank with international capabilities, a broad product range, and branch access. It’s less attractive for smaller businesses that want simpler pricing, faster support, and more admin tools in the app.

HSBC vs ANNA – a coffee shop case study

Meet Dwight, he runs a coffee shop in Shoreditch with his wife Angela (all characters are fictional and no relation to the US Office TV show). Last month they:

• Made 69 local payments in and out
• Received 1 international payment of £150 (refund for coffee they ordered by mistake from Columbia)
• And each of them has a debit card

With HSBC they would pay: 69x£0 (for local transactions) + £6 (incoming international payment of £100 or more) + £64/12 (2 Commercial Cards, if applicable) + £0 (Small Business Banking Account monthly fee) = £11.33

With ANNA they would have to pay: £22.90 + VAT (Business plan monthly fee) + 60*£0 + 9*£0.20 (for local transactions, given the Business plan includes 60 free transfers a month and 20p for the rest) + 1*£0 (covered by the 2 free SWIFT payments a month) + 2*£0 (both expense cards are included) = £24.70 + VAT. To sum up, on bank fees alone HSBC’s Small Business Banking Account is cheaper for a business like Dwight and Angela’s. What they get with ANNA is the admin side: Auto Accountant, free for the first 4 months, handles VAT Returns, Corporation Tax, payroll, the Confirmation statement and other filings in the same app, so they don’t need separate accounting software.

The business banking industry has evolved significantly over the last 5-10 years, leaving a lot of the old school high street banks behind.

For many high street banks, it is taking far too long to adapt to the changing market and introduce new features like integrated accounting software or invoice automation. What they can provide is a solid set of basic banking products (as well as long waits for customer support). But you’ll miss out on the latest features and the technology that will allow you to save time and money on your business. It’s also worth diversifying your risks by trying different business accounts to make sure you have the right one for your business. At ANNA you get your first month free on the Business plan, so it’s simple and easy to try out the new features and take advantage of the latest technology.

Sources

1. HSBC Business Price List
2. HSBC Kinetic
3. HSBC Small business
4. HSBC Business bank