Business Bank Accounts ?

BreadBoard

I went to my own bank Permanent TSB to set up a business account and they told me I'd have to show them 6 months of trading/buying/selling etc . I wasn't asking them for money, just to set up a business account to do my business trough :rolleyes:.

Anyway I was talking to a friend of mine who runs a Media Production company, and he said he went to the Bank of Ireland and they set him up there and then. I was looking on the Bank of Ireland site at this - Business Start-up Package.

Has anyone set this up or is a similar one, any advice or tips ?

dahamsta

You're better off without PTSB, they're consumer-oriented and not really geared up for business. BOI isn't bad, but like AIB they're quite insular and won't go out of their way to help you unless you're turning over quite a bit. Personally I'd go for BoS/Halifax if they had a branch in Cork. But they don't.

adam

BreadBoard

BoS is Bank of Scotland right?

Ballincollig
Cork City - Grand Parade

I might go with the BoI as they have a good package and there near where my premises will be.

dahamsta

I've been in the office in Balincollig, it's a sales office, no cash or banking facilities. I'm pretty sure the one in town is too, albeit more business-oriented.

conical

The BoI one looks to be the best thing on offer. I do my (free) personal banking with AIB but really have a problem with paying them "transaction fees" and "account maintainence".
I haven't had any experience with BoI, except for the stories of one friend who has endless gripes with them!
What to do!? Anyone taken up th BoI offer??

-C

SouperComputer

thats an interesting piece of BS from PSTB. I have to say though, my biggest mistake in business was using them though.

AIB is a good way to go.

ed6hellsfresh

i tried setting up an account for a sports club i set up. i went to aib, and they gave me a fair bitta hastle have to say, but i suppose there may be the chance id be using it for naughty activities. . .haha.
on a side note, my acc is registered in ucd, can i lodge money in other aib branches?

BuffyBot

Yes, you can.

ed6hellsfresh

thanks, youve reduced my ignorance towards life just a little

BreadBoard

I've an appointment with my local BOI at 12pm tomorrow, I'll let you know how it goes.

conical

How did you get on Breadboard???
I see Bank of Scotland Best just won Best Online Banking Service at the Net Visionary Awards 2006 so that (and no fees) tempts me their direction.

-C

BreadBoard

Great, I'm all set up now, took about 25 mins.

They set me up with two accounts, one current acc and one for VAT just incase I decide or need to reg for VAT. They set me up with 365Business online business banking. You get your first two years banking free, although they will charge you for cash lodgment's amounting to €13,000 within 3 months.

You get loads of deals like "Up to 50% off o2 line rental for new customers". More here - http://www.bankofireland.ie/html/gws/business/start_your_own_business/starting_your_business/index.html

dahamsta

I was advised to get a VAT account when I registered for it the first time, but I'm not sure I see the convenience. Surely it's just as awkward to have to transfer between them? Or is there some level of automation I'm missing?

adam

conical

dahamsta wrote:

I was advised to get a VAT account when I registered for it the first time, but I'm not sure I see the convenience. Surely it's just as awkward to have to transfer between them? Or is there some level of automation I'm missing?

The benefit as far as I can see, is that you don't feel like you're paying the VAT man out of your own pocket, (or worse spend all the VAT you've collected)

I called Bank of Scotland and they have a lower limit of €500,000 turnover :eek: (that's not me ... yet). Asked my own AIB branch could they match the BoI offer and they couldn't so took myself off to BoI.

All set up now with business laser card, chequebook () and ATM card all on the way.

Hopefully all runs smoothly!

-C

BreadBoard

I got a bank statement today, I was charged €7.50 by the government :rolleyes:

drdre

When i start my business after college. i will go with Bank of Ireland. They offer great services like 1 hr with accountant. Loans, free banking for 2 years, credit card etc.
I have been with the bank for over 11 years and never had a problem.