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Alternative Banking

  • 21-03-2011 12:55pm
    #1
    CiaranC33
    Registered Users, Registered Users 2 Posts: 74 ✭✭


    I have recently starting trading as a sole trader and I now want to set up a bank account for my business. I have a personal account with AIB and I have looked in to an AIB business account but I dont want to set up an account with them as their fees are too high.
    What alternatives do I have?
    Can I set up a business account in a credit union or the post office?
    My main dealings will be lodging cheques in my business name.
    Any ideas?

    Thanks,
    Ciarán


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    If your running a business you'll need a business account.

    If the bank notices that you are running it through a personal account they may find out and force you to open a business account.

    Shop around for a more competitive business account.


  • #3
    CiaranC33
    Registered Users, Registered Users 2 Posts: 74 ✭✭CiaranC33


    Thanks for your reply. Do you know if I can I set up a business account in a credit union or the post office?
    if not can anyone advise on the bank with the best rates for a small business.

    Thanks


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    AFAIK, you'll need to set up business account through a bank. You could ring your local credit union and check it out though.

    Some banks have introductory packages for businesses where you get either fee-free or reduced fee banking for your first year or two. I know BOI have one of these packages, and I'd assume the other banks will too.

    Whatever way you look at it, business accounts have higher fees than personal accounts. It might be worth popping in to a few of the different banks and chat with the business advisor, who will be able to go through the charging structure with you and then you'll be able to decide which bank is best for you.


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