Clydesdale Bank vs Yorkshire Bank for business banking

Updated on 7 August 2023

In the competitive world of business banking, two stand-out contenders are Clydesdale Bank vs Yorkshire Bank. Both provide a broad array of services tailored to businesses, with a strong focus on supporting local communities. Each has its unique offerings and merits, and this article will conduct a comprehensive comparison to aid businesses in making an informed choice between these two stalwarts of UK banking.

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Clydesdale Bank vs Yorkshire Bank

FeatureClydesdale BankYorkshire Bank
Online Banking24/7 access, including payments and transfers24/7 access, balance checks, payments and transfers
Mobile AppComprehensive banking services, with secure log-inAdvanced banking features, with real-time balance check
Business Current AccountAccount management, payment solutions, cheque bookAccount management, direct debits, cheque book
Business Savings AccountFixed and variable rates, withdrawal charges may applyFixed and variable rates, withdrawal charges may apply
Business LoansVariable interest rates, loans for different business sizesFlexible loans for SMEs, variable interest rates
Business Credit CardsAnnual fee from £32, contactless paymentsAnnual fee from £30, contactless payments
OverdraftsTailored business overdrafts, interest rates applyArranged business overdrafts, interest rates apply
Cash Management ServicesSolutions for payments, collections, and liquidity managementSolutions for cash flow management, payments and collections
Asset FinanceHire purchase, leasing and loan facilitiesHire purchase, leasing and loan facilities
Trade FinanceImport and export trade finance servicesImport and export trade finance services
Treasury ServicesRisk management, foreign exchange, and interest rate solutionsRisk management, foreign exchange, and interest rate solutions
International ServicesComprehensive services for overseas tradingLimited services for overseas trading
Business InsuranceVarious insurance products for business needsVarious insurance products for business needs
Relationship ManagersDedicated manager for personalised advice and serviceDedicated manager for personalised advice and service
Branch AccessLimited network of physical branchesWider network of physical branches
ATM ServicesFree cash withdrawal across UKFree cash withdrawal across UK
Cheque BookAvailable with business current accountsAvailable with business current accounts
Direct Debit SetupEasy setup via online and mobile bankingEasy setup via online and mobile banking
Payment SolutionsVarious payment solutions including BACS and CHAPSVarious payment solutions including BACS and CHAPS
Specialist Sector KnowledgeExpertise in sectors like agriculture, healthcare, and propertyLess comprehensive sector specialisation
Invoice FinanceSolutions to release cash tied up in invoicesSolutions to release cash tied up in invoices
Clydesdale Bank vs Yorkshire Bank

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
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Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
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Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Clydesdale Bank

Clydesdale Bank, established in 1838, has a long-standing history of serving businesses across the UK. It offers a wide range of services including current accounts, savings, loans, and credit cards tailored to business needs.

Pros and cons

Pros

  • Comprehensive product range: From current accounts to specialised financing options, Clydesdale offers a holistic suite of banking services.
  • Strong customer service: Clydesdale is recognised for its high-quality customer service, with dedicated relationship managers for business customers.
  • Online and mobile banking: Provides 24/7 access and control over your business finances.
  • Specialist support: Offers sector-specific expertise and guidance.

Cons

  • Limited physical presence: Although online services are robust, the bank’s physical branch network is not as extensive as some competitors.
  • Some products require relationship manager interaction: While many services are online, some require interaction with a relationship manager, potentially delaying decisions.

Table of fees and charges

Product/ServiceFees and Charges
Business Current AccountMonthly fee from £6.50, transaction fees may apply
Business Savings AccountNo monthly fee, withdrawal charges may apply
Business LoansVariable interest rates and arrangement fees
OverdraftsInterest rates apply, set-up fee may apply
Business Credit CardsAnnual fee from £32, interest rates apply
Clydesdale Bank fees and charges

Unique and standout features

Clydesdale Bank stands out with its sector-specific support.

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They offer specialist knowledge in areas such as agriculture, healthcare, and property.

This allows businesses to benefit from the bank’s experience and insights in these sectors, leading to more informed financial decisions.

Clydesdale Bank also has a strong commitment to sustainability.

They offer green loans to businesses, encouraging environmentally friendly initiatives.

This is particularly valuable for businesses committed to reducing their carbon footprint or those operating in the renewable energy sector.

Yorkshire Bank

Founded in 1859, Yorkshire Bank has a long heritage of supporting businesses across the North of England and beyond. It offers a comprehensive suite of business banking products and has a strong customer service ethos.

Pros and cons

Pros

  • Wide range of services: Yorkshire Bank provides all the essential business banking services, from current accounts to loans and credit cards.
  • Strong customer service: Recognised for its commitment to quality customer service, including dedicated relationship managers for businesses.
  • Local banking ethos: Yorkshire Bank takes pride in its local connections, offering tailored support to businesses in the regions it serves.

Cons

  • Limited international services: While the bank provides extensive UK-focused services, its international banking offerings are somewhat limited.
  • Fewer specialist sectors: Compared to Clydesdale, Yorkshire Bank offers fewer specialist sector services.

Table of fees and charges

Product/ServiceFees and Charges
Business Current AccountMonthly fee from £5, transaction fees may apply
Business Savings AccountNo monthly fee, withdrawal charges may apply
Business LoansVariable interest rates and arrangement fees
OverdraftsInterest rates apply, set-up fee may apply
Business Credit CardsAnnual fee from £30, interest rates apply
Yorkshire Bank fees and charges

Unique and standout features

Yorkshire Bank places a strong emphasis on local community banking.

This local ethos means the bank often has a deep understanding of the economic landscape in the areas it serves.

It can provide businesses with regional insights, which could be particularly useful for smaller businesses or those focused on serving their local communities.

The bank also provides a digital banking platform, B, which offers an innovative approach to manage business finances.

It provides real-time access to accounts, useful financial insights, and the ability to set budgeting goals.

Conclusion – Clydesdale Bank vs Yorkshire Bank

Both Clydesdale Bank and Yorkshire Bank provide a comprehensive suite of business banking services, each with their unique advantages.

Clydesdale stands out with its sector-specific expertise and sustainability initiatives.

Yorkshire Bank, on the other hand, offers localised insights and an innovative digital banking platform.

Choosing between the two banks would largely depend on the specific needs and values of your business.

If sector-specific advice and green initiatives align with your business needs, Clydesdale might be a better fit.

If local insights and digital banking innovation resonate more, then Yorkshire Bank would be the better choice.

FAQ

Can I switch my business account from one bank to another?

Yes, both banks offer a Current Account Switch Service that simplifies the process of switching your business bank account.

Do the banks offer support for start-ups?

Yes, both Clydesdale Bank and Yorkshire Bank offer dedicated support and packages for start-up businesses.

What is a relationship manager?

A relationship manager is a banking professional who understands your business and provides personalised advice and service.

Can I access international banking services?

Yes, both banks offer international banking services, although Yorkshire Bank’s offerings are more limited compared to Clydesdale Bank.

Do the banks offer mobile banking?

Yes, both banks have mobile apps providing convenient access to banking services on the go.

Are there fees associated with business banking?

Yes, both banks have fees and charges associated with their business banking services, which can vary depending on the specific product or service.

Do the banks provide any environmentally friendly initiatives?

Clydesdale Bank offers green loans to encourage businesses to undertake environmentally friendly initiatives. Yorkshire Bank does not currently have specific green business products.

Reviewed by , Managing Director

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