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

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 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: 

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

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

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

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.

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:

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.

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 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

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.

HSBC Pay cash in deposit

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.

HSBC ATM withdrawals

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

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.

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:

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:

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

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.

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