HSBC hiking fees on its business bank accounts for first time in six years
HSBC is hiking the fees on its business bank accounts for the first time in six years.
Over a million small businesses face higher monthly fees, increased charges for making bill payments in branches or by post and additional fees for using HSBC’s manned telephone lines to process transactions.
The account maintenance fee will rise 18 per cent from £5.50 to £6.50 a month and the cost of submitting a bill payment in a branch or by post will double from £5 to £10.
All change: Over a million small businesses face higher monthly fees and increased charges for making bill payments in branches or by post
The cost of processing a transaction with an adviser on the phone will rise from £3 per transaction to £8.
HSBC has written to all affected customers to inform them of the changes, which will take effect from September 1.
A spokesman said: ‘We have decided to increase these fees to align with the market and ensure we can continue to provide the best possible service.
‘We are committed to supporting UK SMEs and our business banking offer remains very competitive.’
HSBC is currently offering to waive the £5.50 maintenance fee for new customers for 18 months.