Best bank for operating limited company account

Ally Dick

Hi. I have set up a small limited company. Just myself and my wife. It's purpose is for IT contracting work. I am now VAT registered and have an accountant. Just wondering if anyone has any advice on the best bank to deal with? I don't want credit facilities or anything like that. And I don't want an expensive business online type facility either. I just need to have a look at the balance online from time to time

Whatwicklow

Interested in this too- following!

Rulmeq

This isn't a recommendation or anything, just posting my experience. I have a limited company, and went with AIB. They gave me 2 years of free banking, but you must pay for iBB (online banking), which costs €62 per quarter (for a very limited service, I have to say - 6 months of statements, and "essential maintenance" every few weeks).

owenob

Full disclosure - I work for Fire Financial Services!

Hope I don't get in trouble for this, but the Fire Business Account would be perfect for you. If you have your documentation, you'll have both a Euro and Sterling account within a day, each with their own account numbers. No opening fee, recurring fee or online banking fees - there's just a simple 49c charge for bank transfers. Check out https://www.paywithfire.com/business/ to request access.

Hope this helps! Any questions, let me know.

Ally Dick

Thanks. I'll investigate. Can you let me know who Fire use as their clearing bank? Is it one of the associated banks in Ireland or an international one?

owenob

We use BNP Paribas for our Euro funds, and Barclays for Sterling. You would get an IE IBAN (such as IE00 CPAY 9911 9912 3456 78) and an account number in the 23-22-21 sort code range for your Sterling account.

Quackster

Ally Dick wrote: »

Thanks. I'll investigate. Can you let me know who Fire use as their clearing bank? Is it one of the associated banks in Ireland or an international one?

Sort code of euro account is 99-11-99 so I assume that means they use PTSB.

BuffyBot

Quackster wrote: »

Sort code of euro account is 99-11-99 so I assume that means they use PTSB.

No, it doesn't. While PTSB sort codes are in the 99 range, so are many other institutions, small/international banks and credit unions with direct access to the clearing system.

owenob

Quackster wrote: »

Sort code of euro account is 99-11-99 so I assume that means they use PTSB.

Buffybot is correct - sort codes from the 99 range are assigned to smaller "footprint" institutions. We picked 99-11-99 so that it would be easy to remember. Same with 23-22-21 in the UK.

Ally Dick

A quick update. I went with AIB in the end. Free banking for 2 years, and I am allowed to operate ordinary online banking. I don't have to go with the convoluted online business banking option. I have also realised that because I am running a very small business operation, I don't really need a business debit card, or a cheque book for that matter. I can do a lot of stuff online, and I can also deal with the revenue through ROS electronically, and pay them by single debit authority. Overall I am happy with things

petethedrummer

Yeah I'm in the same situation as you. I have been using their iBB for the last 10 years. It's not entirely intuitive. I don't think I'm an idiot but every time I do something new, I have to ring up their support line to have them explain it to me.

Last time I was in the branch they said I could go with a regular online account if I was only paying myself. I'll make the switch soon. I still harbour dreams of emplying more people so I'm procrastinating.

I had a cheque book before, but there's no need for it now with paypal and a credit card.