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Danske Bank UK Business Banking & Loans

Danske Bank is a Danish bank offering personal and business banking services, including current accounts, loans, and credit. In the UK, Danske Bank UK is a subsidiary of its Danish owner and has operated from Northern Ireland since 1824 and is its largest business lender. It was formerly called Northern Bank. There are branches throughout Northern Ireland but none in England, Scotland or Wales. Danske Bank UK offers bridging loans and business overdrafts to its UK business customers.

Danske Bank UK Business Banking Services

Danske Large Business current account

Current accounts are available to large businesses including a Mastercard debit card. The account costs £7 a month and there are other charges for a variety of transactions including online payments, cash withdrawals, automated transactions and more. Your business can manage its account online on the bank’s District platform, in local Danske Bank branches, Post Offices, and over the phone.

Danske Small Business current account

The small business current account is available as a standard account or as a digital account, each has a different account fee. The standard small business account fee is £14 a month and the digital account is £9 a month. Just like the large business account customers can manage their accounts online, in branch, at the Post Office, and over the phone.

Danske Charity Account

The charity bank account provides simple day-to-day banking for charitable organisations. The account has a monthly fee of £2.50 and there are some other charges for account transactions, but overall the account is cheaper to manage than the large business current account. Just like the business current account, charity customers can manage their accounts online, in branch, at the Post Office, and over the phone.

Dankse Community Account

The Community Account is for managing unincorporated club or society funds. The account costs £5 a month and there are some other fees for routine account transactions. Your account can be managed in the same places as the other two accounts. Account holders also benefit from a Mastercard Business debit card.

Business Investment Account

Businesses can save with a minimum balance of £1 (no maximum balance) at an AER of 0.01%. The account is easy access, giving customers the ability to transfer their cash back into their Danske Bank UK current account whenever they want. This account doesn’t include a card.

Danske Fixed Term Deposit

A fixed-term savings account for businesses saving a minimum of £5,000. Your business must have either a current account or a Business Investment Account to be eligible. Saving terms are up to 1 year or 2 years, giving account holders an interest rate of up to 0.20% AER on balances under £250,000, and up to 0.35% AER on balances of £250,000 and over. Withdrawals can be made when the account reaches maturity.

Danske Bank UK Business Finance

Danske Bank also offers credit cards, loans and financial products such as invoice financing and asset finance, interest rates and specific terms vary depending on the product.

Danske Bank UK Reviews and Ratings

Many online reviews are posted by both business and personal customers.

Trustpilot reviews are critical. The majority are ‘Bad’ rated with 78% selecting this rating. Customers are unhappy with the banking app, service in-branch, and high fees. Smart Money People reviews are mainly written by personal customers and more complimentary.

On Which?, Danske Bank UK scores 4/5 for online banking and 3/5 for customer service, communication, mobile banking, in-branch service and transparency of charges. The bank also scored 2/5 for complaints handling and telephone banking.

Danske Bank UK ranked 2nd in a list of the 5 largest business banks in Northern Ireland for SME loan and credit services in an independent survey. In the same list of 5 Northern Irish banks, Danske Bank UK also ranked 1st for service in branches and business centres and 1st for relationship and account management.

Danske Bank UK approved £50 million in loans in the first week of the Coronavirus Bounce Back Scheme.

Trustpilot – 2.1/5 (based on 9 reviews)
Google Reviews – no reviews
Reviews.co.uk – no reviews
Smart Money People – 4.23/5
(based on 30 reviews)
Which? – 66% Which? Customer Score

Pros

  • Range of products including bank accounts, savings, loans, and specialist finance.
  • Positive ratings in an independent survey of Northern Irish banks.

Cons

  • Branches only in Northern Ireland.
  • Poorly rated for mobile banking.

Website: Danske Bank UK Business Finance

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