ComparisonLast checked 8 November 2026

Barclays vs HSBC

A high-street business current account for sole traders, limited companies and LLPs, with free UK electronic payments and card spending, and a monthly fee after the first year. A high-street business current account with no monthly fee, free UK digital banking, branch and Post Office access, and borrowing up to £100,000. We also show Incard, our pick for businesses whose main costs go on cards.

By the editorial team. How we make money.

Where Incard beats both

You spend thousands a month on cards, especially on advertising, software or travel
You want card cashback, which Barclays or HSBC don't list
You're comfortable with safeguarding instead of FSCS cover

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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What a year of card spending earns you

Incard Free against Barclays's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£702 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Barclays's cheapest plan: no cashback, £102 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Barclays's cheapest plan: Free for 12 months, then £8.50 a month.

Barclays suits you if

You want a high-street bank with counter services and FSCS cover
You pay in cash at the Post Office or a self-service device
You need a separate EUR or USD account at the same bank
You mostly make UK electronic payments, which are free

HSBC suits you if

You want branch and Post Office access for cash and cheques
You may need to borrow up to £100,000
You want a free high-street bank account with FSCS cover

At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Barclays	HSBC	Incard
Type and protection	Bank · FSCS cover	Bank · FSCS cover	E-money · safeguarded, no FSCS
Who can open one	UK sole traders, UK limited companies and LLPs	UK sole traders, UK limited companies and LLPs	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Free for 12 months, then £8.50 a month	£0 a month	Free: £0 a month
Plans (monthly)	One plan: £8.50 a month after 12 months free	One account, £0 a month	Free £0, Grow £49, Plus from £199
Card cashback	Not listed	Not listed	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped
Card payments in other currencies	2.75% non-sterling transaction fee	2.75% of the converted amount	1.8% on Free, 1.5% on Grow and Plus
Domestic transfers	Free in Online Banking and the app	Standard UK digital transfers free	100 included on Free, 250 on Grow, then £0.30 each
International transfers	SEPA £0.35, other international payments £15 online; receiving over £100 costs £6	Not part of free digital banking; see the Business Price List	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)
ATM withdrawals	Free in the UK; 2.75% in a foreign currency	25p plus 0.6% (free from 14 December 2026)	2% in the UK, 2.5% abroad
Cash deposits	60p per £100 at the Post Office or a self-service device; £1.20 per £100 at the counter	Branch or Post Office: 1.5% of the value, plus £1.50 per counter visit	Not listed
Currencies you can hold	GBP; separate Foreign Currency Accounts in 17 currencies, including EUR and USD	International Business Account at £96 a year each	GBP, EUR and USD, with IBANs
Accepting card payments	Not listed	Not listed	Not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Incard lists card cashback, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.

What each one is, and who can open one

Barclays

Barclays Bank UK PLC, authorised by the PRA and regulated by the FCA and PRA (Financial Services Register No. 759676). Eligible deposits are protected up to £120,000 per depositor by the FSCS. Deposits with Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank are added together for that limit.

Who can open one: Sole traders, limited companies and LLPs. Applicants must be 18 or over, and at least one person on the application must be a UK resident. The 12-month free offer isn't open to businesses that already have a Barclays business current account. Full Barclays profile.

HSBC

A business current account from HSBC UK, a high-street bank. Eligible deposits with a UK bank fall under the FSCS limit of £120,000 per eligible depositor, per bank. Use the FSCS checker to confirm.

Who can open one: Startups, small businesses and switchers that are UK tax resident, and HSBC says it suits all legal entities. Businesses that need to borrow over £100,000 are pointed to the Business Banking Account (£10 a month after 12 months free for start-ups and switchers). Subject to eligibility and a credit check. Full HSBC profile.

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries