ADVICE ON OPENING A BUSINESS CURRENT ACCOUNT

suey71 · 15-09-2010 11:25am #1

I will be meeting with Bank of Ireland to set up a Business Current Account within the next few days.

Its for a start up and luckily I have my own funds. What sort of questions will I be asked and what questions should I ask.
Obviously I want the best deal but I was also wondering if the New Business Start Up Packages that the various banks are offering are set in stone.

I've decided on BoI because they seem more up front than AIB with their web content, the AIB website is just to vague when it comes to what they're offering startups atm.

GaelTadh · 15-09-2010 1:41pm

BoI are ok. But if you don't run windows you are probably SOL on using the online business banking as it's only listed as being compatible with IE on windows. I've tried Chrome on OSX but it's not great.

Smcgie · 15-09-2010 2:56pm

Free fees for 2 years then a quarterly charge of €5. Its €20 a year you won't get charged on a normall current account.

I'm closing my boi business ac soon.

suey71 · 15-09-2010 3:02pm

I'm closing my boi business ac soon.[/QUOTE]

Any Particular reason?

Axwell · 15-09-2010 3:41pm

The online banking system on AIB is far better and as people have pointed out the BOI site only works on a few browsers which is ridiculous.

suey71 · 15-09-2010 5:30pm

From reading through other threads about this topic it seems that a lot of people could say the same about AIB.

As I said in my origional post I'm only going with BOI because their website is easy to understand and a lot of it is geared towards Start Ups, and I find the AIB site vague.
I feel that if you go into AIB looking to open a Business Current Account and you come across as a noob that they would take advantage of you.
I don't trust banks but what can you do.

I use Windows btw.

suey71 · 15-09-2010 11:32pm

Would it be normal practice for the Financial adviser in the bank to want to hold onto a business plan?

suey71 · 17-09-2010 2:18pm

I opened the Business current account with BOI yesterday and I have mixed feelings about the experience.

The financial advisor seemed a bit dim tbh. She kept writing down the wrong figures/wrong phone No., asking the same questions twice. On one occasion while holding my passport in her hand she actually asked me for some photo ID.

I made a mistake by going there. It was like being surrounded by lots of Gay Byrnes' all fake smiles and affected accents.

She didn't ask to see my BizPlan, just asked me some questions about the business. But she did ask me could she take the BizPlan incase my business ever needs to be audited. I said that I'm not sure if I should and she just looked at me blankly so I gave it to her.

When I got home I realised that I couldn't have a business relationship in a bank like that and immediately phoned AIB.

I got through to some nice down to earth people and have arranged a meeting with them on Monday.

I will then cancel my account with BOI and ask for my BizPlan back.

padser · 17-09-2010 3:02pm

suey71 wrote: »

Would it be normal practice for the Financial adviser in the bank to want to hold onto a business plan?

I saw that on the AIB site too, but when I rang them they didn't ask me to bring in the business plan.

Unless I am looking for a loan / funding of some sort from a bank, there is absolutely no way I would hand it over.

Why on earth would they need it simply to provide current account services?

suey71 · 17-09-2010 3:09pm

Thanks for the belated advice;).

Once bitten and all that.

Duckjob · 17-09-2010 11:31pm

We recently opened a new business a/c with AIB. Found them very friendly and approachable.

They never mentioned the need for a business plan, except when talking about apply for a CC, but for the a/c itself was all just routine form filling - Passports, utilties, bus. name cert etc.

hinault · 17-09-2010 11:38pm

I opened a business account with AIB 16 months ago : 2 years free banking with them.

I can't complain about their service.

However I will be closing the account with AIB because their bank fees are high and they will begin to charge fees starting in Feb 2010.

Accountancy · 20-09-2010 7:32am

BOI are offering free banking and free online banking for 2 yrs.
Get the 2 yrs first and then worry about yr 3 later.
It is probably easier to get an OD and CC at the start with them so i would prob get both if i was you.

You shouldn't need a business plan as you not looking for anything from them.

My one piece of advise is go meet the branch manager of the banks that you are considering and whoever you get a better feeling from is who i would use.
You want a manager who is approachable.

ADVICE ON OPENING A BUSINESS CURRENT ACCOUNT

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