How to open an HSBC Business Account Online? (Updated 2024)

10 April, 2024 · 7 min read

HSBC is one of the largest international banks and financial service institutions in the world. They provide lots of different financial products and services and it can be quite hard to navigate through them. In this blog post we’ll try to simplify and summarise HSBC's business banking options, and help you to choose and open a business bank account that fits your needs. We’ll also give a real example of a small coffee shop transaction activity and charges.

Sticky block phone
Open a business account with ANNA and get your taxes sorted
With ANNA you get a debit card, automated bookkeeping, a personal payment link, 1% cashback and 24/7 customer support

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.

Business Banking ProductWho is it for?
Kinetic current AccountSole traders or single director sole shareholder businesses. You must be a UK resident paying UK taxes and your business must turnover less than £6.5m
Small Business Banking AccountSmall enterprises that require everyday transactional banking services. Suitable for sole traders, private limited companies and partnerships
Business Banking AccountEstablished small and medium-sized enterprises

At ANNA we also have 3 different packages – Pay as you go, Business and Big business, however none of them have a turnover limit. Find out more about ANNA business accounts.

What are the requirements to open an HSBC Business Account?  Eligibility criteria

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 9 February 2024 for this report and this is what we found:

HSBC monthly account fees

The first 12 months are free for all the business banking products, 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.

Business Banking TariffsMonthly fees
Kinetic Current AccountNone for first 12 months, then £6.50/month
Small Business Banking AccountNone for 12 months, then £8/month plus
Business Banking AccountNone for 12 months, then £10/month

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 Pay as you go plan you get charged only 20p per transaction which is equivalent to 32 transactions to match Kinetic Current Account of £6.50/month. Therefore, we conclude:

ANNA Business accountsFree cards
Pay as you go1 card included, £3 per extra card, per month
BusinessUp to 5 cards included, £3 per card, per month after that
Big BusinessUnlimited free cards

HSBC International payment fees

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

Business Banking TariffsAnnual Account Maintenance Fees
Kinetic current AccountN/A
Small Business Banking Account£96/year or currency equivalent per account
Business Banking Account£120/year or or currency equivalent per account

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

ANNA Business AccountsFree SWIFT payments per month
Pay as you goNone, £5 per payment
Business1 free SWIFT payment, £5 per payment after
Big Business4 free SWIFT payments/month, £5 per payment after

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

If you’re about to use International payments at HSBC you’ll pay £96/12=£8 per month Annual Account Maintenance Fee, plus £6/month for internet banking and £17 per payment, which adds up to £31 pounds a month, while at ANNA’s Pay as you go package alone you would be charged only £5. 

HSBC Local transfers in and out

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

Business Banking TariffsLocal transfer fees
Kinetic current AccountFree
Small Business Banking AccountFree
Business Banking AccountFree

At ANNA you have unlimited free bank transfers on the Big business plan, 50 free bank transfers on the Business plan, while on Pay as you go, we will charge you 20p per bank transfer.

ANNA Business AccountsLocal free bank transfers
Pay as you go20p per bank transfer
Business50 free bank transfers, 20p per transfer after that
Big BusinessUnlimited free bank transfers

HSBC Pay cash in deposit

Business Banking TariffsCash in deposit fees
Kinetic current Account1.10% of the cash value deposited
Small Business Banking Account1.50% of value deposited
Business Banking Account1.50% of value deposited

At ANNA you pay no commission fee on the Big business plan. On the Business plan you get £300 cash per month for free and 1% commission after that. On Pay as you go you pay 1% commission.

ANNA Business AccountsLocal free bank transfers
Pay as you go1% of the cash value deposited
Business£300 cash per month for free and 1% commission after that
Big BusinessUnlimited deposits with no commission

HSBC ATM withdrawals

Cash machine withdrawals are free during the first 12 months. Here are the fees that apply after that period:

Business Banking TariffsATM withdrawal fees
Kinetic current Account0.60% of the value withdrawn
Small Business Banking Account25p per withdrawal plus 0.60% of the value withdrawn
Business Banking Account25p per withdrawal plus 0.60% of the value withdrawn

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 per withdrawal after that. On Pay as you go, it’s £1 per cash machine withdrawal.

ANNA Business AccountsATM withdrawal fees
Pay as you go£1 per ATM withdrawal
Business3 free ATM withdrawals per month, £1 per withdrawal after
Big BusinessUnlimited free ATM withdrawals

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).

Business Banking TariffsCheque deposit fees
Kinetic current Account50p per cheque
Small Business Banking Account50p per cheque
Business Banking Account50p per cheque

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 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 have pay: 69x£0 (for local transactions) + £96/12 (for international payments Annual Maintenance Fee) + £6 (online banking fee) + £6 (incoming international payment fee) + £64/12 (2 debit cards annual fee) + £6.5 (lowest tariff Kinetic current account) = £31.80

With ANNA they would have to pay: £14.90 + 50*£0 + 19*£0.2 (for local transactions, given they choose Business package they have 50 free transactions, and 20p for the rest) + 1*£5 (for international payment) + 2*£0 (for debit cards) = £19.90
To sum up, Dwight and Angela save to themselves £11.90 a month with ANNA. Moreover, with the ANNA Business account they have access to the automated accounting features like VAT filing, Corporation Tax, Payroll, Confirmation statement and many other business tools that are already integrated in the app, so they don’t need to worry about additional pricey accounting softwares on the market.

HSBC vs ANNA comparison
HSBC vs ANNA comparison

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, so it’s simple and easy to try out the new features and take advantage of the latest technology.

Open an ANNA business account
Open a business account with ANNA and start sending and accepting payments today
Open business account


Open a business account in minutes

Take the load off with ANNA, the business current account that sorts your invoices and expenses.
Enter your mobile number
Get a business account and a debit card that miaows
We create, send and chase up your invoices
We snap and sort your business expenses
Never miss a deadline, with handy tax reminders
Are you okay with optional cookies?
Are you okay with optional cookies?
Cookies help us give you a better experience and improve how we talk about our products.
Learn more or customise your cookie settings.