Merchant Machine

Barclays VS HSBC: Business Banking Review & Fee Comparison


By: Ian Wright | Last Updated:

Is Barclays or HSBC better for your small business?

Below we look at both Barclays and HSBC reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Barclays Homepage
Barclays Homepage

HSBC Homepage
HSBC Homepage
 

Barclays vs HSBC Trustpilot Reviews

BarclaysHSBC
Trustpilot Review Score (out of 5)1.41.5
Percent 5-Star Reviews8%7%
Percent 1- Star Reviews86%88%
Total Number of Reviews9,8598,399
Sources:
https://www.trustpilot.com/review/www.barclays.co.uk
https://www.trustpilot.com/review/www.hsbc.co.uk

Barclays vs HSBC App Reviews

BarclaysHSBC
iPhone Review Score (out of 5)4.84.8
Number of iPhone Reviews1,700,0001,400,000
Android Review Score (out of 5)4.84.8
Number of Android Reviews506,000260,000
Sources:
https://apps.apple.com/gb/app/barclays/id536248734
https://apps.apple.com/gb/app/hsbc-uk-mobile-banking/id1220329065

Barclays vs HSBC Account Fees & Charges

BarclaysHSBC
Free Business Bank AccountYesYes
Free Business Account Term Length12 Months12 Months
Cheapest Monthly Account Fee£8.50£6.50
Most Expensive Monthly Account Fee£8.50£10
Electronic Payment Cost (in/out)Free (up to 500 per month; 35p after)35p
Cash Payments Cost (in/out)60p per £100/Free£1.50
Cheques (in/out)60p each/60p each50p per cheque
CHAPS Payments Cost£15£17
SEPA Payments Cost35p20p

Barclays vs HSBC Business Savings Rates

BarclaysHSBC
Types of Business Savings AccountsInstant access, Fixed-term Treasury Reserve AccountsBusiness Money Manager, Business Money Market, Clients Deposit
Lowest Savings Rate (AER)1.51%0.10%
Maximum Savings Rate (AER)1.96%2.02%
Minimum Savings Amount£1£1
Interest Paid On Foreign CurrenciesYesYes
 

Barclays vs HSBC Account Opening Times

BarclaysHSBC
Can You Apply Online?YesYes
How Long Does Opening An
Account Typically Take?		Up to 7 Working Days7 to 10 Working days
Do They Check Your Credit?YesYes
Current Account Switch ServiceYesYes

Barclays vs HSBC Features & Account Types

Barclays Account Types
Barclays Features & Account Types

HSBC Account Types
HSBC Features & Account Types


BarclaysHSBC
Business Current AccountYesYes
Business Savings AccountYesYes
Business Credit CardYes, via BarclaycardYes
Business OverdraftYesYes
Accounts For StartupsYesYes
Accounts For CharitiesYesYes
Accounts For Sole TradersYesYes
Joint Business Accounts AvailableYesYes
Card TypeMastercardVisa
Online BankingYesYes
Mobile BankingYesYes
In Person/Branch BankingYesYes
Branch LocationsUK-wideUK-wide

Barclays vs HSBC Customer Support Options

BarclaysHSBC
Phone Support AvailableYesYes
Email Support AvailableYesYes
App Based Support YesYes
Web Based SupportYesYes
In person Customer SupportYesYes

Barclays vs HSBC Foreign Currency Accounts

BarclaysHSBC
US Dollar (USD) Bank AccountsYesYes
Euro (EUR) Bank AccountsYesYes
Other Currencies Available:
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • Chinese Yuan (CNY)
  • Czech Koruna (CZK)
  • Danish Krone (DKK)
  • Hong Kong Dollar (HKD)
  • Japanese Yen (JPY)
  • New Zealand Dollar (NZD)
  • Norwegian Krone (NOK)
  • Polish Zloty (PLN)
  • Singapore Dollar (SGD)
  • South African Rand (ZAR)
  • Swedish Krona (SEK)
  • Swiss Franc (CHF)
  • UAE Dirham (AED)
  • Australian dollar (AUD)
  • Bahraini dinar (BHD)
  • Brunei dollar (BND)
  • Canadian dollar (CAD)
  • Chinese yuan (CNY)
  • Czech koruna (CZK)
  • Danish krone (DKK)
  • Hong Kong dollar (HKD)
  • Hungarian forint (HUF)
  • Indian rupee (INR)
  • Indonesian rupiah (IDR)
  • Israeli shekel (ILS)
  • Japanese yen (JPY)
  • Kuwaiti dinar (KWD)
  • Malaysian ringgit (MYR)
  • New Zealand dollar (NZD)
  • Norwegian krone (NOK)
  • Omani rial (OMR)
  • Polish zloty (PLN)
  • Qatari riyal (QAR)
  • Saudi riyal (SAR)
  • Singapore dollar (SGD)
  • South African rand (ZAR)
  • South Korean won (KRW)
  • Swiss franc (CHF)
  • Swedish krona (SEK)
  • Thai baht (THB)
  • United Arab Emirates dirham (AED)

Other Business Services From Barclays and HSBC

Barclays Account Types
Other Barclays Services

HSBC Account Types
Other HSBC Services


BarclaysHSBC
Business LoansYesYes
Commercial MortgagesYesYes
Invoice FinancingYesYes
International PaymentsYesYes
Merchant Payment ServicesYes, via BarclaycardYes
Card MachinesYes, via BarclaycardYes
Free Accounting SoftwareYes, FreshBooksNo

Barclays vs HSBC Banking Basics

BarclaysHSBC
Bank TypeHigh StreetHigh Street
FSCS ProtectionYes, up to £85,000Yes, up to £85,000
FCA Number122702765112
WebsiteBarclays WebsiteHSBC Website

Common Comparison Questions

Does Barclays or HSBC have better customer reviews?

Barclays scores 1.4 out of 5 based 9,859 Trustpilot reviews. Of these reviews 8% are 5-star and 86% are 1-star.

Whereas, HSBC scores 1.5 out of 5 based 8,399 Trustpilot reviews. Of which 7% are 5-star and 88% are 1-star.

Does Barclays or HSBC have a better App?

Barclays’s iPhone App is rated 4.8 out of 5 based on 1,700,000 reviews. And it’s Android App is rated 4.8 out of 5 based on 506,000 reviews.

In comparison, HSBC’s iPhone App is rated 4.8 out of 5 based on 1,400,000 reviews. And it’s Android App is rated 4.8 out of 5 based on 260,000 reviews.

Does Barclays or HSBC have better business savings rates?

Barclays offers the following types of business savings accounts: Instant access, Fixed-term Treasury Reserve Accounts with interest rates ranging from 1.51% to 1.96%. (AER)

In contrast, HSBC offers Business Money Manager, Business Money Market, Clients Deposit accounts with interest rates ranging from 0.10% to 2.02% (AER).

See Other Comparisons:
Barclays vs Santander
Barclays vs Nationwide
Barclays vs Lloyds Bank
Barclays vs Tide
Barclays vs Virgin Money


For other business bank accounts see our guide here.