Revolut vs HSBC: Business Bank Account Comparison

In our experience, Revolut suits a limited company or LLP that pays or gets paid internationally regularly and is willing to pay a monthly subscription for FX efficiency and spend controls, rather than a business chasing the lowest possible running cost. For a closer look at how Revolut compares against other internationally focused providers, our Wise vs Revolut comparison and our Revolut vs Airwallex comparison are useful background.

What HSBC Is Designed For

HSBC's Small Business Banking Account is built for UK businesses of any legal structure that want the option of branch access, in-person support, and a lending relationship that can grow alongside the business, without paying a monthly account fee to get it.

Key Characteristics of HSBC

• No monthly account fee and free standard domestic digital transactions through Business Internet Banking and the HSBC UK Business Banking app

• Open to all legal entities, including sole traders, limited companies, partnerships and LLPs, a wider eligibility net than Revolut currently offers

• Access to business borrowing solutions up to £100,000, subject to application, eligibility, affordability and credit checks, alongside Commercial Cards for employee spending

• Support from Business Specialists, available virtually or in person, plus telephone banking, secure messaging and live chat for Business Internet Banking customers

• Cash and cheque handling through HSBC branches and more than 11,500 Post Office branches, something Revolut doesn't offer at all

• A Making Tax Digital-ready accounting tool built into the account, free for the first 12 months and then £5.99 plus VAT a month afterwards

• Debit card payments are free, and multiple people can manage the account through desktop and mobile access

• A Trustpilot rating of around 4.8 out of 5 from roughly 4,000 reviews as of mid-2026, with recurring praise for named relationship managers and business specialists who handle account switches and overdraft applications personally

Trade-Offs to Consider

• Cash handling isn't free. Branch and Post Office counter transactions currently carry a £1.50 per-credit-or-withdrawal charge, and branch or Post Office cash in/out is charged at 1.5% of the value deposited or withdrawn, rising to 2% from 14 December 2026 for branch cash transactions

• No multi-currency account or interbank-rate FX built into the core Small Business Banking Account, so businesses trading heavily overseas may need HSBC's separate International Business or Currency Client Account products instead

• No invoicing tool built into the core account

• HSBC's Business Price List is changing from 14 December 2026, and existing customers are being contacted individually between now and 14 October 2026, so current charges shown here should be checked against the live price list before publishing anything time-sensitive

• Application requires more documentation upfront, including Companies House registration details for limited companies and partnerships, and estimated turnover, compared with Revolut's largely automated onboarding

When we speak to business owners choosing between the two, the deciding question is almost always about currency exposure. A business invoicing mostly in sterling, with no need to hold foreign balances, tends to find Revolut's monthly fee hard to justify against HSBC's fee-free core account. Our Starling vs Revolut comparison is worth a look alongside this one if you're weighing Revolut against a different fully licensed digital bank.

How They Charge

Revolut Pricing

Basic costs £10 a month and includes an interbank-rate FX allowance of £1,000, 10 free local transfers and no free international transfers. Grow costs from £30 a month (or less when paid annually) and raises the FX allowance to £15,000, with 100 free local transfers and 5 free international transfers. Scale costs from £90 a month and raises the FX allowance to £60,000, with 1,000 free local transfers and 25 free international transfers. Enterprise is custom-priced for businesses with larger requirements. Exchange beyond the monthly allowance costs 0.6%, rising to 1% outside market hours, and ATM withdrawals carry a 2% fee on every plan with no free allowance. We checked Revolut's published pricing directly in August 2026.

A business making frequent international payments and holding meaningful FX balances is where Revolut's interbank rate and structured allowances tend to justify the subscription cost over a flat-fee alternative.

HSBC Pricing

The Small Business Banking Account has no monthly fee, and standard domestic digital transactions made through Business Internet Banking or the app are free. Cash handling is where the charges show up: branch and Post Office counter cash credits or withdrawals cost £1.50 each, cash deposited or withdrawn in branch is charged at 1.5% of value (2% from 14 December 2026), and Post Office cash in/out is charged at 1.5% of value. Mobile cheque deposits through the app cost 50p per cheque, with a £5,000 daily cap and a £2,000 limit per individual cheque. We confirmed these figures directly from HSBC's Small Business Banking Account page in August 2026, though HSBC has flagged further price changes taking effect from 14 December 2026.

A business that trades mostly in sterling, rarely handles cash, and doesn't need multi-currency FX will find HSBC's Small Business Banking Account effectively free on a day-to-day basis, without the £10-to-£90-a-month subscription Revolut requires.

For more on how bundled accounting tools change the calculation across providers, our guide to business bank accounts with accounting covers the wider software side of the decision.

Revolut vs HSBC: Pros and Cons Compared

Feature Comparison: Revolut vs HSBC

Payments and Transfers

Revolut's free transfer allowance scales by plan, from 10 local transfers on Basic to 1,000 on Scale, with 20p charged per transfer once the allowance runs out, and international transfers charged at £5 beyond a much smaller free allowance. HSBC's standard domestic digital transactions are free regardless of volume on the Small Business Banking Account, though CHAPS, international payments and cheque-based transactions are charged separately.

Account Access

Revolut is app-first, with a web platform for account management, invoicing and integrations, but no physical branch presence anywhere. HSBC offers desktop and mobile access through Business Internet Banking and the HSBC UK Business Banking app, plus branch and Post Office access for cash and cheque handling, and telephone banking for anyone who prefers speaking to someone directly.

Business Debit Cards

Revolut issues virtual and physical corporate cards on every plan, with metal cards complimentary from the Grow plan up, and a 2% fee applying to every ATM withdrawal. HSBC's Business Debit Card payments are free, and Commercial Cards are available for employee spending at £32 a year after an initial 12-month free period.

Invoicing and Admin

Revolut: Invoice creation and tracking is included on every plan, alongside payment links and QR codes for getting paid, though payment acceptance carries its own fees starting from 0.8% plus £0.02.

HSBC: No invoicing tool is bundled into the Small Business Banking Account. Businesses that need invoicing will need a separate tool or accounting package, though HSBC's built-in accounting add-on covers Making Tax Digital compliance rather than client-facing invoicing.

Accounting and Tax Support

Revolut: Connects with Xero, Sage and QuickBooks on every plan, plus HR platform integrations and access to a Business API from Grow upward for more automated workflows.

HSBC: Connects with Xero and QuickBooks via Open Banking, and includes a Making Tax Digital-ready accounting tool built into the account, free for 12 months and then £5.99 plus VAT a month.

Overdraft and Lending

Revolut: No overdraft or lending facility on any plan. Businesses that need borrowing will need to look elsewhere entirely.

HSBC: Business borrowing solutions up to £100,000 are accessible from within the Small Business Banking Account, subject to application, eligibility, affordability and credit checks. Businesses needing more than £100,000 move to HSBC's Business Banking Account, which comes with access to a dedicated Relationship Manager.

Savings

Revolut: A linked savings account paying daily interest, with no savings product on Basic, then 2.15% AER on Grow, 2.65% AER on Scale, and 3.3% AER on Enterprise, all variable, with maximum balance limits that scale by plan.

HSBC: HSBC offers separate business savings products alongside its current accounts. Rates and terms vary by product, so confirm the current rate directly with HSBC before relying on it.

Regulation and Protection

Both providers are now fully licensed UK banks, though Revolut's status here is much more recent and worth understanding in detail rather than assuming from older reviews.

HSBC UK Bank plc has held a full UK banking licence for over a century, regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000.

Revolut Bank UK Ltd became a fully authorised UK bank in 2026, when the PRA lifted the restrictions that had previously applied to its banking licence. Eligible deposits held with Revolut Bank UK Ltd are now FSCS-protected up to £120,000, the same limit that applies to HSBC. However, the migration from Revolut's older e-money entity, Revolut Ltd, to the newly licensed banking entity has been rolling out in phases, and Revolut's own guidance acknowledges that some customers may still hold e-money accounts rather than bank accounts. Funds in an e-money account are safeguarded under the Electronic Money Regulations 2011 rather than FSCS-protected, so it's worth confirming which entity your account sits under before relying on FSCS cover for a significant balance.

The £120,000 limit also works differently depending on your business structure. For a limited company or LLP, the business has its own FSCS limit, separate from any personal deposits a director holds with the same institution. For a sole trader, personal and business balances at the same institution are added together under a single £120,000 limit, which is worth factoring in if you're holding both personal and business money with Revolut or HSBC.

Common Misconceptions About Revolut and HSBC

"Revolut isn't a bank." It is now. Since March 2026, Revolut has held a full UK banking licence, and eligible deposits are FSCS-protected up to £120,000. That said, some accounts are still migrating from the older e-money entity, so it's worth confirming which entity applies to your account.

"Sole traders can open a Revolut Business account." This is unclear from Revolut's published material. Revolut's help content directs sole traders and freelancers to Revolut Pro instead, but its Business Terms separately reference "new sole traders" as eligible. Check what's shown to you directly during sign-up rather than assuming either way.

"HSBC business banking is completely free." It is mostly for standard digital transactions. But cash handling carries percentage-based fees, and HSBC's Business Price List is changing from 14 December 2026, so it's worth checking the current fee schedule rather than assuming nothing has moved.

"Revolut is the cheapest option for a small business." Not necessarily. There's no free tier, and Basic starts at £10 a month. A sterling-only business making modest transfer volumes may well find HSBC's fee-free core account cheaper overall.

"Neither Revolut nor HSBC handles cash." Only true of Revolut. HSBC accepts cash and cheques through branches and Post Office locations, at a percentage-based fee; Revolut doesn't offer cash or cheque handling at all.

What Real Customers Say About Revolut and HSBC

Revolut's overall Trustpilot rating sits at around 4.6 out of 5, based on Revolut's own published figure, though this covers all Revolut customers across personal and business products rather than the business account specifically. Positive reviews consistently highlight the app's interface, fast international transfers, and competitive FX rates. Less positive reviews, echoed across several independent review sites, describe account freezes triggered by automated fraud checks and slower resolution times when disputes need a human response rather than the in-app chat.

HSBC's business banking Trustpilot profile sits at around 4.8 out of 5 from roughly 4,000 reviews as of mid-2026. Recurring praise centres on named business specialists and relationship managers who handle switches, overdraft applications and account changes personally. A smaller number of reviews describe frustration during account migrations, which is worth bearing in mind if you're moving from an older HSBC product rather than applying fresh.

Who Should Consider Revolut?

Revolut may be a good fit if your business:

• Is a limited company or LLP that regularly sends, receives or holds money in currencies other than sterling

• Wants FX at the interbank rate, within a monthly allowance, rather than a marked-up rate

• Needs structured spend controls, approval workflows and multiple team members with cards

• Doesn't need cash deposits, an overdraft, or in-person banking support

• Is prepared to pay a monthly subscription in exchange for FX efficiency and platform features

If international payment volume is your main priority, our Wise vs Revolut comparison looks at how Revolut stacks up against a specialist low-cost transfer provider.

Who Should Consider HSBC?

HSBC may be the better fit if your business:

• Is a sole trader, partnership or LLP, given the ongoing uncertainty around Revolut Business eligibility for sole traders

• Wants the option of an overdraft or lending facility up to £100,000 without switching banks later

• Handles cash regularly and wants branch or Post Office access built into day-to-day banking

• Trades mostly in sterling and doesn't need multi-currency FX as a core feature

• Would rather have a named business specialist to call than manage everything through an app

If deposit protection and a fully licensed digital-first alternative to HSBC matter more than branch access, our Monzo vs Revolut comparison is worth a look for a different fully licensed digital bank comparison point.

FAQs About Revolut and HSBC

Is Revolut Business FSCS protected?

Yes, up to £120,000, once the account is held with Revolut Bank UK Ltd, which became a fully licensed UK bank on 11 March 2026. Some accounts are still migrating from Revolut's older e-money entity, so it's worth confirming which entity applies to your account before relying on that cover.

Does Revolut or HSBC offer an overdraft?

HSBC does, up to £100,000 through the Small Business Banking Account, subject to application and credit checks. Revolut offers no overdraft or lending facility on any plan.

Which account is cheaper for a UK-only business?

Likely HSBC. Its Small Business Banking Account has no monthly fee and free standard digital transfers. Revolut has no free tier, with Basic starting at £10 a month, and its main advantages are built around multi-currency FX rather than domestic banking.

Does Revolut or HSBC accept cash deposits?

HSBC does, through branches and Post Office locations, at a percentage-based fee. Revolut doesn't offer cash or cheque handling at all.

Is Revolut or HSBC better for international payments?

Revolut, for businesses trading internationally at volume. It holds and exchanges 25-plus currencies at the interbank rate within a monthly allowance. HSBC's core Small Business Banking Account doesn't include multi-currency FX, though separate HSBC products exist for businesses trading overseas.

Alternatives to Revolut and HSBC

• Want a fully licensed digital bank without Revolut's subscription-only pricing? Compare against Starling, covered in our Starling vs Revolut comparison and our Starling vs HSBC comparison

• Thinking about Monzo's free tier instead of Revolut's subscription model? Read our Monzo vs Revolut comparison

• Want an international-focused platform rather than a proper bank? Our Wise vs Revolut comparison and Revolut vs Airwallex comparison cover two options

• Want a fully digital, app-only alternative to HSBC's branch network? Our Tide vs HSBC comparison is worth a look

If cash handling is your main concern, our guide to business bank accounts for cash handling is worth checking alongside this comparison, and our switching guide covers how the Current Account Switch Service works if you're moving from an existing account.

Our Verdict: Revolut or HSBC?

If your business is a limited company or LLP that regularly trades in currencies other than sterling, and you're prepared to pay a monthly subscription for interbank-rate FX and structured spend controls, Revolut is the stronger starting point. The savings on FX alone can outweigh the subscription cost quickly for a business with genuine international payment volume.

If your business is a sole trader, partnership, or trades mostly in sterling, or if you want the option of an overdraft, branch access or cash handling, HSBC's Small Business Banking Account is the better fit, particularly given it charges no monthly fee at all for standard digital banking.

Neither is the right pick on its own for a cash-handling business that also trades internationally at volume, since Revolut doesn't accept cash at all and HSBC doesn't offer multi-currency FX as a core feature. Businesses in that position sometimes run an HSBC account for domestic banking and cash handling alongside a Revolut account for international payments, rather than treating the choice as either-or.