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Bank offers free services to SMEs

Published On 4 June 2007 at 09:01:54

A leading high street bank has unveiled a new offer to try to encourage small and medium-sized enterprises (SMEs) to switch their banking services.

HSBC is offering SMEs 18 months free business banking if they opt to switch to the lender from their current business bank account provider.

'Free banking' means that SMEs will not have to pay cash and cheque transactions, direct debits, standing orders, or bill payments made from customers' business current accounts.

However, SMEs wanting to take advantage of the offer will have to switch to HSBC by August 31st.

"The business bank account market has become as competitive as the personal banking market in recent years, and business owners are increasingly savvy about getting the right banking service at the right price," explained Simon Wainwright, head of business banking at the bank.

"HSBC already offers 18 months free banking for business start-ups and we are pleased to be able to offer the same to existing small businesses.

"Our new transfer package offers outstanding value for money and we will manage the switching process from end-to-end to make it as hassle free as possible to move to HSBC."

Recently, the Federation of Small Businesses (FSB) said that major banks still had to do more to improve their banking services for SMEs.

 

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