Royal Bank of Scotland
Financial support on offer
Up to 18 months' free banking is offered with both the Business Current and Business Direct Account. The website offers guidance on starting a business with support on writing a business plan. Flexible business overdrafts are offered and loans of between £1,000 and £25,000. HSBC also offers fee-free credit cards for the first two years and various business insurance policies.
Business banking customers benefit from 18 months' free business banking. Business banking is available at 1,500 branches and customers will have access to a local business specialist as well as telephone access to trained specialists between 8am-10pm. Free business planning interactive tools are available, as well as support and resources offered through HSBC’s Knowledge Centre.
Charges on cash and cheques
Following the free introductory period those on a Business Direct Account (those with a turnover under £500,000) enjoy many free benefits whereas those on a Business Current Account (turnover below £2m) will be charged £3.15 a month for account maintenance.
28p per cheque will be charged on cheques collected and 63p on cheques paid. 23p will be charged per cash machine withdrawal.
Overdraft and loan interest rates
Small business loans are charged at a fixed rate from 7.9% AIR. Business overdrafts are charged at 3% over the Bank of England base rate.
Website and online banking
There are many options to choose from under the 'Business' tab on the HSBC website, with further information laid out in easy-to-view boxes. The business internet banking service is accessible 24/7 and the new business mobile banking app allows customers to manage their finances while on the move. The usual services are offered alongside the option to set up multiple users. HSBC online also offers cheaper payments than those made through a branch or over the telephone.
Customers gain access to a local business specialist, available in one of the 1,500 business banking branches. Trained specialists are available to offer help and guidance over the phone between 8am and 10pm.
HSBC aims to complete the move from another bank within two weeks. You can switch your borrowing too, with HSBC promising to match your overdraft rate up to £30,000.
Number of branches: 1,500 business banking branches are available
Ratio of small business managers to branches: Business experts are available in the business banking branches and trained specialists can be contacted through the hotline between 8am and 10pm