Looking for Clydesdale business banking? Clydesdale Bank was initially formed in Glasgow back in 1838, and the brand still exists as a name in the financial world. However, while some branches of Clydesdale Bank still exist on the UK high street, this institution merged with Virgin Money in 2018, so it is less prominent than it once was. If you’re looking for a branch of Clydesdale Bank, you’ll likely find that it has had a Virgin-centric rebrand.
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Does Clydesdale Bank support business banking?
If you’re looking to open a business bank account, you will be invited to do so via Clydesdale Bank – though the options are the same as those provided by Virgin Money, so it may be easier to head straight to the parent company.
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Is my company eligible for a Clydesdale Bank business bank account?
It’s likely that your business will be welcome to open a Clydesdale Bank business account, though the branding will come through under the banner of Virgin Money, assuming you meet the criteria laid out by the bank.
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The usual caveats here apply – you will need to be a UK resident aged 18 or over, register as a sole trader of a person of control within a business listed on Companies House, not operate in an industry that is considered high risk by the financial sector, and enjoy a clean credit history devoid of active IVAs, CCJs, or bankruptcy.
What business banking accounts does Clydesdale Bank offer?
There are three accounts available through Virgin Money for any business customer that wishes to open an account through Clydesdale Bank.
| Business bank account name | What is it? |
|---|---|
| M Account for Business | This account runs exclusively through an app, with no in-branch support. It’s designed for use by sole traders or very small SMEs with a turnover below 1m per year. You will be entitled to a business overdraft, though. |
| Business Current Account | This is the standard business account, which will be suitable for most SMEs. Opening this account will allow you access to all manner of perks and lending streams and access to over-the-counter support in a branch of Virgin Money. |
| Business Choice Account | If your turnover exceeds £6.5m per year, you’ll be eligible for Virgin Money’s Business Choice Account. In many respects, this does not differ from the Business Choice account, though you will understandably be treated like royalty! |
The M Account is devoid of monthly charges, and a Business Current Account is free for 25 months. After this, you’ll need to pay a monthly charge of £6.50. That’s still quite cost-effective compared to most high street banks.
If you open a business account, you’ll also have access to Virgin Money’s lending streams. We have already discussed the availability of an overdraft, but you can also apply for an unsecured business loan or business finance to manage your cashflow.
How do I set up a Clydesdale Bank business bank account?
If you wish to bank through Clydesdale, you’ll need to head to the Virgin Money website and create the process from there. Alternatively, track down your local branch of Virgin Money and discuss your needs in person. The latter approach will always result in a faster response.
What are the advantages of setting up a Clydesdale Bank business bank account?
While there are fees associated with the Business Account of Clydesdale Bank through Virgin Money, these are lower than many levied by rival high street institutions.
Opening a Business Account provides access to Virgin Startup, providing support to SMEs in the form of advice and financial assistance where necessary.
Clydesdale Bank’s gradual rebrand as Virgin Money does not mean your money is at risk – all your accounting will still be regulated by the FCA and protected by the FSCS.
What are the drawbacks of setting up a Clydesdale Bank business bank account?
If you wish to sign up for a Clydesdale Bank account, you’ll have no choice but to actually bank with Virgin Money. That may not be what you signed up for, especially as this is a comparatively young bank when compared to other high street names.
Even with the digital-specific M Account, online banking is a little shaky and the app (especially on Android) is considered substandard. You may be better off with a similarly limited but fee-free challenger bank account like Mettle if you’re happy to conduct all your business over a smartphone.
What fees are involved with running a Clydesdale Bank business bank account?
We previously mentioned that there are no fees associated with using an M Account for Business. In addition to a lack of monthly subscription fees, you will not be charged for your day-to-day transactions.
If you have a Business Account, expect to face the following charges once the 25-month grace period expires.
| Type of transaction | Fee or charge |
|---|---|
| Automated debits and credits | 30p per transaction |
| Manual debits and credits | 70p per transaction |
| Outgoing cheque payments | 30p per cheque |
| Over-the-counter cash deposits and withdrawals | 65p per £100 |
Interest is obviously charged on any lending you take out through Clydesdale Bank via Virgin Money. Interest rates will be assigned based on your personal circumstances.
These fees may be countered by discounts offered by using your business debit card, as some retailers will provide discounts when you pay using your debit MasterCard. Be aware that this card is not a prepaid expense card, so you’ll need to ensure you have sufficient balance to cover your spending.
What is Clydesdale Bank’s reputation among business banking customers?
Clydesdale Bank struggles with its reputation online, with a TrustPilot score of 1.2 from 5 on an unclaimed profile. This is considered a Bad score, and customer service appears to be a frequent bugbear – though it appears to be personal customers that frequently leave these missives, so bear that in mind.
But wait! How does Virgin Money fare on the same site? Unfortunately, this does not make for better reading. This brand has the same score of 1.2, this time pulled from over 5,000 reviews on an official, claimed profile. Again, users complain about customer service, while many users also declare the mobile app outdated and sluggish.
Summary
Clydesdale Bank is a famous name in banking, especially north of the border, but the rebrand and association with Virgin Media could be considered a curse as much as a blessing. The limitations imposed by working with a high street giant will be present and correct, but these days Clydesdale Bank is comparable in size to a Co-operative Bank or Metro Bank, meaning that you may be better off with one of these smaller choices.