HSBC to save small businesses £13 million

HSBC is to help small businesses in the UK to save £13 million a year by reviewing bank tariffs for businesses with turnovers of up to £22 million.

The plans come after the bank’s Electronic Banking Tariff increased its turnover from £500,000 to £2 million.

Benefit

HSBC will help to support the growth of small businesses by reviewing their customer accounts and reallocating those that would benefit from changing to a more suitable banking tariff. Accounts will be reviewed every two months to ensure that customers are on a tariff that suits their business.

The service will benefit around 190,000 of HSBC’s customers and comes after recent research from YouGov found that over 40 per cent of small businesses believe that effective modern technology is an important part of the future of their business.

The research also showed that many customers are either unhappy with their current tariff or are unaware of its inefficiencies.

Whilst 41 per cent of small businesses have grown in total revenue, 45 per cent said that they were not satisfied with their current suppliers, and over 40 per cent have not changed their service agreement in the past year.

Support

HSBC UK Head of Commercial Banking, Ian Stuart, commented: “The way that SMEs bank is changing in much the same way as they do business – it's going digital. This review will ensure that we support more UK businesses as they grow and navigate their way through the post-Brexit landscape.”