Permanent TSB - alternative to Ulster Bank for business banking

[dublin67]

I currently have my company bank and personal business accounts with Ulster and these are obviously closing. I was then looking at KBC and now they are closing. Does anyone have any experience of business banking with Permanent TSB?

I'd go with Revlout but they don't have an Irish IBAN at the moment. The thoughts of going with AIB or BOI make me shrudder.

 

[tomdublin]

PTSB's app is OK but it offers only basic functionality. In-branch service is terrible, seemingly designed to deter people from using it. Current account costs 6 Euro per month, i.e. 72 Euro per year you could spend on something worthwhile instead.

 

[Savvy]

Dublin, if its just basic money in / money out facilities then its fine. I have them but only use it to receive invoice payments, salary/expense payments and a couple of DDs. Perfect for me. I would like the ability to create savings account online but not a deal breaker given current rates anyway.
With a personal account you can pay fees of €6/month but get credits for sky bill(5%) , SSE Airtricity(2%) and 10c back on contactless(capped at 5 or 6 quid i can't remember). For me I have a decent sky bill so my personal banking is free and of course instance payment from the company account.

 

[Lightning]

I currently have my company bank and personal business accounts with Ulster and these are obviously closing. I was then looking at KBC and now they are closing. Does anyone have any experience of business banking with Permanent TSB?

I'd go with Revlout but they don't have an Irish IBAN at the moment. The thoughts of going with AIB or BOI make me shrudder.

N26 have a dedicated business account offering that has got a lot of good reviews.

Not having an Irish IBAN should, in theory, not make a difference.

 

[MrEarl]

I wouldn't be in a hurry to move anywhere, tbh.

Ulster Bank will continue "as normal", into next year. If all goes according to (their) plan, some business customers will then be migrated over to AIB, with the rest later going to PTSB.

Given the significant volume of SME customers impacted by the future closure of Ulster Bank, its likely that there'll be some sort of automated, or at least "user friendly" arrangements for their SME customers to move to AIB or PTSB.

There's suggestion that some Ulster Bank staff will move to both AIB, and PTSB, as part of those arrangements. PTSB have also been recruiting some new staff, and are believed to be working on some technology enhancements, in anticipation of having a lot more business customers next year. Why not wait and see how that's looking, before moving to them?

Worst case scenario, you'll get (I think) a minimum of 60 days notice, to move /close your accounts. Given Ulster Bank's commitment not to close any branches or accounts this year, that letter is a long way off, if it ever comes.

 

[dublin67]

Many thanks for your response. My main concern is in relation to my personal business which deals a lot with multinationals and changing bank accounts is seen as a major potential source of fraud as the payment gets diverted. I'm being trying to change one bank account for the last three years for one multinational customer. The old account is still open and gets paid there.