Finance Fred Heritage · 4 October 2016
Small firms promised millions in savings by HSBC
Britain’s largest high street lender HSBC has announced changes to banking tariffs that could save small UK firms as much as 13m a year. Around 190, 000 of HSBC’s UK business customers are expected to benefit from new tariff changes, following a review from the bank’s Electronic Banking Tariff unit. In light of an increasing number of firms opting for online technology via digital channels to become more efficient, the lender recently marked up its electronic banking tariff turnover threshold from 5000, 000 to 2m. Commenting on the announcement, HSBC’s UK head of commercial banking Ian Stuart acknowledged the changing banking needs of smaller firms. He said: As our customers grow, naturally their focus shifts to other parts of their business. in some cases this means their initial product or service doesnt meet their existing or future needs, which is why we have proactively reviewed our business tariffs to better support their growth. The bank has pledged to review the accounts of all small business clients every 12 months to ensure they’re on the correct tariff, and will transfer those customers whod benefit from the change to a new rate. The results of a recent YouGov survey supported HSBC in its decision to review electronic banking tariffs. While 41 per cent of smaller firms recorded higher revenues in the last year, as many as 45 per cent of owners were found to be unsatisfied with their banking service.
ABOUT THE EXPERTFred Heritage
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.