HSBC now charging £5.50 a month for "free" Business Banking

Rippedoff74

I just got another T&C's changes for HSBC and noticed they have decided to start charging me £5.50 per month for "managing" my online account.

Which is the best alternative bank that offers free business accounts? I just need to be able to access online for bank transfers, that's all. NO branches needed.

TIA

(by alternative, I mean I wish to boycott HSBC, Barclays, RBS, LBG (HBOS/LTSB), Santander, Natwest).

grumbler

Rippedoff74 wrote: »

... I wish to boycott HSBC, Barclays, RBS, LBG (HBOS/LTSB), Santander, Natwest.

You don't leave much choice, do you?

MSE article: Best business bank accounts

>> Small Biz & Charities' MoneySaving board

JuicyJesus

grumbler wrote: »

You don't leave much choice, do you?

They've excluded everyone on the high street bar the Co-op. And the Co-op charge too.

cfuk

Got the same letter today. No happy and trying to work out which is the best alternative option for me. I make very few transactions a month. About 30 cheques a year out and about 12 to 20 electronic payments a year in. Anyone know what the best option is?

alx2013

Yes I got the letter today - really cross and come on this board to look for an alternative!

Cornucopia

Anyone have any experience of this?

http://www.fsb.org.uk/business-banking

alx2013

Cornucopia wrote: »

Anyone have any experience of this?

http://www.fsb.org.uk/business-banking

Membership starts at £120 per annum with a £30 registration fee for the first year

virgin11

We have this account and find it very good,you can nominate 2 post offices to pay in cash & cheques, you get free legal cover also investigation cover if you join FSB making it an attractive offer.The only down side is the online website,looks like a kid designed it and is not easy to use. Hope this helps

WarrenG_2

I'm considering this option for two business accounts as I've been an FSB Member for several years but have shown loyalty to the Midland Bank for years. Its really disappointing.

Thanks for the feedback on the Co-Op, I can live with a poorly designed website if it saves me a small fortune on business banking.

I think I could swallow the fee's much better if HSBC provided a good service but the truth is that they don't.

Money-Saving-King

Which account is this? I have business direct which still appears to be free. I haven't had any letter yet if it is this account?

zcacmxi

I've 3 HSBC business accounts on the business direct tariff. The most active takes 1 payment in per month, the least 1 payment in every 3 month..

£66 per account per year.. £198 per year in total.

Seems a bit steep, they made £14Billion profit last year even without charging!

I've found that both Cater Allen (part of Santander) and the new Metro Bank both offer fee free services if you stick to the rules. I'll be taking a look!