Business accounts - which bank is best?

P

patto_chan

Guest
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
 
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.
 
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...
 
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.
 
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...
Click to expand...

What branch? Sounds like a completely different UB to the one I am dealing with
 
Dublin Airport branch (it's not actually in the Airport but just outside at the Cloghran roundabout).
 
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 !!
 
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...

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 !!
Click to expand...

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
 
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 ??
 
I laboured under that misapprehension also - hence my decision to go with them in the first place. You live and learn.....
 
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.
 
I recommend AIB for credit card payments. Very easy to deal with and excellent service.
 
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
 
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?
 
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?
 
solidrockman said:
However there may be other issues, like only getting statements periodically?
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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!:rolleyes:
 
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 :)
 
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