Considering Clydesdale business banking? Clydesdale Bank is a famous and reputable name in Scottish banking that built a presence throughout the UK for over 100 years.
Today you are unlikely to find many branches of Clydesdale Bank, as this institution merged with Virgin Money in 2018 and has since undergone a rebrand under the famous red-and-white banner.
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This could be seen as an advantage, as it means that anybody interested in a Clydesdale Bank account will benefit from everything that Virgin Money has to offer, but if you prefer not to use this parent company for your business banking needs you will need to look elsewhere.
Clydesdale Bank business banking services
- Pros and cons
- Business current accounts
- Business overdrafts
- Business savings accounts
- Clydesdale Bank at a glance
- Clydesdale Bank business finance and loans
- Clydesdale Bank reviews
- Clydesdale Bank business eligibility criteria
- Clydesdale Bank business finance alternatives
- Clydesdale Bank additional considerations
- FAQ
Pros and cons of Clydesdale Bank for business services
| Pros of Clydesdale Bank | Cons of Clydesdale Bank |
|---|---|
| ✓ Choice of all Virgin Money’s account options | ✗ You will be forced to bank with Virgin Money |
| ✓ Competitive pricing structures | ✗ Virgin Money Android app is not the most reliable |
| ✓ Lending streams are available | ✗ Virgin Money is closing branches throughout the UK |
| ✗ Poor online reviews (Virgin Money does not fare much better) |
Business current accounts
Clydesdale Bank offers a choice of three accounts to business customers, all of which fall under the Virgin Money branding. All these accounts come with a Virgin Money MasterCard debit card with offers discounts at select retailers, and all can be integrated with third-party accounting software.
M Account for Business
This is Virgin Money’s online-only account, managed exclusively through a smartphone app. There are no fees attached to the M Account outside of paying 90p for every £100 of cash, and you can still apply for an overdraft if you wish. You will also receive 0.25% cashback on any purchase made with your debit card. The snag is that you will not be able to conduct any banking over the counter at a branch of Clydesdale Bank (if applicable) or Virgin Money.
Virgin Money Business Account
The standard Virgin Money business account, free for 25 months before a monthly fee of £6.50 kicks in. You’ll also pay a 30p fee on any automated electronic transfers in and out of your account after this time, rising to 70p for manual transfers, and additional charges if you wish to trade in cash or cheques. Cashback on debit card transactions rises to 0.35% with this account, and you can visit a branch of Clydesdale Bank or Virgin Money to manage your account if necessary.
Virgin Money Business Choice Account
As above, but exclusively for a business with a turnover that exceeds £6,500,00 PA.
Business overdrafts
Clydesdale Bank, via Virgin Money, offers business overdrafts of up to £25,000. The representative EAR is 13.30%, and a set-up fee of at least £125 (or 2.5% of the overdraft limit if this is higher) will be charged.
Business savings accounts
Clydesdale Bank offers a range of savings accounts to business customers through Virgin Money:
- Business Cash Management Account
- Business Access Savings Account
- 30 Day Business Notice Account
- 65 Day Business Notice Account
- 95 Day Business Notice Account
- 120 Day Business Notice Account
- 3 Month Business Term Deposit Account
- 6 Month Business Term Deposit Account
- 12 Month Business Term Deposit Account
- 18 Month Business Term Deposit Account
- 24 Month Business Term Deposit Account
- One Year Fixed Rate Savings Account
- Two Year Fixed Rate Savings Account
Business Cash Management Account
Part of the Virgin Money Business Account, you will earn interest at a rate of 0.04% (paid quarterly) and access your money at any time. This savings account has no minimum deposit or balance.
Business Access Savings Account
A standalone savings account that offers an interest rate of 1.41% on balances between £1 and £2,000,000. Money can be withdrawn online or at a branch of Virgin Money at any time.
30 Day Business Notice Account
An interest rate of 1.51%. Money can be withdrawn through BACS with 30 days of notice.
65 Day Business Notice Account
An interest rate of 1.71%. Money can be withdrawn through BACS with 65 days of notice.
95 Day Business Notice Account
An interest rate of 2.78%. Money can be withdrawn through BACS with 95 days of notice.
120 Day Business Notice Account
An interest rate of 3.04%. Money can be withdrawn through BACS with 120 days of notice.
3 Month Business Term Deposit Account
Save between £10,000 and £25,000,000 for three months and enjoy an interest rate of 1.71%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.
6 Month Business Term Deposit Account
Save between £10,000 and £25,000,000 for six months and enjoy an interest rate of 2.92%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.
12 Month Business Term Deposit Account
Save between £10,000 and £25,000,000 for one year and enjoy an interest rate of 3.75%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.
18 Month Business Term Deposit Account
Save between £10,000 and £25,000,000 for 18 months and enjoy an interest rate of 4%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.
24 Month Business Term Deposit Account
Save between £10,000 and £25,000,000 for two years and enjoy an interest rate of 4.10%. These funds will not be accessible for the duration of this term, and you will not be able to add more money to the savings pot.
One Year Fixed Rate Savings Account
Save up to £2,000,000 (no minimum deposit) for one year at an interest rate of 3.75%, payable upon maturation of the savings bond. After a year, this will convert to a variable rate savings account.
Two Year Fixed Rate Savings Account
Save up to £2,000,000 (no minimum deposit) for two years at an interest rate of 4.10%, payable upon maturation of the savings bond. After two years, this will convert to a variable rate savings account.
Clydesdale Bank at a glance
| Phone number | 0800 121 7365 |
| App downloads | iOS; Android (Virgin Money apps) |
| Website | https://secure.cbonline.co.uk/business |
| Number of branches | 131, most of which are now Virgin Money |
| FSCS protected? | Yes |
| Founded | 1838, Glasgow – taken over by Virgin Money in 2018 |
Clydesdale Bank business finance and loans
In addition to business current accounts and savings accounts, Clydesdale Bank offers the following products to business customers through Virgin Money:
Base rate business loan
Borrow between £10,000 and £10,000,000 for up to 20 years at a representative APR of 13.30%.
Fixed rate business loan
Borrow between £25,001 and £10,000 at a fixed interest rate for at least five years – after this you will be moved to a base rate loan. Make repayments monthly or quarterly.
SONIA business loans
A business with turnover that exceeds £6,500,000 PA can apply for a Sterling Overnight Index Average loan for £2,500,000 or more. Interest rates will be variable, defined by the Bank of England base rate.
Asset finance
Borrow from Clydesdale Bank to fund the purchase of a major asset and own it outright upon repayment in full (plus an ownership fee) or arrange for Clydesdale Bank to purchase the asset and lease it from the bank.
Clydesdale Bank reviews
What are other business banking customers saying about Clydesdale Bank? Be aware that Virgin Money scores even lower on these platforms.
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 1.2/5 | 324 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | 3.72/5 | 80 |
| Which? | Not reviewed | N/A |
| Average score | 2.46/5 | 404 |
Clydesdale Bank business eligibility criteria
Clydesdale Bank and Virgin Money operate the same eligibility criteria for opening a business account as most high street banks. You must be 18 or older, based in the UK, and prove that you are a taxpaying sole trader or owner of an SME listed on Companies House. Applications for credit will be assessed on a case-by-case basis.
Clydesdale Bank business finance alternatives
If you are not comfortable with the idea of being forced to bank with Virgin Money when you wanted a Clydesdale Bank business account, investigate other established names like HSBC, NatWest, the Royal Bank of Scotland, or Lloyds.
Clydesdale Bank additional considerations
Most branches of Clydesdale Bank have been rebranded as Virgin Money, and like most high street banks, Virgin Money is closing a range of branches across the UK throughout 2023, with more likely to follow in the coming years.
FAQ
Yes, Clydesdale Bank is a proper bank. It is one of the oldest banks in Scotland and has been providing banking services since 1838. The bank operates across the UK, offering retail banking services such as current accounts, savings accounts, loans and mortgages to its customers. Additionally, it has a range of products for businesses that include business current accounts, business savings and corporate banking.
Opening a business account with Clydesdale Bank is easy. All you need to do is fill out the online application form, provide anti-money laundering documentation and a proof of identity. Once your application has been approved, you can access a range of banking services such as payment processing and card transactions.
Clydesdale Bank charges a fee for its business account services. This includes a monthly maintenance charge, an overdraft facility charge and fees for certain transactions such as cash deposits, withdrawals and payments via Direct Debit.
Clydesdale Bank offers a range of banking services to businesses including payment processing, card transactions, international payments and more. Additionally, the bank has specialist products for small and medium-sized businesses that include business loans, overdrafts and merchant services.
Clydesdale Bank accepts a variety of payments, including debit and credit cards, standing orders and direct debits. It also offers real-time banking services such as Faster Payments, CHAPS and SEPA Direct Debit. Additionally, it can accept international payments in various currencies.