HSBC vs Halifax: Fees and features (2025)

Thinking of changing banks? There are a lot of options to choose from in the UK, from big name high street banks through to digital challengers.

In this helpful guide, we’ll be taking a look at two of the UK’s best-known banks - HSBC and Halifax.

To help you choose the best option for you, we’ll be comparing them head-to-head on all the things that matter. This includes account types, features, fees, cards and international transactions, which could be useful if you need to use your account or card abroad.

So let’s dive straight into our Halifax vs. HSBC comparison.

Table of contents
HSBC vs. Halifax - An overview HSBC vs. Halifax - Account types HSBC accounts Halifax accounts Halifax vs. HSBC- Fees HSBC vs. Halifax - Cards Using your debit card overseas - withdrawal fees and limits Halifax vs. HSBC - International money transfer Which is best for you- HSBC or Halifax? Wise: an alternative for managing your money at home and abroad

HSBC vs. Halifax - An overview

HSBC is one of the ‘Big Four’ UK banks, established all the way back in 1865 in Hong Kong. It has a network of high street branches in the UK, as well as a global presence.

Halifax is a little different. It began life in Yorkshire in 1852 as a building society, before becoming a bank in 1997. It is now owned by the Lloyds Banking Group. It also has high street branches, but doesn’t operate outside the UK.

HSBC serves both personal and business customers, while Halifax focuses on personal customers only.

Here’s a quick overview of what both banks have to offer in terms of accounts and features:

	HSBC	Halifax
Current accounts	Basic, standard and premium accounts Student accounts Children’s accounts International accounts	Basic, standard, rewards and premium accounts Student accounts Children’s accounts
Savings accounts	Online Regular saver Cash ISA accounts	Easy access Fixed rate Cash ISA Children’s savings accounts
Cards	Debit cards Credit cards	Debit cards Credit cards
Other financial services	Personal loans Car loans Mortgages Investments Insurance Overdrafts	Personal loans Car finance Mortgages Investments Insurance Overdrafts
Digital banking	Online and mobile app	Online and mobile app
Business banking available	Yes	No
Private banking available	Yes	No
International services	Global Money Account Travel money International payments	International payments Travel money
Customer support	Branch Phone In-app chat	Branch Phone Online or in-app messaging
Part of the Current Account Switch Service	Yes	Yes
FSCS protection	Yes - £85,000/person	Yes - £85,000/person

HSBC vs. Halifax - Account types

Whereas with HSBC you can open both business and personal accounts, Halifax only lets you open an account as a personal customer.

Below, we’ll take a look at the personal accounts both banks have to offer.

HSBC accounts

HSBC has the following current accounts available:¹

Account	Monthly fee	Features	Eligibility
Bank Account	None	Access to regular saver account home&Away rewards programme	UK residents aged 18+
Premier Bank Account	None	Exclusive rates on borrowing and savings Fee-free international transfers between HSBC accounts home&Away rewards programme Family travel insurance Health benefits 2 rewards credit cards	UK residents aged 18+ Income or savings (with HSBC) of £100,00+
Advance Account	None	Fee-free international transfers between HSBC accounts home&Away rewards programme	UK residents aged 18+ Qualify for overdraft of £1,000

It also has a basic bank account for people who don’t qualify for other HSBC accounts, along with student and children’s accounts.

And if you want to manage your money in multiple currencies, you can open an HSBC Global Money Account.

HSBC’s rather long list of savings accounts includes the following:

• Fixed Rate Savings Account
• Online Bonus Savings Account
• Regular Savings Account
• Loyalty Cash ISA
• Fixed Rate Cash ISA
• Flexible Savings Account
• Premier Savings Accounts
• Children’s Savings Account.

Halifax accounts

Like HSBC, Halifax has three main current accounts available:²

Account	Monthly fee	Features	Eligibility
Current Account	None	Up to 15% cashback on spending Save the change feature Optional arranged overdraft	UK residents aged 18+
Reward Current Account	£3 (waived if you pay in £1,500/month)	Up to 15% cashback on spending Preferential travel money rates Monthly Reward Extras - cash, cinema ticket or digital magazines	UK residents aged 18+ Spend £500/month or keep £5,000/month in your account to qualify for Reward Extras
Ultimate Reward Current Account	£19	Up to 15% cashback on spending Worldwide family travel insurance Mobile phone insurance Home emergency cover No debit card fees abroad Monthly Reward Extras Preferential travel money rates	UK residents aged 18+ Spend £500/month or keep £5,000/month in your account to qualify for Reward Extras

Halifax also has a student account, accounts for under 18s and a basic bank account.

Just like HSBC, it has a long list of savings accounts. Here are just a few of your many options:

• Bonus Saver and Reward Bonus Saver easy access accounts
• ISA Bonus Saver and ISA Reward Bonus Saver
• Everyday Saver
• ISA Saver Variable
• Instant Saver and Instant ISA Saver
• ISA Saver Fixed
• Junior Cash ISA
• Fixed Saver.

Halifax vs. HSBC- Fees

Now we come to the important issue of pricing. How much does it cost to bank with both Halifax and HSBC?

Below are the main fees and charges you need to know about, based on the standard current accounts available at both banks:

Fee	HSBC Bank Account3	Halifax Current Account4
Monthly fees	None	None
UK payments - card transactions and bank transfers	None	None
Sending international payments	£0 to HSBC accounts £0 for SEPA (to EEA county in euros) £5 for all other payments	£0 for SEPA (to EEA county in euros) £9.50 for all other payments + correspondent fees of £12-£20 depending on destination
Receiving international payments	£5 per payment	£2 for under £100 £7 for £100+
Card payments outside the UK	2.75%	2.99% + £0.50 (free for EUR within EEA)
Withdraw cash outside the UK	2.75%	2.99% + £1.50 (free for EUR within EEA)

HSBC vs. Halifax - Cards

Both HSBC and Halifax offer contactless debit cards as standard with all of their current accounts.

You can also apply for a wide range of credit cards at both banks - here are a few of the most popular:

Bank/credit card	Interest rate (representative APR variable)	Main feature
HSBC:5
Balance Transfer Credit Card	24.9%	0% on balance transfers for up to 30 months (transfer fee applies)
Purchase Plus Credit Card	24.9%	0% on purchases for up to 20 months
Rewards Credit Card	23.9%	Rewards points on eligible purchases
Classic Credit Card	29.9%	Build your credit rating
Halifax:
Halifax Cashback Credit Card6	22.9%	0.25% cashback on card purchases No monthly fees
Halifax World Elite Mastercard®7	55%	Up to 1% cashback on spending No foreign exchange fees for 60 months Travel perks including Priority Pass and Airport Security Fast Track £15 monthly fee

Halifax does have many other credit cards available, but you’ll need to complete an eligibility check to see further details - including rates and credit limits tailored to you.

Using your debit card overseas - withdrawal fees and limits

Planning to use your new account and card when you travel? You’ll need to watch out for foreign currency transaction fees, on both spending and cash withdrawals.

Unfortunately, both HSBC and Halifax have fees for overseas debit card payments and cash withdrawals.

HSBC has a standard fee of 2.75% for both card payments and cash withdrawals, wherever you are in the world.³ If you have the HSBC Global Money account, there are no foreign transaction fees to pay.⁸

With Halifax, you can spend and withdraw cash in euros for free (just watch out for ATM fees) if you’re in an EEA country.

But elsewhere, you’ll pay 2.99% + £0.50 for payments and 2.99% + £1.50 for ATM withdrawals when you use your Halifax card abroad.⁴

Limits for spending and cash withdrawals should be the same as in the UK, for both banks - but you might need to check the conditions for your particular account.

If you want to avoid high fees for using your card abroad, it could be worth checking out a travel-friendly option like the Wise card.

Available for a one-time cost of just £7, the Wise card works worldwide. It lets you spend and withdraw in 40+ currencies for low fees starting from just 0.33%* - and you’re guaranteed mid-market exchange rates when converting currency.

What’s more, you can withdraw up to £200/month (max 2. withdrawals) from overseas ATMs without any fees. You’ll just need to check whether the ATM you’re using has any fees.

Halifax vs. HSBC - International money transfer

If you want to use your new bank account to send money overseas, it’s worth checking out the fees beforehand.

Both HSBC and Halifax let you make and receive international transfers. Sending SEPA payments (to EEA countries in euros) is free with both banks, but fees may apply for other international transfers.

HSBC has a transparent flat fee of £5 for sending international transfers, and it’s the same to receive them.³

Meanwhile, Halifax charges £9.50 to send international transfers, along with additional correspondent fees which vary depending on where you’re sending money to. These are:⁴

• £12 for Zone 1 (USA, Canada and Europe (non-EEA))
• £20 for Zone 2 (Rest of the World)

To receive an international payment, you’ll pay £2 to £7 depending on the amount.⁴

Remember also that both banks may apply their own margin to the exchange rate when converting currency, which could add an extra cost to the transfer.

Which is best for you- HSBC or Halifax?

HSBC and Halifax offer similar accounts and features for UK customers, so you may find it hard to choose between them.

It’s likely to come down to what you want to do with the account, whether it’s accessing rewards or cashback, applying for credit cards or spending abroad.

Hopefully after reading this though, you should have all the info you need to make the right choice for you.

Wise: an alternative for managing your money at home and abroad

Remember that a bank isn’t the only way to manage your money, especially if you want or need to carry out international transactions. There are some great alternatives out there, such as the Wise account.

Open a Wise account online and you can send, spend, hold and convert 40+ currencies all in one place. Get yourself a Wise card to spend worldwide, and take advantage of Wise Interest to earn a return on some of your currencies including GBP. Capital at risk, growth not guaranteed.

Whether sending money, shopping up a storm or converting currency, you’ll only ever be charged low, transparent fees* with Wise. And you’ll always get mid-market exchange rates on all currency conversions.

Capital at risk. Growth not guaranteed. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you’re uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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Sources used:

1. HSBC - Compare current accounts
2. Halifax - Current Accounts
3. HSBC - Fee Information Document
4. Halifax - Bank Account Guide
5. HSBC - Compare credit cards
6. Halifax - Cashback Credit Card
7. Halifax - Halifax World Elite Mastercard®
8. HSBC - Using your card abroad

Sources last checked on date: 05-Feb-2025