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Allied Irish Bank (GB) Business Banking

About Allied Irish Bank (GB)

Editorial Team
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Allied Irish Bank (GB), or AIB (GB) as they like to be called, are a high street bank and the UK subsidiary of the larger Allied Irish Banks which is one of Ireland's Big Four banks. The bank was originally founded in 1825 but the Allied Irish Banks group was formed in 1966.

See our full Allied Irish Bank (GB) business bank account review of features, fees and how they compare against other online and high street bank accounts.

Allied Irish Bank (GB) pros & cons

Pros of Allied Irish Bank

  • Low account charge with no application fee
  • Offers business overdraft
  • Multiple ways to bank
  • Offer finance options, from credit cards to business loans
  • Choice of savings accounts with competitive rates

Cons of Allied Irish Bank

  • Only offer one business current account
  • Have to apply for debit card separately
  • Below par business banking apps
  • No branches in Great Britain

Allied Irish Bank (GB) current account

Allied Irish Bank (GB) only offer the one current account.

Their Business Current Account is a flexible business account that customers can access from AIB's Internet Business Banking service (iBB) or via their mobile banking app.

Allied Irish Bank (GB) charge their business customers for holding an account, this costs £10 and is charged every three months.

They also charge for standard transactions that are paid per service and charged quarterly.

The typical Allied Irish Bank (GB) fees are:

Account nameAIB Business Current Account
Application feeFree
Account fee£10 quarterly
Bank transfers55p
Card purchases55p
ATM withdrawals55p
Cash depositsFrom 65p per £100
Cheque deposits70p

Eligibility

To be eligible for a Allied Irish Bank (GB) business account you must:

  • Be 18 or over and a UK resident
  • Be sole trader, partnership, limited liability partnership
  • Have up to two directors, owners (shareholders) or partners
  • Have a UK registered business
  • Use the account for business purposes

Opening an account

Here's how to open an Allied Irish Bank (GB) business account:

  1. Download AIB's app from the App Store or Google Play
  2. Complete their application - AIB (GB) will confirm your eligibility
  3. Verify your ID - with photo ID such as a passport or photocard driving licence
  4. Once approved you can start banking

Overdrafts

Allied Irish Bank (GB) offer unsecured business overdrafts up to £25,000.

Interest is charged at 6.24% representative EAR with arrangement fees of 1.5% the agreed limit or £500 minimum.

If you want to renew or amend the limits of the overdraft, it'll cost 0.5% the new amount.

Allied Irish Bank (GB) savings accounts

Allied Irish Bank (GB) offer two types of savings accounts:

  • Fixed Term Deposit Account - there are multiple terms available for you to lock your money away for, ranging from three to 24 month. The interest rate varies from 2.75% to 4.00% AER and you'll need to initially deposit £5,000 to open.
  • Demand Deposit Account - this is an instant access account that has no maximum or minimum deposit limits. Businesses will receive an interest rate of 0.60% AER.

Additional business services

Allied Irish Bank (GB) have many business solutions and services that they offer, from helping with finances to helping businesses accept card payments or process online transactions with their merchant services.

Allied Irish Bank (GB) reviews

Trustpilot users score Allied Irish Bank (GB) 2.6 stars out of 5, from four reviews.

The Allied Irish Bank (GB) apps don't score much better. With their iOS app scoring 1.8 out of 5 stars and their Google Play app being rated 2 stars out of 5 from over 20,300 reviews.

Information correct as of 15th November 2022.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Allied Irish Bank (GB):

AIB stands for Allied Irish Bank.

No, AIB (GB) closed all of their British branches in 2020.

Allied Irish Bank (GB) have branches across the Republic and Northern Ireland.