Is HSBC or MyPOS better for your small business?
Below we look at both HSBC and MyPOS 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 MyPOS Trustpilot Reviews
| HSBC | MyPOS | |
| Trustpilot Review Score (out of 5) | 1.5 | 4.2 |
| Percent 5-Star Reviews | 7% | 67% |
| Percent 1- Star Reviews | 88% | 11% |
| Total Number of Reviews | 8,399 | 10,019 |
https://www.trustpilot.com/review/www.hsbc.co.uk
https://www.trustpilot.com/review/mypos.com
HSBC vs MyPOS App Reviews
| HSBC | MyPOS | |
| iPhone Review Score (out of 5) | 4.8 | 4.2 |
| Number of iPhone Reviews | 1,400,000 | 698 |
| Android Review Score (out of 5) | 4.8 | 3.3 |
| Number of Android Reviews | 260,000 | 14,900 |
https://apps.apple.com/gb/app/hsbc-uk-mobile-banking/id1220329065
https://apps.apple.com/gb/app/mypos-accept-all-payments/id934401253
HSBC vs MyPOS Account Fees & Charges
| HSBC | MyPOS | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 12 Months | No Limit |
| Cheapest Monthly Account Fee | £6.50 | No |
| Most Expensive Monthly Account Fee | £10 | No |
| Electronic Payment Cost (in/out) | 35p | £1.50 |
| Cash Payments Cost (in/out) | £1.50 | £2 |
| Cheques (in/out) | 50p per cheque | Unknown |
| CHAPS Payments Cost | £17 | No |
| SEPA Payments Cost | 20p | £3 |
HSBC vs MyPOS Business Savings Rates
| HSBC | MyPOS | |
| Types of Business Savings Accounts | Business Money Manager, Business Money Market, Clients Deposit | None |
| Lowest Savings Rate (AER) | 0.10% | NA |
| Maximum Savings Rate (AER) | 2.02% | NA |
| Minimum Savings Amount | £1 | NA |
| Interest Paid On Foreign Currencies | Yes | No |
HSBC vs MyPOS Account Opening Times
| HSBC | MyPOS | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 to 10 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
HSBC vs MyPOS Features & Account Types
| HSBC | MyPOS | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | No |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | No |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | No |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | No |
| Card Type | Visa | Visa |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | None, online only |
HSBC vs MyPOS Customer Support Options
| HSBC | MyPOS | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
HSBC vs MyPOS Foreign Currency Accounts
| HSBC | MyPOS | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
| No |
Other Business Services From HSBC and MyPOS
| HSBC | MyPOS | |
| Business Loans | Yes | No |
| Commercial Mortgages | Yes | No |
| Invoice Financing | Yes | No |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | Yes |
| Free Accounting Software | No | Yes |
HSBC vs MyPOS Banking Basics
| HSBC | MyPOS | |
| Bank Type | High Street | Other |
| FSCS Protection | Yes, up to £85,000 | No |
| FCA Number | 765112 | 900826 |
| Website | HSBC Website | MyPOS Website |
Common Comparison Questions
Does HSBC or MyPOS 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, MyPOS scores 4.2 out of 5 based 10,019 Trustpilot reviews. Of which 67% are 5-star and 11% are 1-star.
Does HSBC or MyPOS 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, MyPOS’s iPhone App is rated 4.2 out of 5 based on 698 reviews. And it’s Android App is rated 3.3 out of 5 based on 14,900 reviews.
Does HSBC or MyPOS 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, MyPOS offers None accounts with interest rates ranging from NA to NA (AER).
See Other Comparisons:HSBC vs Ampere
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For other business bank accounts see our guide here.