Barclays and HSBC both offer a range of business banking options. But which is better?
Below we compare Barclays vs HSBC on 61 different metrics including business savings account rates, current account fees, Trustpilot reviews and many, many more so you can decide for yourself.
Barclays vs HSBC Business Savings Accounts Comparison
| Barclays | HSBC | |
| Types of Savings Accounts | Instant access, Fixed-term Treasury Reserve Accounts | Instant Access, 30-60 Day Notice Accounts |
| Lowest Savings Rate | 1.00% | 1.80% |
| Maximum Savings Rate | 1.61% | 1.89% |
| Minimum Investment Amount | £0 | Not Stated |
| Website | Barclays Website | HSBC Website |
- Earn 2.25%-3.51% AER.
- Interest paid daily on both work and non-work days
- Add or withdraw money with zero restrictions 24/7
- Earn 3.55% AER (variable)
- Instant access to your money when needed
- No limits or fees on withdrawals
- Earn 3.66% – 4.51% AER.
- Offers a choice of easy access or fixed-term accounts.
- Average independent review score of 4.7 out of 5.
Barclays vs HSBC Free Business Bank Accounts
Below we look at the free business bank account options Barclays and HSBC each offer.
Barclays | HSBC | |
| Free Business Bank Account? | Yes | Yes |
| Free Business Account Term Length | 12 Months | 12 Months |
- Free version available forever
- Hold and exchange 25+ currencies
- IBANs for Global Transfers
- Ability to invest through your account
- Mobile business account, accessible online and on desktop 24/7
- No Monthly Fee
- 24/7 Online banking & Bank app
- Friendly UK phone support
- Xero, Quickbooks & Sage accounting software integration
- FSCS Protected up to £85k
- Basic account is free forever
- Up to £150,000 of credit, straight through the app
- Business Mastercard, with free purchases at home and abroad
- Trusted by 500,000+ UK businesses
- FSCS protected up to £85,000 via Clearbank
Barclays vs HSBC Fees & Pricing
Barclays | HSBC | |
| Cheapest Monthly Account Fee | £8.50 | £6.50 |
| Most Expensive Monthly Account Fee | £8.50 | £10 |
| Electronic Payments (in/out) | Free (up to 500 per month; 35p after) | 35p/35p |
| Cash Payments (in/out) | 60p per £100/Free | £1.50 per / £1.50 per |
| Cheques (in/out) | 60p each/60p each | 50p per cheque/50p per cheque |
| Debit Card Payments | Free | Free |
| CHAPS Payments | £15 | £17 |
| SEPA Payments | 35p | 20p |
Barclays vs HSBC Account Types
Below we look at the different types of business bank accounts and other types of business finance solutions Barclays and HSBC offer.
| Barclays | HSBC | |
| Current Account Switch Service | Yes | Yes |
| Type of Card (Mastercard vs VISA) | Mastercard | Mastercard |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes, via Barclaycard | Yes |
| Business Overdraft | Yes | Yes |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In person/Branch Banking | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Services | Yes, via Barclaycard | Yes |
| Free Accouting Software | Yes, FreshBooks | No |
Barclays vs HSBC Foreign Currency Accounts
In this section we look at what types of foreign currency accounts each bank offers.
| Barclays | HSBC | |
| US Dollar (USD) Bank Account | Yes | Yes |
| Euro (EUR) Bank Account | Yes | Yes |
| 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) |
Barclays vs HSBC User Reviews
| Barclays | HSBC | |
| Trustpilot Score (out of 5) | 1.4 | 1.4 |
| Number of Trustpilot Reviews | 8764 | 7845 |
| iPhone App Score | 4.8 | 4.8 |
| Number iPhone of Reviews | 1.7M | 1.3M |
| Android App Score | 4.5 | 2.2 |
| Number of Android App Reviews | 484K | 82.1K |
Barclays vs HSBC Banking Service Quality
Data for this section comes from the BVA BDRC Business banking service quality report.
| Barclays | HSBC | |
| Overall Service Quality Ranking | 10 | 14 |
| Overall Service Quality Score | 54% | 43% |
| Online And Mobile Banking Services Ranking | 5 | 13 |
| Online And Mobile Banking Services Score | 67% | 55% |
| SME overdraft and loan services Ranking | 5 | 6 |
| SME overdraft and loan services Score | 54% | 51% |
| Relationship/account management Ranking | 8 | 14 |
| Relationship/account management Score | 54% | 41% |
| Service in branches and business centres Ranking | 11 | 12 |
| Service in branches and business centres Score | 43% | 36% |
Barclays vs HSBC Overview
Here is some other key data about each bank.
| Barclays | HSBC | |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| Market Share | 11.93% | 6.70% |
| Bank Type | High Street | High Street |
| Total Assets | £1,203.54 billion GBP | £717.36 billion GBP |
| Swift/BIC Code | BARCGB33XXX | HBUKGB4BXXX |
| FCA Number | 122702 | 114216 |
| Company Number | 1026167 | 14259 |
| Business Customer Phone Number | 0345 605 2345 | 03457 60 60 60 |
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