HSBC increasing charges, suggestions for an alternative?

A question about : HSBC increasing charges, suggestions for an alternative?

Hi everyone

Just got the letter from HSBC saying their business account charges are going up in September. I'm looking for a cheap alternative. Turnover under 20kpa, most deposits are by cheque and I tend to manage the outgoings by internet payments. Any recommendations?

Best answers:

• How many cheques a month do you get? I personally use HSBC Direct and so no monthly fee and all internet transactions (exc international) are free but its only 5 cheques a month over the counter and then $1 a chq after that so may not be suitable if you do a fair amount of counter services
• I may be limited in choice as we only have 3 or 4 banks still operating in our local town - Barclays, HSBC, possibly a Natwest (though I have a suspicion its closed) and a Yorkshire Bank. I think I'll have to go and have a chat with some of the business managers and see what they'll do for me.
  Its quite a change from HSBC. Before all I was paying for was per cheque above 5 per month. Cash was already being paid into a separate account to avoid charges (as setup by their previous business manager). They are also touting a "Small Business Tarif" that they claim is more suitable if you prefer to bank by cash and cheque - well that's true as long as you don't have any direct debits or bill payments at all!
  Atleast they have given us a bit of warning to make other arrangements.
• I got this letter informing me of increases to charges as well. I found that by switching to the 'Electronic Banking Tariff' as suggested in the letter I will actually be paying lower charges than at present (try to get all your customers to pay electronically rather than by cheque).
  I also found that I had been paying Ј6.00 per month for a 'Business International payment' facility - this was something that was included foc when I opened the account but which they started charging for in May 2012 - my fault I should have checked the charges more carefully , I have stopped that with immediate effect so all in all I should be a bit better off
• Santander have a business account with as ingle Ј7.50 a month charge that overs everything. No additional fees for cheque/cash deposits or withdrawal etc. it's a postal account and you can pay cheques in via freepost envelopes or via their card machines. Cash is paid in via their cash machines. You can do Internet banking to do payments etc or you can call a UK call centre. Have been with them 10 years now and very pleased.
• I've had the same letter. I'm just starting out in business and have been using this account to keep things separate from my dad to day banking.
  My current turnover is Ј3-5kpa so nothing really but I'm not prepared to pay Ј66pa for an account. I manage everything online.
  Can anyone recommend any good free online alternatives?
  Thanks
  Scott
• I had the same letter and I have two business accounts. One thats currently business direct and the other is still on free business banking but is the small business tariff.
  I'm contemplating closing both of them and making use of the Free Business Banking facilities available through the Co-oporative bank as a FSB member
  Sorry - Not allowed to post link - Google FSB Free Banking
  Admitively it wouldn't normally be my first choice but after more than 20 years as a HSBC customer there is no loyalty from them so why should we be loyal to them?
  What ever happened to 'the listening bank?'
• Another irritated soon to ex-HSBC customer here. I'm off to open an account at Cater Allen - but is only free if you leave Ј5000 in the account. Otherwise it's exactly the same monthly charge as HSBC are introducing...