Is HSBC or Aldermore better for your small business?
Below we look at both HSBC and Aldermore 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.
HSBC vs Aldermore Trustpilot Reviews
| HSBC | Aldermore | |
| Trustpilot Review Score (out of 5) | 1.5 | 4.6 |
| Percent 5-Star Reviews | 7% | 80% |
| Percent 1- Star Reviews | 88% | 9% |
| Total Number of Reviews | 8,399 | 4,424 |
https://www.trustpilot.com/review/www.hsbc.co.uk
https://www.trustpilot.com/review/www.aldermore.co.uk
HSBC vs Aldermore App Reviews
| HSBC | Aldermore | |
| iPhone Review Score (out of 5) | 4.8 | No Rating |
| Number of iPhone Reviews | 1,400,000 | No Reviews |
| Android Review Score (out of 5) | 4.8 | No Rating |
| Number of Android Reviews | 260,000 | No Reviews |
https://apps.apple.com/gb/app/hsbc-uk-mobile-banking/id1220329065
https://www.apple.com/uk/app-store/
HSBC vs Aldermore Account Fees & Charges
| HSBC | Aldermore | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £6.50 | £12.50 |
| Most Expensive Monthly Account Fee | £10 | £30 |
| Electronic Payment Cost (in/out) | 35p | Free |
| Cash Payments Cost (in/out) | £1.50 | 75p / £2 + 2.75% |
| Cheques (in/out) | 50p per cheque | Free |
| CHAPS Payments Cost | £17 | £30 |
| SEPA Payments Cost | 20p | No |
HSBC vs Aldermore Business Savings Rates
| HSBC | Aldermore | |
| Types of Business Savings Accounts | Business Money Manager, Business Money Market, Clients Deposit | Fixed rate, Easy access |
| Lowest Savings Rate (AER) | 0.10% | 3.25% |
| Maximum Savings Rate (AER) | 2.02% | 4.60% |
| Minimum Savings Amount | £1 | £1,000 |
| Interest Paid On Foreign Currencies | Yes | Yes |
HSBC vs Aldermore Account Opening Times
| HSBC | Aldermore | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 to 10 Working days | 2 minutes |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
HSBC vs Aldermore Features & Account Types
| HSBC | Aldermore | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | No |
| Accounts For Sole Traders | Yes | No |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Visa | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | No |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | None, online and phone only |
HSBC vs Aldermore Customer Support Options
| HSBC | Aldermore | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | No |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
HSBC vs Aldermore Foreign Currency Accounts
| HSBC | Aldermore | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
|
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Other Business Services From HSBC and Aldermore
| HSBC | Aldermore | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | Yes | No |
| Free Accounting Software | No | No |
HSBC vs Aldermore Banking Basics
| HSBC | Aldermore | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 765112 | 204503 |
| Website | HSBC Website | Aldermore Website |
Common Comparison Questions
Does HSBC or Aldermore have better customer reviews?
HSBC scores 1.5 out of 5 based 8,399 Trustpilot reviews. Of these reviews 7% are 5-star and 88% are 1-star.
Whereas, Aldermore scores 4.6 out of 5 based 4,424 Trustpilot reviews. Of which 80% are 5-star and 9% are 1-star.
Does HSBC or Aldermore have a better App?
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.
In comparison, Aldermore’s iPhone App is rated No Rating out of 5 based on No Reviews reviews. And it’s Android App is rated No Rating out of 5 based on No Reviews reviews.
Does HSBC or Aldermore have better business savings rates?
HSBC offers the following types of business savings accounts: Business Money Manager, Business Money Market, Clients Deposit with interest rates ranging from 0.10% to 2.02%. (AER)
In contrast, Aldermore offers Fixed rate, Easy access accounts with interest rates ranging from 3.25% to 4.60% (AER).
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For other business bank accounts see our guide here.