The YBaMn₂O₆ compound shows three consecutive phase transitions on cooling from 603 K down to 100 K. It undergoes a first-order structural transition at T₁ ≈ 512 K from a C2/m cell with a single Mn site to a P2₁/c cell with two nonequivalent Mn sites. No checkerboard ordering of the two types of MnO₆ octahedra is revealed, and there is no significant charge segregation. A second transition is observed below T₂ ≈ 460 K giving rise to a duplication of the c-axis and the occurrence of four nonequivalent Mn sites. These sites are grouped in two pairs, producing, in this case, a checkerboard arrangement in the ab-plane with an average charge segregation of Δq ≈ 0.4 e^–. The observed distortions in this phase disagree with the formation of an orbital-ordered phase. Finally, another structural transition is observed coupled to the magnetic transition at T_N ≈ 200 K and the c-axis is no longer duplicated. The low-temperature phase is polar with SG P2₁. It also contains four nonequivalent Mn sites grouped in two pairs. The charge difference between these pairs is increased, achieving a value of Δq ≈ 0.7 e^–. In this phase, an asymmetric stretching mode favors a Jahn–Teller-like distortion in the expanded MnO₆ octahedra that could be associated with an ordering of e_g (3d_x²–z²/3d_y²–z²) orbitals. Our refinements disclose that this phase is ferroelectric with significant polar displacements of the Mn and O_basal atoms along the b-axis. The simultaneous occurrence of ferroelectricity and magnetic ordering indicates that YBaMn₂O₆ can be considered as a type II multiferroic compound and can present magnetoelectric coupling.