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Yorkshire Bank business accounts
Choose between a few business account options and see if you qualify for two years of free banking.
What's in this guide?
What types of business accounts does Yorkshire Bank offer?
If you run a small business, you can choose between two types of business current accounts:
- Standard account. You can get 25 months of free business banking with this account if you are a startup or are switching your existing business account to Yorkshire Bank.
- Business Choice Account. There’s no free banking option here, but you can choose to have interest paid on your balance instead, although it’s not a lot.
Yorkshire Bank also offers bespoke banking services to bigger businesses (commercial banking). You’ll have to get in touch with the bank to see what it can offer you.
Yorkshire Bank business accounts charges
If you qualify for the free banking offer, your bank account won’t cost you a single penny – at least for the first couple of years. However, if you don’t, or once the introductory offer is over, you should expect a few different fees:
- Monthly fee. This is a fixed fee that is charged every month no matter how much you use the account.
- Account transaction fees. Fees apply for most transactions made from and to the account, such as direct debits and cash deposits.
- Foreign transaction fees. If you use the debit card abroad, either to make a card payment or to withdraw cash from an ATM, you’ll be charged a fee (the amount will be a percentage of your transaction).
You can see the full list of charges on Yorkshire Bank’s business tariff page.
The benefits of a Yorkshire Bank business account
- Free introductory offer. If you qualify, there will be no monthly fees or transaction fees for 25 months. There’s a yearly limit of £250,000 paid in, paid out or exchanged though. Also, remember to set an alarm on your calendar for when the offer expires.
- Multiple ways to bank. Yorkshire Bank’s strong point is the ability to bank in person, but the online banking and the mobile app also do the job with grace.
- A wide range of related financial products available. Yorkshire Bank also offers various savings accounts and borrowing facilities.
- Interest on your balance. If you don’t qualify for the free banking option, you can earn interest on your balance. It’s far from stellar, but it’s an uncommon feature for business accounts.
- International banking solutions available. If you trade overseas, a standard business account won’t cut it, but Yorkshire Bank has a dedicated international section that should be able to help.
- Dedicated customer service. Business banking helplines are open weekdays during working hours, and self-service telephone banking is available 24/7.
- Accounting software integration. You can connect to accounting software, such as Xero, QuickBooks and FreeAgent.
How to apply for a Yorkshire Bank business account
You can apply online or in branch. Yorkshire Bank says the online application should take around 15 minutes.
Here’s a basic list of the information and documents you’ll need:
- Your personal details, proof of identity and proof of address
- Three years of address history
- Details of any other director of your business
- Your business’s details, including proof of address
- Business registration number
- Date and certificate of incorporation
- Business turnover and tax information
- Previous banking details if you have them/are looking to switch
How to compare business accounts
- Cost. Free business banking isn’t exactly easy to find and business current accounts tend to have complicated pricing structures, so it’s pivotal that you think about how many transactions a month you make and in which form (card payment, cash withdrawal or bank transfer) to figure out the overall yearly cost of the accounts you’re comparing.
- Type of business. You want something that matches your specific needs, especially if you operate in a specific sector such as, say, agriculture.
- Cash. If you take a lot of cash payments and need to load cash into your account, you’ll want to make sure that you have a bank branch nearby.
- Ways to bank. Do you prefer banking in person, on the phone, online or via mobile app? Many banks will offer all of these options, but some won’t. And in many cases, the quality of the service may not be equally good. It’s worth doing a bit of research before applying.
- Travelling/trading abroad. It will be expensive with a standard account, so if you do it often, you’ll want to find a dedicated deal.
- Accepting payments. Do you need to set up card payment terminals as well as a business account?
- Accounting software integration. If you’re managing a small business, being able to do banking and accounting from the same place makes things much easier.
- Related products. If you need a savings account, insurance or help with financing your business, check to see which banks offer all these services.
Pros and cons of a Yorkshire Bank business account
Pros
- Branch network if you prefer to bank in person.
- 25 months’ free business banking.
- You can connect to accounting software.
- Other financial services available, such as borrowing.
Cons
- Once the free banking period ends you’ll need to pay a monthly fee.
- If you travel or trade internationally, other business accounts might be better for you.
Our verdict
Yorkshire Bank business accounts are a solid choice if you’re looking for a bank with a branch network and one that offers a full range of financial products, such as business loans. The 25 months’ free day-to-day banking is an appealing offer, although you’ll have to decide it you want to keep the account after this introductory period ends. If you trade overseas or travel extensively, there might be more suitable accounts out there for you.
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Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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