HSBC and OakNorth both offer a range of business banking options. But which is better?
Below we compare HSBC vs OakNorth on 61 different metrics including business savings account rates, current account fees, Trustpilot reviews and many, many more so you can decide for yourself.
HSBC vs OakNorth Business Savings Accounts Comparison
| HSBC | OakNorth | |
| Types of Savings Accounts | Instant Access, 30-60 Day Notice Accounts | Easy Access, 35 to 120 Notice Accounts, 6 to 12 month fixed term savings accounts |
| Lowest Savings Rate | 1.80% | 1.00% |
| Maximum Savings Rate | 1.89% | 2.00% |
| Minimum Investment Amount | Not Stated | £10,000 |
| Website | HSBC Website | OakNorth 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.
HSBC vs OakNorth Free Business Bank Accounts
Below we look at the free business bank account options HSBC and OakNorth each offer.
HSBC | OakNorth | |
| Free Business Bank Account? | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
- 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
HSBC vs OakNorth Fees & Pricing
HSBC | OakNorth | |
| Cheapest Monthly Account Fee | £6.50 | £25 |
| Most Expensive Monthly Account Fee | £10 | £99.99 |
| Electronic Payments (in/out) | 35p/35p | free |
| Cash Payments (in/out) | £1.50 per / £1.50 per | £0.70 per £100/ £0.70 per £100 |
| Cheques (in/out) | 50p per cheque/50p per cheque | £1 per cheque |
| Debit Card Payments | Free | No |
| CHAPS Payments | £17 | £17 |
| SEPA Payments | 20p | free |
HSBC vs OakNorth Account Types
Below we look at the different types of business bank accounts and other types of business finance solutions HSBC and OakNorth offer.
| HSBC | OakNorth | |
| Current Account Switch Service | Yes | No |
| Type of Card (Mastercard vs VISA) | Mastercard | Mastercard |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | 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 | Yes |
| Free Accouting Software | No |
HSBC vs OakNorth Foreign Currency Accounts
In this section we look at what types of foreign currency accounts each bank offers.
| HSBC | OakNorth | |
| US Dollar (USD) Bank Account | Yes | No |
| Euro (EUR) Bank Account | Yes | No |
| Other Currencies Available | 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) | None |
HSBC vs OakNorth User Reviews
| HSBC | OakNorth | |
| Trustpilot Score (out of 5) | 1.4 | 4.7 |
| Number of Trustpilot Reviews | 7845 | 6132 |
| iPhone App Score | 4.8 | 4.8 |
| Number iPhone of Reviews | 1.3M | 1.1K |
| Android App Score | 2.2 | 4.8 |
| Number of Android App Reviews | 82.1K | 366 |
HSBC vs OakNorth Banking Service Quality
Data for this section comes from the BVA BDRC Business banking service quality report.
| HSBC | OakNorth | |
| Overall Service Quality Ranking | 14 | Not Rated |
| Overall Service Quality Score | 43% | Not Rated |
| Online And Mobile Banking Services Ranking | 13 | Not Rated |
| Online And Mobile Banking Services Score | 55% | Not Rated |
| SME overdraft and loan services Ranking | 6 | Not Rated |
| SME overdraft and loan services Score | 51% | Not Rated |
| Relationship/account management Ranking | 14 | Not Rated |
| Relationship/account management Score | 41% | Not Rated |
| Service in branches and business centres Ranking | 12 | Not Rated |
| Service in branches and business centres Score | 36% | Not Rated |
HSBC vs OakNorth Overview
Here is some other key data about each bank.
| HSBC | OakNorth | |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| Market Share | 6.70% | 0.04% |
| Bank Type | High Street | Challenger |
| Total Assets | £717.36 billion GBP | £4.65742 billion GBP |
| Swift/BIC Code | HBUKGB4BXXX | OAKNGB22XXX |
| FCA Number | 114216 | 730564 |
| Company Number | 14259 | 9092149 |
| Business Customer Phone Number | 03457 60 60 60 | Unkown |
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