HSBC UK review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
HSBC UK suits UK residents who want a current account with a monthly fee of £0 and straightforward fixed-rate personal loans. It is a weaker fit if you spend abroad often: the debit card charges a currency conversion fee of 2.75%, well above the 1% figure for ranked debit cards.
Key facts
- Best for
- A current account with no monthly fee plus fixed-rate personal loans
- Monthly fee
- £0↗
- Currency conversion fee
- 2.75%↗
- Card type
- Debit↗
- Card network
- Visa↗
- Legal entity
- HSBC UK Bank plc↗
- Headquarters
- United Kingdom↗
- Founded
- 1836↗
- Support channels
- Chat, Phone, Help-centre↗
- Features
- Multi-currency, Travel
- Audience
- Business, Students, Kids
- Official website
- hsbc.co.uk
Loans
- APR
- 29.9%↗
- Loan amount
- £1,000 to £30,000↗
- Term
- 12 to 96 months↗
- Arrangement fee
- 0 GBP↗
- Credit check
- Hard↗
- Funding time
- Instant for HSBC current account customers; 3 working days for non-HSBC current account customers↗
- Representative example
- 6.8% APR representative for loans between GBP 7,500 and GBP 20,000↗
- Rate type
- Fixed↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- Over 18 and a resident of the UK; annual UK taxable income or pension before tax of GBP 10,000 or more; bank or building society account with a Direct Debit facility↗
- Origination fee (%)
- 0%↗
- Loan types
- Personal, Debt-consolidation, Car↗
- Use cases
- Home-improvement↗
- Pricing model
- No annual fee
Credit cards
- Annual fee
- £0↗
- Rewards type
- None↗
- Balance transfer intro period
- 17 to 36 months↗
- Balance transfer fee
- 3.09% to 3.49%↗
- Perks
- Purchase protection under section 75 of the Consumer Credit Act for purchases of £100 to £30,000, Contactless payments, Add the card to Apple Pay or Google Pay from the HSBC UK Mobile Banking app, Offers and discounts via homeandaway.hsbc.com, Freeze and unfreeze the card and check the balance in the app or online banking, Credit limit of up to £1,000, may be increased automatically↗
- Card kind
- Credit↗
Mortgages
- Initial rate
- 5.29%↗
- APRC
- 6.2%↗
- Fixed period
- 2 years↗
- Maximum loan to value
- 95%↗
- Product fee
- £0↗
- Purpose
- Purchase, Remortgage, First-time-buyer, Buy-to-let↗
Facts checked September 26, 2026, 9 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Personal loans of £1,000 to £30,000 over 12 to 96 carry an arrangement fee of 0 GBP and free early repayment
- The Classic credit card has an annual fee of £0 and purchase protection under the Consumer Credit Act
- Support runs on chat, phone and help centre, covering phone, chat and a help centre
Cons
- A currency conversion fee of 2.75% is well above the 1% charged by the debit cards ranked here
- The Classic credit card charges 29.9%, higher than the 15.5% typical across the site
- Balance transfers cost 3.09% to 3.49% once the 17 to 36 introductory window closes
Who it suits
- UK residents who want a current account with a monthly fee of £0 and no routine account cost
- Borrowers who already bank with HSBC and want instant funding on a personal loan
- People who spend mainly in sterling and want phone, chat and help centre support
Who should look elsewhere
- Wise, if you spend abroad often and prefer a currency conversion fee of 0.1%
- bunq, where a monthly fee of €0 suits euro-based banking rather than a UK current account
- The Varo Believe Secured Credit Card, if a deposit-backed card fits your spending better than a debit or credit card
Fees and FX
The current account carries a monthly fee of £0, so day to day banking costs nothing. The debit card adds a currency conversion fee of 2.75% each time foreign currency is converted, which is the number most likely to decide whether this card suits someone who spends abroad or travels. Spending in sterling is the everyday case this fee does not touch.
How HSBC UK compares
9.4 vs 9.4
9.4 vs 9.0
9.4 vs 8.9
9.4 vs 9.4
9.4 vs 8.7
9.4 vs 9.2
9.4 vs 9.4
9.4 vs 8.7
9.4 vs 9.3
9.4 vs 8.9
9.4 vs 8.6
9.4 vs 9.2
9.4 vs 8.4
9.4 vs 8.5
9.4 vs 8.8
9.4 vs 9.0
9.4 vs 8.6
9.4 vs 8.3
9.4 vs 9.5
9.4 vs 9.4
9.4 vs 9.4
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.3
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.2
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.1
9.4 vs 9.0
9.4 vs 9.0
9.4 vs 9.0
9.4 vs 8.9
9.4 vs 8.8
9.4 vs 8.7
9.4 vs 8.5
9.4 vs 8.4
9.4 vs 8.0- 9.4 vs 8.0
Where HSBC UK is available
- Available
- United Kingdom
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep the account open?+
The current account has a monthly fee of £0, so there is no routine cost for holding it. Spending in sterling on the debit card is the everyday case, and early repayment on a personal loan is free, so the costs worth watching are abroad and on a credit balance.
What does the card cost when I spend abroad?+
The debit card, a debit card on the visa network, applies a currency conversion fee of 2.75% when you pay in a currency other than sterling. That is well above what most ranked debit cards charge, so frequent foreign spending adds up quickly.
Is the credit card free to hold?+
The Classic credit card has an annual fee of £0, so holding it costs nothing in yearly terms. The charges come later: balance transfers cost 3.09% to 3.49% once the 17 to 36 introductory period ends, and the card earns nothing back, since its rewards type is none.
What rate does the credit card charge?+
The Classic credit card charges 29.9% on purchases and cash advances, which is high for a card with an annual fee of £0. Purchase protection under the Consumer Credit Act covers larger purchases on the card, and you can freeze or unfreeze it and check the balance in the app.
What can I borrow, and over what term?+
HSBC UK lends directly, with personal loans of £1,000 to £30,000 over terms of 12 to 96. The rate type is fixed, the arrangement fee is 0 GBP, and early repayment is free, so you can clear a balance sooner without a charge.
Who can apply for the personal loan?+
Applicants need to be adults and UK residents with a minimum annual income or pension before tax, plus a bank or building society account with a Direct Debit facility. Loan purposes include personal, debt consolidation and car, and home improvement is a listed use.
What support is there if something goes wrong?+
Help runs on chat, phone and help centre, so you can reach the bank by phone, chat or the help centre. The mobile banking app also lets you freeze and unfreeze the card, check the balance, and add the card to Apple Pay or Google Pay.
Sources
- about.hsbc.co.uk/history-timeline checked September 26, 2026
Backs: Founded
“1836 The Birmingham and Midland Bank opens for business ... established by Charles Geach in Union Street in the city of Birmingham on 22 August.”
- hsbc.co.uk checked September 26, 2026
Backs: Loan types, Use cases
“Personal Loan ... Car Loan ... Debt Consolidation Loan”
- hsbc.co.uk/credit-cards checked September 26, 2026
Backs: Balance transfer fee, Balance transfer intro period
“Balance Transfer Credit Card ... (3.09% fee, min £5); Purchase Plus Credit Card ... (3.49% fee, minimum £5)”
- hsbc.co.uk/credit-cards/products/classic checked September 26, 2026
Backs: Annual fee, APR, Card kind, Pricing model, Perks, Rewards type
“Good news! There's no annual fee for the Classic Credit Card”
- hsbc.co.uk/current-accounts/products/bank-account checked September 26, 2026
Backs: Headquarters, Legal entity, Monthly fee
“Your eligible deposits with HSBC UK Bank plc are protected up to a total of £120,000 ... UK residents only”
- hsbc.co.uk/help checked September 26, 2026
Backs: Audience, Support channels
“Student Account; Children's Account; Business accounts”
- hsbc.co.uk/international/using-your-card-abroad checked September 26, 2026
Backs: Card type, Features, Currency conversion fee, Card network
“You can use your HSBC debit and credit cards easily outside the UK”
- hsbc.co.uk/loans/products/personal checked September 26, 2026
Backs: Loan amount, Credit check, Eligibility, Free early repayment, Funding time, Lender type, Arrangement fee, Origination fee (%), Rate type, Representative example, Term
“Borrow from £1,000 to £30,000, with an instant decision and quick access to funds.”
- hsbc.co.uk/mortgages/our-rates checked September 26, 2026
Backs: APRC, Fixed period, Initial rate, Maximum loan to value, Product fee, Purpose
“2 Year Fixed Fee Saver, Overall cost for comparison (APRC) 6.20% APRC”
Compiled from 9 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Free ATM withdrawals, Protection.