Best Business Account Alternative to Ulster Bank in 2022 and beyond

Hi all,

I've read through some threads and most are comparing AIB and BoI as swap potentials for UB business accounts. My accountant recommends AIB as other clients use it etc.

However, all my other personal accounts are with PTSB, so perhaps its handier for me just to open a business ac with them.

Ive a small ltd co, no employees, all payments are via EFT. Whatever account I set up needs to be user friendly, as the ulster bank one was annoying (using card in the handheld pin verifier drove me nuts).

Any thoughts on PTSB?
Cheers!
 
newirishman said:
Is Danske still doing new business accounts?
I thought their business banking is quite good.
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It's long gone from the Irish market, they have a small presence here for large corporate clients, northing more.

I'm fairly sure that they are still operating in Northern Ireland, but that's an entirely different market to what most people here are talking about.
 
fun said:
Any thoughts on PTSB?
Cheers!
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The have very little experience with business banking, and while they are trying to get into that space, it's a very slow process - as they lack both products and expertise.

No doubt you'll have seen them making a lot of noise about business banking over the last year or so, and also mention that they are buying a portfolio of SME customers from UB. Obviously, if they are to claim to be the third banking force, they need to be seen to compete in the SME sector. My understanding is that they are only buying extremely small business customers, with the most basic of facilities and likely future needs.

You'd want to check carefully that the can do everything that you need, and also check times for transfers, their fees etc. before you consider moving to them.

If it were me, I'd be waiting a few years, to see what progress they make, before considering them for my business banking.
 
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MrEarl said:
It's long gone from the Irish market, they have a small presence here for large corporate clients, northing more.

I'm fairly sure that they are still operating in Northern Ireland, but that's an entirely different market to what most people here are talking about.
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Thanks, makes sense. My dealings with them would have been one of those large corporate clients.
 
Good to know MrEarl, I think it probably would be better for me so to go with aib or boi. I dont need my life anymore complicated than it is, and if the experience is more streamlined with aib/boi, then they will have my business. Many thanks!!
 
I'm also in the same boat, i had an AIB business account a few year ago which i shutdown , i setup a new LTD company and switched to UB about 10 years ago.
i have a very small LTD company with just Electronic payments in/out requirements and a Debit card would also be needed. so i suppose my obvious choice is AIB again.
Will i have an issue because i was an existing AIB business customer?

and when is the drop dead deadline for UB to pull out of ROI, and what happens to my business account if i did nothing (which i wont obviously)
 
mc-BigE said:
and when is the drop dead deadline for UB to pull out of ROI, and what happens to my business account if i did nothing (which i wont obviously)
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Even asking that question, is a bad idea. ;) Human nature, being what it is, will only see you postpone moving Banks, if you think you've a long time to go....

It should be 6 months from the date of the first letter that UB send to you, btw. Once that 6 month term expires, they'll initially "freeze" your account, so no transactions will be permitted, then they'll ultimately close the account, and send you a cheque for any residual balance.

The Banks are seriously struggling with processing the volume of new accounts that are being requested - I've heard of up to 6 weeks, for those that need an appointment to open a business account. However if you get lucky and can do it all online, it'll be a fairly quick process.

Once your new account is open, you'll need a while to move all electronic payments, be they direct debits, or standing orders. You'll also need a while to ensure that all of your customers have updated their records, so aren't still paying into your UB account. Then there's cheques that are written, but may not yet be presented for payment.
 
By the way - in the end I think I'm going to go with Revolut Bank. They have opened up a business account option for companies in the last few months. I've tried contacting AIB a few times and have been left on hold - so at this point I'm just like screw them, I'm going with Revolut instead! Revolut have a free tier which should suit my needs as far as I can see.
 
sambowden said:
By the way - in the end I think I'm going to go with Revolut Bank. They have opened up a business account option for companies in the last few months. I've tried contacting AIB a few times and have been left on hold - so at this point I'm just like screw them, I'm going with Revolut instead! Revolut have a free tier which should suit my needs as far as I can see.
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I have decided to do the same, I have setup a revolut business account, which works pretty good, only issue is the LT IBAN you get for SEPA transactions, I have no issues with salary , and so far so good with ROS . But a lot of mobile phone (and landline) companies don't like non Irish IBAN numbers for direct debit, I have tried ringing them to get them to change, but as usual customer service is crap, and they are ignoring me. I have just put in my own personal account IBAN (Irish bank) , but this might be an issue with my accountant or for VAT claiming
 
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