Looking for a Business Bank Account in Ireland in 2024? 

Business bank accounts in Ireland

If you have incorporated your company, it's time for your next move - opening a bank account.  There are several banking options available, that can help kick-start your company's financial journey from day one. Some providers offer zero fee options during the first two years of banking. Don't forget to get specific advice by consulting with our team prior to making any decisions. Let us help you find out which type of bank is the right fit for your business.

Which bank should you choose?

To discover which bank is right for your business you need to ask the following questions.

• Is the bank regulated?
• Does the bank have any issues with the business activities of the company?
• What are the fees and charges related to the bank?
• What is the application process for opening a bank account? Does a director need to be physically present, or can an account be opened remotely or online?
• Does the bank have online banking capabilities?
• Does the bank have a banking app?

If your company is a Startup, you may want to check if the bank supports Startup companies in any way? (Incubators/Business Support/Work stations/Work hubs… etc)

Different types of bank accounts available in Ireland

Digital Banks – NeoBanks – Online Banks

Revolut

Revolut revolutionises the way businesses handle their finances by offering fully digital multi-currency accounts that support over 30 currencies. With Revolut, companies can seamlessly make and receive payments in multiple currencies using the inter-bank exchange rate.

Revolut's open API integration means that you can easily sync your business account with other business software and automate your business processes.

Revolut's multi-currency accounts let you hold, receive and exchange up to 24 currencies with no added fees. It also has the ability to create and send invoices in minutes.

If you are interested in setting up a new business bank account with Revolut, contact a member of our team by using the Contact Us form. 

 

Fire

Introducing Fire Business Account - the digital account for businesses in Ireland and the UK. Although not strictly a bank, and more of a payment institution. Fire offers a lot of features and great customer support. Whether you're an e-commerce business or just looking for an easy way to manage your finances, Fire can help. With the ability to set up multiple users with different access levels and order multiple MasterCard debit cards linked to both a Sterling and a Euro account, Fire is the ultimate solution for team finance management.

Fire also offers real-time features that will change the way you do business. Imagine receiving instant notifications whenever you receive a payment or use your card, or carrying out real-time FX transfers between your accounts, with complete transparency on fees.

Fire has both Sterling and Euro account options. Not only can you seamlessly transfer funds in and out of both, but you can also add new accounts instantaneously. Fire Business API allows you to effortlessly integrate your accounts with your own systems, automating reconciliation and providing real-time updates. Fire has compatibility across all major accounting software packages, including Xero, Quickbooks, and Sage One.

Fire Financial Services (fire-EU) is regulated by the Central Bank of Ireland as a Payment Institution and as such it is authorised to provide specific payments accounts and services. Fire Financial Services (fire-UK) is authorised as an Electronic Money Institution by the Financial Conduct Authority. We are not a bank and we do not provide credit (loans) or overdrafts. Nor do we pay any interest on funds that may be held in a Fire account. 

If you are interested in setting up a new business bank account with Fire, contact a member of our team using the Contact Us form.

Traditional Banks:

Bank of Ireland (BOI)

Bank of Ireland is one of the main tradition pillar banks in Ireland. Regulated by the Central bank of Ireland.

Bank of Ireland Startup account

Bank of Ireland offers a comprehensive package for new businesses that have been incorporated within the last three years, with waived transaction and maintenance fees for 24 months. Account holders can take advantage of the bank’s free tools and guides to assist their business on its journey. There's also an array of deposit options available - from instant access accounts to fixed term deposits - so you can find one that suits your individual needs as you grow.

The bank has two online banking options: Banking 365 and Business Online (BOL). There are no subscription fees for online banking for the first 24 months for new customers.

Bank of Ireland also provides Startups with hot desks as part of its Workbench programme. Workbench locations can be found in Dublin, Cork, Limerick, Galway, Kilkenny, Waterford, Kerry, and Donegal.

If you are interested in setting up a new business bank account with Bank of Ireland, contact a member of our team by using the Contact Us form. 

 

Allied Irish Bank (AIB)

Allied Irish Bank is one of the main banks in Ireland. Regulated by the Central bank of Ireland.

Allied Irish Bank Startup account

As long as your business has been operating for less than three years and you're opening an AIB Business Startup Current Account for the first time, you can enjoy 24 months without any account maintenance or transaction fees.

AIB has two online banking options. AIB Personal Online banking, and AIB iBusiness Banking (iBB).

If you are interested in setting up a new business bank account with Allied Irish Bank, contact a member of our team by using the Contact Us form.