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.
Clydesdale Bank vs Yorkshire Bank
| Feature | Clydesdale Bank | Yorkshire Bank |
|---|---|---|
| Online Banking | 24/7 access, including payments and transfers | 24/7 access, balance checks, payments and transfers |
| Mobile App | Comprehensive banking services, with secure log-in | Advanced banking features, with real-time balance check |
| Business Current Account | Account management, payment solutions, cheque book | Account management, direct debits, cheque book |
| Business Savings Account | Fixed and variable rates, withdrawal charges may apply | Fixed and variable rates, withdrawal charges may apply |
| Business Loans | Variable interest rates, loans for different business sizes | Flexible loans for SMEs, variable interest rates |
| Business Credit Cards | Annual fee from £32, contactless payments | Annual fee from £30, contactless payments |
| Overdrafts | Tailored business overdrafts, interest rates apply | Arranged business overdrafts, interest rates apply |
| Cash Management Services | Solutions for payments, collections, and liquidity management | Solutions for cash flow management, payments and collections |
| Asset Finance | Hire purchase, leasing and loan facilities | Hire purchase, leasing and loan facilities |
| Trade Finance | Import and export trade finance services | Import and export trade finance services |
| Treasury Services | Risk management, foreign exchange, and interest rate solutions | Risk management, foreign exchange, and interest rate solutions |
| International Services | Comprehensive services for overseas trading | Limited services for overseas trading |
| Business Insurance | Various insurance products for business needs | Various insurance products for business needs |
| Relationship Managers | Dedicated manager for personalised advice and service | Dedicated manager for personalised advice and service |
| Branch Access | Limited network of physical branches | Wider network of physical branches |
| ATM Services | Free cash withdrawal across UK | Free cash withdrawal across UK |
| Cheque Book | Available with business current accounts | Available with business current accounts |
| Direct Debit Setup | Easy setup via online and mobile banking | Easy setup via online and mobile banking |
| Payment Solutions | Various payment solutions including BACS and CHAPS | Various payment solutions including BACS and CHAPS |
| Specialist Sector Knowledge | Expertise in sectors like agriculture, healthcare, and property | Less comprehensive sector specialisation |
| Invoice Finance | Solutions to release cash tied up in invoices | Solutions to release cash tied up in invoices |
 | 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/Service | Fees and Charges |
|---|---|
| Business Current Account | Monthly fee from £6.50, transaction fees may apply |
| Business Savings Account | No monthly fee, withdrawal charges may apply |
| Business Loans | Variable interest rates and arrangement fees |
| Overdrafts | Interest rates apply, set-up fee may apply |
| Business Credit Cards | Annual fee from £32, interest rates apply |
Unique and standout features
Clydesdale Bank stands out with its sector-specific support.
Cutting edge payroll software
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- Powerful data analytics
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- Powerful web page builder
- E-commerce available
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- Manage social media
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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/Service | Fees and Charges |
|---|---|
| Business Current Account | Monthly fee from £5, transaction fees may apply |
| Business Savings Account | No monthly fee, withdrawal charges may apply |
| Business Loans | Variable interest rates and arrangement fees |
| Overdrafts | Interest rates apply, set-up fee may apply |
| Business Credit Cards | Annual fee from £30, interest rates apply |
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
Yes, both banks offer a Current Account Switch Service that simplifies the process of switching your business bank account.
Yes, both Clydesdale Bank and Yorkshire Bank offer dedicated support and packages for start-up businesses.
A relationship manager is a banking professional who understands your business and provides personalised advice and service.
Yes, both banks offer international banking services, although Yorkshire Bank’s offerings are more limited compared to Clydesdale Bank.
Yes, both banks have mobile apps providing convenient access to banking services on the go.
Yes, both banks have fees and charges associated with their business banking services, which can vary depending on the specific product or service.
Clydesdale Bank offers green loans to encourage businesses to undertake environmentally friendly initiatives. Yorkshire Bank does not currently have specific green business products.