Yorkshire Bank – business banking analysis and reviews

Last updated on 10 August 2023

Are you considering Yorkshire Bank business banking? Yorkshire Bank is part of the CYBG plc group, which also owns Clydesdale Bank and, most notably, Virgin Money. As a consequence, Yorkshire Bank is ceasing to exist as an independent entity and is steadily undergoing a wholesale rebrand under the Virgin Money banner.

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While this means that Yorkshire Bank has a national presence, in the south of England and beyond, it also means that Yorkshire Bank business customers will be forced to utilise Virgin Money current accounts, savings accounts, and lending streams. It’s up to you how you feel about this.

Video: Getting started with business bank accounts

Yorkshire Bank business banking services

Pros and cons of Yorkshire Bank for business services

Pros of Yorkshire BankCons of Yorkshire Bank
Choice of all Virgin Money’s account options You will be forced to bank with Virgin Money
Competitive pricing structures Virgin Money Android app is not the most reliable
Lending streams are available Virgin Money is closing branches throughout the UK
Poor online reviews (Virgin Money does not fare much better) 
Yorkshire Bank business banking pros and cons
Yorkshire Bank online banking login

Business current accounts

Yorkshire Bank offers a choice of three business bank accounts to business customers, all of which fall under the Virgin Money branding:

All these accounts come with a Virgin Money MasterCard debit card with offers discounts at select retailers, and all can be integrated with third-party accounting software.

M Account for Business

This is Virgin Money’s online-only account, managed exclusively through a smartphone app. There are no fees attached to the M Account outside of paying 90p for every £100 of cash, and you can still apply for an overdraft if you wish. You will also receive 0.25% cashback on any purchase made with your debit card.  The snag is that you will not be able to conduct any banking over the counter at a branch of Yorkshire Bank (if applicable) or Virgin Money.

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Virgin Money Business Account

The standard Virgin Money business account, free for 25 months before a monthly fee of £6.50 kicks in. You’ll also pay a 30p fee on any automated electronic transfers in and out of your account after this time, rising to 70p for manual transfers, and additional charges if you wish to trade in cash or cheques. Cashback on debit card transactions rises to 0.35% with this account, and you can visit a branch of Yorkshire Bank or Virgin Money to manage your account if necessary.

Virgin Money Business Choice Account

As above, but exclusively for a business with a turnover that exceeds £6,500,00 PA.

Business overdrafts

Yorkshire Bank, via Virgin Money, offers business overdrafts of up to £25,000. The representative EAR is 13.30%, and a set-up fee of at least £125 (or 2.5% of the overdraft limit if this is higher) will be charged. 

Business savings accounts

Yorkshire Bank offers a range of savings accounts to business customers through Virgin Money:

Business Cash Management Account

Part of the Virgin Money Business Account, you will earn interest at a rate of 0.04% (paid quarterly) and access your money at any time. This savings account has no minimum deposit or balance. 

Business Access Savings Account

A standalone savings account that offers an interest rate of 1.41% on balances between £1 and £2,000,000. Money can be withdrawn online or at a branch of Yorkshire Bank or Virgin Money at any time.

30 Day Business Notice Account

An interest rate of 1.51%. Money can be withdrawn through BACS with 30 days of notice.

65 Day Business Notice Account

An interest rate of 1.71%. Money can be withdrawn through BACS with 65 days of notice.

95 Day Business Notice Account

An interest rate of 2.78%. Money can be withdrawn through BACS with 95 days of notice.

120 Day Business Notice Account

An interest rate of 3.04%. Money can be withdrawn through BACS with 120 days of notice.

3 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for three months and enjoy an interest rate of 1.71%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot. 

6 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for six months and enjoy an interest rate of 2.92%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot. 

12 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for one year and enjoy an interest rate of 3.75%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.

18 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for 18 months and enjoy an interest rate of 4%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.

24 Month Business Term Deposit Account

Save between £10,000 and £25,000,000 for two years and enjoy an interest rate of 4.10%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.  

One Year Fixed Rate Savings Account

Save up to £2,000,000 (no minimum deposit) for one year at an interest rate of 3.75%, payable upon maturation of the savings bond. After a year, this will convert to a variable rate savings account.

Two Year Fixed Rate Savings Account

Save up to £2,000,000 (no minimum deposit) for two years at an interest rate of 4.10%, payable upon maturation of the savings bond. After two years, this will convert to a variable rate savings account.

Yorkshire Bank at a glance

Phone number0800 121 7365
App downloadsiOS; Android (Virgin Money apps)
Websitehttps://secure.ybonline.co.uk/business
Number of branches95, most of which are now Virgin Money
FSCS protected?Yes
Founded1859, Halifax – taken over by Virgin Money in 2018
Key information

Yorkshire Bank business loans and finance

Video: Business loans and finance explained

In addition to business current accounts and savings accounts, Yorkshire Bank offers the following products to business customers through Virgin Money.

Base rate business loan

Borrow between £10,000 and £10,000,000 for up to 20 years at a representative APR of 13.30%. See best business loans.

Fixed rate business loan

Borrow between £25,001 and £10,000 at a fixed interest rate for at least five years – after this you will be moved to a base rate loan. Make repayments monthly or quarterly.

SONIA business loans

A business with turnover that exceeds £6,500,000 PA can apply for a Sterling Overnight Index Average loan for £2,500,000 or more. Interest rates will be variable, defined by the Bank of England base rate.

Asset finance

Borrow from Yorkshire Bank to fund the purchase of a major asset and own it outright upon repayment in full (plus an ownership fee) or arrange for Yorkshire Bank to purchase the asset and lease it from the bank. See asset finance.

Yorkshire Bank reviews

What are other business banking customers saying about Yorkshire Bank? Be aware that Virgin Money scores even lower on these platforms.

Review platformScoreNumber of votes
TrustPilot1.3/5440
FeefoNot reviewedN/A
Reviews.co.ukNot reviewedN/A
Smart Money People3.54/5126
Which?Not reviewedN/A
Average score2.42/5556
Yorkshire Bank reviews and ratings

Yorkshire Bank business eligibility criteria

Yorkshire Bank and Virgin Money operate the same eligibility criteria for opening a business account as most high street banks. You must be 18 or older, based in the UK, and prove that you are a taxpaying sole trader or owner of an SME listed on Companies House. Applications for credit will be assessed on a case-by-case basis.

Yorkshire Bank business finance alternatives

If you are not comfortable with the idea of being forced to bank with Virgin Money when you wanted a Yorkshire Bank business account, investigate other established names like HSBC, NatWest, the Royal Bank of Scotland, or Lloyds.

Yorkshire Bank additional considerations

Most branches of Yorkshire Bank have been rebranded as Virgin Money, and like most high street banks, Virgin Money is closing a range of branches across the UK throughout 2023, with more likely to follow in the coming years.

FAQ

Is Yorkshire Bank a proper bank?

Yes, Yorkshire Bank is a legitimate bank in the UK. Established over 150 years ago, it is now one of the most trusted banking institutions in the country. It provides a range of services including current accounts, savings accounts, mortgages and investments for both personal and business customers. The bank has a strong presence within its local communities and works hard to provide excellent customer service. In addition, it has a commitment to responsible banking and is fully regulated by the Financial Conduct Authority (FCA).

How to open a Yorkshire Bank business account?

Opening a business account with Yorkshire Bank is straightforward. Depending on which type of account you are looking for, you will need to provide some information and documents such as your company name, address and contact details; proof of identity; and proof of trading activity. Once your application is approved, you will receive a confirmation letter with all the necessary information.

What fees does Yorkshire Bank charge for its business accounts?

Depending on the type of account you choose, Yorkshire Bank may charge a monthly fee for accessing their services. This could include a basic account fee or additional fees for services such as electronic banking, credit card management and more. Your business account will also be subject to other charges such as overdraft fees, cash machine withdrawal fees and international payments fees.

What services does Yorkshire Bank offer to businesses?

Yorkshire Bank offers a range of services to businesses, including current accounts, savings accounts, mortgages and investments. The bank also provides additional services such as business banking advice, foreign exchange and international payments. Business customers can also take advantage of Yorkshire Bank’s 24/7 customer support service.

What types of payments does Yorkshire Bank accept?

Yorkshire Bank accepts payments through a variety of methods. These include direct debit, standing orders, internet banking and credit/debit cards. The bank also offers foreign payments in many different currencies.

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Reviewed by , Managing Director

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