Family Farm - What bank

noworries2004

Recently taken over the family farm and wondering what bank i should use and should i use a Business account?
I see Ulster bank and AIB are doing a young farmer deal.

Anyone have any advice who to go with?
Also i will need to try and get a loan to pay the stamp duty (Just over 35

viztopia

Speaking from personal experience I would say aib. I have banked with boi all my life and have gave no thanks for this whatsoever, and the same goes for my father. It may be good to not have all your business tied up with one bank eg mortgage with ub current account with boi an loan with aib.
Had some dealings with a Patrick butterly in aib and found him sound.

Bodacious

noworries2004 wrote: »

Recently taken over the family farm and wondering what bank i should use and should i use a Business account?
I see Ulster bank and AIB are doing a young farmer deal.

Anyone have any advice who to go with?
Also i will need to try and get a loan to pay the stamp duty (Just over 35

I bought 2 bits of land last year when I exchanged contracts on 2nd bit I was still 35 by 2 days and I didn't pay stamp duty .. Just a close call but just want you to be aware if you 35 years and 51weeks and 6 days at exchange of contracts you still qualify .. I had a good solicitor :-)

Muckit

I'd say they must have been 'flexible' with the date of the signing!! Otherwise you might have mr. Taxman calling.

You want these things done right. Peace of mind. Clawback would be a bitch down the road with interest etc.

Bodacious

Muckit wrote: »

I'd say they must have been 'flexible' with the date of the signing!! Otherwise you might have mr. Taxman calling.

You want these things done right. Peace of mind. Clawback would be a bitch down the road with interest etc.

no it just happened that there was hold ups/ boundary issues but they did exchange contracts when I was 35 but I was 36 by the time I paid balance.. only small but better off in my pocket,, helped with transfer fees

blue5000

Stick with bank the farm was with for now, they all know your credit rating anyway. Keep a personal ac with a different bank altogether, transfer living expenses into that (when you can:()

Dawggone

ALWAYS use two banks. ALWAYS.

Got that advice many moons ago and I think it's good advice.

frazzledhome

Dawggone wrote: »

ALWAYS use two banks. ALWAYS.

Got that advice many moons ago and I think it's good advice.

++1

Greengrass1

Dawggone wrote: »

ALWAYS use two banks. ALWAYS.

Got that advice many moons ago and I think it's good advice.

You mean running money through two banks or loans etc?
We do business with a few different banks here but only lodge cheques and draw out of one

Dawggone

Greengrass1 wrote: »

You mean running money through two banks or loans etc?
We do business with a few different banks here but only lodge cheques and draw out of one

When you need a product or service, you price a few outlets don't you?

Banking is a service like anything else.

noworries2004

AIB = Young farmer acount with free banking etc for 2 yrs.
1 % off Business interest loan = 5.5% for 2 yrs
Very helpful and will allow loans up to 100K if required

Bank of Ireland offered nothing but kept talking about the bank rates and what i will be paying for Cheque book, transactions etc.

AIB = winner so far.

Carey7

Banks are all in dire condition at the moment - too many toxic loans etc. they are all wary of lending money. I am currently with the First Trust in North who are technically AIB - all I can say is that they are a night mare yet they have huge adds supposedly supporting local farmers. My advice is stay well clear of them, but in truth all banks are poor. Gone is the local knowledge, working with your manager. Managers themselves are only like a manager in a sweet shop. Final advice is USE them like a service but have NO LOYALITY. Move at the drop of a hat

Milked out

noworries2004 wrote: »

Recently taken over the family farm and wondering what bank i should use and should i use a Business account?
I see Ulster bank and AIB are doing a young farmer deal.

Anyone have any advice who to go with?
Also i will need to try and get a loan to pay the stamp duty (Just over 35

Use a business account for farm and keep your house account seperate, just for ease of management if nothing else really. Go to each banks local branch and arrange to meet the bank manager and if you will be looking for finance over 50k meet the area business managers as well to see what they are like. If you know of anyone locally ask how they find working with the banks they are using. At the end of the day it's an office in Dublin that will be saying yes or no for most loans but if the person you deal with is helpful at least that's something.