# Business accounts - which bank is best?



## patto_chan (10 Oct 2007)

Hi,
Am starting a private limited company (consultancy) with some colleagues.
We're trying to choose a bank and it's hard to tell them apart - all insist they offer the best deal.
Any advice (from non-bank employees prefereably)?
Anyone to avoid?
Thanks.
/p


----------



## amgd28 (10 Oct 2007)

Similar items discussed in this thread. Don't expect much is all I can say........


----------



## davidoco (10 Oct 2007)

From experience avoid NIB for lodging cash.  I pay something like €10 per €1000 but perhaps all banks are the same.

NIB have a very good online banking system, very professional.


----------



## amgd28 (10 Oct 2007)

davidoco said:


> I pay something like €10 per €1000 but perhaps all banks are the same.
> .



Nope - havent heard of this one. UB, for all their faults do not apply charges to lodgements


----------



## funkylady (10 Oct 2007)

i am using ulster bank since august so far so good

funky


----------



## ButtermilkJa (10 Oct 2007)

Well, I decided to go ahead with UB after all. No hassle setting up the account. They didn't need to see or speak to the 2nd director as she was already a UB customer which helped a bit. Not too many forms to fill out either.

Also, 3 years free online business banking (saving of €720!) which does actually work with a Mac. Happy days!!

So far so good...


----------



## Purple (10 Oct 2007)

I find that the most important thing is the relationship you have with your manager/ relationship manager. This varies from bank to bank. I find that BOI business banking is good in that respect.


----------



## amgd28 (10 Oct 2007)

ButtermilkJa said:


> Well, I decided to go ahead with UB after all. No hassle setting up the account. They didn't need to see or speak to the 2nd director as she was already a UB customer which helped a bit. Not too many forms to fill out either.
> 
> Also, 3 years free online business banking (saving of €720!) which does actually work with a Mac. Happy days!!
> 
> So far so good...



What branch? Sounds like a completely different UB to the one I am dealing with


----------



## ButtermilkJa (10 Oct 2007)

Dublin Airport branch (it's not actually in the Airport but just outside at the Cloghran roundabout).


----------



## FrM (12 Oct 2007)

AMGD you beat me to that post....

Whilst UB are doing free transaction banking I have to say that there initial setting up of my account rhrough my local Longford branch has been terrible...

Had to fill in a myriad of forms then the guy who I saw in the bank made me fill out more forms.... only to be told after I'd left oh you haven't filled them all out....

That was 3 weeks ago and I still haven't got my account opened.... I'm actually toying with putting a complaint in against this guy.... I had an appointment with him and sat for an hour whiolst he took his pals into his office and then played the old 'oh i didn't get the message you were here etc'.... even though he saw me sitting there...

Anyway the free transaction stuff has me still with them... if I ever get my account opened !!


----------



## amgd28 (12 Oct 2007)

FrM said:


> AMGD you beat me to that post....
> 
> Whilst UB are doing free transaction banking I have to say that there initial setting up of my account through my local Longford branch has been terrible...
> 
> ...



Well I spoke to my own personal branch of BOI yesterday, who I have a great relationship with - banked there for 11 years, excellent service. So I'm going to open with them, they have a complete pack (includes VISA account as well as current, chequebook, online etc). No fees for two years, and at least I know they will look after me. I'm sorry I didn't go with them in the first place! Its a small branch in CIT in Cork, so I would be one of their few commercial customers....
UB are getting the boot


----------



## ButtermilkJa (12 Oct 2007)

It's amazing the amount of stories I'm hearing of UB's poor service. I know I have had problems with them in the past but I thought their commercial customers would be looked after.

Especially considering they've won the KPMG Business Bank Excellence Award ??


----------



## amgd28 (13 Oct 2007)

I laboured under that misapprehension also - hence my decision to go with them in the first place. You live and learn.....


----------



## mickk (13 Oct 2007)

I am with BOI and am very happy with the service, this is mostly due to a good relationship with the manager. Only thing to be vary of is if you want to accept credit cards, BOI sold their merchant services and they are a nightmare to deal with.


----------



## bond-007 (13 Oct 2007)

I recommend AIB for credit card payments. Very easy to deal with and excellent service.


----------



## Brendan Burgess (13 Oct 2007)

I used to recommend AIB, but their new upgraded online banking is virtually unusable. They have completely lost the plot when it comes to security and every log on or query needs a specially generated number. 

I am probably going to revert to Bank of Ireland. 

Brendan


----------



## usrbin (19 Oct 2007)

High-level, possibly silly, question here: for a small business - say a contractor with their own limited company working six months here, six months there - why bother with a business account at all?  WOuld it not be easier and cheaper to just set up a (second) personal account and have all your business-related transactions go in and out of that?  Seems to achieve the same thing with regard to keeping business accounts separate from personal monies.  OR am I missing something?


----------



## solidrockman (23 Oct 2007)

usrbin - there is nothing at all stopping someone doing this as far as I know, and a personal current account is free. The bank won't even realise it unless you are making regular cash lodgments that take up the teller's time. However there may be other issues, like only getting statements periodically?


----------



## amgd28 (23 Oct 2007)

solidrockman said:


> However there may be other issues, like only getting statements periodically?



Had to laugh at this one - 11 months with UB and the only "statement" was last May referring to the month of January!! A monthly statement would be a dream!


----------



## sabrina (23 Oct 2007)

I am a sole trader for past year and a half.  I have been using my personal current account for monies in and out.  So can anyone tell me is this illegal?  Someone recently pointed out that i was breaking the LAW?  Which i law i am not sure.  Would love an answer?  Many thanks in advance for replys


----------



## solidrockman (24 Oct 2007)

sabrina - there's nothing illegal about it as far as I know, but I suppose it would be much simpler for accounting purposes to keep your business and personal transactions seperate?

My wife is starting up a small business and enquired in our local (TSB) branch about a business account. The charges were substantial, so she asked why she could not operate a personal current account for the business. The answer was that there's nothing stopping her, but the bank 'frowns' on this if it finds out...


----------



## sabrina (24 Oct 2007)

They can 'frown' all they like.. if its not illegal and it saves me paying massive charges, all the better.  Total rip off.. many thanks


----------



## Moggy (24 Oct 2007)

BOSI offer free business current accounts. The only thing I've been charged in 8 months is a few pence stamp duty (btw, anyone know why I have to pay stamp duty?).

(I don't work for BOSI, just thought I'd point out there is free business banking as well!)

From what I see the advantages of a business account over a personal account is more generous loans, higher over drafts and you should expect a more professional service. I've also noticed that business cheques get processed immediately and are usually accepted without question.


----------



## amgd28 (24 Oct 2007)

Moggy said:


> From what I see the advantages of a business account over a personal account is more generous loans, higher over drafts and you should expect a more professional service. I've also noticed that business cheques get processed immediately and are usually accepted without question.



My experience is the other way around. Having an account as a limited company, they seem to want to put you through hoops in order to even look at extending credit. For example to get a company CC with UB, they wanted a full breakdown of both directors personal financial assets (mine are not huge, but fellow director is minted), plus a letter of guarantee for double the limit on the card!! I wouldn't mind so much, but this was for just 2k limit, and payment by dd!!! My personal CC limit is 20k, and I never had to provide such info...... And don't even get me started on talking about an overdraft with them
Maybe it's just UB, will update if I have similar bad experiences with BOI as I am moving to them

With regard to the stamp duty - there is stamp duty charged on cheques I believe and obviously credit card if you have one on the account also


----------



## ButtermilkJa (24 Oct 2007)

Wow, you seem to be having a really bad time with UB. I have to say my experience has been ok so far. I just set-up my Ltd. Co. account and I asked for a MasterCard and was given it with a limit of €2k no problem, just the usual forms to fill out.

Your bank manager must be very suspicious


----------



## hfd (3 Aug 2009)

Stay away from AIB

we setup an account and the service was rude, for some reason they decided to treat a new business like a bad smell, and we didnt like it

also they wouldn't give a credit card despite one being needed to pay costs (online suppliers) and wanted extra money for internet banking!

we promptly closed account and move to BOI, who were polite (they already knew me as a good customer) and setup free internet banking and issued CC with a high limit straight away

so far very happy for last few years


----------

