Best Business Account Alternative to Ulster Bank in 2022 and beyond

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sambowden

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Hi, with Ulster Bank closing, I'm looking into best options for switching my business bank account.

My first thought was N26 - However, as many of my clients still pay via cheque - I'm not sure this is a runner as I dont think N26 offer any cheque deposit system.

So, I guess its going to have to be an Irish Bank. Either one with a decent amount of branches (I'm currently based in west of Ireland so AIB/Bank Of Ireland) or offer some way to deposit cheques (like how you can post cheques to KBC)...

Any thoughts on best overall options!?
 
Hello,

Given the lead in time, why not try opening an account with your preferred Bank now, and focus on encouraging your customers to start paying you electronically, rather than continue by cheque?

Would they be suitable for direct debit payments, card payments, or electronic transfers, perhaps? All three methods could facilitate variable payments, if that's the issue.

Obviously, getting rid of the cheque payments would reduce costs, improve efficiency, and make life easier for all concerned?

If you asked me to pick between AIB, BoI, or PTSB, for business banking, my first choice would be AIB. In part, that's because I believe their online banking and mobile app to be better.
 
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Thanks for reply. Ya I get what you are saying about trying to force clients to pay electronically - just dont think id be comfortable doing that, especially as its a high enough percentage of my clients who still seem most comfortable doing it that way. Thanks for tipping AIB - having a decent online and mobile app would definitely put it in the lead for sure.
 
This is just my personal opinion, but I do think you should try and get your clients to move away from cheques - there are benefits for both you and them, it's not just one sided.

With more bank branches closing, you'll find it more time consuming, and more expensive, to handle cheques. That will be the case for your clients, too, so it's a bit of a lose - lose situation.

Moving away from cheque payments will also reduce the risk of a payment being dishonored, a cheque being lost, or you (or your colleagues) having to chase up and perhaps go and collect cheque payments.

Bank charges are also lower for electronic payments, then for cheques. That's a cost that both you and your client, can save on.

Last, but not least, you clients can reduce the tax they pay, by doing away with cheques, and not having to pay stamp duty on every cheque that they write ;)
 
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Not to hijack this thread, but I'll be in the same situation soon, swapping over UB accounts to somewhere....that's next weeks job when work quiets down!
For N26 users, did I read correctly that you can't have both a personal N26 account and business N26 account? (I don't deal with cheques anymore).
 
I'm in the exact same position as myate with 2 separate business accounts (2 distinct Ltd Co's) and my personal account with UB. My personal account requirement is fairly straightforward, current account, debit card and a credit card for the odd car rental or emergency, no need for an O/D or term loan of any sort.

Business wise my requirement is almost as straightforward. Client's pay by EFT with the odd cheque but I'd be happy to get them to cancel the cheque and insist on EFT as even now it's a pain in the ar$e having to get to a branch to lodge the odd cheque. Just need a debit card and a low credit limit credit card for each current account plus a deposit account for each company to park excess working capital from time to time.

My two biggest criteria when deciding whether to switch to N26 or Revolut are:-

1. Can my the funds on account (whether personal or business) be as secure as a Govt backed pillar bank such as AIB?

2. How easy is it to use their online service and phone app, does it have good intuitive functionality?

Has anyone compared N26 to Revolut for business banking now they are both licensed by the Central Bank?
 
RedOnion said:
The Revolut entity that your account is with does not have a banking licence.
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Thanks RedOnion, I had checked on the CB's database and saw Revolut Bank UAB listed as having a baking license but I guess that could be for purposes?

1636475766494.png


Is the same true for N26 i.e. the account I'd set up with N26 wouldn't have a banking license even though N26 Bank Gmbh has been granted a banking license (for something) by the CB?

1636475724228.png
 
Revolut have a banking licence that's used for certain interbank activities. Your account is with a different entity.

The N26 entity that your account is with does have banking licence, in Germany. You're covered by the German deposit guarantee scheme, etc.
 
N26 don't allow accounts for businesses as far as i am aware, ok if individual or sole trader, but not for a Ltd company. I could be wrong but thought thats what i saw as also with UB for my business and similar requirements.
 
RedOnion said:
Ah, correct. I missed the Ltd company part of question.
N26 will only open an account (personal or business) in the sole name of a person.
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Thanks for clarifying. I wonder why they are excluding themselves from the corporate market?
 
JohnSp said:
Thanks for clarifying. I wonder why they are excluding themselves from the corporate market?
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And losing out on a fiver a month from the small number of companies that don't need services beyond what they offer? They'll probably get to them eventually if they see a service / product they can sell to them and make money. It's a lot easier to validate a person than an entity so they've made a decision not to go down that route yet.
 
I guess the upshot for UB business (Ltd Co) customers is there really isn't any alternative but to pick between AIB or BoI?
 
Hi,

Currently banking with Ulster bank, pretty happy with them but will be forced to switch as everyone else.
I've a (tiny private company)and I'm looking to start next year with a new business bank account to save me hassle later on in the year.

Saw Revolut business fee strcture and I think that the free one (https://www.revolut.com/en-IE/legal/business-free-fees) might suits me.
I've a few quiestion as couldn't find them yet, ideally from someone who already actively uses it:
* Would you use them as your only business banking account?
* Do they provide you with an Irish IBAN?
* Is there a cap on daily transfers amount (salaries, pension contribution and etc)?
* Can you pay and schedule salaries for the two employees?
* Assuming you use it as a main account and recieve customer payments via bank IBAN transfers, do they charge "1% of the transaction value"?
TIA
 
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If you are running a business you need a proper bank account.

If something goes wrong, you need to be able to contact someone to sort it out.

Revolut does not offer this facility. I don't know about N 26.

Brendan
 
I have personal accounts with AIB along with a mortgage. I noticed a clause in the mortgage contract which allows AIB to use the home as collateral for any debts with any other AIB loan facility. I have every intention of fulfilling my obligations with regard to any loan but equally didn't like that clause.

On that basis I opened the business account with Bank of Ireland.
 
Hi candor

You are saying that if I default on my AIB overdraft, that they can initiate repossession proceedings on my home.

Could you copy in the text of that clause here as I had not heard it before.


Brendan
 
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