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Octopus EV x HSBC UK

Refer your clients so they can reach their sustainability goals

Refer a client

Referred by HSBC UK

Octopus EV and HSBC UK are working in partnership improve the sustainability practices of businesses across the country.

All EVs delivered to your clients' employees will make it easier and cheaper for their team to access electric cars, encouraging more people to make the switch to electric. Plus, without costing your clients anything to set up, they'll give their sustainability credentials a big boost, cutting the carbon emissions of their team. A win-win.

Why HSBC is working with Octopus Electric Vehicles

Hear from Jonathan Graham and Sasha Balachandran on how this partnership can support your customers

How can salary sacrifice benefit my clients?

Hit their sustainability goals

Help your clients become more sustainable and rewards their team, with no cost to the company.

Free to set up and easy to run

It costs nothing to set up and is easy to manage with our HR portal. Minimal admin. Maximum team happiness.

Attract and keep the best talent

75% of employees say they're more likely stay because of their employee benefits package.

Up to 40% off a new EV

Your clients employees can choose from the best range of EVs, and save up to 40% on the cost.

The whole package

They'll get everything they need to hit the road: car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. The lot.

First 4,000 miles free

Your clients employees will get 4,000 miles of free charge with our EV specific tariff, or through our public charging network.

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Make it an easy choice

Get armed with the facts

Check out our Sustainable Workforce Report, where you can find out why sustainable benefits are key to engaging employees

Download report

Hear from our customers

The best way to know if a scheme works is to hear from businesses that have implemented it, click through to our customer testimonial hub

Find out more

How do you refer your clients?

  1. Tell your clients about salary sacrifice

    Let your clients know about the benefits it'll provide to their business.

  2. Just drop your clients details into the form below.

  3. They'll get an email to confirm interest

    We'll just get your clients to confirm their details are correct.

  4. We'll take the conversation from here

    Don't worry, we'll keep you updated on their progress in signing up.

Refer a client

General

HSBC UK has chosen Octopus Electric Vehicles as its preferred supplier to provide salary sacrifice electric car schemes to its corporate customers. The move marks the next step in a broader, long-term strategic alliance that has seen HSBC UK add to its suite of sustainable products, while Octopus continues to support more people to make the switch to green driving.

  • Tell your customers about salary sacrifice - let your customers know about the benefits it will provide to their business. Octopus Electric Vehicles can provide a host of resources to support this such as presentation slides, case studies and PDFs.
  • Refer them via this link - Just drop your customers' details into the form.
  • Your customer will receive an email to confirm interest and provide consent, which enables Octopus Electric Vehicles to contact your customers to obtain further details, provide a quotation and, subject to the customer’s agreement, onboard your customer to be able to offer an EV Salary Sacrifice Scheme to your customer.
  • Octopus Electric Vehicles takes the conversation from here - don't worry, they will keep you updated on their progress in signing up.
  • You will receive a notification when your customer has agreed to go ahead, which will notify you to get the credit approvals in place. Ideally, these credit approvals need to be set up within 10 business days.

As part of the HSBC GDPR and governance process, HSBC asks business customers to sign a consent form before being referred over to Octopus Electric Vehicles. This is all managed through the Octopus Electric Vehicles referral form so no need to do anything additional to the referral form, just remind your customer to please confirm consent when prompted via an automated email.

Once you have made a referral, the Octopus Electric Vehicles business development team will reach out to your customer within 48 hours. They will set up a call to discuss the scheme and your customer’s needs. Once happy, your customer will be asked to complete an online credit application and company setup questionnaire. The credit application and company setup questionnaire links will be emailed separately. Once details have been submitted, our credit team will process these and activate your line of credit based on your initial expectations of how many vehicles could be ordered within the first 12 months.

Sign Master Hire Agreement and Direct Debit Mandate – this is sent by Octopus EV and signed via Signable (e-signature platform). The MHA document must be signed by a person named as ‘Director’ on your Companies House profile.

All employees who take up the scheme will receive a Driver Handbook, which sets out the terms and conditions between the Employer (your customer) and their Employee.


The dedicated HSBC Partnership Manager at Octopus Electric Vehicles is Charlotte Boots, and she will be happy to answer any questions. Her contact details are charlotte.boots@octopusev.com. If you have any further queries or questions relating to how the Partnership works and/or internal questions associated with pricing, setting up credit lines, etc, please reach out to a member of the HEF Corporate Development Team for assistance.

Octopus Electric Vehicles has no hidden exclusivity agreement, so many companies have dual providers to offer their employees a choice. Occasionally, other providers have exclusives in their contracts, so we suggest that customers check their contracts to see if this is an option.

Benefits for HSBC customers

  • Pay less National Insurance - Your customers save on National Insurance tax, which many companies choose to pass on to their employees.
  • Hit their sustainability goals - Help your customers become more sustainable and reward their team, with no cost to the company.
  • Free to set up and easy to run - It costs nothing to set up and is easy to manage with the Octopus Electric Vehicles HR portal. Minimal admin. Maximum team happiness.
  • Up to 40% off a new EV - Your customers' employees can choose from the best range of EVs, and save up to 40% on the cost.
  • Attract and keep the best talent - 75% of employees say they're more likely to stay because of their employee benefits package*. *Source: Sustainable workforce report, 2023
  • The whole package - They'll get everything they need to hit the road: car, charger, energy, insurance, servicing, maintenance, breakdown and tyres. The lot.

Octopus Electric Vehicles has launched Salary Sacrifice to over 5,500+ businesses since launching in 2021; that’s 2 new schemes every single day. They are one of, and part of, the fastest-growing businesses in the UK - Octopus Energy, founded in 2016 - and a key part of their renewable future strategy.

Octopus Electric Vehicle provides 100% electric vehicles and has over 25,000 EVs on the road today, ordering 1,000+ brand new EVs for customers every month, and growing.

This growth has been driven and supported by three key differentiators:

1. Octopus Electric Vehicle offer an innovative, fully digital-first solution. The end-to-end salary sacrifice journey can be carried out quickly and intuitively online, with the complete support of our fully managed scheme to manage all the scheme admin. That includes an onboarding team, launch team, drive day team, over 60 EV specialists, and market-leading customer support teams, meaning…

2. Octopus Electric Vehicle customer service is unmatched. They set the bar high when it comes to putting the customer at the heart of everything they do. Providing unrivalled consumer-grade customer service, proven by a consistent 4.8 TrustPilot score, Octopus Electric Vehicle hold the highest across all of the major UK leasing companies. This all supports…

3. A truly all-inclusive product for those with or without driveways, with no hidden fees or unexpected add-ons. Octopus Electric Vehicle bundle everything into the gross rental to provide the most cost-effective scheme possible, including:

  • The choice of a brand new or nearly new EV with £0 deposit
  • A free home charger worth £950, inclusive of standard installatio,n PLUS 4,000 miles of free home energy credit OR
  • For those without a driveway, 4,000 free miles on the Electroverse App PLUS £50 worth of energy credit
  • Access to exclusive Octopus EV green home energy tariffs
  • Access to the Electroverse app - giving drivers access to over 90% of the UK public charging network through a single charge card or app. This can be linked to their Octopus Energy tariff or a debit/credit card
  • Maintenance and repairs
  • No quibble tyre replacement
  • MOT and road tax
  • Breakdown cover
  • Fully comprehensive insurance, including total loss cover and business use
  • Excellent termination protections for both our customers and their employees for when things don’t go to plan

Most are available in our online quote portal, or Octopus Electric Vehicles offer direct support from their EV Specialists to order bespoke high-end brands like Porsche, Maserati, Lotus, and Rolls Royce.

See for yourself! Please click here to access the quotation portal. When prompted, please use DEMO2024 as your 'HR invite' code. When your customers' scheme is live, we will create a unique code for their business.

Note, the demo quote portal assumes that the company is fully VAT registered, has opted for insurance to be inclusive, and that 10% of the 13.8% NI savings the business will make is shared with employees, so these factors are reflected in the pricing.

You can find loads of useful information about EVs, the salary sacrifice scheme and the business contract hire product here. Take a look to find helpful articles and the latest news, views, tips and tricks from the world of pure electric vehicles.


Benefits for you

Referring customers to Octopus Electric Vehicles contributes to your green funding target since it is classed as green funding. In addition to this, it allows you to bring a product offering to your customers that gives tax savings and contributes to reducing carbon emissions.

Funding

HSBC will be the allocated funder for referred businesses, unless additional headroom is required or if the customer needs to make an order before the HSBC credit application or an upsize to the credit limit is approved, Octopus Electric Vehicles will need to offer customers other avenues of funding.

Where a vehicle is being delivered and no HSBC credit line is available or HSBC did not refer the customer to Octopus Electric Vehicles, then Octopus Electric Vehicles may use alternative funding arrangements to get the customer live. This is because Octopus Electric Vehicles are committed to the best possible customer service and need to offer customers an avenue of funding.

Octopus Electric Vehicles strongly recommends responding to credit applications as quickly as possible,the recommendation is 10 business days.

Credit

If your customer is already engaged with Octopus EV, but you have also referred your customer, we have agreed that if the Master Hire Agreement (MHA) is not signed, then HSBC will be marked as the Funder; if the MHA has been signed it is at OEV’s discretion to assign the Funder.

Please use the Referral Portal, as noted above, to submit your referral, so this can be captured to determine if it was introduced prior to the MHA being signed.

If an HSBC customer has already signed up to the MHA with Octopus Electric Vehicles or has a funding line set up that is being utilised with another funder, then there is no obligation for Octopus EV to switch the funding to HSBC; however it is worth reaching out to you Lorna Mullen at in the HEF Corporate Development Team to support working with the Octopus EV Partnership Team to determine if our rates are competitive and we can switch your customer to an HSBC credit line, but this at the discretion of Octopus EV.

Please submit a request to the Octopus Electric Vehicles Referrals team at HSBC with indicative rates (24, 36, 48-month terms) so that this can be sent to Octopus Electric Vehicles (Credit@octopusev.com) to assess whether it would be advantageous for all parties that funding be switched to HSBC. This will be assessed on a case-by-case basis.


This doesn't impact their credit twice and should be a seamless process for your customer. They will always need to be credit checked by Octopus Electric Vehicles because they are utilising the Octopus Electric Vehicles' ongoing services, which are not financed by HSBC and Octopus Electric Vehicles takes a residual value risk position against the EVs. Hence, Octopus EV will still need to carry out their own due diligence to onboard and approve customers. We have an eligibility criteria for the EV Salary Sacrifice Scheme, which ensures financially viable customers are referred, which significantly mitigates the risk of Octopus EV not wanting to onboard a customer.