With a widespread network of branches that are equipped to deal with your business queries and a full range of business banking products, Yorkshire Bank is great if you like banking in person and being fully supported throughout your journey.
Compare Yorkshire Bank’s business accounts
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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.
- Professional Firms Client Account. Designed to help professional firms hold money for their clients.
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.
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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
Pros and cons of a Yorkshire Bank business account
- 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.
- 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.
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.
Get started by visiting Yorkshire Bank’s website and sign up for an account. If you have read this review and decided that Yorkshire Bank’s account is not for you, you can also compare other business bank accounts on the market.
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