Danske Bank Business Banking

About Danske Bank

Danske Bank are one of the Big Four Irish banks and a common sight on Northern Irish high streets with their 36 branches and three business centres. Danske Bank formed as Northern Bank, one of the oldest banks in Ireland founded in 1809, but became part of the Danish multinational, Danske Bank Group in 2004, finally changing their name late 2012.

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

Danske Bank pros & cons

Pros of Danske Bank

• Advanced online business banking platform
• Business credit card options
• Savings accounts and loans available

Cons of Danske Bank

• Clunky app
• Slow customer service replies

Danske Bank current accounts

These are the main features of banking with Danske:

• Business growth fund - if you're planning for business growth then Dansk's £500 million growth fund could help you
• Danske Advantage - access helpful podcast episodes and attend business webinars or inspirational speaker sessions
• Bank your way - modern problems tend to require modern solutions so Danske offer businesses the option to bank in-branch (also with Post Office), with their mobile app or using District - their fully customisable online banking platform
• FSCS protected - your money, up to £85,000, is protected by the Financial Services Compensation Scheme (FSCS)

Danske Bank offer three business current accounts depending on business size and turnover:

• Small Business - suitable for businesses that turnover less than £1 million per year. There are two accounts available:
  • Standard - flexible account that combines branch-based and online banking, available for £14 per month. Cash and cheque services are cheaper but electronic actions are charged a fee.
  • Digital - account that is managed through online banking with cash and cheque services available through the Post Office. It costs £9 per month and comes with free electronic actions, but cash and cheques service are more expensive.
• Large Business - current account suitable for businesses that generate more than £1 million in yearly turnover. Its can be accessed via Danske Bank or Post Office branches or their online banking platform, District. The account is available for £7 per month.

These are the typical Danske business account fees:

Eligibility

To be eligible for a Danske Bank business account you must:

• Be a registered business
• Be a UK resident
• Be 18 or over
• Have a UK-based business

You will also need to provide the following:

• Identification for all directors/owners
• Proof of addresses for all involved parties
• Business name, address and registration information

Opening an account

Here's how to open a Danske Bank business account:

1. To open online download Danske's app from the App Store or Google Play
2. To open in store find your nearest Danske Bank and head on in
3. Complete their application - Danske will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Processing and approval can take up to 6 to 8 weeks

Overdrafts

Danske Bank offer arranged overdrafts, subject to application. Unfortunately there is no information given on their site.

Danske Bank savings accounts

• Business Investment - an instant access account that can be opened with £1 and has no balance limits. The interest earned is at a rate of 0.85% AER.
• Fixed Term Deposit - there are terms available for one week to five years. A minimum deposit of £5,000 and a Danske current account is required to open this account. Interest is paid on maturity and rates range from 2.75% to 2.76% AER, depending on the saving duration.

Danske Bank reviews

Danske's banking app is rated 2.8 stars on Google Play, from over 300 reviews.

It performs slightly better on the App Store with 3.3 stars, based on 10 ratings.

While on Trustpilot, Danske only get 2.4 stars out of 5, though this is just from 17 reviews.

Information correct as of 7th February 2023.