Clydesdale Business Banking| Fees and Account types Review

Remay Villaester (May)

Looking for a new business bank account? Clydesdale Bank could be a decent option, as it has a range of easy-to-use accounts for different business types.

Even better for small businesses, Clydesdale also offers a generous fee-free period. This means you can test out the account and keep banking expenses to a minimum.

In this guide, we’ll take a closer look at Clydesdale business banking, including account types, features and fees. If you’re currently comparing lots of different banks and accounts, this could help you make up your mind.

We’ll also touch on a money-saving alternative for international payments, which can be very expensive when using a bank. If you trade overseas or plan to in the future, Wise for Business could save you a bundle.

Types of Clydesdale business bank account

Clydesdale Bank offers a few different accounts for businesses, including options for charities, non-profits, clubs and societies.

There are two key accounts for profit-making businesses - the Clydesdale Business Current Account and the Clydesdale Business Choice Account.

Clydesdale Business Current Account

This is an everyday account available for all business types, which promises to make it simple and straightforward to manage your business finances. Better still, new businesses with an annual turnover of less than £2 million will qualify for fee-free banking (on everyday transactions) for a huge 25 months¹.

Open this account and you’ll get:²

  • Unlimited deposits and withdrawals
  • Account management via the Clydesdale business online banking portal or mobile app
  • Flexible payment options including CHAPS, Bacs and SWIFT
  • Contactless Debit Mastercard (ATM withdrawals up to £700 a day)
  • Optional overdraft
  • Access to cutting-edge digital tools
  • Access to lending and savings products, plus merchant and payment services.

Clydesdale Business Choice Account²

The Clydesdale Business Choice Account offers all the same features as the current account, but with one significant perk.

Unusually for a business current account, you can also get credit interest on your balance. The rate isn’t huge, as it’s linked to the Bank of England base rate, but it’s still good to know that your money’s working harder.

However, the fee-free 25-month period isn’t available with this account, so charges and fees will apply on many transactions.

The Business Choice Account also offers:

  • Unlimited withdrawals
  • Personal attention from a dedicated business banking contact
  • Account management via the Clydesdale business online banking portal or mobile app
  • Flexible payment options including CHAPS, Bacs and SWIFTOptional agreed overdraft
  • Contactless Debit Mastercard (ATM withdrawals up to £700 a day).

Clydesdale business banking charges and fees

Now onto the important part - how much it’ll cost you to have a Clydesdale business banking account.

Let’s take a look at the main Clydesdale business banking charges you need to know about, including international payments and withdrawals:³

Clydesdale Business Current Account Clydesdale Business Choice Account
Monthly fee £6.50 (£0 if eligible for free 25-month banking period) £6.50
Automated payments (including Direct Debits and Standing Orders) £0.30 £0.30
Manual payments (such as cheques) £0.70 £0.70
Cash paid in/out £0.65 per £100 £0.65 per £100
Debit card ATM withdrawals In GBP or EUR: Free in these currencies: Pound Sterling, Euro, Swedish Krona or Romanian Leu and 3.75% for the rest of countries within EEA All other currencies: 3.75% In GBP or EUR: Free within EEA3.75% outside EEA All other currencies: 3.75%
Debit card payments In GBP or EUR: Free in these currencies: Pound Sterling, Euro, Swedish Krona or Romanian Leu and 2.75% for the rest of countries within EEA All other currencies: 2.75% In GBP or EUR: Free in these currencies: Pound Sterling, Euro, Swedish Krona or Romanian Leu and 2.75% for the rest of countries within EEA All other currencies: 2.75%

As you can see, local transactions are cheap however, it gets expensive when there’s a currency conversion involved. In these transactions, you could consider an alternative like Wise for Business which can save you over 60% on international transfer fees compared to most high street banks. It's also up to 19x cheaper than PayPal.

You can also take advantage of a Wise Multi-currency Account to receive international payments, hold them in the currency that you need and convert and withdraw as you go via a debit card that does cheap automated conversion and other payout methods like bank transfer and direct debit.

Start saving today with Wise

How to apply for a Clydesdale business bank account

If you think a Clydesdale account could be a good fit, you can apply online at the Clydesdale Bank website. The bank claims you can complete an application in as little as 15-20 minutes⁴, provided you have the right information to hand.

You can also head into your nearest branch to complete the application in person. Remember that you’ll need to provide some supporting documents (which we’ll cover in just a moment), so make sure you have everything ready in advance to avoid delays.

What documents do I need to apply for a Clydesdale business account?

Here’s what paperwork you’ll need to provide as a minimum when opening a Clydesdale business bank account:⁵

  • Original proof of identity document such as a UK photocard driving licence or biometric residence permit. However, Clydesdale Bank may be able to carry out electronic verification checks to confirm your identity.
  • Proof of address documents such as an HMRC-issued tax notification, insurance policy or pension/benefits notification
  • Proof of business trading documents such as a lease agreement or recent utility bill for your business
  • Signing instructions for the account.

You may also be asked for additional documents for your business, such as its Certificate of Incorporation. Plus, you may have to give details relating to revenue, expected income, number of trading sites and employees, and future plans for the company.

How long does it take to open an account?

You can complete an online account application with Clydesdale business banking in as little as 15 minutes, and will need to provide any required additional information within 5 business days. Clydesdale aims to open all accounts as quickly as possible, but the time it takes to complete the process can vary.

However, you can also use the Current Account Switch Service to open a business bank account with Clydesdale. This promises to switch you to a new account within as little as 7 working days⁴.

So, that’s pretty much it - all you need to know about Clydesdale business banking.

Unless you’re a charity or non-profit, you’ll have your pick of two main accounts, and you should now be fully clued-up on the features and fees of each.

Remember, choosing the right business bank account is a big decision. It’s important to get it right, as it could affect the day-to-day running of your company. Make sure to take your time reading the small print and comparing fees very carefully, before signing up for a new account.

Sources used for this article:

  1. Clydesdale Bank Website
  2. Clydesdale Bank Account Comparison page
  3. Clydesdale Bank Business banking Tariff
  4. Clydesdale Bank Business Current account
  5. Clydesdale Bank Business Current account services

Sources checked on 10-March-2021.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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