We have put together a guide of the main banking options available to business startups, focusing on the Startup Packages available. In this comparison, we will look at both traditional retail banks and the new wave of internet banking providers.
Traditional Banking
Traditional banking offers the most recognizable banking services for a large majority of startups and is best suited to those starting a business who will require short-term funding such as a business overdraft or hire purchase options. Traditional banks are no longer offering the additional supports that they once offered like hot desks, workspaces, or one-hour consultations with an accountant.
Bank of Ireland – Business Startup Account
What do they offer?
- A Business Current Account with waived maintenance and transaction fees for 24 months.
- You can have an unlimited number of cards per account and set individual credit limits for each Business Credit Card.
- Comprehensive travel insurance for the cardholder along with up to 3 colleagues, covering up to 90 days of any business trip.
- QuickBooks Online live banking feed.
AIB – Business Startup Current Account
What do they offer?
- A Business Current Account with waived maintenance and transaction fees (excluding cash handling fees) for 24 months.
- Cash Handling Fee discount of up to a maximum of €100 per fee quarter.
- Brexit specific supports.
- Internet Banking (IB) access (free) and Mobile App.
- QuickBooks Online live banking feed.
https://business.aib.ie/products/current-accounts/businessstartupcurrentaccount
Permanent TSB – Business Current Account
What do they offer?
- No Transaction Fees within Europe.
- One-to-One in-person banking across 77 branches.
- Internet Banking (Business24) (free) and Mobile App.
- €10,000 limit on transactions.
- QuickBooks Online live banking feed.
https://www.permanenttsb.ie/business-banking/
Online Banking
Recent years have seen the rise of Online Internet Banking, which provides simple to set up, simple to use, simple to manage banking, and integrates deeply with your online cloud accounting software. Online Internet Banking is ideal for e-commerce businesses or those not needing cash lodgments and withdrawals.
N26 Business
- Free Banking for up to 10 Users.
- No Setup Costs.
- Earn 0.1% Cashback on all purchases you make.
- All payments are completed within 1 working day.
- Free monthly Euro Transfers.
- Free card payments worldwide.
- Up to 2 Sub Accounts included.
- Free planning and budgeting tools.
- Real-time features, including instant activity notifications.
https://n26.com/en-eu/business-account
Revolut Business
- Free Banking for up to 2 Users.
- Free payments to other Revolut Accounts.
- Real-time features, including instant activity notifications.
- Hold and exchange multiple currencies.
- Local Transfers in EUR and GBP.
- IBAN for global transfers.
- Loans and Overdraft coming soon.
- Issue Pre-Paid Cards to Employees.
- Revolut Merchants Services available to collect payments from your customers.
- QuickBooks Online live banking feed.
https://www.revolut.com/en-IE/business/business-account-plans
Check out our guide on how to select the Best Business banking for your startup business.
