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

Rippedoff74 Forumite Posts: 8 Forumite
edited 28 June 2013 at 11:22AM in Budgeting & bank accounts
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.


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


  • grumbler
    grumbler Forumite Posts: 58,164
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ... 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
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • JuicyJesus
    JuicyJesus Forumite Posts: 3,825
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
    urs sinserly,
    ~~joosy jeezus~~
  • cfuk
    cfuk Forumite Posts: 3 Newbie
    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
    alx2013 Forumite Posts: 404 Forumite
    Yes I got the letter today - really cross and come on this board to look for an alternative!
  • Cornucopia
    Cornucopia Forumite Posts: 16,098
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Anyone have any experience of this?
  • alx2013
    alx2013 Forumite Posts: 404 Forumite
    Cornucopia wrote: »
    Anyone have any experience of this?

    Membership starts at £120 per annum with a £30 registration fee for the first year
  • virgin11
    virgin11 Forumite Posts: 70 Forumite
    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
    WarrenG_2 Forumite Posts: 23
    Part of the Furniture Combo Breaker
    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.
  • 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
    zcacmxi Forumite Posts: 136 Forumite
    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!
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