This blog answers the question “What Range Of Benefits Can Members at Yorkshire Bank Get?”Yorkshire Bank offers its members a wide range of savings accounts as well as generous business and corporate investment loans for business account holders. Yorkshire Bank focuses its efforts on helping small and medium sized businesses to grow
What Range of Benefits Can Members at Yorkshire Bank Get?
Members at Yorkshire Bank can get the following benefits:
- Taking out Yorkshire Bank’s Business Loan for your business, which offers you upto £10 million payable within a period of 5 years (at a fixed interest rate)
- Availing the option of borrowing finances to purchase building, plants and equipment through Yorkshire Bank’s Corporate Investment Loan
- Getting loans for your small business through the Enterprise Finance Guarantee Scheme
- Getting a pension plan under the Local Government Pension Scheme
- Using the Yorkshire bank app to access all your payments and for viewing your account balance instantly.
Why should I choose a Yorkshire Bank Business Loan?
Yorkshire Bank’s business loan gives you £25001 to £10,000,000 payable for a period of up to 15 years at a variable rate, and loans to be returned after 5 years at a fixed rate. The Yorkshire Bank Online Business Loan also offers the following benefits:
- No loan arrangement fees to pay
- A fixed rate of interest is charged for the Business loan
What are the benefits of Yorkshire Bank’s Corporate Investment Loan?
Yorkshire Bank’s Corporate Investment Loan is offered for businesses which own their corporate offices. It is offered at a variable interest rate.You can borrow amounts between £25,000 and £1.2 million, over a period of 1 to 10 years. An option for interest free repayments of 1 to 5 years exists. This loan can help a business to make purchases of buildings, land or equipment for improving its balance sheet position.
Yorkshire Bank also offers fixed term loans for entrepreneurs who require capital for that certain period. The company can also use a yorkshire bank fixed term loan to acquire another business.
The Enterprise Finance Guarantee Scheme (for small businesses) is also available for medium and long term investments. This government scheme is offered by Yorkshire Bank to its members. It is helpful for small and medium sized businesses who have no assets of their own to use as collateral on a big loan. Businesses are required to have a turnover of at least £41 million a year to apply.
What are the benefits of using the Yorkshire Bank App?
Yorkshire bank has a mobile app available on Android and iOS platforms. You can use this app for accessing the following services:
- Checking your Yorkshire Bank Account’s balance
- For viewing the recent transactions made from your payment cards
- For transferring money between your Yorkshire Bank accounts
- For making payments to other countries
- For setting up notifications for transactions and other actions
Members of Yorkshire Bank can make transactions of up to 30,000 per day (online)
What customer support options are available to members of Yorkshire Bank?
Customer support channels are available through telephone and social media. Members within the UK can call on 08004561247 from Monday to Saturday 8 am to 8 pm (on Sundays from 10am to 5pm). If you are located outside the UK you can call on +441419517315.
The social media link on Twitter connects to Virgin Money (which has recently merged with Yorkshire Bank) https://twitter.com/VirginMoney
The Yorkshire Bank and Virgin Money customer service agents are available for replying to your queries and direct messages sent on social media.
Connect with Yorkshire Bank on facebook
How can I open a bank account with Yorkshire Bank?
You can open a bank account with Yorkshire Bank by following these 3 easy steps:
- Provide your name, date of birth, residential address.
- Provide your additional details such as your source of income, mortgage agreement details or rental agreements. You also need to provide information about your level of income and an estimate of your monthly expenses.
- You need to verify all the details mentioned in your account with evidence documents and then you can submit your application form.
How Can I Send Money from my Yorkshire Bank account?
To send money from your Yorkshire Bank account follow these steps mentioned below:
- First you have to log in to your Yorkshire bank app
- Next you have to click on the “Move Money” option
- Then you can select the account you wish to transfer the money from.
- After this you will select your recipient’s account option and enter the details of the person you are sending the money to including the transfer amount
- You have to enter your transfer reference
- Next click on make payment to complete your transaction
How do I get paid under Yorkshire Bank Pensions?
West Yorkshire retirees are paid their pensions on the 16th of every month and Lincolnshire retirees on the 23rd of every month. The Barnet Pension fund has 2 payrolls, one mid of the month and the other on the last day.
Yorkshire Bank will start paying your monthly pension from the day of your retirement and the time of the submission of your claim form. Whichever of these 2 days is later
If your pension date falls on a bank holiday Yorkshire Bank will pay it one or 2 days earlier than the actual date.
What happens to my Yorkshire Bank Pension when I get divorced?
Your pension rights can be shared under the Local Government Pension Scheme (LGPS) under a divorce settlement initiated from the courts of England. The option of pension sharing under the LGPS applies to you :
- If you are an active member of the LGPS
- A deferred member of the pension scheme
- A retired participant of the pension scheme.
This option to share your pension with your spouse does not apply to you if:
- You are receiving the pension of a spouse
- You are receiving an accident pension
The courts require to know the value of your retirement benefits at the time of your divorce.
What can the court do about your pension?
The court will consider your retirement options such as:
- Compensation. The value of your pension will be compensated by the value of other assets. So if you choose to keep your pension your ex partner will receive another asset as compensation
- Earmarking a certain fixed amount of your pension is paid to your ex spouse
- You can agree to a pension split if your divorce proceedings started on or after 1st December 2001. Your benefits are divided by a fixed percentage set by the court
What are the alternatives to personal loans?
The following alternatives are available to getting a personal loan:
- Remortgaging is an alternative to getting a personal loan. Remortgaging means that you are getting a new mortgage to replace or pay off your previous mortgage. It should preferably be at a better interest rate than the previous mortgage. The common reasons for a remortgage are that homeowners are nearing the end of their payback period.
During these last few years of the payback period the interest rate on the mortgage reverts to the Standard Variable Rate. This rate is much higher than the overall APR on the mortgage and might be unaffordable for you if you still have a large amount to pay on your mortgage.
Reasons for remortgaging include concerns about interest rate hikes in the country. If your current mortgage APR is at the lowest possible rate you will now be safe from further interest rate increases from the Bank of England. Other than the value of the property you are buying has risen over time.
If the house bought by a mortgage is worth more now, you can be eligible for Loan To Value deals. These deals compare the value of the property with the size of your overall mortgage sum.
- Guarantor Loans are taken out with the security of a guarantor who promises to make repayments for the loan in case you fail to do so. A guarantor needs to be a person with a good credit history, a family member, a person who owns property and someone who is aged over 21 years.
- You can also choose to get a home equity loan by borrowing money against your home’s real property value. With a home equity loan you are issued a fixed amount of loan at a constant interest rate.
This blog post addressed the question “What Range of Benefits Can Members at Yorkshire Bank Get?” Yorkshire Bank members can borrow money for financing their business expansion and diversification through the business and corporate investment loans. Yorkshire Bank provides easy terms for loan repayment with options ranging from 1 to 5 to 15 years.
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Frequently Asked Questions (FAQs) : What Range Of Benefits Can Members At Yorkshire Bank Get?
Can I convert foreign currency at Yorkshire Bank?
Yorkshire Bank charges a rate between 1.20% to 2.50 % above the wholesale conversion rate to convert your currency. Yorkshire Bank also charges you a flat fee for accessing its money transfer services. International currency transfers have a £25 fee, which can be paid by the sender, the receiver or split between both parties.
How Do I Create A Standing Order?
You need to scroll to Move Money in the bar on the end of the page and on the “Move Money” page:
- Select the bank account from which you want to create the standing order
- Select an existing beneficiary or add a new one
- Enter the amount to be transferred
- Enter the reference number
- Type in the date of the first payment
- Select your desired frequency of payments, weekly, monthly, yearly and validate
- Select when you want your payment to end from Date, Number of times or until I cancel and confirm
- Select the “make payment”option
- Enter your online banking password
Standing orders have to be placed before 4pm, on the day before you want the first payment to be made
I’ve bought a new mobile, how do I set up my Yorkshire bank app on it?
For using the Yorkshire bank app on your new mobile phone, you have to download the app with the new phone. The app will require your customer number and account details to link your account to the new mobile device.
You will also require one of the following details:
- Your internet banking password
- Your phone banking passwords
- Your debit or credit card details
You should remove access to the Yorkshire bank app on your old phone by unsubscribing. This can be done by going to the More menu of the app and tapping “Access and Security”. Selecting the remove access option removes your login details from the old mobile