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Bank of Ireland UK Business Banking

About Bank of Ireland UK

Editorial Team
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Bank of Ireland are one of the Big Four Irish banks, offering flexible financial services to their two million customers across, Ireland and the UK. Bank of Ireland UK is a separate subsidiary of the Bank of Ireland Group, which formed in 1783 and currently has 169 branches across Ireland, with 28 in Northern Ireland but none present in Great Britain - businesses can use the Post Office for a number of banking services due to their partnership with Bank of Ireland.

See our full Bank of Ireland UK business bank account review of features, fees and how they compare against other online and high street bank accounts.

Bank of Ireland UK pros & cons

Pros of Bank of Ireland

  • Overdraft and business credit card options
  • Initial free banking period
  • Account switching service available
  • Branch network for in-person banking

Cons of Bank of Ireland

  • No branch network in Great Britain
  • Poor customer reviews
  • Confusing pricing

Bank of Ireland UK current accounts

These are the main features of banking with the Bank of Ireland:

  • Helpful guides & support - there are plenty of business articles available to read through and gain better understanding of running a business
  • Useful tools & calculators - access helpful tools to make your day-to-day easier, including templates for cash flow, ratio analysis and even making a business plan
  • FSCS protected - eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS)

Bank of Ireland customers can benefit from one to three years of discounted transaction fees.

Outside of this, the account fees vary depending on whether you're in Northern Ireland or Great Britain.

Bank of Ireland UK offer the following business current accounts:

  • Small Business Start Up - designed for new businesses and startups that have been trading for less than 24 months and generate less than £2 million turnover per annum. Transactions fees are free for the first year and half price for the second year.
  • Small Business Growth - this is for businesses that have been trading for over 24 months but still generate less than £2 million turnover per year. Transaction fees are free for the first two years and then 50% off in year three.

These are all of the typical fees you can expect to see:

Business LocationNorthern IrelandGreat Britain
Application feeFreeFree
Business On Line subscription£5 per monthFree
Account fee£25 quarterly£5.50 per month
Bank transfersFree66p
Card purchasesFreeFree
ATM withdrawalsFree75p
Cash depositsFrom 90p per £10064p per £100 (via the Post Office)
Cheque deposits95p39p

Eligibility

To be eligible for a Bank of Ireland UK business account you must:

  • Be 18 or over and a UK or Ireland 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 a Bank of Ireland UK business account:

  1. To open online download BOI UK's app from the App Store or Play Store
  2. To open in store find your nearest Bank of Ireland UK and head on in
  3. Complete their application - BOIUK will confirm your eligibility
  4. Verify your ID - with photo ID such as a passport or photocard driving licence
  5. Once approved you can start banking

Overdrafts

Bank of Ireland UK offer business overdrafts for an arrangement fee of 1%, where £100 is the minimum charge, and an annual fee of 0.5% the agreed overdraft limit.

Bank of Ireland UK savings accounts

Bank of Ireland UK have three deposit accounts available, they all have variable interest rates that are available upon application. The accounts are:

  • Call Account - an instant access account that requires a minimum £10,000 deposit to open.
  • Fixed Term Deposit - lock your money away for a specified amount of time with an initial £10,000 deposit. No early withdrawals are allowed.
  • Premium Business Reserve - no penalties or notice needed to withdraw funds.

Businesses are not required to have a Bank of Ireland UK current account to open a savings account.

Bank of Ireland UK reviews

Bank of Ireland only get 1.4 stars on Trustpilot, based on over 460 reviews, with 88% rating them 1-star.

With a fair improvement, Bank of Ireland's Google Play app scores 3.1 out of 5, from over 15,300 reviews.

While Bank of Ireland on the App Store gets a much lower 1.9 stars, from over 3,100 ratings.

Information correct as of 9th January 2023.