Clients Deposit Account

Safeguard your clients' deposits or funds in a separate or pooled account and you could benefit from competitive interest rates.

At a glance

  • Designed for regulated professionals to hold clients' money

  • An interest rate that grows as the balance increases. Interest paid half yearly in June and December*

  • Optional cheque book and paying in book facilities

  • No charges for credits or cheque withdrawals

  • Instant access to clients' money

  • HSBC current account not required

Apply for our Clients Deposit Account service

Apply for our Clients Deposit Account service

Are you a solicitor, accountant or insolvency practitioner and existing HSBC customer? Do you already hold a Client Deposit Account? If not, you would need to open the first account in-branch. Please contact your Relationship Manager or visit the nearest branch for more details.

Register for this service so you can apply online for clients' deposit accounts

Have you already registered for this service?

Click to apply online for a client's deposit account

Are you another regulated professional?

Speak to your Relationship Manager or visit your nearest branch

0345 760 6060

Lines are open from 9am to 5pm Monday to Friday, excluding public holidays

Textphone: 18001 0800 028 3516

Find a branch

Important information
Before applying, please read the following documents carefully, including the 'Your Information' section in the Business Banking Terms and Conditions.

Benefits

Access to specialised service and support for professionals

Save time if you’re a solicitor, accountant or insolvency practitioner by applying online

*Please read the 'What is the interest rate?' section below


SUMMARY BOX

Account Name: Clients Deposit Account

What is the interest rate?

This account is set up on the basis there are different tiers of interest rate. Normally, the interest rate paid depends on how much you deposit in your account. However, at the moment, because of market conditions, all rates are set at 0.01%. We hope to be able to reinstate the tiers in the future so it is important that you read the information below and the Additional Conditions carefully so that you understand how the different tiers apply.

The applicable credit interest rates are as follows:

Product Amount Gross % AER %
Clients Deposit Account
(Twice yearly interest)
Up to £25,000

0.01

0.01

£25,000+

0.01

0.01

£50,000+

0.01

0.01

£100,000+

0.01

0.01

£250,000+

0.01

0.01

£1m+

0.01

0.01

 

Credit interest is calculated on a daily basis and paid twice yearly in June and December.

Can the Bank change the interest rate?

Yes, the Bank can change the interest rates at any time in line with the Business Banking Terms and Conditions.

Favourable changes

We’ll make the change immediately and tell you about it once the change has been made.

Unfavourable changes

  • Small Business/Small Charity Customers – We’ll let you know at least two months before we make the change
  • Larger Corporate Business Customers: We’ll make the change immediately, and tell you about it once the change has been made.

What would the estimated balance be after 12 months based on a range of deposits?

How it works when different rates are introduced for different tiers
When this happens, we will pay you more depending on how much is in your account.

For example, the way we would expect to set the tiered rates in future would mean:

  • if you put less money into your account, you will earn less interest;
  • if you put enough money to exceed the tiered bands, we would expect you to earn more interest.

However, there is currently only one rate of interest so the balance of your account doesn’t affect the interest rate.

Example 1 – Single deposit, no withdrawals

For the purpose of this calculation it is assumed:

  • Initial deposit of £1,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rates during the 12 months
  • Interest is paid twice yearly
Initial deposit Interest rate Total balance at the end of 12 months
£1,000 0.01% AER (0.01% Gross) £1,000.10

 

Example 2 – Larger deposits

If you deposit enough, you can earn more. Based on you paying in the following deposits on day 1 and making no withdrawals or additional deposits, your estimated balance after 12 months would be as follows:

Amount deposited Amount after 12 months
£25,000

£25,002.51

£50,000

£50,005.01

£100,000

£100,010.03

£250,000

£250,025.07

£1,000,000

£1,000,100.28

 

But if you make withdrawals, the interest rate you earn goes down

How do I open and manage my account?

Eligibility:

Account eligibility is limited to the following businesses:

  • Credit and Financial Institutions which have permission to hold client money from the FCA (Financial Conduct Authority)
  • Auditors, insolvency practitioners, external accountants, tax advisers, notaries, conveyancers or independent legal professionals that are regulated by a designated professional body
  • Real Estate businesses, estate agents, property managers, or loss adjusters that are regulated by specific bodies and attest to a number of requirements

How to open the account:

Open in branch, online (online for solicitors, accountants and insolvency practitioners only)

Minimum/Maximum balance:

  • No minimum balance
  • No maximum balance

How to manage the account:

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many withdrawals as you like in line with the Client Accounts Additional Conditions. No notice is required.

Additional Information

This account must only be used to hold money on behalf of your clients not to make payments for your own business. You are responsible for carrying out due diligence on your clients that might be necessary to comply with all relevant laws and regulations.

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • Small Business Customer means a business customer which has fewer than 10 employees and an annual turnover and/or balance sheet total of £2million or less (or, if part of a group, the group has an annual turnover and/or balance sheet total of £2million or less).
  • Small Charity Customer means a UK registered charity whose annual income is less than £1million.
  • Larger Corporate Business means any business customer whose accounts are held with us in the UK, which isn't a Small Business or a Small Charity Customer.

Ongoing service and support

As a solicitor, accountant or other professional who banks with HSBC, you get access to a wide network of local experts. This means that no matter where you're based in the country, you'll have a named contact at your local Commercial Banking Centre. We offer a comprehensive range of services tailored to the professionals sector, which means we can provide a wide variety of financial solutions for firms and practices like yours that have very specific business banking needs.

Information for solicitors, accountants and insolvency practitioners

Save time if you’re a solicitor, accountant or insolvency practitioner by applying online. Your first Client Deposit Account must be opened in-branch before you can register for online account opening service.

  • Solicitors, accountants and insolvency practitioners can register to submit account opening requests online
  • No paper applications to complete
  • Open up to 40 accounts at a time
  • Nominate up to 4 people to open accounts

It's easy to apply

You need to register for this service before you can start opening accounts online:

  1. Click on the 'Apply now' button
  2. Under the ‘Are you a solicitor, accountant or insolvency practitioner?’ option, select ‘Register now’ and entre your details.
  3. One of our customer service representatives will call you within one working day (between 9am and 5pm Monday to Friday, excluding public holidays) and send you an online opening registration form
  4. Complete and return the application form
  5. Once you receive registration confirmation, go to the 'Have you already registered?' option and click 'Apply now'

Important information

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Apply for our Clients Deposit Account service

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