Best Business

Ulster Bank Business Banking

About Ulster Bank

Editorial Team
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Ulster Bank are a high street bank that provide both personal and business banking services to their nearly two million customers. They are one of the big four Northern Irish banks, founded in Belfast in 1836 and in 2000 they became part of the NatWest Banking Group, joining NatWest and the Royal Bank of Scotland.

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

Ulster Bank pros & cons

Pros of Ulster Bank

  • Free banking period with some of the business accounts
  • International banking available
  • Manage your account 24/7 online and on the app

Cons of Ulster Bank

  • Only available to businesses that are registered in Northern Ireland or Ireland
  • Limited product range

Ulster Bank current accounts

These are some of the main features of Ulster Bank business banking:

  • Join the green revolution - access tools & guides to help you make your first steps to becoming a carbon neutral business
  • Understand your finances - FreeAgent are part of the NatWest Banking Group & so offer their cloud accounting solution for free
  • Support for female entrepreneurs - Ulster Bank's expert in residence programme provides bespoke support to women-led businesses
  • Sector specialists - talk with one of their many sector experts, gaining invaluable knowledge & insights
  • Protected deposits - deposits for Ulster Bank customers are eligible for protection up to £85,000 under the Financial Services Compensation Scheme (FSCS).

Ulster Bank offer two current accounts, one for startup businesses and another for all other businesses, including those that are switching provider. These are the accounts:

  • Start-up account - their startup account is for businesses that are in their first year of trading and make less than £1 million in yearly turnover. New businesses will get 18 months of free transactions.
  • Business account - this account is for all businesses that have been operating for longer than a year and have an annual turnover of less than £6.5 million.

These are the typical fees on services:

Account nameStart-up Account (first 18 months)Start-up Account (after 18 months)Business Account
Application feeFreeFreeFree
Account feeFree£8 per quarter£8 per quarter
Bank transfersFree43p43p
Card purchasesFree43p43p
ATM withdrawalsFree43p43p
Cash depositsFree70p per £10070p per £100
Cheque depositsFree58p58p
Interest (AER)0%0%0%

Eligibility

To be eligible for an Ulster Bank account you must:

  • Be a sole trader, partner or director
  • Have the right to live in the UK or Ireland
  • Provide proof of address & reside in the UK or Ireland
  • Be at least 18 years old

There is more specific eligibility criteria that is dependant on which account you choose - based on annual turnover and business age.

During your application you will also need the following:

  • Personal details for each business owner (including address, date of birth and contact details)
  • Business details (including business address and contact details)
  • Your Companies House registration number (if your business is a Limited Company)

Opening an account

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

  1. To open online download Ulster's app from the App Store or Google Play, or sign up from their website
  2. To open in store find your nearest Ulster Bank and head on in
  3. Complete their application - Ulster will confirm your eligibility
  4. Verify your ID - with photo ID such as a passport or photocard driving licence
  5. Approvals can usually take up to 10 days if new or within 24 hours for existing customers

Overdrafts

Ulster Bank offer business overdrafts from £500 up to £25,000, available to businesses that turnover less than £2 million, for 12 months.

Interest fees vary from 11.73% to 11.62% and arrangement fees start from £150 up to £250.

Businesses can borrow more than £25,000 - up to £50,000 - if their turnover exceeds £2 million or they have access to a Relationship Manager, amongst other things.

Ulster Bank savings accounts

Ulster Bank have two savings accounts; a fixed term account with multiple terms and an instant access account. These are the accounts:

  • Business Reserve - this is their instant access account, meaning there is no limit to the number of times you can withdraw and it can be opened with no deposit. You'll receive 1% AER interest on your savings.
  • Money Desk Deposit - fixed term account with multiple terms, ranging from one week to a year. You can deposit from £2,500 if your savings are locked in for six months or more. When depositing £10,000 or more you'll get to choose from fixed periods of less than six months. You'll need to contact their business teams for these interest rates.

Additional business services

Ulster Bank provide a number of business services including a number of business lending options.

If you are a club, charity or other form of non-profit organisation, Ulster Bank have a specific bank account they offer.

Ulster Bank reviews

Ulster score incredibly well on their banking apps, with 4.6 stars on Google Play and 4.5 on the App store, from over 11,000 ratings combined.

While on Trustpilot, they only get 1.7 stars out of 5 with 84% giving them 1 star.

Information correct as of 7th February 2023.