Is HSBC or OakNorth better for your small business?
Below we look at both HSBC and OakNorth 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 OakNorth Trustpilot Reviews
| HSBC | OakNorth | |
| Trustpilot Review Score (out of 5) | 1.5 | 4.8 |
| Percent 5-Star Reviews | 7% | 84% |
| Percent 1- Star Reviews | 88% | 3% |
| Total Number of Reviews | 8,399 | 8,904 |
https://www.trustpilot.com/review/www.hsbc.co.uk
https://www.trustpilot.com/review/oaknorth.co.uk
HSBC vs OakNorth App Reviews
| HSBC | OakNorth | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 1,400,000 | 1,600 |
| Android Review Score (out of 5) | 4.8 | 4.8 |
| Number of Android Reviews | 260,000 | 468 |
https://apps.apple.com/gb/app/hsbc-uk-mobile-banking/id1220329065
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
HSBC vs OakNorth Account Fees & Charges
| HSBC | OakNorth | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £6.50 | £25 |
| Most Expensive Monthly Account Fee | £10 | £99.99 |
| Electronic Payment Cost (in/out) | 35p | Free |
| Cash Payments Cost (in/out) | £1.50 | 70p per £100 |
| Cheques (in/out) | 50p per cheque | £1 per cheque |
| CHAPS Payments Cost | £17 | £17 |
| SEPA Payments Cost | 20p | No |
HSBC vs OakNorth Business Savings Rates
| HSBC | OakNorth | |
| Types of Business Savings Accounts | Business Money Manager, Business Money Market, Clients Deposit | Fixed Term, Notice Accounts, Easy Access |
| Lowest Savings Rate (AER) | 0.10% | 3.85% |
| Maximum Savings Rate (AER) | 2.02% | 3.85% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
HSBC vs OakNorth Account Opening Times
| HSBC | OakNorth | |
| 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 OakNorth Features & Account Types
| HSBC | OakNorth | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Visa | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | None, online and phone only |
HSBC vs OakNorth Customer Support Options
| HSBC | OakNorth | |
| 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 OakNorth Foreign Currency Accounts
| HSBC | OakNorth | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From HSBC and OakNorth
| HSBC | OakNorth | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | No | No |
HSBC vs OakNorth Banking Basics
| HSBC | OakNorth | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 765112 | 629564 |
| Website | HSBC Website | OakNorth Website |
Common Comparison Questions
Does HSBC or OakNorth 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, OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of which 84% are 5-star and 3% are 1-star.
Does HSBC or OakNorth 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, OakNorth’s iPhone App is rated 4.8 out of 5 based on 1,600 reviews. And it’s Android App is rated 4.8 out of 5 based on 468 reviews.
Does HSBC or OakNorth 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, OakNorth offers Fixed Term, Notice Accounts, Easy Access accounts with interest rates ranging from 3.85% to 3.85% (AER).
See Other Comparisons:HSBC vs Airwallex
HSBC vs Triodos Bank
HSBC vs Soldo
HSBC vs Cambridge Building Society
HSBC vs PayPal Debit
For other business bank accounts see our guide here.