Yorkshire Bank was founded in 1859, and has branches spread around the north of England and the midlands. Now part of CYBG plc, Yorkshire Bank is the English trading name of Clydesdale Bank plc. Yorkshire Bank offers business current accounts, savings products, and business finance for both small and commercial businesses.
Yorkshire Bank Business Banking Services
Current Accounts
There are two business bank accounts for small businesses to choose from – the Business Current Account and Business Choice Account. Both offer the same features and services, but you’ll earn interest on your balance with the Choice Account. Account details and transactions can be managed online and on the Yorkshire Bank app. Accounts cost £6.50 a month, and there are some extra charges for cash and cheque payments.
Savings account
Instant access, fixed term, and notice accounts are available. You can open a notice account with £500, and can access money with 15-120 days’ notice, depending on the terms of your account. Fixed accounts lock your money away for a specific period, and can be opened with a minimum of £5,000.
Overdrafts
Business customers pay 9.7% representative EAR on unsecured overdrafts up to £25,000. There’s also a 2.5% establishment fee, which is charged at a minimum of £120. Yorkshire Bank may ask for security on your overdraft.
Business finance and loans
There are 6 different business loans available from Yorkshire Bank, ranging from £10,000 – £10,000,000. Repayment terms vary, and interest rates can be fixed or variable.
Yorkshire Bank Reviews and Ratings
Trustpilot reviewers are unhappy with online banking and general account management. Some have been Yorkshire Bank customers for a long time, but have become unhappy with the service they receive.
Smart Money People and Reviews.co.uk are more mixed. Some are very pleased with the speed and efficiency, others are critical of internet banking.
On Which?, Yorkshire Bank scores 4/5 for communication and telephone banking, and 3/5 for customer service, transparency of charges, and complaint handling.
Yorkshire Bank ranked 5th in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, Yorkshire Bank also ranked 10th for online and mobile banking services, 5th for overdraft and loan services, 4th for relationship and account management, and 4th for service in-branch.
Trustpilot – 1.5/5 (based on 131 reviews)
Reviews.co.uk – 2.75/5 (based on 4 reviews)
Smart Money People – 2.47/5 (based on 15 reviews)
Which? – 67% Which? Customer Score
Pros
- Day-to-day banking free for 25 months for new businesses.
- Choice of business finance products.
- Competitive monthly fee.
Cons
- Reviewers are unhappy with online and telephone banking.
- Only two current accounts to choose from.
- Poor independent rating for online and mobile banking
Website: Yorkshire Bank Business Banking