Small Business Banking

scottyboy1973

Hiya - I need to open an account for a Small business and cant decide who to go with. I've been woith UB for about 10 years and their package looks OK. BoIs package is broader in terms of bits and bobs added on but I'm not sure I'd use any of them. havent looked at AIB. Anyone got any advice

Thanks -Scotty

byrne0f56789

I am with AIB. I don't think there is much difference between them. I would go with UB if you are happy with them for your personal account.

However, I don't use overdrafts and don't require any bank loans. Your business may be in a different situation. Sorry I can't be more helpful.

lecheile

scottyboy1973 wrote: »

Hiya - I need to open an account for a Small business and cant decide who to go with. I've been woith UB for about 10 years and their package looks OK. BoIs package is broader in terms of bits and bobs added on but I'm not sure I'd use any of them. havent looked at AIB. Anyone got any advice

Thanks -Scotty

If you are looking for a loan or other credit facilities, it may be a case that the bank will chose you as opposed to the other way around. Dont be drawn in by the fancy offers of discounts on services in start-up packages, and go and talk through your requirements with a few of them. UB have always been very good at supporting start-up businesses (they are behind the www.smallbusinesscan.com initiative) so you may already have a relationship with the best one for you.

(btw - no links to UB apart from as a commercial customer)

forbairt

Just been setting up a new account this week with AIB ... great experience but then I'm already with AIB ...

In terms of checks on you and so on its probably just simpler to stay with UB

AIB have various offers on internet business banking and free membership to some stuff for a year

No idea for UB and BOI and so on ... though I'd assume its all much of a muchness these days ?

TheCostumeShop.ie: Ronan

Interview the "business account manager" in each of your prospective banks. Truth is banks are all pretty much the same and the only major difference is the relationship you can have with your account manager. Choose the person you like the most, that will be able to get behind you.

I know your thinking that your a small business and they act like they don't need to impress you - but statically your more likely to get divorced than change banks and they know that small businesses grow.

flash harry

Fancy Dresser wrote: »

Interview the "business account manager" in each of your prospective banks. Truth is banks are all pretty much the same and the only major difference is the relationship you can have with your account manager. Choose the person you like the most, that will be able to get behind you.

I know your thinking that your a small business and they act like they don't need to impress you - but statically your more likely to get divorced than change banks and they know that small businesses grow.

hey Fancy Dresser is that true? can you point me at where you saw that stat??

Re banks I have found UB to be an absolute joke with how they have dealt with me over good and bad times BUT as fancy dresser indicates I am one of the stats who has been there customer since a kid....

TheCostumeShop.ie: Ronan

flash harry wrote: »

hey Fancy Dresser is that true? can you point me at where you saw that stat??

Yep, its a UK stat but i'd be fairly certain it holds true here, possibly even more so. Lets face it most people open an account where their parents bank. Banking is neither sexy or fun.

A quick google to back up my comment:
AgeConcern.org - "British.... married couples around three times as likely to divorce than to change bank"

Trust me the future value of opening up a business account in a bank is something they'd hate for the public to know.

Son

forbairt wrote: »

Just been setting up a new account this week with AIB ... great experience but then I'm already with AIB ...

In terms of checks on you and so on its probably just simpler to stay with UB

AIB have various offers on internet business banking and free membership to some stuff for a year

No idea for UB and BOI and so on ... though I'd assume its all much of a muchness these days ?

Can you tell me more on the internet banking?
I am a sole trader with AIB and they told me there was no internet banking for sole traders!? Although when i was signing up im sure they told me there was a simple form of banking for sole traders,can't remember now.

TheCostumeShop.ie: Ronan

Son you should be able to have either with AIB, Talk to your manager. Main difference between the two is a 5k daily limit on the non business banking online.

SilverBER

I recently moved my bank (3 months ago) to BOI new business accounts. No fees for 2 years and free cheque books etc. We are a limited company but I have to say that I fond them excellent (moreso than my previous bank PTSB who started jacking up the business rates). At the end of the day I view banks as a necessary evil and the less money they cost me the better my relationship with them will be. I was with UB for a few years and they are the pits!

Mr Clonfadda

The internet offerings are basically the same. I'm sure you'd get any deal if you said the other bank was doing it.

The biggest thing for me is having a good relationship with the person looking after your account

SilverBER

Nigel Sage wrote: »

The internet offerings are basically the same. I'm sure you'd get any deal if you said the other bank was doing it.

The biggest thing for me is having a good relationship with the person looking after your account

Personally I'd rather have the two grand per year in fees in my back pocket. Banks only look after themselves at the end of the day and relationsips with them only last until you either go over your limit or they refuse you a small credit facility.

Sposs

Have found AIB excellent , very quick to respond and very helpful with everything. But as another poster said , if you have a good personal relationship with your account manager it makes life so much easier.

mick.fr

I switched from AIB to BOI. Internet banking is free at AIB for 2 years then 15 quids a month. Much cheaper than AIB.
Plus AIB does not have any particular offers, with BOI you can lots of "goodies" from partners with % fees or services off.

I found BOI giving advices etc, AIB never really gave rats, since I have been with them since 2004. They never proposed me any single product. I asked for loans, Visa etc, they gave them to me np, but they failed to actually give proper financial and insurance advises to me like I was expecting from a banker.

BOI immediately looked at my history and situation and gave me relevant advises, even for a property, they told me to wait till next year after the new MF killing budget. Might be the case also because he knows I would probably end up with a negative equity if I were to buy a house now...the guy told me he has some customers in really sad situations...

Just my personal experience...

theboss80

I started a business a month ago and started from scratch with AIB. I didnt have a great credit history and still got a small loan over a long term and an overdraft. My business plan is what convinced them to put their faith in me, i gave them best\worst case senarios for projected earnings.
Plus you get first years free membership to SFA and no transaction fees for first year.