Yorkshire Bank business banking
Yorkshire Bank was a UK-based retail and commercial bank, offering personal and business banking services. It was part of CYBG Group, which merged with Virgin Money in 2018, leading to a rebrand under the Virgin Money name.
Key features of Yorkshire Bank (prior to rebrand)
1. Personal and business current accounts
- Personal current accounts: Offered standard, student, and savings-linked accounts.
- Business banking accounts: Available for SMEs and corporate customers.
- FSCS protection up to £85,000: Ensured deposit security.
- Classic Current Account: No monthly fees with standard banking features.
- Overdraft and credit facilities: Subject to approval and eligibility.
2. Business lending and commercial finance
- Business loans: Borrow from £1,000 to £10 million.
- Commercial mortgages: Financing for property acquisitions.
- Invoice finance: Unlocks cash flow from unpaid invoices.
- Asset finance: Helps businesses acquire essential equipment.
3. Savings and investment products
- Instant access savings: Flexible withdrawal options.
- Fixed-term savings: Competitive interest rates for long-term deposits.
- Cash ISAs: Tax-free savings for individuals.
- Business savings accounts: Secure fund management for corporate clients.
4. Digital and mobile banking
- Yorkshire Bank mobile app: Secure banking with real-time transaction updates.
- Online banking: Full functionality for personal and business accounts.
- Integration with accounting software: Worked with Xero, QuickBooks, and Sage.
- Fraud detection and security tools: Biometric login, encryption, and instant alerts.
5. International banking services
- Foreign currency accounts: Held and transacted in multiple currencies.
- International payments: Supported SWIFT, SEPA, and FX services.
- Trade finance: Solutions for import/export businesses.
Yorkshire Bank fees and pricing
1. Personal and business current account fees
| Account Type | Monthly Fee | Overdraft Charges | Additional Benefits |
|---|---|---|---|
| Classic Current Account | £0 | Variable | Standard banking features |
| Business Current Account | £0 – £6.50 | Variable | Free banking for 25 months for startups |
2. Transaction fees
- UK bank transfers: Free for most accounts.
- International transfers: Fees applied based on currency and transfer method.
- ATM withdrawals: Free in the UK; fees applied abroad.
3. Lending fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Early repayment fees: Applied to fixed-term business loans.
- Invoice finance fees: Charged as a percentage of invoice value.
Pros and cons of Yorkshire Bank
Pros
- FSCS protection up to £85,000.
- Competitive savings and business lending rates.
- No monthly fees on basic personal accounts.
- Strong digital banking features with a user-friendly app.
- Wide range of business finance solutions.
Cons
- Rebranded as Virgin Money, meaning Yorkshire Bank accounts are no longer available.
- Business account fees applied after the free period.
- Higher international transaction fees compared to fintech banks.
- Limited branch presence after rebranding.
How Yorkshire Bank compared to competitors (prior to rebrand)
| Feature | Yorkshire Bank | Barclays | HSBC | NatWest |
|---|---|---|---|---|
| Personal current accounts | Yes | Yes | Yes | Yes |
| Business banking | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Digital banking | Yes | Yes | Yes | Yes |
| International banking | Yes | Yes | Yes | Yes |
| Cashback rewards | No | No | No | No |
| Ideal for | Individuals, SMEs, startups | Startups, SMEs | Global businesses | UK-based businesses |
Transition to Virgin Money
Since the 2018 CYBG-Virgin Money merger, Yorkshire Bank customers were gradually transitioned to Virgin Money. Key changes include:
- Yorkshire Bank branches rebranded as Virgin Money.
- Existing customers migrated to Virgin Money’s banking systems.
- New customers directed to open Virgin Money accounts instead of Yorkshire Bank products.
Who should use Virgin Money (formerly Yorkshire Bank)?
- Individuals looking for interest-earning current accounts.
- Startups and SMEs needing affordable business banking solutions.
- Businesses engaged in international trade requiring multi-currency accounts.
- Customers preferring a mix of digital and in-branch banking support.
Our verdict
Yorkshire Bank was a trusted UK bank offering a mix of personal, business, and savings accounts with a strong digital banking platform. Since its rebranding to Virgin Money, customers now benefit from modern digital banking features, business finance solutions, and FSCS protection under the Virgin Money brand.
For those seeking a well-rounded banking experience with strong digital services, Virgin Money (formerly Yorkshire Bank) remains a competitive option in the UK banking market.