Bank of Ireland Business Account Overview

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  • Bank of Ireland business accounts are available for businesses of all sizes. Find out more about the accounts on offer, how to apply for them, and what features you might find.
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Last updated on 20 June 2022.

Established by Royal Charter in 1783, Bank of Ireland has been providing banking services to consumers and businesses for over 200 years.

The Bank of Ireland has a range of accounts, packages and services designed to suit its business customers in the UK and Ireland at different stages of growth.

Read on to find out about Bank of Ireland’s business account offering.

What business accounts does Bank of Ireland offer?

Bank of Ireland currently offers four business current accounts – including two tailored to small businesses.

The Small Business Start Up package is currently available to startups that have been trading for less than 24 months and have a turnover of less than £2 million.

The Small Business Growth package is currently available to businesses that have been trading for more than 24 months and have a turnover of less than £2 million.

The Business Current Account is currently available for a quarterly maintenance fee. It charges for the use of most banking services.

The Business Agri Package is currently available to farming businesses with an annual turnover up to £2 million and borrowings of under than £250,000 at the time of opening their account. The Agri account provides access to business lending and advisors.

» COMPARE: Business bank accounts

How do I open a Bank of Ireland Business Account?

In order to open a business bank account with the Bank of Ireland, you’ll need to have the following information to hand:

  • Proof of identity and address
  • Companies House and certificate of registration (limited companies only)
  • Business name, start date, and address
  • Business activity, number of employees and financials
  • Personal information including name, date of birth, and nationality

You could apply online or visit a Bank of Ireland branch to open your account.

You can also compare business bank accounts using the comparison tool on this page.

» MORE: How do I open a business bank account online?

What features does the Bank of Ireland Business Account currently offer customers?

Bank of Ireland business current accounts come with features that help businesses manage their growth and finances, including:

  • No minimum balance for your current account
  • Automated payments by Standing Order, Direct Debit, or BACS
  • Authorised overdrafts subject to terms
  • A business Visa debit card that’s currently accepted in more than 200 countries
  • Business On Line: a 24/7 banking service that allows you to manage day-to-day banking activities online
  • 365 Digital and phone service with access to banking over the phone or via your smartphone or web browser
  • An unlimited number of Commercial Cards for business expenses
  • International money transfer and foreign currency payments

How does the Bank of Ireland compare to other banks?

Bank of Ireland Business Account details
FCA regulated Yes
FSCS protection Yes
Licensed bank Yes
Free UK transfers No
Cash deposits Yes
Free ATM withdrawals No
Integration with account software No
International transfers Yes
Create and send invoices No

What do other Bank of Ireland Business Account reviews say?

The Bank of Ireland app has been rated by users:

  • App Store: 1.9 out of 5, based on 2,320 reviews
  • Google Play: 2.5 out of 5, based on 13,734 reviews
  • TrustPilot: 1.3 out of 5, based on 391 reviews

This information is correct as of 29 April 2022.

Conclusion

Bank of Ireland has a range of accounts, services, and finance options available to support smaller and larger businesses.

Bank of Ireland business accounts currently provide access to Commercial Cards. These could be useful for managing expenses and can be distributed to all your employees with the ability to set individual credit limits.

It also has an international banking offering, with a wide range of foreign exchange products and services for businesses that trade overseas.

If you are thinking of opening a Bank of Ireland business account, before you do, make sure to thoroughly examine its fees, features, and services to check they align with your business goals and activities.

Bank of Ireland Business Account FAQs

Who owns Bank of Ireland?

Bank of Ireland is a subsidiary of Bank of Ireland Group plc.

How do I use my Bank of Ireland business account online?

Bank of Ireland customers get digital and phone banking, which they can access any time from any digital device, and use it for making online domestic and international payments, setting up standing orders, and viewing statements.

For a fee it currently offers Business Online, an online banking service with multiple user access, the ability to make higher value online payments, and access to currency accounts.

Is there a Bank of Ireland business online app?

Yes, there is a Bank of Ireland business online app called Approve, which launched in 2022. Approve is an authentication app that allows you to authorise secure payments using unique one-time codes.

Can I get a Bank of Ireland Business Account?

If you’re in the UK you’ll have to contact customer services directly to apply. The Bank of Ireland currently does not have branches in Great Britain.

Customers in Northern Ireland can enquire about opening a Business Current Account using their online form. You’ll need to provide some details including your personal details and information about your business.

» MORE: How many business bank accounts should I have?

Where does the Bank of Ireland operate?

Bank of Ireland operates in the UK and the Republic of Ireland. It also provides corporate banking services in Continental Europe.

Is there a Bank of Ireland business credit card?

Bank of Ireland’s range of business credit cards are currently only available to customers in the Republic of Ireland. UK customers can potentially access the Commercial Card, which could be used for everyday business expenses and distributed to as many employees as necessary.

Services offered by this provider may change over time. Always check Ts&Cs.

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