Business account closure

Switching business bank account is straightforward and will be completed within 7 days:

• Your new bank will contact us to let us know you're switching
• Your balance and any automated payments will be transferred
• We'll close your old account on the date you've chosen

Any payments accidentally made to your old business bank account will automatically be redirected to your new account. We'll also give your new details to people paying into your old account. And if anything goes wrong, we'll refund you for any interest or charges incurred. Please note that eligibility criteria applies for the Current Account Switch Service.

If you have other HSBC products that require you to have a business current account, you’ll need to close these before closing your business current account. This includes Global Wallet, Fixed Term Deposit accounts, Business Notice accounts, and commercial and company cards.

Some accounts have early termination fees and charges. To find out more about these, please see your account terms and conditions. You can also contact us (see below) for further information.

If closing a Commercial or Company Card, you must stop all cardholders using their cards and you’ll need to pay all sums you owe immediately. You’ll also need to cancel any regular payments set up on the cards, you can do this by contacting the retailer.

We’ll only close the card account once you’ve repaid the balance in full. Until then, we’ll charge you interest and other relevant fees and charges.

There are three options to transfer any credit balances prior to account closure.

• You can transfer the balance out using your usual payment methods.
• We can transfer your balance to another account at another bank by electronic bank transfer. You will need to supply the sort code and account number within the closure form. The account you’re transferring the balance to does not need to have the same business name as your account with us.
• If electronic payment details are not provided, we will issue a cheque in the business name.

If there’s a specific product you wish to close, our Chat Assistant is available online and in our HSBC UK Business Banking app.

If you’re using a desktop, click Need help? or the ‘Chat with us’ tab on the right-hand side of your screen.

Once you've closed your account, the online statement history for that account will no longer be available. You may want to print or download any statements before closing your account(s) to make sure your records are complete.

When we close your current account, we’ll send you a closing statement. We’re also required to send you up to 5 years’ statements for every current account you’re closing – unless you tell us you don’t need them. If you don’t want them, or need less than 5 years’ of statements, just let us know on the form. We will send these electronically where an email address is provided as part of the closure instruction.

If you don’t want your statements now, you can request your transaction history for up to 5 years from the date of account closure.

To request your statements after you’ve closed your account, you can call us on 03457 60 60 60*.

There’s no charge for providing your 5-year transaction history, however for additional requests of statements fees will apply regardless of whether they are sent by post or electronically, information available on request.

If you no longer hold an account with us, we may ask you to send us identification documentation.