Comparison · Last checked 8 November 2026

Incard vs HSBC: app-based cashback or a high-street business account?

Incard is an app-based e-money account that pays uncapped cashback on eligible card spend, with GBP, EUR and USD IBANs on a £0 plan. HSBC UK's Small Business Banking Account has no monthly fee and gives you a bank with FSCS cover, branches, Post Office access, phone support and borrowing. HSBC's current Business Price List doesn't include its older Kinetic account, so we compare the account it now lists for small businesses.

By the editorial team. We may earn a commission if you open an Incard account through links on this page. We don't earn anything from HSBC.

Incard suits you if

You run the business from an app and spend heavily on cards
You want cashback and EUR and USD IBANs without extra account fees
You spend in foreign currencies, where HSBC charges 2.75% on card payments
You're comfortable with safeguarding instead of FSCS cover

HSBC suits you if

You want a high-street bank with FSCS cover, branches and phone support
You handle cash or cheques
You may need to borrow, up to £100,000 on this account
You're a partnership, charity or another legal form Incard doesn't accept

Apply for Incard on incard.co

Affiliate link: we may earn a commission if you open an Incard account through this link. It never affects our verdicts.

At a glance

**Table notes:** correct as of 8 November 2026. HSBC figures from its product page and its Business Price List effective 14 December 2026.
Feature	Incard	HSBC Small Business Banking Account
What it is	E-money institution (Incard Ltd, FCA FRN 1027309). Not a bank.	Business current account from HSBC UK, a bank
Protection for your balance	Safeguarded. Not covered by the FSCS.	FSCS deposit protection up to £120,000 per eligible depositor, per bank
Who can open one	UK limited companies, LLPs and registered sole traders; Swiss GmbH, AG and sole traders	UK tax-resident startups, small businesses and switchers; HSBC says it suits all legal entities. Credit check applies.
Monthly fee	£0 (Free), £49 (Grow), from £199 (Plus)	Free
UK digital payments	100 included on Free, then £0.30	Free (CHAPS, SEPA and international excluded)
Card cashback	1% on advertising, software and travel, 0.5% on other eligible spend (Free)	None listed
Card payments in a foreign currency	1.8% on Free, 1.5% on Grow and Plus	2.75% of the converted amount
International payment (online)	At least £5 (SHA) or £20 (OUR)	£17
Holding other currencies	GBP, EUR and USD IBANs included	International Business Account at £96 a year each
Cash and cheques	Not listed on the pricing page	Branch and Post Office, with fees (see below)
Borrowing	Flex Cards: pay in 42 days at 0% interest, per Incard's homepage	Up to £100,000, subject to eligibility and credit checks

The biggest difference: bank vs e-money

HSBC UK is a bank, so eligible deposits fall under the FSCS limit of £120,000 per eligible depositor, per bank. The FSCS's own checker confirms which firms it covers.

Incard is an e-money institution. It safeguards your money but says funds are not protected by the FSCS. Read the e-money vs bank account guide for what that means in practice.

Fees, cash and cheques

HSBC charges no monthly fee on the Small Business Banking Account, and standard UK digital transfers and debit card payments are free. HSBC is changing some cash charges on 14 December 2026:

**Table notes:** from HSBC's Small Business Banking Account page, as of 8 November 2026.
HSBC charge	Now	From 14 December 2026
Branch or Post Office counter cash credit or withdrawal	£1.50 each	Free
Branch cash in or out	1.5% of the value	2% of the value
Post Office cash in or out	1.5% of the value	1.5% of the value
Cash machine withdrawal	25p plus 0.6%	Free
Cheques paid in at a branch or Post Office	£1.50 per credit plus 50p per cheque	£1.50 per credit plus 50p per cheque
Mobile cheque deposit	50p per cheque	50p per cheque

Incard's pricing page doesn't list cash or cheque deposits, and Incard charges 2% on UK ATM withdrawals. If cash is part of your business, HSBC is the practical choice.

Foreign currency

HSBC's price list charges 2.75% of the converted amount on non-sterling debit card payments from sterling accounts, and £17 for an international payment made through Business Internet Banking (SEPA transfers cost 24p). Holding another currency needs an International Business Account, at £96 a year per account for Small Business Banking customers.

Incard includes GBP, EUR and USD IBANs, £5,000 a month of exchange at the interbank rate on Free (then 0.6%), and charges 1.8% on foreign-currency card payments on Free. For a business that spends or gets paid in euros or dollars, Incard is cheaper on these lines.

Cashback

We didn't find card cashback on HSBC's Small Business Banking Account pages. Incard pays cashback on eligible card purchases on every plan. £6,000 a month on advertising and software would return about £60 a month on Incard Free (simple arithmetic, not a forecast). See the cashback calculator for your own spending.

Who can open each account

HSBC says the account is for startups, small businesses and switchers that are UK tax resident, and that it suits all legal entities. Applications are subject to eligibility and a credit check. Businesses that need to borrow more than £100,000 are pointed to its Business Banking Account.

Incard accepts UK limited companies, LLPs and registered sole traders, and Swiss GmbH, AG and sole traders. EEA onboarding is paused until an expected restart in 2027. It doesn't accept charities, cooperatives, foundations, trusts or public bodies, and restricts many industries. Our Incard profile sets out the full rules.

Our verdict

Incard is the better fit for app-first businesses with heavy card spending, or spending and income in euros and dollars, which would pay HSBC's foreign-currency fees. Using an HSBC account for reserves and cash and Incard for card spending is a reasonable split.

HSBC is the better fit if you want a high-street bank with FSCS cover, branches, cash and cheque handling, and access to lending, and if your legal form or industry rules out Incard.

Before you apply

Check Incard's eligibility rules first. If you've applied to Incard before, deal with Incard directly rather than through a new link.