# Best business bank account?



## mikee (26 Aug 2003)

I am due to open a business bank account and have researched charges for all the major banks. I have narrowed it down to Ulster Bank and A.I.B. Has anyone got any recommendations?


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## tedd (27 Aug 2003)

AIB has a very good internet banking service if that is important to you. (I don't know about Ulster Bank.)


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## daltonr (1 Sep 2003)

AIB charges €200ish Euro for the privelage last time I checked.

Bank of Scotland [broken link removed] account looks to me to be the best all round (For my situation, others may want different things).  It includes free banking up to a certain number of transactions, and also includes Free Internet Banking.

I don't think the website specifically says that the Internet banking is free, but I rang them and the girl said it was.  So I guess it is.

I haven't moved my account yet, but I probably will before the end of the year.  (Currently AIB).

AIB is generally regarded as having the Best Online Banking for personal customers, so I presume the same is true for business customers.  But is it worth €200 when there's a free alternative?   Looks like it is for some people.

-Rd


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## rainyday (1 Sep 2003)

> AIB is generally regarded as having the Best Online Banking for personal customers,



I don't know about that - From what I hear, the process of setting up a new payee is very manual & requires phone contact with AIB, whereas my NIB Internet Banking allows me to do it online & immediately.


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## daltonr (2 Sep 2003)

Just going on conversations with people.  I've Used AIB and TSB, and I saw BofI before they got rid of that little calculator thing which was a nuisance.

I'm told the BofI interface is not as nice to use.

I haven't seen NIB's interface, so I don't know.
I suppose setting up a Payee isn't something you'd be doing on a day to day basis.  That said I've never had a problem getting through to a person in AIB and they've set one up in a few sconds.

I haven't seen AIBs Business Banking so I have no idea what it's like.  But I'm not going to shell out €200 for the privelage.

-Rd


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## Brendan Burgess (6 Sep 2003)

I have used both AIB and Bank of Ireland's online service for business.

There is no comparison. I have closed my Bank of Ireland account as it was so unreliable and cumbersome. 

AIB took a long time to produce an online business account, but it is excellent. Very easy to use. You know when you look at a website or piece of software and think: "that's a good idea" . Whereas Bank of Ireland leaves you wondering "Why on earth is it laid out like that?". 

I would guess that I switched about 8 months ago, so Bank of Ireland's might be better now.

To be honest, I don't know what they charge. I wasted a lot more than €200 worth of time on Bank of Ireland. 

On a general level, I have found AIB easier to deal with. They have appointed a specific individual to deal with me and he is easy to get through to and gets things done. He is also helpful to staff or our contract employees when opening accounts or getting mortgages. By comparison, Bank of Ireland was often very difficult to get through to by phone. 

That's just one person's experience and it would be useful to have a mores systematic survey. About 5 years ago, I found AIB very frustrating to deal with. 

Brendan
I am a shareholder in AIB - in case anyone thinks that this may affect my opinion.


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## mikee (8 Sep 2003)

*Best Business Account*

Thanks for all the observations. Decided to opt for AIB although I am still finding it hard to come to terms with the fact that they charge 200 Euro for their internet account!!


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## daltonr (11 Sep 2003)

*Just Curious*

>although I am still finding it hard to come to terms with 
>the fact that they charge 200 Euro for their internet 
>account!! 


Just curious why you didn't opt for Bank of Scotland?
I'm planning on switching my business account to them.
Have you found out something I should know?

-Rd


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## Sean (12 Sep 2003)

*Just Curious*

afaik you need €50,000 to open a business account with them.


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## garrettod (15 Sep 2003)

*just to confirm*

Hi,

Just to confirm:

Bank of Scotland Ireland's online services are free (well, other than whatever internet connection charges you may pay to your ISP).

€50k is the minimum opening balance for a cheque book account with Bank of Scotland, although there is also an Electronic Overdraft available, again with free online banking.

No charges for direct debits, standing orders, cheques (other than stamp duty) etc.

Hope this helps


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## Sean (15 Sep 2003)

*Bank of Scotland*

So do you mean someone can open a business account (not a personal account) with Bank of Scotland without the need for an opening balance of €50,000?

-albeit a business account with no cheque book...

I telephoned them recently about their business account as their charges are very competitive.  But then I heard about the €50,000 opening requirement - which put me off.  I asked if they offered any other business accounts other than the one which had an opening requirement of €50K - and they told me no...

Is the online services account which you mentioned a business account?


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## garrettod (19 Sep 2003)

*....*

Hi,

As I understand it, its a business banking electronic overdraft. The facility permits:

- borrowing within an agreed limit at 6.35% variable, with the ability to repay & withdraw as you like

- 500 free electronic transactions per month (direct debits, standing orders, electronic transfers within Ireland)

- free online access to your account

* The account does not provide a cheque book.

* The account is provided on a secured lending basis

* The Bank is seeking to obtain a certain level of overall business from each customer, although I gather this does not have to all happen the same day (ie loans, leasing, trade finance, overdraft etc).

Hope this helps, 

regards

G>


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## garrettod (15 Mar 2004)

*Bank of Scotland Ireland - Current Accounts*

Hi

Just to update from the previous post, Bank of Scotland Ireland have made a few changes to their original business banking current account - summarised as follows:

* Only 1 Account now, for both cheque book & overdraft requirements

* Minimum Balance now €20k per day, in order to begin earning interest

* Free Internet Banking, along with 500 electronic transactions & 50 paper transactions per month

Hope this helps

Regards

G>


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