Yorkshire Business Bank Account: What you should know

Remay Villaester (May)

Yorkshire Bank promises innovative online and mobile banking, to help you manage your finances on the move. You’ll also get specialist support from expert business banking advisors, and a free banking period to boot.¹

In this guide, we’ll take a look at the business accounts available at Yorkshire Bank. We’ll cover everything from features and services to fees, including how much international payments will cost you. We’ll also show you how a multi-currency account could save you money on international payments.

What kind of business bank account does Yorkshire offer?

There are two main business bank accounts to choose from at Yorkshire Bank.

The first is its standard Business Current Account, which offers²:

  • 25 months’ free banking for startups and switchers¹, provided your business has a turnover under £2m
  • Phone, online and mobile banking
  • Apple Pay and Google Pay
  • Optional agreed overdraft limit
  • Unlimited deposits and withdrawals¹.

To apply for this Yorkshire business bank account, you’ll need to be over 18 and have an eligible business that is based and operates in the UK. Your annual turnover should be less than £6.5 million and your business has a straightforward and clearly defined business structure³.

There’s also the Yorkshire Business Choice Account². This flexible account offers all the same features and benefits as the Business Current Account, but with the added bonus of base-rate-linked credit interest.

And while both accounts are available to all businesses, the free banking period for start-ups and small businesses doesn’t apply to the Business Choice Account.

In addition, Yorkshire Bank offers a range of specialist accounts for clubs, societies, registered charities and non-profit organisations².

Does Yorkshire offer a business debit/credit card?

All business bank accounts with Yorkshire Bank come with a Contactless Debit MasterCard.

Using this, you can cover your business expenses and everyday spending. What’s more, you can withdraw up to £700 cash a day from an ATM².

Can you make international payments with Yorkshire?

Like many banks, Yorkshire will let you make international payments with any of their business bank accounts.

This is good news for businesses who trade overseas, or simply need to purchase supplies from another country. But it’s important to check the fees and charges for international payments carefully before choosing a new bank account.

We’ll cover the international transfer fees with Yorkshire Bank in the next section, but you should also pay attention to the exchange rates.

When you send money through your bank to another country, the currency will need to be converted. It’s common for a mark-up to be applied to the exchange rate. This leaves the overall rate pretty poor, which can make your transfer more expensive overall.

Check the fees and compare it with alternatives like Wise who offers fast cross currency transfers at the real exchange rate for a small fee.

How much does it cost to have a Yorkshire business account?

Now, let’s get down to what really matters when choosing a business bank account – the fees.

Of course, the convenience and features of your new bank account are just as important. But it’s always worth scrutinising the small print to see how much a bank account will cost you to use. It’s a good idea to focus on the transaction types your business relies on.

Here’s a quick rundown of the main fees⁴ for a Yorkshire Bank business account:

Service or transaction type Fee
Monthly account fee £6.50 (free for 25 months for new businesses and established small businesses switching to Yorkshire)
Cash and cheque deposits £0.65 for cash£0.70 for cheques
Electronic payments within the UK (including Direct Debits and Standing Orders) £0.30
CHAPS payment (same day) £25
International transfers - sending £20-£25 per transation⁵
International transfers - receiving Free to £7 (for transfers of £100+ in any currency)
Business debit card cash withdrawals Free within the EEA and UK, between 3.75% of transaction value for outside the EEA.
Business debit card payments Free within the EEA and UK, between 2.75% UK, between 2.75% outside the EEA
Borrowing charges 29.25% per year (£25 daily fee for unplanned borrowing)

How to save money on international payments?

transferwise borderless account

Sending and receiving money internationally using your bank can be a little pricey. And that’s not to mention unfavourable exchange rates, or fees charged by the receiving bank in another country.

Luckily, there is a better alternative. Open a Wise multi-currency account and you can send, spend and receive 40+ currencies all in the one place.

You’ll only pay small, transparent fixed fees to send money abroad, and you’re guaranteed the real, mid-market exchange rate. This makes paying overseas suppliers and covering international business expenses cheaper – and the savings can soon stack up.

You can receive money in GBP, EUR, USD, AUD, NZD, PLN, SGD, HUF, TRY and CAD for free, invoice like a local and even spend in the local currency with a Wise Business Debit Card. Seamlessly integrate your Wise Borderless account with accounting software like Xero and Quickbooks, to make managing your money that much easier.

In short, Wise offers so much more for international businesses than banks. You can convert between currencies for tiny fees, seamless integration with accounting software such as Xero and Quickbooks to automate payments with a powerful open API.

Get a multi-currency account

So, if you’re looking for a new business bank account, you should now have a better idea of the options available at Yorkshire Bank. You have the fees and charges at your fingertips, and can compare features and services to see which ones your business needs.

But remember, there are alternatives out there for certain business-critical services – such as international transfers. By taking advantage of handy solutions like Wise, you can save money where it really counts.

Sources used:

  1. Yorkshire Bank website
  2. Yorkshire Bank website - Business account types
  3. Yorkshire Bank page - business account opening guide
  4. Yorkshire Bank Business Banking Tariff
  5. Yorkshire Bank International Tariff

Sources checked on 21-January 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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