Free banking offer puts business loan customers on alert

Mon, 04 Jun 2007

Business loan customers may be interested to hear about a new business banking offer from financial services provider HSBC.

Until August 31st 2007, the banking institution is offering company bosses who switch their business banking account to HSBC free services for the next 18 months.

Under the terms of the deal, companies will not incur automatic fees for transactions such as processing cash and cheques, paying bills, receiving payments or setting up direct debits.

Simon Wainwright, head of business banking at the financial services provider, has commented on the new financing package.

"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," he said.

"Our new transfer package offers outstanding value for money."

The new banking deal may prove particularly attractive to business loan customers in the wake of the Bank of England's decision to raise interest rates to 5.5 per cent last month.

It is a move that means many business loans will accrue interest at a faster rate than earlier in the year.

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