HSBC increases business banking monthly fee from £5.50 to £6.50

I got a letter from HSBC today announcing an increase in the fees. The service for business customers is always a year or 2 behind the functionality of the current account. I felt more than a little peeved off about the £12 increase per annum!

On calling them and there was zero room for negotiation.

I can’t help but think this is being done now to counter lost revenue due to all the startup banks which are offering superior services for next to no cost.

@Monzo where are the business accounts going public?


Barclays have raised their fee for the Blue rewards account!.
Barclaycard are stopping the non fx fee benefit for the platinum card now also (for new clients).

Seems it is not just HSBC trying to rake in more cash.

Seems backwards. Will push more customers to the fintech banks like Monzo.

Yes it crazy! But my feeling is they are trying to balance their losses now due to the new banks. I’d still guess that there average Mum and Pop business hasn’t necessarily heard of the likes of Monzo.

I left HSBC Business to move to Monzo. They were pretty dire. The most constructive conversation I had with them was when I had to visit a branch to close my accounts.


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@projectfortytwo for me, even that was cumbersome